Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 7, 2018 erstellt
Description:
We survey institutional investors about their role in capital structure decisions and views on capital structure theories. Over 82% of investors believe they influence corporate capital structure decisions, especially for smaller, younger, and more financially constrained firms. Unlike corporate managers, investors consider agency costs of free cash flow important drivers of capital structure. Investors' responses also support pecking order and market timing theory. Most investors find financial constraints important, with components of the Kaplan–Zingales and Whited–Wu indexes dominating other proxies. Our findings suggest a first-order impact of investor preferences on securities issuance and design choices