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The major perspective of this paper is to provide more evidence regarding how"quickly", in different macroeconomic states, companies adjust their capitalstructure to their leverage targets. This study extends the empirical researchon the topic of capital structure by focusing on a quantile regression methodto investigate the behavior of firm-specific characteristics and macroeconomicfactors across all quantiles of distribution of leverage (book leverage andmarket leverage). Therefore, depending on a partial adjustment model, we findthat the adjustment speed fluctuated in different stages of book versus marketleverage. Furthermore, while macroeconomic states change, we detect cleardifferentiations of the contribution and the effects of the firm-specific andthe macroeconomic variables between market leverage and book leverage debtratios. Consequently, we deduce that across different macroeconomic states thenature and maturity of borrowing influence the persistence and endurance of therelation between determinants and borrowing.

Capital Structure and Speed of Adjustment in U.S. Firms. A Comparative  Study in Microeconomic and Macroeconomic Conditions - A Quantille Regression  Approach