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Chan, M (2011) Fatigue: the most critical accident risk in oil and gas construction. Construction Management and Economics, 29(04), 341–53.

Elazouni, A and Salem, O A (2011) Progress monitoring of construction projects using pattern recognition techniques. Construction Management and Economics, 29(04), 355–70.

Hallowell, M, Esmaeili, B and Chinowsky, P (2011) Safety risk interactions among highway construction work tasks. Construction Management and Economics, 29(04), 417–29.

Hiete, M, Kühlen, A and Schultmann, F (2011) Analysing the interdependencies between the criteria of sustainable building rating systems. Construction Management and Economics, 29(04), 323–8.

Hu, K, Rahmandad, H, Smith‐Jackson, T and Winchester, W (2011) Factors influencing the risk of falls in the construction industry: a review of the evidence. Construction Management and Economics, 29(04), 397–416.

Issa, M H, Attalla, M, Rankin, J H and Christian, A J (2011) Energy consumption in conventional, energy‐retrofitted and green LEED Toronto schools. Construction Management and Economics, 29(04), 383–95.

Schade, J, Olofsson, T and Schreyer, M (2011) Decision‐making in a model‐based design process. Construction Management and Economics, 29(04), 371–82.

Yeh, H-H H (2011) Adjustment behaviour of capital structure over the business cycles: evidence from the construction industry of Taiwan. Construction Management and Economics, 29(04), 329–40.

  • Type: Journal Article
  • Keywords: capital structure; financial constraint; macroeconomic conditions; construction industry; Taiwan
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446193.2011.562910
  • Abstract:
    Prior studies have found that firms may deviate from the target capital structure in the short run and adjust towards the target in the long run. However, little attention has been given to the adjustment behaviour of capital structure in the construction industry over the business cycles, in particular within the context of emerging markets. The partial adjustment model with the GMM (i.e. generalized method of moments) estimation is used to examine the adjustment behaviour of capital structure in the construction industry within the context of Taiwan during the period 1982 to 2007. The results suggest that, first, the average rate of adjustment is 26.3% of the adjustment gap between the target debt ratios and the previous debt ratios for firms in the construction industry of Taiwan. However, the average rate of adjustment towards the target debt ratios has slowed down after the Asian financial crisis of 1997. Secondly, firms with the financial constraint of over?leverage relative to the target debt ratios have lower debt ratios than those firms with the financial constraint of under?leverage. In addition, the difference in debt ratios between firms with the financial constraint of over?leverage and under?leverage has become narrower after the Asian financial crisis. Lastly, the findings suggest that macroeconomic conditions do not have a significant, negative effect on debt ratios.