  The major perspective of this paper is to provide more evidence regarding how
"quickly", in different macroeconomic states, companies adjust their capital
structure to their leverage targets. This study extends the empirical research
on the topic of capital structure by focusing on a quantile regression method
to investigate the behavior of firm-specific characteristics and macroeconomic
factors across all quantiles of distribution of leverage (book leverage and
market leverage). Therefore, depending on a partial adjustment model, we find
that the adjustment speed fluctuated in different stages of book versus market
leverage. Furthermore, while macroeconomic states change, we detect clear
differentiations of the contribution and the effects of the firm-specific and
the macroeconomic variables between market leverage and book leverage debt
ratios. Consequently, we deduce that across different macroeconomic states the
nature and maturity of borrowing influence the persistence and endurance of the
relation between determinants and borrowing.
