You are not logged in.
Openly accessible

Determinants of capital structure of A-REITS and the global financial crisis

Zarebski, Paul and Dimovski, Bill 2012, Determinants of capital structure of A-REITS and the global financial crisis, Pacific rim property research journal, vol. 18, no. 1, pp. 3-19.

Attached Files
Name Description MIMEType Size Downloads
dimovski-determinantsof-2012.pdf Published version application/pdf 557.60KB 893

Title Determinants of capital structure of A-REITS and the global financial crisis
Author(s) Zarebski, Paul
Dimovski, Bill
Journal name Pacific rim property research journal
Volume number 18
Issue number 1
Start page 3
End page 19
Total pages 17
Publisher Pacific Rim Real Estate Society
Place of publication Sydney, N.S.W.
Publication date 2012
ISSN 1444-5921
Keyword(s) A-REIT; Australia; capital structure; global financial crisis
A-REIT
global financial crisis
capital structure
Australia
Summary This paper contributes to the capital structure literature by investigating the determinants of capital structure of Australian Real Estate Investment Trusts (A-REITs) over the period 2006-2009. By using a panel approach and a Global Financial Crisis (GFC) dummy variable, our analysis incorporates the Global Financial Crisis (GFC) shock which appears to have affected the market after December 2007. We find that A-REIT size, profitability, tangibility, operating risk and number of growth opportunities impact similarly to many previous studies of international entities upon the degree of leverage. We also find mixed support for prevailing capital structure theories of Pecking Order, Trade-off and Agency Theory, but find that Market Timing Theory can be rejected over our sample period. With specific focus after onset of the GFC, we find that the relationship between capital structure and our independent variables is somewhat distorted. Consequently, the postulations of theory also become distorted whereby changes to capital structure come about because of the primary goal to survive, rather than managerial opportunism.
Notes Reproduced with the kind permission of the copyright owner.
Language eng
Field of Research 150299 Banking, Finance and Investment not elsewhere classified
Socio Economic Objective 900199 Financial Services not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2012, Pacific Rim Real Estate Society
Persistent URL http://hdl.handle.net/10536/DRO/DU:30045597

Connect to link resolver
 
Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved.

Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.

Versions
Version Filter Type
Citation counts: TR Web of Science Citation Count  Cited 0 times in TR Web of Science
Scopus Citation Count Cited 6 times in Scopus
Google Scholar Search Google Scholar
Access Statistics: 846 Abstract Views, 894 File Downloads  -  Detailed Statistics
Created: Wed, 30 May 2012, 10:03:18 EST by Aysun Alpyurek

Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.