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dc.contributor.authorAl-Najjar, Basilen_UK
dc.contributor.authorHussainey, Khaleden_UK
dc.description.abstractPurpose– This paper seeks to explore the potential drivers of corporate capital structure. Design/methodology/approach– The paper applies both fixed effects panel models and random effects tobit models to examine this issue. A sample of 379 firms is used across the period from 1991 to 2002. Findings– It is found that corporate characteristics (firm size, firm risk, firm growth rate, firm profitability and asset tangibility) and corporate governance characteristics (board size and outside directorships) are the main drivers of capital structure of UK firms. In addition, the results show that changing the definition of capital structure may result in changing the sign and the significance of these potential drivers. Originality/value– The paper argues that another dimension of the capital structure puzzle can be introduced which is related to the definition of capital structure used in prior studies. It is worth noting that the aim of this paper is not to provide an optimal set of factors that may affect the decision of capital structure, but to highlight the effect of the different definitions of capital structure that can be used by different studies, which makes the comparison between such studies difficult or even erroneous.en_UK
dc.publisherEmerald Group Publishingen_UK
dc.relationAl-Najjar B & Hussainey K (2011) Revisiting the capital structure puzzle: UK evidence. Journal of Risk Finance, 12 (4), pp. 329-338.
dc.rightsPublisher policy allows this work to be made available in this repository. Published in The Journal of Risk Finance, Vol. 12 Iss: 4, pp.329 - 338 by Emerald Publishing Group. Available online at:
dc.subjectCapital structureen_UK
dc.subjectCorporate governanceen_UK
dc.subjectUnited Kingdomen_UK
dc.titleRevisiting the capital structure puzzle: UK evidenceen_UK
dc.typeJournal Articleen_UK
dc.citation.jtitleJournal of Risk Financeen_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.contributor.affiliationMiddlesex Universityen_UK
dc.contributor.affiliationAccounting & Financeen_UK
rioxxterms.typeJournal Article/Reviewen_UK
local.rioxx.authorAl-Najjar, Basil|en_UK
local.rioxx.authorHussainey, Khaled|en_UK
local.rioxx.projectInternal Project|University of Stirling|
local.rioxx.filenameRevisiting the Capital-Structure Puzzle UK Evidence .pdfen_UK
Appears in Collections:Accounting and Finance Journal Articles

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