Is the Nexus of Corporate and Public Financial Management Institutionalized in Special Purpose Entities?
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Authors
Eger, Robert J.
Subjects
Financial management
capital structure
special purpose entities
fiscal federalism
capital structure
special purpose entities
fiscal federalism
Advisors
Date of Issue
2012
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Abstract
A novel integration of public and corporate financial theory is used to model capital structure in
special purpose organizations. The expectation is that considering the similarities to corporate
structure and managerial objectives these organizations will display evidence of an
intergovernmental modified pecking order approach to capital structure. The censored probit
method suggests that special purpose entities follow an intergovernmental modified pecking
order of capital structure, with correct classification in excess of eighty-nine percent. The results
support a direct link between intergovernmental revenue and the capital structure of the
organization, providing insight into the tie between managerial costs and benefits.
Type
Article
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Series/Report No
Department
Graduate School of Business & Public Policy (GSBPP)
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Rights
This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.