Environmental Reporting and Speed of Adjustment to Target Leverage: Evidence from a Dynamic Regime Switching Model

Abel, A. B. (2018). Optimal debt and profitability in the trade-off theory. Journal of Finance, 73(1), 95-143. https://doi.org/10.1111/jofi.1259010.1111/jofi.12590Search in Google Scholar

Ahmad, Z., Hassan, S., & Mohammad, J. (2003). Determinants of Environmental Reporting in Malaysia. International Journal of Business Studies, 11(1), 69-90Search in Google Scholar

Ahmed Haji, A. (2013). Corporate social responsibility disclosures over time: evidence from Malaysia. Managerial Auditing Journal, 28(7), 647-676. https://doi.org/10.1108/MAJ-07-2012-0729.10.1108/MAJ-07-2012-0729Search in Google Scholar

Akhtaruddin, M., Hossain, M. A., Hossain, M., & Yao, L. (2009). Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms. Journal of Applied Management Accounting Research, 7(1), 1.Search in Google Scholar

Akhtaruddin, M. (2005). Corporate mandatory disclosure practices in Bangladesh. International Journal of Accounting, 40(4), 399-422. https://doi.org/10.1016/j.intacc.2005.09.00710.1016/j.intacc.2005.09.007Search in Google Scholar

Ali, W., Frynas, J. G., & Mahmood, Z. (2017). Determinants of corporate social responsibility (CSR) disclosure in developed and developing countries: A literature review. Corporate Social Responsibility and Environmental Management, 24(4), 273-294. https://doi.org/10.1002/csr.141010.1002/csr.1410Search in Google Scholar

Alrazi, B., De Villiers, C., & Van Staden, C. J. (2015). A comprehensive literature review on, and the construction of a framework for, environmental legitimacy, accountability and proactivity. Journal of Cleaner Production, 102, 44-57. https://doi.org/10.1016/j.jclepro.2015.05.02210.1016/j.jclepro.2015.05.022Search in Google Scholar

Andrikopoulos, A., Samitas, A., & Bekiaris, M. (2014). Corporate social responsibility reporting in financial institutions: Evidence from Euronext. Research in International Business and Finance, 32, 27-35. http://doi.org/10.1016/j.ribaf.2014.02.00110.1016/j.ribaf.2014.02.001Search in Google Scholar

An, Z., Li, D., & Yu, J. (2015). Firm crash risk, information environment, and speed of leverage adjustment. Journal of Corporate Finance, 31, 132-151. http://doi.org/10.1016/j.jcorpfin.2015.01.01510.1016/j.jcorpfin.2015.01.015Search in Google Scholar

Aragón-Correa, J. A., Marcus, A., & Hurtado-Torres, N. (2016). The natural environmental strategies of international firms: old controversies and new evidence on performance and disclosure. Academy of Management Perspectives, 30(1), 24-39. https://doi.org/10.5465/amp.2014.004310.5465/amp.2014.0043Search in Google Scholar

Arena, C., Bozzolan, S., & Michelon, G. (2015). Environmental reporting: Transparency to stakeholders or stakeholder manipulation? An analysis of disclosure tone and the role of the board of directors. Corporate Social Responsibility and Environmental Management, 22(6), 346-361. https://doi.org/10.1002/csr.135010.1002/csr.1350Search in Google Scholar

Baldini, M., Dal Maso, L., Liberatore, G., Mazzi, F., & Terzani, S. (2018). Role of country-and firm-level determinants in environmental, social, and governance disclosure. Journal of Business Ethics, 150(1), 79-98. https://doi.org/10.1007/s10551-016-3139-110.1007/s10551-016-3139-1Search in Google Scholar

Belal, A. R., Cooper, S. M., & Roberts, R. W. (2013). Vulnerable and exploitable: The need for organisational accountability and transparency in emerging and less developed economies. Accounting Forum, 37(2), 81-91. http://dx.doi.org/10.1016/j.accfor.2013.04.00110.1016/j.accfor.2013.04.001Search in Google Scholar

Belkhir, M., Maghyereh, A., & Awartani, B. (2016). Institutions and corporate capital structure in the MENA region. Emerging Markets Review, 26, 99-129. https://doi.org/10.1016/j.ememar.2016.01.00110.1016/j.ememar.2016.01.001Search in Google Scholar

Bertomeu, J., Beyer, A., & Dye, R. A. (2011). Capital structure, cost of capital, and voluntary disclosures. Accounting Review, 86(3), 857-886. https://doi.org/10.2308/accr.0000003710.2308/accr.00000037Search in Google Scholar

Birkey, R. N., Michelon, G., Patten, D. M., & Sankara, J. (2016). Does assurance on CSR reporting enhance environmental reputation? An examination in the US context. Accounting Forum, 40(3), 143-152. https://doi.org/10.1016/j.accfor.2016.07.001.10.1016/j.accfor.2016.07.001Search in Google Scholar

Bliss, M. A., & Gul, F. A. (2012). Political connection and cost of debt: Some Malaysian evidence. Journal of Banking & Finance, 36(5), 1520-1527. https://doi.org/10.1016/j.jbankfin.2011.12.01110.1016/j.jbankfin.2011.12.011Search in Google Scholar

Bond, A., Pope, J., Morrison-Saunders, A., & Retief, F. (2016). A game theory perspective on environmental assessment: What games are played and what does this tell us about decision making rationality and legitimacy? Environmental Impact Assessment Review, 57, 187-194. https://doi.org/10.1016/j.eiar.2016.01.00210.1016/j.eiar.2016.01.002Search in Google Scholar

Braam, G. J., de Weerd, L. U., Hauck, M., & Huijbregts, M. A. (2016). Determinants of corporate environmental reporting: The importance of environmental performance and assurance. Journal of Cleaner Production, 129, 724-734. http://dx.doi.org/10.1016/j.jclepro.2016.03.03910.1016/j.jclepro.2016.03.039Search in Google Scholar

Brammer, S. & Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business Strategy and the Environment, 17, 120–36. https://doi.org/10.1002/bse.50610.1002/bse.506Search in Google Scholar

Brounen, D., De Jong, A., & Koedijk, K. (2006). Capital structure policies in Europe: Survey evidence. Journal of Banking & Finance, 30(5), 1409-1442. https://doi.org/10.1016/j.jbankfin.2005.02.01010.1016/j.jbankfin.2005.02.010Search in Google Scholar

Chang, Y. K., Chen, Y. L., Chou, R. K., & Huang, T. H. (2015). Corporate governance, product market competition and dynamic capital structure. International Review of Economics & Finance, 38, 44-55. https://doi.org/10.1016/j.iref.2014.12.01310.1016/j.iref.2014.12.013Search in Google Scholar

Chen, L., & Zhao, X. (2007). Mechanical mean reversion of leverage ratios. Economics Letters, 95(2), 223-229. https://doi.org/10.1016/j.econlet.2006.10.00810.1016/j.econlet.2006.10.008Search in Google Scholar

Cho, C. H., Michelon, G., Patten, D. M., & Roberts, R. W. (2015). CSR disclosure: the more things change…? Accounting, Auditing & Accountability Journal, 28(1), 14-35. https://doi.org/10.1108/AAAJ-12-2013-154910.1108/AAAJ-12-2013-1549Search in Google Scholar

Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1-33. https://doi.org/10.2139/ssrn.198888010.2139/ssrn.1988880Search in Google Scholar

Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327. https://doi.org/10.1016/j.aos.2007.05.00310.1016/j.aos.2007.05.003Search in Google Scholar

Cook, D. O., & Tang, T. (2010). Macroeconomic conditions and capital structure adjustment speed. Journal of Corporate Finance, 16(1), 73-87. https://doi.org/10.2139/ssrn.110166410.2139/ssrn.1101664Search in Google Scholar

Dang, V. A., & Garrett, I. (2015). On corporate capital structure adjustments. Finance Research Letters, 14, 56-63. https://doi.org/10.1016/j.frl.2015.05.01610.1016/j.frl.2015.05.016Search in Google Scholar

Dang, V. A., Kim, M., & Shin, Y. (2012). Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models. Journal of Empirical Finance, 19(4), 465-482. https://doi.org/10.1016/j.jempfin.2012.04.00410.1016/j.jempfin.2012.04.004Search in Google Scholar

DeAngelo, H., & Roll, R. (2015). How stable are corporate capital structures? Journal of Finance, 70(1), 373-418. https://doi.org/10.1111/jofi.1216310.1111/jofi.12163Search in Google Scholar

Deegan, C. (2002). Introduction: the legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282-311. https://doi.org/10.1108/0951357021043585210.1108/09513570210435852Search in Google Scholar

Dickey, D. A., & Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a), 427-431. https://doi.org/10.2307/228634810.2307/2286348Search in Google Scholar

Doshi, A. R., Dowell, G. W., & Toffel, M. W. (2013). How firms respond to mandatory information disclosure. Strategic Management Journal, 34(10), 1209-1231. https://doi.org/10.1002/smj.205510.1002/smj.2055Search in Google Scholar

Drobetz, W., Schilling, D. C., & Schröder, H. (2015). Heterogeneity in the speed of capital structure adjustment across countries and over the business cycle. European Financial Management, 21(5), 936-973. https://doi.org/10.1111/eufm.1204810.1111/eufm.12048Search in Google Scholar

Ebrahim, M. S., Girma, S., Shah, M. E., & Williams, J. (2014). Dynamic capital structure and political patronage: The case of Malaysia. International Review of Financial Analysis, 31, 117-128. https://doi.org/10.1016/j.irfa.2013.11.00410.1016/j.irfa.2013.11.004Search in Google Scholar

Elsas, R., & Florysiak, D. (2015). Dynamic capital structure adjustment and the impact of fractional dependent variables. Journal of Financial and Quantitative Analysis, 50(5), 1105-1133. https://doi.org/10.1017/S002210901500049610.1017/S0022109015000496Search in Google Scholar

Elsas, R., & Florysiak, D. (2011). Heterogeneity in the speed of adjustment toward target leverage. International Review of Finance, 11(2), 181-211. https://doi.org/10.1111/j.1468-2443.2011.01130.x10.1111/j.1468-2443.2011.01130.xSearch in Google Scholar

European University Institute. (2019). Datastream (Thomson Reuters). EUI. https://www.eui.eu/Research/Library/ResearchGuides/Economics/Statistics/DataPortal/datastream (accessed 24 August 2019).Search in Google Scholar

Faulkender, M., Flannery, M. J., Hankins, K. W., & Smith, J. M (2012). Cash flows and leverage adjustments. Journal of Financial Economics, 103(3), 632-646. https://doi.org/10.1016/j.jfineco.2011.10.01310.1016/j.jfineco.2011.10.013Search in Google Scholar

Fernandes, S. M., Bornia, A. C., & Nakamura, L. R. (2018). The influence of boards of directors on environmental disclosure. Management Decision, 57(9), 2358-2382. https://doi.org/10.1108/MD-11-2017-108410.1108/MD-11-2017-1084Search in Google Scholar

Fernandez-Feijoo, B., Romero, S., & Ruiz, S. (2014). Effect of stakeholders’ pressure on transparency of sustainability reports within GRI framework. Journal of Business Ethics, 122(1), 53–63. http://doi.org/10.1007/s10551-013-1748-510.1007/s10551-013-1748-5Search in Google Scholar

Fisher, G., Kuratko, D. F., Bloodgood, J. M., & Hornsby, J. S. (2017). Legitimate to whom? The challenge of audience diversity and new venture legitimacy. Journal of Business Venturing, 32(1), 52-71. http://dx.doi.org/10.1016/j.busvent.2016.10.00510.1016/j.jbusvent.2016.10.005Search in Google Scholar

Flannery, M. J., & Hankins, K. W. (2013). Estimating dynamic panel models in corporate finance. Journal of Corporate Finance, 19, 1-19. http://dx.doi.org/10/1016/j.corpfin.2012.09.00410.1016/j.jcorpfin.2012.09.004Search in Google Scholar

Fraser, D. R., Zhang, H., & Derashid, C. (2006). Capital structure and political patronage: The case of Malaysia. Journal of Banking & Finance, 30(4), 1291-1308. https://doi.org/10.1016/j.jbankfin.2005.05.00810.1016/j.jbankfin.2005.05.008Search in Google Scholar

Ghazali, N. A. M., & Weetman, P. (2006). Perpetuating traditional influences: Voluntary disclosure in Malaysia following the economic crisis. Journal of International Accounting, Auditing and Taxation, 15(2), 226-248. https://doi.org/10.1016/j.intaccaudtax.2006.08.00110.1016/j.intaccaudtax.2006.08.001Search in Google Scholar

Gorondutse, A. H., Ali, R. A., Abubakar, A., & Naalah, M. N. I. (2017). The effect of working capital management on SMEs profitability in Malaysia. Polish Journal of Management Studies, 16(2), 99-109. http://doi.org/10.17512/pjms.2017.16.2.0910.17512/pjms.2017.16.2.09Search in Google Scholar

Hackbarth, D., Miao, J., & Morellec, E. (2006). Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics, 82(3), 519-550. http://doi.org/10.1016/j.fineco.2005.10.00310.1016/j.jfineco.2005.10.003Search in Google Scholar

Halling, M., Yu, J., & Zechner, J. (2016). Leverage dynamics over the business cycle. Journal of Financial Economics, 122(1), 21-41. http://DOI.org/10.1016/j.jfineco.2016.07.00110.1016/j.jfineco.2016.07.001Search in Google Scholar

Hussain, H.I., Ali, A., Thaker, H.M.T., & Ali, M. (2019) Firm Performance and Family Related Directors: Empirical Evidence from an Emerging Market, Contemporary Economics, 13 (2), 187 – 204. http://doi.org/10.5709/ce.1897-9254.30710.5709/ce.1897-9254.307Search in Google Scholar

Hussain, H. I., Abidin, I. S. Z., Kamarulzaman, R., & Shawtari, F. A. (2018). The impact of State Affiliated Directors on the capital structure speed of adjustment in an emerging market. Polish Journal of Management Studies, 18(1), 133-148. http://doi.org/10.17512/pjms.2018.18.1.1110.17512/pjms.2018.18.1.11Search in Google Scholar

Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-710.1016/S0304-4076(03)00092-7Search in Google Scholar

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. http://www.jstor.org/stable/1818789Search in Google Scholar

Jose, A., & Lee, S. M. (2007). Environmental reporting of global corporations: A content analysis based on website disclosures. Journal of Business Ethics, 72(4), 307-321. http://doi.org/10.1007/s10551-006-9172-810.1007/s10551-006-9172-8Search in Google Scholar

Ju, N., Parrino, R., Poteshman, A. M., & Weisbach, M. S. (2005). Horses and rabbits? Trade-off theory and optimal capital structure. Journal of Financial and Quantitative analysis, 40(2), 259-281. https://doi.org/10.1017/S002210900000230110.1017/S0022109000002301Search in Google Scholar

Kareem, M. A., & Mijbas, H. A. (2019). Mediating Role of Dynamic Capabilities on the Relationship between Human Resource Development and Organizational Effectiveness. Organizacija, 52(3), 187 – 203. https://doi.org/10.2478/orga-2019-001210.2478/orga-2019-0012Search in Google Scholar

Khlif, H., Guidara, A., & Souissi, M. (2015). Corporate social and environmental disclosure and corporate performance: evidence from South Africa and Morocco. Journal of Accounting in Emerging Economies, 5(1), 51-69. https://doi.org/10.1108/JAEE-06-2012-002410.1108/JAEE-06-2012-0024Search in Google Scholar

Kuo, L., & Yi-Ju Chen, V. (2013). Is environmental disclosure an effective strategy on establishment of environmental legitimacy for organization? Management Decision, 51(7), 1462-1487. http://dx.doi.org/10.1108/md-06-2012-039510.1108/MD-06-2012-0395Search in Google Scholar

Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: Evidence from the emerging market of Turkey. Journal of Cleaner Production, 143, 27-39. http://doi.org/10.1016/j.jclepro.2016.12.15310.1016/j.jclepro.2016.12.153Search in Google Scholar

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27. https://doi.org/10.2139/ssrn.18390810.2139/ssrn.183908Search in Google Scholar

Lemma, T., & Negash, M. (2014). Determinants of the adjustment speed of capital structure: Evidence from developing economies. Journal of Applied Accounting Research, 15(1), 64-99. https://doi.org/10.1108/JAAR-03-2012-002310.1108/JAAR-03-2012-0023Search in Google Scholar

Lewis, B. W., Walls, J. L., & Dowell, G. W. (2014). Difference in degrees: CEO characteristics and firm environmental disclosure. Strategic Management Journal, 35(5), 712-722. https://doi.org/10.1002/smj.212710.1002/smj.2127Search in Google Scholar

Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance, 58(4), 1445-1468. https://doi.org/10.1111/1540-6261.0057310.1111/1540-6261.00573Search in Google Scholar

Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-710.1016/S0304-4076(01)00098-7Search in Google Scholar

Lewis, C. M., & Tan, Y. (2016). Debt-equity choices, R&D investment and market timing. Journal of Financial Economics, 119(3), 599-610. https://doi.org/10.1016/j.jfineco.2016.01.01710.1016/j.jfineco.2016.01.017Search in Google Scholar

Loudermilk, M. S. (2007). Estimation of fractional dependent variables in dynamic panel data models with an application to firm dividend policy. Journal of Business & Economic Statistics, 25(4), 462-472. https://doi.org/10.1198/07350010700000009810.1198/073500107000000098Search in Google Scholar

Mallisa, M., & Kusuma, H. (2017). Capital structure determinants and firms’ performance: empirical evidence from Thailand, Indonesia and Malaysia. Polish Journal of Management Studies, 16(1), 154-164. https://doi.org/10.17512/pjms.2017.16.1.1310.17512/pjms.2017.16.1.13Search in Google Scholar

Martin-Ortega, J., Brouwer, R., & Aiking, H. (2011). Application of a value-based equivalency method to assess environmental damage compensation under the European Environmental Liability Directive. Journal of Environmental Management, 92(6), 1461-1470. https://doi.org/10.1016/j.jenvman.2010.12.00110.1016/j.jenvman.2010.12.001Search in Google Scholar

Md Zaini, S., Samkin, G., Sharma, U., & Davey, H. (2018). Voluntary disclosure in emerging countries: a literature review. Journal of Accounting in Emerging Economies, 8(1), 29-65. https://doi.org/10.1108/JAEE-08-2016-006910.1108/JAEE-08-2016-0069Search in Google Scholar

Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting, 33, 59-78. http://doi.org/10.1016/j.cpa.2014.10.00310.1016/j.cpa.2014.10.003Search in Google Scholar

Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. American Economic Review, 53(3), 433-443. http://www.jstor.org/stable/1809167Search in Google Scholar

Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261-297. http://www.jstor.org/stable/1809766Search in Google Scholar

Nor, F. M., Ibrahim, K., Haron, R., Ibrahim, I., & Alias, M. A. (2012). Practices of capital structure decisions: Malaysia survey evidence. International Review of Business Research Papers, 8(1), 33-63.Search in Google Scholar

Öztekin, Ö. (2015). Capital structure decisions around the world: which factors are reliably important? Journal of Financial and Quantitative Analysis, 50(3), 301-323. https://doi.org/10.1017/S002210901400066010.1017/S0022109014000660Search in Google Scholar

Öztekin, Ö. & Flannery, M. J. (2012). Institutional determinants of capital structure adjustment speeds. Journal of Financial Economics, 103(1), 88-112. https://doi.org/10.1016/j.jfineco.2011.08.01410.1016/j.jfineco.2011.08.014Search in Google Scholar

Plumlee, M., Brown, D., Hayes, R. M., & Marshall, R. S. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, 34(4), 336-361. http://dx.doi.org/10.1016/j.jaccpubpol.2015.04.00410.1016/j.jaccpubpol.2015.04.004Search in Google Scholar

Qian, W., & Schaltegger, S. (2017). Revisiting carbon disclosure and performance: Legitimacy and management views. British Accounting Review, 49(4), 365-379. https://doi.org/10.1016/j.bar.2017.05.00510.1016/j.bar.2017.05.005Search in Google Scholar

Rajan, R. G., & Zingales, L. (1998). Which capitalism? Lessons from the East Asian crisis. Journal of Applied Corporate Finance, 11(3), 40-48. https://doi.org/10.1111/j.1745-6622.1998.tb00501.x10.1111/j.1745-6622.1998.tb00501.xSearch in Google Scholar

Song, J., Wang, R., & Cavusgil, S. T. (2015). State ownership and market orientation in China’s public firms: An agency theory perspective. International Business Review, 24(4), 690-699. https://doi.org/10.1016/j.ibusrev.2014.12.00310.1016/j.ibusrev.2014.12.003Search in Google Scholar

Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244. http://doi.org/10.1016/s0304-405x(98)00051-810.1016/S0304-405X(98)00051-8Search in Google Scholar

Ting, I. W. K. (2016). Estimating dynamic panel model of leverage decision: Evidence from Malaysia. Procedia Economics and Finance, 35, 267-273. http://doi.org/10.1016/S2212-5671(16)00033-210.1016/S2212-5671(16)00033-2Search in Google Scholar

Warr, R. S., Elliott, W. B., Koëter-Kant, J., & Öztekin, Ö. (2012). Equity mispricing and leverage adjustment costs. Journal of Financial and Quantitative Analysis, 47(3), 589-616. https://doi.org/10.1017/S002210901200005110.1017/S0022109012000051Search in Google Scholar

Warusawitharana, M., & Whited, T. M. (2015). Equity market misvaluation, financing, and investment. The Review of Financial Studies, 29(3), 603-654. https://doi.org/10.1093/rfs/hhv06610.1093/rfs/hhv066Search in Google Scholar

White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817-838. https://doi.org/10.2307/191293410.2307/1912934Search in Google Scholar

Xiao, J. Z., Gao, S. S., Heravi, S., & Cheung, Y. C. (2005). The impact of social and economic development on corporate social and environmental disclosure in Hong Kong and the UK. Advances in International Accounting, 18, 219-243. http://doi.org/10.1016/S0897-3660(05)18011-810.1016/S0897-3660(05)18011-8Search in Google Scholar

Yang, S., He, F., Zhu, Q., & Li, S. (2018). How does corporate social responsibility change capital structure? Asia-Pacific Journal of Accounting and Economics, 25(3-4), 352-387. https://doi.org/10.1080/16081625.2017.135471010.1080/16081625.2017.1354710Search in Google Scholar

Zhou, Q., Tan, K. J. K., Faff, R., & Zhu, Y. (2016). Deviation from target capital structure, cost of equity and speed of adjustment. Journal of Corporate Finance, 39, 99-120. https://doi.org/10.1016/j.jcorpfin.2016.06.0010.1016/j.jcorpfin.2016.06.002Search in Google Scholar