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Capital structure in capital intensive industries : an empirical study of determinants of capital structure with emphasis on the offshore industry

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=*>&$&'>&+!=*!$&C&=I=*%!)!-=%-&$!$&>F$*!)*+!D)/!?)*>!>#!&*>&$!#>-&$!D)$0&>'!#$!=*I&'>D&*>'!

>#! )C-=&I&! >-='! )*+! >-)>! D&)*'! &M@#'=*%! >-&! C#D@)*/! #A! )! -=%-&$! $='0G! <-='! ='! *#>! =*! >-&!

C$&+=>#$'`!K&'>!=*>&$&'>!K&C)F'&!>-&!=*C$&)'&+!KF'=*&''!$='0!?=,,!=*C$&)'&!>-&!K)*0$F@>C/!$='0!

)'! ?&,,G! <-&! C$&+=>#$'! ?=,,! >$/! >#! D#*=>#$! ?-)>! >-&! #?*&$'! )$&! +#=*%G! <-&/! ),'#! -)I&! >-&!

#@@#$>F*=>/! >#! =*C,F+&! C#I&*)*>'! >-)>! @$&I&*>! >-&! #?*&$'! A$#D! +#=*%! ?-)>! >-&/! ?)*>G!

<-&'&!C#'>'!)$&!0*#?*!)'!)%&*C/!C#'>'G!

M(H(Q&:5,&;.$?,+&+3;3%GP+5,1$<&

<-='!>-&#$/!KF=,+'!#*!>-&!=+&)!>-)>!C#D@)*=&'!?=,,!%&>!>-&!>/@&!#A!A=*)*C=*%!>-)>!='!A)I#$)K,&!

A#$!>-&!C#D@)*/!?-&*!>-&!*&&+!#A!C)@=>),!)$='&'!dE)0&$!h!UF$%,&$H!LXXLfG!<-='!=D@,=&'!>-)>!

C#D@)*=&'! ?=,,! =''F&! *&?! &TF=>/! ?-&*! >-&! D)*)%&D&*>`'! #@=*=#*! ='! >-)>! >-&! '>#C0! ='!

#I&$I),F&+!)*+!>-&/!?=,,!=''F&!+&K>!?-&*!>-&!'>#C0!='!F*+&$I),F&+G!_#*'&TF&*>,/H!E$&),&/H!

B/&$'H!h!6,,&*!dLXX\H!@G!^LNf!C,)=D'!>-)>!C#D@)*=&'!>&*+!>#!=''F&!&TF=>/!=*!KF,,a!D)$0&>'!)*+!

+&K>! =*! K&)$O! D)$0&>'G! <-='! D)/! ,&)+! >#! >-&! C#*C,F'=#*! >-)>! C#D@)*=&'! +#! *#>! C-#'&!

K&>?&&*!+&K>! )*+! &TF=>/H! KF>!A#CF'&'!#*! ?-)>! ='! D#'>!A)I#$)K,&! A#$! >-&D! =*!>-&! '=>F)>=#*!

>-&/!)$&!=*G!!

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$)>=#'! >#! A=%F$&! #F>! =A! >-)>! =*A,F&*C&+! >-&! C)@=>),! '>$FC>F$&G! <-&/! A#F*+! >-)>! >-&$&! ?&$&! )!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

a!<-&!>&$D!KF,,!D)$0&>!$&A&$'!>#!)!D)$0&>!?=>-!$='=*%!@$=C&'!dP*I&'>#@&+=)f!

O<-&!>&$D!K&)$!D)$0&>!$&A&$'!>#!)!D)$0&>!?=>-!A),,=*%!@$=C&'!dP*I&'>#@&+=)f!

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