Underlying factors of ups and downs in financial leverage overtime

Name: Underlying factors of ups and downs in financial leverage overtime
Author: Kizildag, M., Özdemir, Özgür

İsim	Underlying factors of ups and downs in financial leverage overtime
Yazar	Kizildag, M., Özdemir, Özgür
Basım Tarihi:	2017-09-01
Basım Yeri	- Sage
Konu	Book leverage, Financial leverage, Firm-specific factors, Leverage proxies, Macroeconomic indicators, Market leverage
Tür	Süreli Yayın
Dil	İngilizce
Dijital	Evet
Yazma	Hayır
Kütüphane:	Özyeğin Üniversitesi
Demirbaş Numarası	2-s2.0-85027689221
Kayıt Numarası	0a717d67-4325-41c2-a522-66297cba0367
Lokasyon	Hotel Management
Tarih	2017-09-01
Notlar	Due to copyright restrictions, the access to the full text of this article is only available via subscription.
Örnek Metin	We present new stylized facts on the underlying reasons of US hospitality and tourism firms’ fluctuating levels of financial leverage during the period 1990–2015 using comprehensive micro- and macro-level accounting data overtime. To characterize this puzzling phenomenon, we quantified firm-specific and macroeconomic parameters and a diverse set of leverage proxies at various time frames with various structures. We further took account of the recent economic upheaval in our analyses so that we can compare firms’ leverage behavior as “before” and “after” the major economic turmoil in 2007–2009 periods. The primary themes of our arguments were that firm-specific leverage factors significantly influenced short-term leverage, while long-term leverage was mostly determined by macroeconomic indicators. Beyond that, book leverage was more favorable across firms than market leverage. Last, hospitality and tourism firms substantially extended their borrowing capacities, aggressively grew their leverage ratios, and dramatically increased collateral values leading to lower cost of borrowing due to relaxed lending standards in the aftermath of the recent upheaval. Our article complements previous work by examining whether leverage factors demonstrate discrepancies from the prior findings and by proposing rigorous industry-specific outlook and solution for the financial leverage literature.
DOI	10.1177/1354816616683579
Cilt	23

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Underlying factors of ups and downs in financial leverage overtime

Yazar Kizildag, M., Özdemir, Özgür

Basım Tarihi 2017-09-01

Basım Yeri - Sage

Konu Book leverage, Financial leverage, Firm-specific factors, Leverage proxies, Macroeconomic indicators, Market leverage

Tür Süreli Yayın

Dil İngilizce

Dijital Evet

Yazma Hayır

Kütüphane Özyeğin Üniversitesi

Demirbaş Numarası 2-s2.0-85027689221

Kayıt Numarası 0a717d67-4325-41c2-a522-66297cba0367

Lokasyon Hotel Management

Tarih 2017-09-01

Notlar Due to copyright restrictions, the access to the full text of this article is only available via subscription.

Örnek Metin We present new stylized facts on the underlying reasons of US hospitality and tourism firms’ fluctuating levels of financial leverage during the period 1990–2015 using comprehensive micro- and macro-level accounting data overtime. To characterize this puzzling phenomenon, we quantified firm-specific and macroeconomic parameters and a diverse set of leverage proxies at various time frames with various structures. We further took account of the recent economic upheaval in our analyses so that we can compare firms’ leverage behavior as “before” and “after” the major economic turmoil in 2007–2009 periods. The primary themes of our arguments were that firm-specific leverage factors significantly influenced short-term leverage, while long-term leverage was mostly determined by macroeconomic indicators. Beyond that, book leverage was more favorable across firms than market leverage. Last, hospitality and tourism firms substantially extended their borrowing capacities, aggressively grew their leverage ratios, and dramatically increased collateral values leading to lower cost of borrowing due to relaxed lending standards in the aftermath of the recent upheaval. Our article complements previous work by examining whether leverage factors demonstrate discrepancies from the prior findings and by proposing rigorous industry-specific outlook and solution for the financial leverage literature.

DOI 10.1177/1354816616683579

Cilt 23