Ch06DeterminantsofCapitalStructureSPREADSHEET-Kai Thng

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Determinants of Capital Structure Explanatory Variables (X) Name Debt Ratio Size Growth Rate Profitability ADC TELECOM.INCO. 31.48 1.296899 -38.28 0.00 AES CORP. 67.43 29.122992 7.94 2.77 AFLAC INCO. 2.76 50.963984 5.60 1.80 ALLTEL CORP. 35.16 16.661098 4.13 9.64 AMR (AMER.AIRL.) CORP. 47.49 29.329984 -3.99 0.00 TIME WARNER INCO. 22.37 121.782992 72.54 3.82 AT & T CORP. 30.03 47.987984 -19.41 4.76 AT&T WIRELESS SVS.INCO. 22.24 47.826992 16.91 2.07 ABBOTT LABS.INCO. 22.42 26.715328 12.71 11.86 ADOBE SYSTEMS INCO. 0.00 1.555044 0.74 25.93 ADVD.MICRO DEVC. 29.50 7.094341 -8.83 0.00 AETNA INCO. 3.98 40.554192 -12.48 2.54 AGILENT TECHS.INCO. 18.34 6.269997 -17.47 0.00 AIR PRDS.& CHEMS.INCO. 26.93 9.323098 4.83 5.64 ALBERTO CULVER CO. 16.49 1.945608 8.77 10.36 ALBERTSONS INCO. 34.58 15.393996 -1.22 5.43 ALCAN INC. 25.65 41.506264 3.18 5.39 ALCOA INCO. 23.94 30.367984 -2.13 3.98 ALLEGHENY EN.INCO. 56.61 10.171895 -14.90 0.00 ALLEGHENY TECHS.INCO. 28.75 1.850599 -7.66 0.00 ALLERGAN INCO. 36.53 1.636299 2.91 0.00 ALLIED WASTE INDS.INC 59.41 13.860896 -2.76 0.69 ALLSTATE CORPORATION 3.78 134.141968 3.34 2.46 ALTERA CORP. 0.00 1.453505 -15.62 11.53 AMSOUTH BANC. 22.41 45.615504 -7.52 2.03 AMBAC FINL.GP.INC 48.35 16.747311 20.35 4.26 AMERADA HESS CORP. 28.18 13.982998 6.07 6.31 AMEREN CORP. 34.42 13.801996 6.00 6.48 AMER.ELEC.PWR.CO.INCO. 39.47 36.743984 2.03 1.88 AMERICAN EXPRESS CO. 22.69 175.000976 3.21 2.28 AMER.GREETINGS CORP. 33.27 2.584119 -2.83 6.63 WYETH 32.26 29.727312 6.12 8.62 AMERICAN INTL.GP.INCO. 15.14 678.345728 20.93 1.65 AMER.POWER CONV.CORP. 0.00 1.779971 -0.42 11.21 AMERISOURCEBERGEN CORP. 14.82 12.040122 62.16 4.79 AMGEN INCO. 11.76 26.176496 32.04 9.32 ANADARKO PETROLEUM COR 24.62 20.545984 -3.42 8.00 ANALOG DEVICES INCO. 0.00 4.092876 -7.39 6.42 ANDREW CORPORATION 15.39 2.073232 -0.15 1.71 Question: What factors determine a company's capital structure? Answer the question usin analysis on data from the firms in the S&P 500. Dependent Variable (Y)
ANHEUSER-BUSCH COS.INCO. 49.60 14.689497 4.88 16.47 AON CORP. 8.10 26.502992 10.30 2.92 APACHE CORP. 18.74 12.416122 22.38 12.78 APPLE COMPUTERS INCO. 4.50 6.754996 -8.05 1.19 APPLERA CORP. 0.00 2.126714 6.63 10.07 APPLIED MATS.INCO. 5.45 10.311618 -22.35 0.00 APPD.MICRO CIRCUITS CORP 0.10 1.224556 -16.15 0.00 ARCHER-DANLS.-MIDL.CO. 30.16 17.182864 33.60 4.47 ASHLAND 23.04 7.005999 -1.89 3.74 AUTOZONE INCO. 42.32 3.654922 6.78 16.80 AUTODESK INCO. 0.00 1.01716 0.54 13.62 AUTOMATIC DATA PROC. 0.43 19.833664 4.36 5.65 AVAYA INCO. 25.85 3.686999 -17.34 0.00 AVERY DENNISON CORP. 28.75 4.105299 6.95 8.38 AVON PRODUCTS INCO. 32.75 3.425499 6.25 21.67 BB & T CORP. 20.05 90.466544 7.07 1.70 BMC SOFTWARE INCO. 0.00 2.808399 -8.28 1.84 BAKER HUGHES INCO. 23.55 6.302199 0.37 3.08 BALL CORP. 41.45 4.0696 10.74 7.53 BANK ONE CORP. 35.24 326.562816 -6.15 1.72 BANK OF AMERICA CORP. 26.60 736.444928 -5.48 1.84 BANK OF NY.CO.INCO. 8.67 92.396976 -5.42 1.63 BARD C R INCO. 10.01 1.679599 9.26 12.48 BARRICK GOLD CORP. 25.65 41.506264 3.18 5.39 BAUSCH & LOMB INCO. 28.24 2.999399 4.45 5.82 BAXTER INTL.INCO. 33.20 13.778997 8.94 7.68 BEAR STEARNS COS.INCO. 42.82 212.16808 -10.39 1.13 BECTON DICKINSON & CO. 23.44 5.572251 7.76 11.33 BED BATH & BEYOND INCO. 0.00 2.188841 24.97 18.34 BELLSOUTH CORP. 30.14 49.701984 -4.70 9.29 BEMIS CO.INCO. 25.73 2.292931 6.77 6.89 BEST BUY CO.INCO. 10.82 7.662997 18.80 1.57 BIG LOTS INCO. 11.43 1.784265 8.40 5.66 BIOGEN INCO. 25.65 41.506264 3.18 5.39 BIOMET INCO. 6.82 1.672168 14.73 19.03 BLACK & DECKER CORP. 26.49 4.222499 -0.57 8.15 H & R BLOCK INCO. 19.07 4.603904 15.52 15.16 BOEING CO. 27.89 51.792992 -0.55 2.49 OFFICEMAX INCORPORATED 30.91 7.376158 1.84 1.94 BOSTON SCIENTIFIC CORP. 30.27 5.698998 9.27 11.29 BRISTOL MYERS SQUIBB CO. 32.96 26.236992 4.68 13.22 BROADCOM CORP. 0.00 2.028527 13.67 0.00 BROWN-FORMAN CORP. 36.93 2.264 3.15 12.41 BRUNSWICK CORP. 16.87 3.602499 2.70 4.76 BURL.NTHN.SANTA FE CORP 24.81 26.938992 0.75 4.24 BURLINGTON RES.INCO. 29.80 12.994998 11.06 12.89 CIENA CORP. 30.71 2.378612 -30.92 0.00 CIGNA CORP. 1.67 89.951952 -1.74 0.85
CINERGY CORP. 37.70 14.119202 -19.36 4.98 CMS ENERGY CORP. 52.62 13.837996 -15.07 2.48 COMPAQ COMPUTERS 25.65 41.506264 3.18 5.39 CSX CORP. 33.61 21.76 -1.65 2.49 CVS CORP. 10.21 10.543099 9.80 9.16 CALPINE CORP. 64.74 27.30392 57.79 3.48 CAMPBELL SOUP CO. 56.86 6.204997 2.14 12.55 CAPITAL ONE FINL.CORP. 32.00 46.283696 21.73 4.26 CARDINAL HEALTH INCO. 14.58 18.521392 23.84 9.02 CARNIVAL CORP. 30.23 24.490992 21.14 10.72 CATERPILLAR INCO. 55.28 35.848992 4.11 4.91 CENDANT CORP. 54.18 38.368992 68.62 4.67 CENTEX CORP. 61.47 11.557605 15.25 7.13 CENTURYTEL INCO. 40.30 7.895851 8.85 6.36 SCHWAB CHARLES CORP. 3.87 45.659984 -15.37 1.28 CHARTER ONE FINL. 25.37 42.628048 2.64 2.22 CHEVRONTEXACO CORP. 15.58 80.828944 33.64 10.03 CHIRON CORP. 25.86 4.195168 23.14 8.10 CHUBB CORP. 7.46 37.737088 16.23 2.67 CINCINNATI FIN. 3.89 15.508996 11.84 2.82 CINTAS CORP. 21.80 2.582945 12.20 10.70 CIRCUIT CITY INCO. 0.34 3.776754 -2.07 2.02 CISCO SYSTEMS INCO. 0.00 35.630992 -0.09 9.90 CITIGROUP INCO. 32.32 1264.030976 -5.39 1.88 CTZN.COMMS.CORP. 64.31 7.689109 10.10 5.76 CITRIX SYS.INCO. 26.19 1.34177 7.76 12.03 CLEAR CHL.COMMS.INCO. 24.92 28.352 15.16 5.07 CLOROX CO. 29.27 3.652 0.50 14.09 COCA COLA CO. 20.16 26.895984 0.95 18.49 COCA COLA ENTS. 45.32 25.699984 5.52 4.42 COLGATE-PALM.CO. 41.49 7.478796 1.91 21.25 COMCAST CORP. 24.73 109.158976 30.70 4.04 COMERICA INCO. 9.63 52.591984 -6.87 1.38 CMP.ASSOCS.INTL. 28.28 11.053998 -20.07 0.00 COMPUTER SCIS.CORP. 23.77 10.433196 6.59 6.21 COMPUWARE CORP. 0.00 2.10251 -14.89 5.50 COMVERSE TECH.INCO. 20.06 2.728041 -14.49 0.00 CONAGRA FOODS INCO. 39.35 15.071399 -7.89 6.41 CONCORD EFS INCO. 25.65 41.506264 22.69 13.82 CONEXANT SYS. 84.27 0.690447 -34.17 0.00 CONOCO INCO. 25.65 41.506264 3.18 5.39 CONSECO INCO. 25.65 41.506264 3.18 5.39 CONS.EDISON INCO. 34.88 20.336992 1.38 4.51 CONSTELLATION EN. 35.51 15.718899 35.75 3.57 CONVERGYS CORP. 7.45 1.810199 1.91 10.88 COOPER INDS.LTD. 27.05 4.965298 -3.07 4.21 COOPER TIRE RUB. 30.60 2.868866 0.40 4.38 MOLSON COORS BREWING CO 29.22 4.281421 18.27 5.58
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