The purpose of this study to understand the impact of the 2008 global financial crisis on US firms’ sources of raising capital by utilizing the financial statements of a comprehensive dataset of 40 US firms over the period from 2003-2016. After a review of previous empirical studies that sought to understand the impact of the financial crisis on capital structure decisions for both US and foreign firms, an Ordinary Least Squares estimation technique is employed to empirically analyze the impact of certain observable firm, time, and industry-specific variables on changes in corporate leverage. The results indicate that there is no statistical evidence to suggest that the financial crisis had a significant negative effect on corporate leverage ratios.


Wang, Gang


Business Economics


Corporate Finance

Publication Date


Degree Granted

Bachelor of Arts

Document Type

Senior Independent Study Thesis



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