{"id":"https://openalex.org/W2181917896","doi":null,"title":"Capital Structure Inertia and Product Market Competition","display_name":"Capital Structure Inertia and Product Market Competition","publication_year":2013,"publication_date":"2013-01-01","ids":{"openalex":"https://openalex.org/W2181917896","mag":"2181917896"},"language":"en","primary_location":{"id":"pmh:oai:CiteSeerX.psu:10.1.1.638.1456","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.638.1456","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 ANNUAL MEETINGS/2014-Rome/papers/EFMA2014_0459_fullpaper.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/A5055938599","display_name":"Andr\u00e9 F. Gygax","orcid":"https://orcid.org/0000-0001-7265-9400","observed_orcids":["https://orcid.org/0000-0001-7265-9400"]},"institutions":[{"id":"https://openalex.org/I165779595","display_name":"The University of Melbourne","ror":"https://ror.org/01ej9dk98","country_code":"AU","type":"education","lineage":["https://openalex.org/I165779595"]}],"countries":["AU"],"is_corresponding":false,"raw_author_name":"Andr\u00e9 F. Gygax","raw_affiliation_strings":["University of Melbourne"],"raw_orcid":"https://orcid.org/0000-0001-7265-9400","affiliations":[{"raw_affiliation_string":"University of Melbourne","institution_ids":["https://openalex.org/I165779595"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5081088933","display_name":"Gabrielle Wanzenried","orcid":"https://orcid.org/0000-0001-5624-2496","observed_orcids":["https://orcid.org/0000-0001-5624-2496"]},"institutions":[{"id":"https://openalex.org/I81007117","display_name":"Lucerne University of Applied Sciences and Arts","ror":"https://ror.org/04nd0xd48","country_code":"CH","type":"education","lineage":["https://openalex.org/I81007117"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Gabrielle Wanzenried","raw_affiliation_strings":["Lucerne University of Applied Sciences and  Arts"],"raw_orcid":"https://orcid.org/0000-0001-5624-2496","affiliations":[{"raw_affiliation_string":"Lucerne University of Applied Sciences and  Arts","institution_ids":["https://openalex.org/I81007117"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5059445396","display_name":"Xia Wu","orcid":"https://orcid.org/0000-0003-3057-8746","observed_orcids":["https://orcid.org/0000-0003-3057-8746"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Xia Wu","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-3057-8746","affiliations":[]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":3,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":93},"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":0.9990000128746033,"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":0.9990000128746033,"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":0.00019999999494757503,"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"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/product-market-competition","display_name":"product market competition","score":0.9940000176429749},{"id":"https://openalex.org/keywords/debt-discipline","display_name":"debt discipline","score":0.6549999713897705},{"id":"https://openalex.org/keywords/transaction-costs","display_name":"transaction costs","score":0.9660000205039978},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.6669999957084656},{"id":"https://openalex.org/keywords/industry-differences","display_name":"industry differences","score":0.6800000071525574},{"id":"https://openalex.org/keywords/non-financial-firms","display_name":"non-financial firms","score":0.6480000019073486},{"id":"https://openalex.org/keywords/leverage-decisions","display_name":"leverage decisions","score":0.37299999594688416}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.6919893026351929},{"id":"https://openalex.org/C123336316","wikidata":"https://www.wikidata.org/wiki/Q7247776","display_name":"Product market","level":3,"score":0.6604893803596497},{"id":"https://openalex.org/C91306197","wikidata":"https://www.wikidata.org/wiki/Q45767","display_name":"Competition (biology)","level":2,"score":0.588735818862915},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5705708265304565},{"id":"https://openalex.org/C155739000","wikidata":"https://www.wikidata.org/wiki/Q877707","display_name":"Market structure","level":2,"score":0.4943125247955322},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.4679635465145111},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4528636634349823},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.44358065724372864},{"id":"https://openalex.org/C2775881736","wikidata":"https://www.wikidata.org/wiki/Q1274157","display_name":"Market power","level":3,"score":0.4371856153011322},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.435091495513916},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.43285617232322693},{"id":"https://openalex.org/C90673727","wikidata":"https://www.wikidata.org/wiki/Q901718","display_name":"Product (mathematics)","level":2,"score":0.4174354374408722},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3875640034675598},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.37768256664276123},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.37342387437820435},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.15506047010421753},{"id":"https://openalex.org/C2781127519","wikidata":"https://www.wikidata.org/wiki/Q43637","display_name":"Monopoly","level":2,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","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/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:CiteSeerX.psu:10.1.1.638.1456","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.638.1456","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 ANNUAL MEETINGS/2014-Rome/papers/EFMA2014_0459_fullpaper.pdf","raw_type":"text"},{"id":"mag:2181917896","doi":null,"is_oa":false,"landing_page_url":"https://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2014-Rome/papers/EFMA2014_0459_fullpaper.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":30,"referenced_works":["https://openalex.org/W1482948273","https://openalex.org/W1547944138","https://openalex.org/W1966917639","https://openalex.org/W1992768770","https://openalex.org/W2018241266","https://openalex.org/W2037841399","https://openalex.org/W2044558565","https://openalex.org/W2059912207","https://openalex.org/W2084310832","https://openalex.org/W2115846503","https://openalex.org/W2122479412","https://openalex.org/W2126804458","https://openalex.org/W2131538393","https://openalex.org/W2170790204","https://openalex.org/W2740766300","https://openalex.org/W2988039629","https://openalex.org/W3121131820","https://openalex.org/W3121714890","https://openalex.org/W3122398884","https://openalex.org/W3122413116","https://openalex.org/W3123014546","https://openalex.org/W3123142049","https://openalex.org/W3123206484","https://openalex.org/W3123700478","https://openalex.org/W3123724460","https://openalex.org/W3124114405","https://openalex.org/W3124450204","https://openalex.org/W3124815310","https://openalex.org/W3125482011","https://openalex.org/W3126027997"],"related_works":["https://openalex.org/W3163111789","https://openalex.org/W2378706909","https://openalex.org/W2350914970","https://openalex.org/W2351828222","https://openalex.org/W2384186553","https://openalex.org/W2747025746","https://openalex.org/W2359536331","https://openalex.org/W2054114","https://openalex.org/W158768832","https://openalex.org/W1991606242"],"abstract_inverted_index":{"Based":[0],"on":[1],"a":[2,73,117,147],"sample":[3],"of":[4,68,112],"US":[5],"non-financial":[6],"and":[7,28],"non-utility":[8],"firms":[9,44,129],"over":[10],"fiscal":[11],"years":[12],"from":[13],"1990":[14],"to":[15,29,50,75,91,98],"2010,":[16],"this":[17],"paper":[18],"empirically":[19],"examines":[20],"how":[21],"capital":[22,56,92,121,152],"structure":[23,57,93,122,153],"inertia":[24],"differs":[25],"across":[26],"industries":[27,48],"what":[30],"extend":[31],"such":[32],"differences":[33],"can":[34],"be":[35,51,62],"explained":[36,63],"by":[37,64],"product":[38,76,80],"market":[39,77,81],"competition.":[40,78],"We":[41],"find":[42],"that":[43,127,139],"in":[45,150],"more":[46,52,87,131],"competitive":[47],"tend":[49],"inert":[53,132],"with":[54,89],"their":[55],"decisions.":[58],"This":[59,136],"result":[60],"could":[61],"the":[65,100,109],"disciplinary":[66],"effect":[67],"debt,":[69],"which":[70,115],"serves":[71],"as":[72],"substitute":[74],"When":[79],"competition":[82],"is":[83,116],"low,":[84],"managers":[85],"are":[86,130],"active":[88],"regard":[90],"decisions,":[94],"especially":[95],"debt":[96],"use":[97],"constrain":[99],"free":[101],"cash":[102],"flow":[103],"problem.":[104],"In":[105],"addition,":[106],"we":[107],"explore":[108],"explanatory":[110],"power":[111],"transaction":[113,140],"costs,":[114,141],"common":[118],"explanation":[119],"for":[120],"inertia.":[123,154],"Our":[124],"results":[125],"show":[126],"large":[128],"than":[133],"small":[134],"firms.":[135],"provides":[137],"evidence":[138],"at":[142],"least,":[143],"do":[144],"not":[145],"play":[146],"critical":[148],"role":[149],"explaining":[151]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}