Speed of Adjustment and Macro Economic Growth
In this paper, we estimate the speed of adjustment for firm level data. We introduce an extrinsic limitation to the model to test the impact on rate of adjustment. We find that extrinsic limitations have a significant impact on rate of adjustment.
Keywords: Capital Structure; Macro-Economic Factors; Speed of Adjustment
Document Type: Research Article
Affiliations: Universiti Kuala Lumpur Business School, Malaysia
Publication date: 01 April 2017
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