资本结构和产品市场的相互作用：以经济周期为证据外文翻译.docVIP

外文翻译 Capital structure and product markets interactions:Evidence from business cycles Material Source: /02096.pdf Author: Murillo Campello 1. Introduction Recent theoretical work on capital structure has emphasized not only the contracting problems among agents within the firm (e.g., managers and investors), but also the implications of financing decisions for agents outside the firm (e.g., competitors and consumers). This literature stresses that a firm’s mode of financing influences both the firm’s conduct in its product market as well as the conduct of other market participants, thereby influencing competitive outcomes.1 Although these theories have received much attention, only a few of their implications have been empirically examined. Directly testing those ideas is a challenging task since it is often difficult to establish whether or not the competitive outcomes associated with a firm’s financing decisions were already anticipated by the firm’s managers. Another concern with the interpretation of the empirical relation between capital structure and product market behavior is the possibility that both a firm’s financial structure and its competitive performance may be jointly influenced by unobserved (or unmodeled) factors arising from the market environment. A study of competitive performance following capital structure changes, for instance, may assign a spurious causality to capital structure if both performance and recapitalizations are influenced by underlying trends in industry concentration, excess capacity, and growth (see Kovenock and Phillips, 1997, and Zingales, 1998). One way to mitigate concerns about the endogenous nature of the relation between capital structure and competitive performance is to look at performance following events affecting product market participants’ incentives (or ability) to compete under existing financing arrangements. This paper uses such an approach to establish a link between firm financing and product market o