{"id":"https://openalex.org/W1498698322","doi":null,"title":"Asymmetric Partial Adjustment toward Target Leverage: International Evidence","display_name":"Asymmetric Partial Adjustment toward Target Leverage: International Evidence","publication_year":2011,"publication_date":"2011-04-01","ids":{"openalex":"https://openalex.org/W1498698322","mag":"1498698322"},"language":"en","primary_location":{"id":"pmh:oai:CiteSeerX.psu:10.1.1.225.2725","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.225.2725","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2011-Braga/papers/0311_update.pdf","raw_type":"text"},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5063503684","display_name":"Viet Anh Dang","orcid":"https://orcid.org/0000-0002-3719-3171","observed_orcids":["https://orcid.org/0000-0002-3719-3171"]},"institutions":[{"id":"https://openalex.org/I28407311","display_name":"University of Manchester","ror":"https://ror.org/027m9bs27","country_code":"GB","type":"education","lineage":["https://openalex.org/I28407311"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Viet Anh Dang","raw_affiliation_strings":["Alliance Manchester Business School;"],"raw_orcid":"https://orcid.org/0000-0002-3719-3171","affiliations":[{"raw_affiliation_string":"Alliance Manchester Business School;","institution_ids":["https://openalex.org/I28407311"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5050326812","display_name":"Manh Cuong Nguyen","orcid":"https://orcid.org/0000-0001-5543-3135","observed_orcids":["https://orcid.org/0000-0001-5543-3135"]},"institutions":[{"id":"https://openalex.org/I28407311","display_name":"University of Manchester","ror":"https://ror.org/027m9bs27","country_code":"GB","type":"education","lineage":["https://openalex.org/I28407311"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Manh Cuong Nguyen","raw_affiliation_strings":["Alliance Manchester Business School;"],"raw_orcid":"https://orcid.org/0000-0001-5543-3135","affiliations":[{"raw_affiliation_string":"Alliance Manchester Business School;","institution_ids":["https://openalex.org/I28407311"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5082477964","display_name":"Ian Garrett","orcid":"https://orcid.org/0000-0002-5634-1088","observed_orcids":["https://orcid.org/0000-0002-5634-1088"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Ian Garrett","raw_affiliation_strings":["A&F Accounting & Finance"],"raw_orcid":"https://orcid.org/0000-0002-5634-1088","affiliations":[{"raw_affiliation_string":"A&F Accounting & Finance","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.5656,"has_fulltext":false,"cited_by_count":11,"citation_normalized_percentile":{"value":0.90957959,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":87,"max":96},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9940999746322632,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9940999746322632,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0032999999821186066,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/target-leverage","display_name":"target leverage","score":0.9589999914169312},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.7149999737739563},{"id":"https://openalex.org/keywords/asymmetric-adjustment","display_name":"asymmetric adjustment","score":0.7730000019073486},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.7099999785423279},{"id":"https://openalex.org/keywords/funding-gap","display_name":"financing gap","score":0.6940000057220459},{"id":"https://openalex.org/keywords/overleveraging","display_name":"overleveraging","score":0.8169999718666077},{"id":"https://openalex.org/keywords/speed-of-adjustment","display_name":"speed of adjustment","score":0.531000018119812},{"id":"https://openalex.org/keywords/firm-profitability","display_name":"firm profitability","score":0.5189999938011169},{"id":"https://openalex.org/keywords/growth-opportunities","display_name":"growth opportunities","score":0.9440000057220459},{"id":"https://openalex.org/keywords/tangible-assets","display_name":"tangible assets","score":0.8489999771118164},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.925000011920929},{"id":"https://openalex.org/keywords/cross-national-comparison","display_name":"cross-national comparison","score":0.5410000085830688}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.8448200225830078},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.6351417899131775},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.5055413246154785},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4089895784854889},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.3693288564682007},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3281775712966919},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.11662557721138},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.10254520177841187},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:CiteSeerX.psu:10.1.1.225.2725","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.225.2725","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2011-Braga/papers/0311_update.pdf","raw_type":"text"},{"id":"mag:1498698322","doi":null,"is_oa":false,"landing_page_url":"https://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2011-Braga/papers/0311_update.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":63,"referenced_works":["https://openalex.org/W1546993880","https://openalex.org/W1600973450","https://openalex.org/W1969519191","https://openalex.org/W1976883994","https://openalex.org/W1978517036","https://openalex.org/W1982598910","https://openalex.org/W1987474066","https://openalex.org/W1997500202","https://openalex.org/W2000578291","https://openalex.org/W2025610165","https://openalex.org/W2027382631","https://openalex.org/W2035554302","https://openalex.org/W2037841399","https://openalex.org/W2063955807","https://openalex.org/W2064360179","https://openalex.org/W2071141323","https://openalex.org/W2071206222","https://openalex.org/W2071681097","https://openalex.org/W2074648283","https://openalex.org/W2075966196","https://openalex.org/W2081113003","https://openalex.org/W2082770469","https://openalex.org/W2084222407","https://openalex.org/W2084310832","https://openalex.org/W2111384383","https://openalex.org/W2124597406","https://openalex.org/W2125664626","https://openalex.org/W2134246329","https://openalex.org/W2140041112","https://openalex.org/W2144357229","https://openalex.org/W2145143570","https://openalex.org/W2153524047","https://openalex.org/W2155836946","https://openalex.org/W2170790204","https://openalex.org/W2312851934","https://openalex.org/W2732782407","https://openalex.org/W2752617332","https://openalex.org/W2889649276","https://openalex.org/W3121131820","https://openalex.org/W3121759882","https://openalex.org/W3121819860","https://openalex.org/W3121951548","https://openalex.org/W3122051430","https://openalex.org/W3122073963","https://openalex.org/W3122398884","https://openalex.org/W3122420571","https://openalex.org/W3122550102","https://openalex.org/W3122589234","https://openalex.org/W3123002126","https://openalex.org/W3123053174","https://openalex.org/W3123109355","https://openalex.org/W3123142049","https://openalex.org/W3123206484","https://openalex.org/W3124114405","https://openalex.org/W3124117485","https://openalex.org/W3124364840","https://openalex.org/W3124450204","https://openalex.org/W3124896946","https://openalex.org/W3125087107","https://openalex.org/W3125402439","https://openalex.org/W3125402871","https://openalex.org/W3125450538","https://openalex.org/W3125688476"],"related_works":["https://openalex.org/W6990732241","https://openalex.org/W638084951","https://openalex.org/W973874145","https://openalex.org/W1596960638","https://openalex.org/W7099397836","https://openalex.org/W4241242261","https://openalex.org/W3122509093","https://openalex.org/W4385954159","https://openalex.org/W785344902","https://openalex.org/W2153687899"],"abstract_inverted_index":{"Examining":[0],"the":[1,23,26,58,92],"roles":[2],"of":[3,5,12,96,107,119,131,166],"costs":[4,11],"deviations":[6,40],"from":[7,41],"target":[8,32,42,71],"leverage":[9,13,43,72],"and":[10,25,44,54,76,82,155,161],"adjustments,":[14],"we":[15],"find":[16],"that":[17,49,64],"firms":[18,48,63],"in":[19,85],"France,":[20],"Germany,":[21],"Japan,":[22],"UK,":[24],"US":[27],"asymmetrically":[28],"adjust":[29,67],"toward":[30,70],"their":[31,39],"leverage.":[33],"Firms\u2019":[34],"adjustment":[35,60],"speeds":[36],"depend":[37],"on":[38,163],"financing":[45,52],"gaps.":[46],"Specifically,":[47],"have":[50,57,73],"a":[51],"deficit":[53],"are":[55,83,89,172],"over-levered":[56],"fastest":[59],"speeds.":[61],"Further,":[62],"tend":[65],"to":[66,139],"more":[68],"quickly":[69],"lower":[74],"profitability":[75],"growth":[77],"opportunities,":[78],"fewer":[79],"tangible":[80],"assets":[81],"smaller":[84],"size.":[86],"Our":[87],"results":[88],"consistent":[90],"with":[91],"dynamic":[93],"trade-off":[94],"theory":[95],"capital":[97],"structure.":[98],"*":[99],"Viet":[100],"Dang,":[101],"Vietanh.Dang@mbs.ac.uk,":[102],"Manchester":[103,115,127],"Business":[104,116,128],"School,":[105,117,129],"University":[106,118,130],"Manchester,":[108,120,132],"M15":[109,121,133],"6PB,":[110,122,134],"UK;":[111,123],"Ian":[112],"Garret,":[113],"Ian.Garret@mbs.ac.uk,":[114],"Cuong":[124],"Nguyen,":[125],"Cuong.Nguyen@postgrad.mbs.ac.uk,":[126],"UK.":[135],"We":[136],"would":[137],"like":[138],"thank":[140],"Arif":[141],"Khurshed,":[142],"Maria":[143],"Marchica,":[144],"Roberto":[145],"Mura,":[146],"David":[147],"Smith":[148],"(FMA":[149],"Asian":[150],"Conference":[151],"discussant),":[152],"Norman":[153],"Strong":[154],"Martin":[156],"Walker":[157],"for":[158],"helpful":[159],"comments":[160],"suggestions":[162],"earlier":[164],"drafts":[165],"this":[167],"paper.":[168],"Any":[169],"remaining":[170],"errors":[171],"our":[173],"own.":[174]},"counts_by_year":[{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":2}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}