This paper investigates empirically the optimal debt structure policy in
relation to growth opportunities under Myers’s theoretical framework
using hand-collected data sets of non-financial listed firms in Mongolia
for the period from 2012 to 2018 controlling for the effects of variables
including tangibility, firm size, liquidity and profitability. The empirical
results regarding the debt structure of non-financial listed firms in
Mongolia are consistent with Myers’s theoretical framework and the
trade-off theory where high growth firms prefer to borrow less. The
contribution of this study is to provide empirical evidence on optimal debt
structure of growth firms in Mongolia, a developing country with
comparably smaller capital markets, to find out whether results differ to
that of previous studies which were conducted on countries with
developing as well as developed capital markets.
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