Article2011

Factors that Influence Financial Leverage of Canadian Firms

69 citations0/0 files storedRePEc: Research Papers in Economics

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Abstract

The purpose of this study is to find the factors that influence financial leverage of Canadian firms. A sample of 166 Canadian firms listed on the Toronto Stock Exchange for a period of 3 years (from 2008-2010) was selected. This study applied co-relational and non-experimental research design. The results show that financial leverage of Canadian firms is influenced by the collateralized assets, profitability, effective tax rate, firm size, growth opportunities, number of subsidiaries, and industry dummy. This study contributes to the literature on the factors that influence financial leverage of the firm. The findings may be useful for financial managers, investors, and financial management consultants.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Corporate financing and investment decisions when firms have information that investors do not have 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1977Determinants of corporate borrowing 1995What Do We Know about Capital Structure? Some Evidence from International Data 1998Taxes, Financing Decisions, and Firm Value 1999Capital structure and performance: Evidence from a transition economy on an aspect of corporate governance 2007Debt policy and performance of SMEs

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