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Financialleveragepuzzle-preliminaryconclusionsfromliteraturereview
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Similarly,theissueofdebtmaturityisnotraisedbyallwhichmayimplythat
maturityisnotimportantinthecontextofleverage.EhrhardtandBrigham[2011],
HawawiniandViallet[2011],Brealey,MyersandAllen[2008],BerkandDeMarzo
[2007],andArnold[2002]use,forexample,bothshortandlongtermdebt.Brealey,
MyersandAllen[2008]useonlylongtermdebt.
2.2.LeverageasDFL
ThedegreeoffinancialleverageDFListheratioofrelativechangesinnetandope-
ratingprofit,EATandEBITrespectively.Despitemassiveevidenceofitsshortco-
mings,DFL-duetothefactthatittendstobegreaterthan1,i.e.a1%changein
EBITresultsinamorethanproportional(leveraged)changeinEAT-isstillwidely
usedasaleveragemeasure.TheliteratureprovidesnumerousversionsofDFLthat
maybearguedtofallintojusttwogroups[Berent2010].Thefirstoneincludesall
versionscollectivelycalleddynamic,theotherincludessocalledastaticversion.
Theformerprovidestheelasticityinterpretation,thelatter,beingtheratioofEBIT/
(EBIT-INT),whereINTdenotesinterestpaid,doesnotbutitiseasytocalculate.
ThemeasureseemsparticularlyappealingtoPolishauthors.Itispresent,almost
alwaysinboththestaticanddynamicversions,intheworkofGrzywacz[2008],Du-
liniec[2007],Rutkowski[2007],Karpuś[2006],CzekajandDresler[2005],Dębski
[2005],Machała[2004],SzyszkoandSzczepański[2003],Gajdka[2002],Duliniec
[2001],WilmowskaandWilmowski[2001],Wypych[1999].Foreignauthorsrarely
introducethemeasure[Keown,Martin,PettyandScott2005].Indirectly,orinthe
formofgraphsortables,DFLisalsopresentinHawawiniandViallet[2011],Moles,
ParrinoandKidwell[2011]andArnold[2002].
Itissometimesclaimedthatjustlikeleveragemeasuredbythecapitalstructure
ratioisbrandedcapitalleverage,thestaticversionofDFL(onlyslightlyreformula-
ted)canbecalledincomeleverage[Arnold2002].Thisinturnmakesmanyauthors
includecoverageratiosasanincomeleveragemeasuretoo[EhrhardtandBrigham
2011;Moles,ParrinoandKidwell2011;Hillier,GrinblattandTitman2008].After
all,atypicalcoverageratioEBIT/INTisaone-to-onefunctionofDFL.
2.3.Leverageinreturns
Yetanotherapproachtoleveragefocusesonthefactthatgearedreturnstendtobe
higherthanungearedones.ThiscanbeillustratedbycomparingROEagainstROIC
[EhrhardtandBrigham2011;HawawiniandViallet2011;SubramanyamandWild
2009;Bień2008;Grzywacz2008;Duliniec2007;Dębski2005;SzyszkoandSzcze-
pański2003;Gajdka2002]orbycomparingROEforthegearedandungearedfirms
[BerkandDeMarzo2007;Duliniec2007;Dębski2005;Arnold2002;Brighamand
Gapenski2000].
Unfortunately,likewithDFLthatisnotalwaysgreaterthan1,leveragecreden-
tialsofthisapproachareuncertain.Mostauthorsaddthenecessaryconditionforthe
gearedreturnstoexceedtheungearedones[e.g.EhrhardtandBrigham2011;Hawa-
