Research Discussion Paper – RDP 9313 The Determinants of Corporate Leverage: A Panel Data Analysis

Contents

• Introduction
• Capital Structure: Theory and Evidence
• Empirical Model
• Results
• Summary and Conclusions
• Appendix 1: Data
• Appendix 2: Unbalanced Panel Results
• Appendix 3: Split Sample Results
• Appendix 4: Testing the Firm and Time Specific Variables
• References

We would like to thank Warren Tease for comments and Denzil Fiebig for technical guidance. The views expressed herein are those of the authors and do not necessarily reflect those of the Reserve Bank of Australia.