{"id":"https://openalex.org/W1768340828","doi":"https://doi.org/10.1111/eufm.12048","title":"Heterogeneity in the Speed of Capital Structure Adjustment across Countries and over the Business Cycle","display_name":"Heterogeneity in the Speed of Capital Structure Adjustment across Countries and over the Business Cycle","publication_year":2014,"publication_date":"2014-07-22","ids":{"openalex":"https://openalex.org/W1768340828","doi":"https://doi.org/10.1111/eufm.12048","mag":"1768340828"},"language":"en","primary_location":{"id":"doi:10.1111/eufm.12048","doi":"https://doi.org/10.1111/eufm.12048","is_oa":false,"landing_page_url":"https://doi.org/10.1111/eufm.12048","pdf_url":null,"source":{"id":"https://openalex.org/S131852005","display_name":"European Financial Management","issn_l":"1354-7798","issn":["1354-7798","1468-036X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"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/A5039804346","display_name":"Wolfgang Drobetz","orcid":"https://orcid.org/0000-0002-5247-0405","observed_orcids":["https://orcid.org/0000-0002-5247-0405"]},"institutions":[{"id":"https://openalex.org/I159176309","display_name":"Universit\u00e4t Hamburg","ror":"https://ror.org/00g30e956","country_code":"DE","type":"education","lineage":["https://openalex.org/I159176309"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Wolfgang Drobetz","raw_affiliation_strings":["Hamburg Business School University of Hamburg Von\u2010Melle\u2010Park 5 20146 Hamburg Germany"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Hamburg Business School University of Hamburg Von\u2010Melle\u2010Park 5 20146 Hamburg Germany","institution_ids":["https://openalex.org/I159176309"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5061124069","display_name":"Dirk C. Schilling","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Dirk C. Schilling","raw_affiliation_strings":["HDI\u2010Gerling Industrial Insurance Company 10 Fenchurch Street London EC3M 3BE UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"HDI\u2010Gerling Industrial Insurance Company 10 Fenchurch Street London EC3M 3BE UK","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101835419","display_name":"Henning Schr\u00f6der","orcid":"https://orcid.org/0000-0002-2776-8322","observed_orcids":["https://orcid.org/0000-0002-2776-8322"]},"institutions":[{"id":"https://openalex.org/I159176309","display_name":"Universit\u00e4t Hamburg","ror":"https://ror.org/00g30e956","country_code":"DE","type":"education","lineage":["https://openalex.org/I159176309"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Henning Schr\u00f6der","raw_affiliation_strings":["Hamburg Business School University of Hamburg Von\u2010Melle\u2010Park 5 20146 Hamburg Germany"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Hamburg Business School University of Hamburg Von\u2010Melle\u2010Park 5 20146 Hamburg Germany","institution_ids":["https://openalex.org/I159176309"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3350,"currency":"USD","value_usd":3350},"apc_paid":null,"fwci":14.1446,"has_fulltext":false,"cited_by_count":101,"citation_normalized_percentile":{"value":0.98348289,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":100},"biblio":{"volume":"21","issue":"5","first_page":"936","last_page":"973"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9965999722480774,"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"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9965999722480774,"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/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.001500000013038516,"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/T12509","display_name":"Corporate Insolvency and Governance","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/capital-structure-adjustment","display_name":"capital structure adjustment","score":0.9229999780654907},{"id":"https://openalex.org/keywords/speed-of-adjustment","display_name":"speed of adjustment","score":0.7820000052452087},{"id":"https://openalex.org/keywords/leverage-dynamics","display_name":"leverage dynamics","score":0.652999997138977},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.9319999814033508},{"id":"https://openalex.org/keywords/mean-reversion","display_name":"mean reversion","score":0.6460000276565552},{"id":"https://openalex.org/keywords/business-cycles","display_name":"business cycles","score":0.6039999723434448},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.7889999747276306},{"id":"https://openalex.org/keywords/market-based-financial-systems","display_name":"market-based financial systems","score":0.7829999923706055},{"id":"https://openalex.org/keywords/supply-constraints","display_name":"supply constraints","score":0.7710000276565552},{"id":"https://openalex.org/keywords/cross-country-heterogeneity","display_name":"cross-country heterogeneity","score":0.640999972820282}],"concepts":[{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.8299537897109985},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6926752328872681},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.6911306381225586},{"id":"https://openalex.org/C195742910","wikidata":"https://www.wikidata.org/wiki/Q176494","display_name":"Recession","level":2,"score":0.6855178475379944},{"id":"https://openalex.org/C166866094","wikidata":"https://www.wikidata.org/wiki/Q1307251","display_name":"Tobit model","level":2,"score":0.6753908395767212},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.6242002248764038},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5652610063552856},{"id":"https://openalex.org/C135205223","wikidata":"https://www.wikidata.org/wiki/Q367137","display_name":"Mean reversion","level":2,"score":0.5075575113296509},{"id":"https://openalex.org/C185429906","wikidata":"https://www.wikidata.org/wiki/Q1130160","display_name":"Estimator","level":2,"score":0.5033597350120544},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4227871298789978},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.2887762784957886},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"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/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/eufm.12048","doi":"https://doi.org/10.1111/eufm.12048","is_oa":false,"landing_page_url":"https://doi.org/10.1111/eufm.12048","pdf_url":null,"source":{"id":"https://openalex.org/S131852005","display_name":"European Financial Management","issn_l":"1354-7798","issn":["1354-7798","1468-036X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-2","norway-1","poland-100","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Financial Management","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.5195000171661377,"display_name":"Decent work and economic growth"}],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":93,"referenced_works":["https://openalex.org/W1495656322","https://openalex.org/W1497848524","https://openalex.org/W1546993880","https://openalex.org/W1577195734","https://openalex.org/W1679358313","https://openalex.org/W1895756800","https://openalex.org/W1963733206","https://openalex.org/W1969519191","https://openalex.org/W1990734868","https://openalex.org/W1997500202","https://openalex.org/W2016968870","https://openalex.org/W2024569236","https://openalex.org/W2024623582","https://openalex.org/W2024917246","https://openalex.org/W2025610165","https://openalex.org/W2037841399","https://openalex.org/W2045122965","https://openalex.org/W2047582865","https://openalex.org/W2058570680","https://openalex.org/W2069985282","https://openalex.org/W2071229381","https://openalex.org/W2074928461","https://openalex.org/W2117627310","https://openalex.org/W2118617350","https://openalex.org/W2121308228","https://openalex.org/W2122716125","https://openalex.org/W2124597406","https://openalex.org/W2126424896","https://openalex.org/W2126603824","https://openalex.org/W2126903234","https://openalex.org/W2128532428","https://openalex.org/W2134246329","https://openalex.org/W2135699079","https://openalex.org/W2136884596","https://openalex.org/W2139896179","https://openalex.org/W2141703703","https://openalex.org/W2144357229","https://openalex.org/W2169478177","https://openalex.org/W2605606366","https://openalex.org/W2732782407","https://openalex.org/W2890002572","https://openalex.org/W2891145393","https://openalex.org/W2905366712","https://openalex.org/W3022374830","https://openalex.org/W3044580829","https://openalex.org/W3121297842","https://openalex.org/W3121403162","https://openalex.org/W3121522673","https://openalex.org/W3121714890","https://openalex.org/W3121759882","https://openalex.org/W3121819860","https://openalex.org/W3121860005","https://openalex.org/W3121933403","https://openalex.org/W3122025033","https://openalex.org/W3122095874","https://openalex.org/W3122184969","https://openalex.org/W3122221630","https://openalex.org/W3122248399","https://openalex.org/W3122420217","https://openalex.org/W3122420571","https://openalex.org/W3122467629","https://openalex.org/W3122509093","https://openalex.org/W3122550102","https://openalex.org/W3122641096","https://openalex.org/W3123002126","https://openalex.org/W3123142049","https://openalex.org/W3123206484","https://openalex.org/W3123476363","https://openalex.org/W3123700478","https://openalex.org/W3123817661","https://openalex.org/W3124044836","https://openalex.org/W3124114405","https://openalex.org/W3124117485","https://openalex.org/W3124183549","https://openalex.org/W3124223064","https://openalex.org/W3124450204","https://openalex.org/W3124747412","https://openalex.org/W3124759215","https://openalex.org/W3124895281","https://openalex.org/W3124896946","https://openalex.org/W3124991787","https://openalex.org/W3124994146","https://openalex.org/W3125087107","https://openalex.org/W3125122495","https://openalex.org/W3125362379","https://openalex.org/W3125402871","https://openalex.org/W3125450538","https://openalex.org/W3125469707","https://openalex.org/W3125649736","https://openalex.org/W3125753879","https://openalex.org/W4211243947","https://openalex.org/W4248503640","https://openalex.org/W4248572084"],"related_works":["https://openalex.org/W3125263187","https://openalex.org/W1873815976","https://openalex.org/W3139715879","https://openalex.org/W1999146616","https://openalex.org/W1511313478","https://openalex.org/W3184598948","https://openalex.org/W2260395192","https://openalex.org/W3121594230","https://openalex.org/W2233597125","https://openalex.org/W1565281856"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"study":[2],"analyses":[3],"the":[4,7,27,41,45,50,61,72,83],"heterogeneity":[5],"in":[6,24,35,49,60,97],"speed":[8,28,52,89],"of":[9,29,44,63,74],"capital":[10],"structure":[11],"adjustment.":[12,64],"Using":[13],"a":[14,36],"doubly\u2010censored":[15],"Tobit":[16],"estimator":[17],"that":[18],"accounts":[19],"for":[20,93],"mechanical":[21],"mean":[22],"reversion":[23],"leverage":[25],"ratios,":[26],"adjustment":[30,51,88],"is":[31,90],"25%":[32],"per":[33],"year":[34],"large":[37],"international":[38],"sample,":[39],"supporting":[40],"economic":[42],"relevance":[43],"trade\u2010off":[46],"theory.":[47],"Differences":[48],"across":[53],"financial":[54],"systems":[55],"are":[56],"attributable":[57],"to":[58],"differences":[59],"costs":[62],"Macroeconomic":[65],"and":[66,82],"micro\u2010level":[67],"supply\u2010side":[68],"constraints":[69],"also":[70],"affect":[71],"dynamics":[73],"leverage.":[75],"Firms":[76],"adjust":[77],"more":[78],"slowly":[79],"during":[80],"recessions,":[81],"business":[84],"cycle":[85],"effect":[86],"on":[87],"most":[91],"pronounced":[92],"financially":[94],"constrained":[95],"firms":[96],"market\u2010based":[98],"countries.":[99]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":7},{"year":2024,"cited_by_count":13},{"year":2023,"cited_by_count":12},{"year":2022,"cited_by_count":10},{"year":2021,"cited_by_count":17},{"year":2020,"cited_by_count":13},{"year":2019,"cited_by_count":9},{"year":2018,"cited_by_count":7},{"year":2017,"cited_by_count":8},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2025-10-10T00:00:00"}