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1、ALongitudinalStudyofBorrowingbyLargeAmericanCorporationsAuthor(s):MarkS.MizruchiandLindaBrewsterStearnsSource:AdministrativeScienceQuarterly,Vol.39,No.1(Mar.,1994),pp.118-140Publishedby:SagePublications,Inc.onbehalfoftheJohnsonGraduateSchoolofManagement,CornellUniversityStableURL:http:
2、//www.jstor.org/stable/2393496.Accessed:10/12/201308:20YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbui
3、lduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..SagePublications,Inc.andJohnsonGraduateSchoolofManagement,CornellUniversityarecollab
4、oratingwithJSTORtodigitize,preserveandextendaccesstoAdministrativeScienceQuarterly.http://www.jstor.orgThiscontentdownloadedfrom113.108.133.58onTue,10Dec201308:20:19AMAllusesubjecttoJSTORTermsandConditionsALongitudinalStudyofUsingmodelsdrawnfromorganizationaltheoryandBorrowingbyLargein
5、stitutionaleconomics,thispaperexaminestheextentAmericanCorporationstowhichfirmsborrowmoney.Wearguethatcorporateborrowingdependsonfourfactors:theexpectedreturnonborrowing,theavailabilityofinternalfunds,theMarkS.Mizruchistrategicorientationofthechiefexecutiveofficer,andUniversityofMichig
6、anthefirm'sboardcomposition.WeformulatefourLindaBrewsterhypotheses,whichwetestwithdataon22largeU.S.Stearnsmanufacturingfirmsfrom1956through1983.RetainedUniversityofCalifornia,earnings,theexpectedreturnonborrowing,theRiversidepresenceofarepresentativeofafinancialinstitutiononthefirm'sbo
7、ardofdirectors,andthepresenceofaCEOfromafinancebackgroundareallassociatedwiththelevelofborrowing.Thefindingssuggestthatbotheconomicandorganizationalfactorsaffecttheextenttowhichfirmsborrow.-Corporatemanagersmakestrategicdecisionsonawiderangeofissues,frommergersandacquisitionstoresear
