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The Impact of Monetary Policy and Agent Heterogeneity on Firm Financing Structure: Evidence from the USA

100%
Malinowska A.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2016
|
issue 46
121-142
EN
Using panel modelling and firm-level data for 222 US listed companies I investigate how changes in monetary policy approximated by the three-month US LIBOR interest rate and its combined effect with firm-specific characteristics influenced firms’ financing decisions and their liability structure during the period 2005−2014. Reported findings suggest that despite the Zero Lower Bound on the Federal Funds Rate, the three-month US LIBOR has retained its impact on firm total debt, long-term bank debt and short-term trade credit. Monetary policy changes were found to have affected firm’s liability structure, especially through parameters such as size, collateral and profitability.
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