Purpose

The purpose of this paper is to provide a literature review of elasticity-based techniques for the estimation of the degree of operating leverage (DOL) and the degree of financial leverage (DFL) in empirical corporate finance research.

Design/methodology/approach

This paper describes the specific details of the estimation of DOL and DFL coefficients under both of the primary estimation techniques and documents the econometric properties of the estimates derived from each techniques.

Findings

There are tradeoffs between the two techniques, as each technique has both appealing and limiting features.

Originality/value

This paper indicates how each of the two techniques possesses limitations and suggests that future research should attempt to develop estimation techniques that overcome those limitations.

中文翻译：

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公司财务研究中杠杆系数的估计：文献综述

目的

本文的目的是为基于经验的公司财务研究中基于弹性的技术估算运营杠杆程度（DOL）和财务杠杆程度（DFL）提供文献综述。

设计/方法/方法

本文介绍了两种主要估算技术下DOL和DFL系数估算的具体细节，并记录了从每种技术得出的估算的计量经济性质。

发现

两种技术之间需要权衡，因为每种技术都具有吸引人的特征和局限性的特征。

创意/价值

本文指出了这两种技术各自如何具有局限性，并建议未来的研究应尝试开发克服这些局限性的估算技术。