{"id":"https://openalex.org/W1579396249","doi":"https://doi.org/10.2753/ces1097-1475460204","title":"Determinants of Firm Leverage","display_name":"Determinants of Firm Leverage","publication_year":2013,"publication_date":"2013-03-01","ids":{"openalex":"https://openalex.org/W1579396249","doi":"https://doi.org/10.2753/ces1097-1475460204","mag":"1579396249"},"language":"en","primary_location":{"id":"doi:10.2753/ces1097-1475460204","doi":"https://doi.org/10.2753/ces1097-1475460204","is_oa":false,"landing_page_url":"https://doi.org/10.2753/ces1097-1475460204","pdf_url":null,"source":{"id":"https://openalex.org/S114193083","display_name":"Chinese Economy","issn_l":"1097-1475","issn":["1097-1475","1558-0954"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Chinese Economy","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://scholarworks.gsu.edu/cgi/viewcontent.cgi?article=1028&context=intlbus_facpub","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5013371275","display_name":"Penelope B. Prime","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I181565077","display_name":"Georgia State University","ror":"https://ror.org/03qt6ba18","country_code":"US","type":"education","lineage":["https://openalex.org/I181565077"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Penelope B. Prime","raw_affiliation_strings":["a Institute of International Business, J. Mack Robinson College of Business, Georgia State University, Atlanta, GA","Institute of International Business, J. Mack Robinson College of Business, Georgia State University, Atlanta, GA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"a Institute of International Business, J. Mack Robinson College of Business, Georgia State University, Atlanta, GA","institution_ids":["https://openalex.org/I181565077"]},{"raw_affiliation_string":"Institute of International Business, J. Mack Robinson College of Business, Georgia State University, Atlanta, GA","institution_ids":["https://openalex.org/I181565077"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5040592135","display_name":"Li Qi","orcid":"https://orcid.org/0000-0001-6646-8528","observed_orcids":["https://orcid.org/0000-0001-6646-8528","https://orcid.org/0000-0003-1785-8591"]},"institutions":[{"id":"https://openalex.org/I64506506","display_name":"Agnes Scott College","ror":"https://ror.org/05pgk5e03","country_code":"US","type":"education","lineage":["https://openalex.org/I64506506"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Li Qi","raw_affiliation_strings":["b Department of Economics, Agnes Scott College, Decatur, GA","Department of Economics, Agnes Scott College, Decatur, GA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"b Department of Economics, Agnes Scott College, Decatur, GA","institution_ids":["https://openalex.org/I64506506"]},{"raw_affiliation_string":"Department of Economics, Agnes Scott College, Decatur, GA","institution_ids":["https://openalex.org/I64506506"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.6517,"has_fulltext":true,"cited_by_count":9,"citation_normalized_percentile":{"value":0.86973188,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":96},"biblio":{"volume":"46","issue":"2","first_page":"74","last_page":"106"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9976000189781189,"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":0.9976000189781189,"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":0.0013000000035390258,"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/T12544","display_name":"Working Capital and Financial Performance","score":0.00019999999494757503,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-leverage","display_name":"corporate leverage","score":0.9449999928474426},{"id":"https://openalex.org/keywords/leverage-determinants","display_name":"leverage determinants","score":0.8640000224113464},{"id":"https://openalex.org/keywords/pecking-order-theory","display_name":"pecking order theory","score":0.9449999928474426},{"id":"https://openalex.org/keywords/financing-behavior","display_name":"financing behavior","score":0.8059999942779541},{"id":"https://openalex.org/keywords/private-enterprises","display_name":"private enterprises","score":0.6639999747276306},{"id":"https://openalex.org/keywords/manufacturing-firms","display_name":"manufacturing companies","score":0.6669999957084656},{"id":"https://openalex.org/keywords/ownership-type","display_name":"ownership type","score":0.6439999938011169},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.6639999747276306},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.7580000162124634},{"id":"https://openalex.org/keywords/liquidity","display_name":"liquidity","score":0.9399999976158142},{"id":"https://openalex.org/keywords/firm-age","display_name":"firm age","score":0.8679999709129333}],"concepts":[{"id":"https://openalex.org/C172983313","wikidata":"https://www.wikidata.org/wiki/Q1567268","display_name":"Pecking order theory","level":4,"score":0.883567214012146},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7618855237960815},{"id":"https://openalex.org/C59485491","wikidata":"https://www.wikidata.org/wiki/Q1438403","display_name":"Pecking order","level":2,"score":0.6611663103103638},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.6571642160415649},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.5814806222915649},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.581313967704773},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.49726465344429016},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.49637824296951294},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.45111918449401855},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3798716068267822},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.32761284708976746},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3030765652656555},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.0},{"id":"https://openalex.org/C78458016","wikidata":"https://www.wikidata.org/wiki/Q840400","display_name":"Evolutionary biology","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.2753/ces1097-1475460204","doi":"https://doi.org/10.2753/ces1097-1475460204","is_oa":false,"landing_page_url":"https://doi.org/10.2753/ces1097-1475460204","pdf_url":null,"source":{"id":"https://openalex.org/S114193083","display_name":"Chinese Economy","issn_l":"1097-1475","issn":["1097-1475","1558-0954"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Chinese Economy","raw_type":"journal-article"},{"id":"pmh:oai:scholarworks.gsu.edu:intlbus_facpub-1028","doi":null,"is_oa":true,"landing_page_url":"https://scholarworks.gsu.edu/intlbus_facpub/33","pdf_url":"https://scholarworks.gsu.edu/cgi/viewcontent.cgi?article=1028&context=intlbus_facpub","source":{"id":"https://openalex.org/S4406922693","display_name":"Digital Archive @ GSU","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"International Business Faculty Publications","raw_type":"text"},{"id":"pmh:oai:RePEc:mes:chinec:v:46:y:2013:i:2:p:74-106","doi":null,"is_oa":false,"landing_page_url":"http://mesharpe.metapress.com/link.asp?target=contribution&id=X4K21X1546R6401K","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:scholarworks.gsu.edu:20.500.14694/8706","doi":null,"is_oa":false,"landing_page_url":"https://hdl.handle.net/20.500.14694/8706","pdf_url":null,"source":{"id":"https://openalex.org/S4406922693","display_name":"Digital Archive @ GSU","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},{"id":"mag:2588028702","doi":null,"is_oa":false,"landing_page_url":"https://scholarworks.gsu.edu/cgi/viewcontent.cgi?article=1028&context=intlbus_facpub","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":{"id":"pmh:oai:scholarworks.gsu.edu:intlbus_facpub-1028","doi":null,"is_oa":true,"landing_page_url":"https://scholarworks.gsu.edu/intlbus_facpub/33","pdf_url":"https://scholarworks.gsu.edu/cgi/viewcontent.cgi?article=1028&context=intlbus_facpub","source":{"id":"https://openalex.org/S4406922693","display_name":"Digital Archive @ GSU","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"International Business Faculty Publications","raw_type":"text"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1579396249.pdf","grobid_xml":"https://content.openalex.org/works/W1579396249.grobid-xml"},"referenced_works_count":35,"referenced_works":["https://openalex.org/W249451124","https://openalex.org/W1482307688","https://openalex.org/W1492905415","https://openalex.org/W1496286215","https://openalex.org/W1589504572","https://openalex.org/W1642634312","https://openalex.org/W1969151017","https://openalex.org/W1978786686","https://openalex.org/W1997316900","https://openalex.org/W2011175016","https://openalex.org/W2051130526","https://openalex.org/W2075339735","https://openalex.org/W2084310832","https://openalex.org/W2085143499","https://openalex.org/W2107431543","https://openalex.org/W2115846503","https://openalex.org/W2124903647","https://openalex.org/W2129357135","https://openalex.org/W2143437037","https://openalex.org/W2146503483","https://openalex.org/W2148484926","https://openalex.org/W2157005718","https://openalex.org/W2170790204","https://openalex.org/W2734328156","https://openalex.org/W2885688687","https://openalex.org/W2890169714","https://openalex.org/W3122862660","https://openalex.org/W3123140601","https://openalex.org/W3123659852","https://openalex.org/W3123893073","https://openalex.org/W3124324454","https://openalex.org/W3124948273","https://openalex.org/W3125337127","https://openalex.org/W3125443941","https://openalex.org/W3143281068"],"related_works":["https://openalex.org/W2588028702","https://openalex.org/W2025838887","https://openalex.org/W2901750027","https://openalex.org/W4225077791","https://openalex.org/W2048875490","https://openalex.org/W2390727514","https://openalex.org/W36169609","https://openalex.org/W4414067202","https://openalex.org/W2594450352","https://openalex.org/W2007906175"],"abstract_inverted_index":{"Using":[0],"a":[1,30],"large":[2],"survey":[3],"sample":[4],"of":[5,14,32,37,61,98],"manufacturing":[6],"firms":[7,86],"between":[8],"2003":[9],"and":[10,28,69,71,77,85,100,117],"2006,":[11],"the":[12,35,43,51,59,95,109],"majority":[13],"them":[15],"not":[16,93,105,121],"listed":[17],"on":[18],"either":[19],"stock":[20],"exchange,":[21],"we":[22],"studied":[23],"financing":[24,57,102],"behavior":[25,103],"in":[26,88],"China":[27],"tested":[29],"series":[31],"hypotheses":[33],"about":[34],"determinants":[36,97],"firm":[38,56,75],"leverage":[39,62,79],"as":[40],"derived":[41],"from":[42],"pecking-order":[44,110],"theory.":[45,111],"Overall":[46],"our":[47],"results":[48],"show":[49],"that":[50,114],"theory":[52],"well":[53,106],"explains":[54],"private":[55],"where":[58],"amount":[60],"is":[63,104],"negatively":[64],"related":[65,73],"to":[66,74],"profits,":[67],"liquidity,":[68],"age,":[70],"positively":[72],"size":[76],"average":[78],"ratio.":[80],"However,":[81],"different":[82,89],"ownership":[83],"types":[84],"located":[87],"market":[90],"environments":[91],"do":[92],"have":[94,120],"same":[96],"leverage,":[99],"their":[101],"explained":[107],"by":[108],"This":[112],"suggests":[113],"China's":[115],"economic":[116],"financial":[118],"reforms":[119],"yet":[122],"been":[123],"completed.":[124]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2014,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}