Abstract
The major perspective of this paper is to provide more evidence into the empirical determinants of capital structure choice by focusing and discussing the relative importance of firm-specific and macroeconomic variables from an alternative scope in U.S. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression method in order to investigate the behavior of firm-specific characteristics and macroeconomic variables across all quantiles of distribution of leverage (total debt, long-terms debt and short-terms debt). We thus based on a partial adjustment model, find that long-term and short-term debt ratios varying regarding their partial adjustment speeds; the short-term debt raised up while the long-term debt ratio slows down for same periods.
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