E. I. Du Pont De Nemours And Company (1983)

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Issue:

Business

 

Written by:

Michael P

 

Date added:

September 8, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

18 / 4794

 

Was viewed:

6555 times

 

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Essay content:

Graham and Harvey asked 392 firms’ chief financial officers whether they use target debt ratios. Results show that the majority of them do, although the level of strictness of the target policy varies across different companies. Only 19% of the firms avoid target ratios, of which most are likely to be the relatively smaller firms...
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This clearly indicates that there must be benefits from having a target debt ratio. The trade-off theory implies a target-adjustment model (Taggart, 1977; Jalilvand and Harris, 1984; Ozkan, 2001). In this model, firms set tentative debt ratios to which they gradually adjust. Firms with a debt ratio below the target ratio adjust their debt upward toward the target debt ratio and vice versa...
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