  The major perspective of this paper is to provide more evidence into the
empirical determinants of capital structure adjustment in different
macroeconomics states by focusing and discussing the relative importance of
firm-specific and macroeconomic characteristics from an alternative scope in
U.S. 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 variables across
all quantiles of distribution of leverage (total debt, long-terms debt and
short-terms debt). Thus, based on a partial adjustment model, we find that
long-term and short-term debt ratios varying regarding their partial adjustment
speeds; the short-term debt raises up while the long-term debt ratio slows down
for same periods.
