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 1531 Title Determinants of capital structure of A-REITS and the global financial crisis Author(s) Zarebski, Paul Dimovski, Bill orcid.org/0000-0002-0038-8848 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 Free to Read? Yes Persistent URL http://hdl.handle.net/10536/DRO/DU:30045597 Document type: Journal Article Collections: Faculty of Business and Law School of Accounting, Economics and Finance Open Access Collection Related Links Link Description Connect to published version (restricted access) Go to link with your DU access privileges     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 Wed, 30 May 2012, 10:03:30 EST Wed, 30 May 2012, 10:54:40 EST Wed, 30 May 2012, 11:01:39 EST Wed, 30 May 2012, 11:05:10 EST Wed, 30 May 2012, 11:08:28 EST Wed, 06 Jun 2012, 12:59:30 EST Wed, 06 Jun 2012, 13:01:01 EST Fri, 13 Jul 2012, 11:28:14 EST Wed, 02 Jul 2014, 14:04:09 EST Thu, 11 Dec 2014, 17:50:44 EST Tue, 06 Sep 2016, 19:05:24 EST Tue, 05 Dec 2017, 12:33:18 EST Fri, 07 Sep 2018, 16:00:08 EST Filtered Full Citation counts:   Cited 13 times in TR Web of Science Cited 15 times in Scopus Search Google Scholar Access Statistics: 1348 Abstract Views, 1532 File Downloads  -  Detailed Statistics Created: Wed, 30 May 2012, 10:03:18 EST by Aysun Alpyurek