DC FieldValueLanguage
dc.contributor.authorKalantonis, Petros-
dc.contributor.authorKallandranis, Christos-
dc.contributor.authorSotiropoulos, Marios-
dc.date.accessioned2024-03-04T19:28:58Z-
dc.date.available2024-03-04T19:28:58Z-
dc.date.issued2021-
dc.identifiergoogle_scholar-82XWO60AAAAJ:7PzlFSSx8tAC-
dc.identifier.issn2514-4774-
dc.identifier.other82XWO60AAAAJ:7PzlFSSx8tAC-
dc.identifier.urihttps://uniwacris.uniwa.gr/handle/3000/1341-
dc.description.abstractPurpose The goal of this paper is twofold. First, to examine the role of expectations in shaping agents' behaviour within an extended time frame which incorporates a prolonged harsh downturn of economic activity. Therefore, the authors allow for an indirect impact of economy-wide expectations operating via their coexistence with firms' balance sheet factors. Second, it is tested whether the behaviour of listed firms as regards to debt follows the pecking order theory. Design/methodology/approach The authors use the panel data methodology in the estimation of the financial structure models since unobservable heterogeneity is an important determinant towards the target leverage. A fixed effects estimation procedure, with robust intercepts allowed to vary across firms, was employed to examine the relationship between leverage and performance. Findings The findings offer evidence of patterns of pecking order behaviour and thus for the necessity of internal financing over external debt. The authors also extended the set of determinants by investigating the effect of macroeconomic conditions on the debt decision of firms. Contrary to the authors’ expectations, short-run beliefs of economic agents appear to play a negative role in leverage. Originality/value This paper contributes to the literature in a number of ways. First, following the growing literature of loan dynamics, the findings provide useful insights into corporate capital structure decisions in an economy in which businesses were almost excluded from external financing for over a decade. Second, in order to better understand corporate financing decisions, it is necessary to consider the overall economic framework in which companies and especially the listed ones operate.en_US
dc.language.isoenen_US
dc.publisherEmeralden_US
dc.relation.ispartofJournal of Capital Markets Studiesen_US
dc.sourceJournal of Capital Markets Studies 5 (1), 96-107, 2021-
dc.subjectLeverageen_US
dc.subjectSentimenten_US
dc.subjectSizeen_US
dc.subjectPecking order theoryen_US
dc.subjectPanel dataen_US
dc.titleLeverage and firm performance: new evidence on the role of economic sentiment using accounting informationen_US
dc.typeArticleen_US
dc.identifier.doi10.1108/JCMS-10-2020-0042en_US
dc.relation.deptDepartment of Accounting and Financeen_US
dc.relation.facultySchool of Administrative, Economics and Social Sciencesen_US
dc.relation.volume5en_US
dc.relation.issue1en_US
dc.identifier.spage96en_US
dc.identifier.epage107en_US
dc.collaborationUniversity of West Attica (UNIWA)en_US
dc.subject.fieldSocial Sciencesen_US
dc.journalsOpen Accessen_US
dc.publicationPeer Revieweden_US
dc.countryGreeceen_US
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.fulltextNo Fulltext-
item.grantfulltextnone-
item.languageiso639-1en-
item.openairetypeArticle-
item.cerifentitytypePublications-
crisitem.author.deptDepartment of Tourism Management-
crisitem.author.deptDepartment of Accounting and Finance-
crisitem.author.facultySchool of Administrative, Economics and Social Sciences-
crisitem.author.facultySchool of Administrative, Economics and Social Sciences-
crisitem.author.orcid0000-0002-7055-9681-
crisitem.author.orcid0000-0003-2111-4448-
crisitem.author.parentorgSchool of Administrative, Economics and Social Sciences-
crisitem.author.parentorgSchool of Administrative, Economics and Social Sciences-
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