文章基本信息

标题：The Long Term Debt Decision of U.S. Casino Firms
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作者：Upneja, Arun ; Dalbor, Michael
期刊名称：Journal of Hospitality Financial Management
出版年度：2009
卷号：17
期号：2
页码：5
出版社：University of Massachusetts - Amherst
摘要：The purpose of this study is to examine the choice of long-term debt in the U.S. casino industry using the three major theories of capital structure: tradeoff, pecking order and free cash flow. We utilize multiple regression models for the overall sample as well as for casinos and casino hotels. The results for all three sets of regressions are similar with firm risk and firm size being positively related to long-term debt. However, when looking at different measures of growth opportunities, we find contradictory results. Some growth measures are positively related to long-term debt while others are negatively related.
关键词：capital structure; long-term debt; casino financing