Investigating the capital structure of UK real estate companies
Westgaard, Sjur
Investigating the capital structure of UK real estate companies - 2008 - Journal of Property Research 25(1) March 2008, 61-87(27) .
Using accounting data from 1998-2006, investigates the determinants of capital structure in 308 UK real estate companies. Finds that profitability, tangibility and size are positively related to leverage, while asset turnover and earnings variability are negatively related. The significant positive relation of profitability contradicts major findings in the capital structure literature. Suggests that the study findings supports both static trade-off theory and the packing order theory, although the former is the better fit. Also finds that UK real estate companies face large adjustment costs.
United Kingdom--
Investigating the capital structure of UK real estate companies - 2008 - Journal of Property Research 25(1) March 2008, 61-87(27) .
Using accounting data from 1998-2006, investigates the determinants of capital structure in 308 UK real estate companies. Finds that profitability, tangibility and size are positively related to leverage, while asset turnover and earnings variability are negatively related. The significant positive relation of profitability contradicts major findings in the capital structure literature. Suggests that the study findings supports both static trade-off theory and the packing order theory, although the former is the better fit. Also finds that UK real estate companies face large adjustment costs.
United Kingdom--