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Hovakimian, Hovakimian, and Tehranian examined the relationship between market and operating performance and the external financing decision by focusing on firms that issued both equity and debt.9 Their study supported hypotheses that firms with high market-to-book values have low leverage ratios and that high stock returns are related to equity issuance. However, they did not find evidence that market performance has a bearing on debt issuance. Furthermore, the study found no relationship between operating performance and target capital structure but did find a relationship between profitability and a firm's response to deviations from target capital structure. As losses accumulated, unprofitable firms experienced a decrease in the value of equity, which caused debt ratios to rise above their targets. These firms tended to issue equity to correct these deviations from target levels of leverage. In contrast, profitable firms experienced an increase in equity as profits accumulated, causing their debt ratios to fall below target values. However, these firms did not issue more debt to correct the deviation. Under these circumstances, firms behaved consistently with pecking-order theory, whereby they used accumulated profits as a source of internal funding rather than issuing more debt. In summary, firms tend to have a target capital structure, but the preference for internal financing and the appeal of market timing tend to distract them from maintaining these target structures. ...
