Dissertations / Theses on the topic 'Determinants of the capital structure'
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1
Křivská, Romana. "Determinants of capital structure and its optimization." Doctoral thesis, Vysoká škola ekonomická v Praze, 2004. http://www.nusl.cz/ntk/nusl-76770.
Abstract:
The finding of optimal debt-to-equity structure, taking into account the determinants which influence Capital Structure, is an ongoing problem in Corporate Finance. It is confirmed in theory as well as in practice in the world of Corporate Finance. There are several theoretical approaches to optimal Capital Structure, nevertheless, in practice none of these theories can be fully confirmed. The aim of the dissertation is the analysis of determinants of Capital Structure and the assessment of the application of current optimal Capital Structure theories. The significance of the individual determinants of Capital Structure is evaluated and the relationship between Leverage and certain determinants is analyzed, based on regression and correlation analysis. These tasks are based on an international point of view followed by the empirical application to mining companies in the Czech Republic and Europe. The dissertation is divided into 3 main parts which include a theoretical part, an analysis of current findings and, finally, an empirical analysis. In the theoretical part, the basic terms used in the topic of Capital Structure are defined by their different meanings in theory. These are Capital, Capital Structure and Leverage. The determinants of Capital Structure were specified with respect to the optimal Capital Structure theories, and the determination of optimal debt ratio is discussed. The analysis of current findings is focused on the empirical verification of optimal Capital Structure theories, on international examples, and on the example of the Czech Republic. Attention is dedicated to understanding the significance of determinants of Capital Structure and the determination of the relationship between Leverage and determinants of Capital Structure. A comparison of the theoretical and empirical findings is made between a group of American and European companies, and between three groups of countries (developed countries, developing countries and transition countries, including the Czech Republic). The empirical part is dedicated to the analysis of determinants of Capital Structure of mining companies in the Czech Republic and Europe. The analyzed determinants are size, profitability, tangibility of assets, and a non-debt tax shield.
2
Lima, Elaine Janine Martins de. "Determinants of start-ups capital structure." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/7377.
Abstract:
Mestrado em FInançasO objetivo deste trabalho é analisar os determinantes mais relevantes da estrutura de capital inicial de novas empresas, através do desenvolvimento de um estudo empírico. A estrutura de capital tem sido a ser um dos temas mais controversos na literatura financeira. Embora haja uma grande quantidade de estudos empíricos e teóricos sobre este tema, não há ainda acordo na escolha da estrutura ótima de capital. Grande parte dos estudos concentra-se em empresas estabelecidas, negligenciando o tema das novas empresas. Recentemente, final dos anos 90, estudos sobre a estrutura de capital começaram a abordar o tema start-ups e pequenas empresas. Neste sentido, combinando dados financeiros de empresas e dados do fundador, que contêm informações detalhadas sobre as start-ups Portuguesas ao longo do período 2004 a 2009, a influência de fatores como o tamanho, a estrutura de ativos, o crescimento e as características dos fundadores na estrutura de capital inicial de start-ups foram analisadas. Os resultados confirman a hipótese de que o tamanho e a estrutura de ativos têm um impacto positivo sobre a estrutura de capital das start-ups, enquanto que o crescimento tem uma relação negativa. Esses resultados são consistentes com a teoria do pecking order que refere os problemas de assimetria de informação e a teoria do trade-off que refere os problemas de agência. O nível de significância e o impacto das características dos fundadores, nomeadamente a experiência no setor, regional e empresarial, educação, idade e género na estrutura de capital inicial das start-ups varia muito, não fornecendo resultados consistentes.
The objective of this paper is to analyze the most relevant determinants of new ventures initial capital structure, by developing an empirical study. Capital Structure has been one of the most controversial issues in financial literature during the past years. Although exists an enormous amount of empirical and theoretical studies on this topic, there is no agreement in choosing the optimal capital structure. Much of the existing research focuses on established firms, neglecting the field of entrepreneurial finance. Only recently, in the late 90s, the studies on capital structure were extended to start-ups and small firms. Concerning this, by combining Portuguese firm-level financial data with the matched employer-employee database, that contains unique and detailed information about the start-ups during the period 2004 to 2009, the influence of factors such as size, asset structure, growth orientation and owners' characteristics on start-ups initial capital structure were examined. The results support the hypotheses that size and asset structure have a positive impact on start-ups initial capital structure, while growth have a negative relation. These results are also consistent with the pecking order theory that incorporates information asymmetries issues and the trade-off theory with the agency problems. The level of significance and impact of owners' characteristics such as industry experience, regional experience, entrepreneurial experience, education, age and gender on start-ups initial capital structure varies widely, not providing consistent results.
3
Buferna, Fakher Muftah. "Determinants of capital structure : evidence from Libya." Thesis, University of Liverpool, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.420451.
4
Akbarali, Ahmed, and Awambeng Foma. "Determinants of Capital Structure in Family Firms." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-28285.
Abstract:
Most firms are using optimal combination of equity and debt so as to maximize firms value and the wealth of the shareholders. To achieve all these, firms should be aware of the factors that influence the capital structure decisions. Previous empirical studies attempted to explain what determines the choice of capital structure in firms. The focus was on firms in general without categorizing family firms and non-family firms. The primary objective of this study is to examine what determines the capital structure of family firms in OECD countries. Amadeus database was used to obtain the data needed for the statistical analysis. Measures for firm-specific characteristics were calculated based on the previous stud-ies. The study was conducted over a period of 9 years from 2005-2013. Dataset com-prised of 95 family firms resulting in 850 observations. The results from the study indicate that the capital structure for family firms in OECD countries is influenced by profitability, asset tangibility, growth, size, debt tax shield , non-debt tax shield and liquidity. Both pecking-order theory and trade-off theory explain the capital structure of family firms.
5
Hipólito, Marta das Neves Ramos. "The determinants of corporate capital structure : evidence from Portuguese companies, 1984-1988." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10790.
Abstract:
Mestrado em FinançasO propósito desta tese é analisar a estrutura de capital de empresas portuguesas cotadas em bolsa, focando na relação entre o nível de endividamento e os factores determinantes considerados mais relevantes na literatura financeira. A amostra utilizada neste estudo empírico é composta por 87 empresas cotadas, tendo sido recolhida informação contabilística referente ao período de 1984 a 1988. Com base numa análise de dados em painel, os resultados obtidos sugerem que a dimensão e a estrutura do activo são factores determinantes do endividamento. Os resultados contribuem para complementar a informação disponibilizada em estudos existentes, e para providenciar um conhecimento mais profundo acerca das decisões que as empresas tomam para a sua estrutura de capitais.
This dissertation aims to analyze the capital structure of Portuguese listed companies on the stock market, focusing on the relationship between the level of debt and its most relevant determinant factors considered in financial literature. The sample used in this empirical study consists of 87 listed companies and accounting information has been collected for the period 1984-1988. Using a panel data approach, we found that size and asset tangibility are determinant factors of the debt level. The results contribute to fill a gap on Portuguese history, helping to complement existing studies and to provide a deeper understanding of the companies? decisions about their capital structure.
6
Gonçalves, Maria Raquel Martins. "Determinants of capital structure : large Portuguese companies, 1984-1988." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/9104.
Abstract:
Mestrado em FinançasEsta dissertação pretende verificar quais as variáveis que influenciam nas decisões relacionadas com a estrutura de capital. O objectivo deste trabalho é estudar um período de 5 anos em Portugal – 1984 a 1988, para 50 grandes empresas portuguesas. As variáveis selecionadas são baseadas em estudos anteriores neste tema: tamanho, rendibilidade, nível de crescimento, estrutura do activo, vantagens fiscais e risco de negócio. Os resultados empíricos mostraram uma significância estatística positiva entre a estrutura do activo e o nível de endividamento. Por outro lado, a dimensão mostrou uma significância estatisticamente negativa com o nível de endividamento. Em relação às outras variáveis selecionadas, os resultados não indicaram nenhuma influência com as decisões na estrutura de capital.
This dissertation aims to verify what variables influence the decisions in the capital structure. The objective is to study a gap in a 5-year period in Portugal – 1984 to 1988. This study uses the financial reports of 50 large Portuguese manufacturing firms during this period. The variables were selected based on previous research in this area: size, profitability, level of growth, asset structure, fiscal advantages and business risk. The empirical results showed a statistically positive significant relationship between the asset structure and leverage. On the other hand, size had a statistically negative significant relationship with leverage. All the other variables showed insignificant relationship in the debt level in a firm.
7
Shen, Gensheng University of Ballarat. "The determinants of capital structure in Chinese listed companies." University of Ballarat, 2008. http://archimedes.ballarat.edu.au:8080/vital/access/HandleResolver/1959.17/12728.
Abstract:
Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.Doctor of Philosophy
8
Gennari, Alessio Nulli. "The determinants of SMEs capital structure: Overcoming supply constraints." Master's thesis, NSBE - UNL, 2012. http://hdl.handle.net/10362/9570.
Abstract:
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThis paper studies the most relevant literature on firms’ capital structure, in general, and Small and Medium Enterprises, in particular. Evidencing that SMEs’ financing needs to evolve with their age, literature notes that failures in this market stem generally from a shortage in capital supply and from the extreme degree of opacity which characterizes young and small corporations. The forthcoming Basel III regulations will strengthen the future banking environment but probably affect even more financing to small businesses. Given that the imperfections of this market are not only present in periods of economic turmoils but also on a structural basis, finding ways to enhance SMEs’ transparency, and designing instrument to reduce dependence from bank credit, should be a priority for future actions undertaken by practitioners and regulators. Following the effective examples of the Indian SMEs Rating Agency, of the Korean corporate bonds market and of the growing phenomenon of crowdfunding, this work analyzes their pros and cons as well as their potential to become worldwide industry standards.
9
Canda, Francis Edward. "The influence of specified determinants of corporate capital structure." The Ohio State University, 1991. http://rave.ohiolink.edu/etdc/view?acc_num=osu1271777764.
10
Albarrak, Mansour Saleh. "Determinants of capital structure : the case of MENA countries." Thesis, University of Plymouth, 2015. http://hdl.handle.net/10026.1/3764.
Abstract:
This thesis examines the determinants of capital structure in the MENA coun- tries. The main interest is to investigate both financial firms specially banks and non-financial firms. This study test the main theories of capital structure, namely: trade off theory and pecking order theory. The countries included in this thesis are Saudi Arabia, United Arab Emirates (Include both Abo-Dhabi and Dubai stock indexes), Bahrain, Qatar, Kuwait, Oman, Egypt, Morocco, Tunisia, Palestine and Jor- dan. The characteristics it covers as suggested by previous literature are tangibility, profitability, risk, debt tax shield, growth, dividends,size, cash flow and liquidity. It will also investigate the effect of the industry, credit rating and ownership structure on the capital structure This study also investigates the determinants of capital structure in Islamic and conventional banks. This is one of the first attempts to empirically examine the determinants of capital structure in Islamic and conventional banks in general and in MENA countries in particular. This study fills the gap in this important area of research and can provide a base for future research on capital structure in Islamic banks. This thesis use different models to test the capital structure and these are Panel data models (OLS, Fixed, and Random); Tobit and Dynamical model (Arellano-Bover Blundell-Bond), Structural Equation Modeling (SEM) and Generalised Regression Neural Networks (GRNN). The results suggest that the three methods used in this study lead to similar re- sults with a few exceptions in some countries. This thesis finds that the relation between leverage and the determinants of capital structure is different when using the market or the book leverage. It also finds that the determinants of capital struc- ture between the MENA countries are different. For example, profitability attribute relation with leverage follow the trade-off theory in some countries and follow the picking order theory in other countries. Also, liquidity is significant in all the countries in the sample and have a negative relation to leverage. In addition, tangibility is found to have a mixed results with some countries following the trade-off theory and other countries which follow the trade-off theory but overall it is a key determinant of capital structure. Additionally, the findings show that although that the majority of firms in the MENA countries don’t pay dividends the relation between the long term debt and leverage is negative in all the countries in the sample. The growth opportunities have a negative relation in Bahrain, Egypt, Jordan, Kuwait, Morocco, Palestine, Qatar and Tunisia but positive in rest of the countries. The cash flow attribute have a negative relation with leverage in all the countries in the sample except Saudi Arabia and Qatar when using the short and long term debt. Furthermore, the ownership variable is expected to have a negative relation when the ultimate owner is an institution. The results show that overall when there is an ultimate owner the leverage will have a negative relation. Suggesting that ultimate owners will force managers to keep a low debt in firms capital structure. This PhD also attempt to investigate the capital structure in banks within the MENA countries. A special focus is on the differences between the Islamic banks and conventional banks capital structure. First, the findings show that the banks follow the same determinants of capital structure as non-financial firms and that regulations are not the main determinant of capital structure in banks. Then, This study show that there is a difference in capital structure of Islamic banks in com- parison with conventional banks. The findings for the dividends variable show that Islamic banks do not follow the pecking order theory but conventional banks don’t. The results of the size variable show that when Islamic banks are large they use less debt in their capital structure. Growth variable show mixed results depending on the use of book or market leverage. Ownership structure show that when there is an ultimate owner leverage increase which is the reverse of the relation in the non-financial firms. The age variable is negative in relation to the book leverage and positive with the market leverage. Also, credit rating relation is different between the two banks, as it is positive with the conventional banks and negative with Islamic banks. Therefore, this study conclude that the main capital structure theories are applicable to MENA countries. Also indicate that Islamic banks have a different capital structure to conventional banks.
11
Shen, Gensheng. "The determinants of capital structure in Chinese listed companies." Thesis, University of Ballarat, 2008. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/66203.
Abstract:
Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.Doctor of Philosophy
12
Shen, Gensheng. "The determinants of capital structure in Chinese listed companies." University of Ballarat, 2008. http://archimedes.ballarat.edu.au:8080/vital/access/HandleResolver/1959.17/15395.
Abstract:
Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.Doctor of Philosophy
13
Galinha, Liliana Isabel Bernardo. "Determinantes da estrutura de capitais do sector bancário português." Master's thesis, Universidade de Évora, 2009. http://hdl.handle.net/10174/18632.
Abstract:
Este estudo tem como objectivo analisar quais os factores que determinam a estrutura de capitais do sector bancário Português. Com o intuito de atingir o objectivo e assumindo a existência de uma estrutura óptima de capitais, recorrer-se-á ao modelo de regressão linear múltipla para verificar a aderência do processo de decisão às teorias acerca da estrutura de capitais, bem como quais dos factores analisados a afectarão significativamente. Os resultados obtidos sugerem que a rendibilidade, a dimensão, o risco e a tangibilidade são os principais determinantes da estrutura de capitais do sector bancário português. ABSTRACT: The main aim for this study is to verify which determinants influence the Portuguese bank's capital structure. ln order to achieve the above mentioned aim and assuming an optimal capital structure, we will apply a multiple linear regression model with the purpose of proving the capital structure theories existence and to observe which determinants influence it. The obtained results mention that profitability, size, risk and tangibility are the principal determinants of Portuguese bank's capital structure.
14
Ntshobane, Gcobisa. "Capital structure and determinants of capital structure, before, during and after the 2008 financial crisis: A South African study." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33941.
Abstract:
This study examines the effects of 2007/8 financial crisis on capital structure determinants of Johannesburg Stock Exchange (JSE) listed companies in South Africa. Data extracted from INET BFA Expert database was analyzed using regression models on the correlation between the leverage and company size, growth, profitability, tangibility, liquidity, non-debt tax shield along with Ordinary Least Squares based on the sample of JSE listed companies for the period of 2004 to 2013. The study examined two industries namely, Real estate and Retail industry. The results show that size, tangibility, profitability and liquidity have significant impact on the capital structure before, during and after financial crisis. Growth results were inconsistent over the period under review, and non-debt tax shield was found to be statistically insignificant. The study also shows that the 2007/8 had statistical significance on the capital structure of the listed companies in South Africa.
15
Barros, Albertina Ieze Songo. "Determinantes da estrutura de capital do setor bancário angolano." Master's thesis, Instituto Politécnico de Setúbal. Escola Superior de Ciências Empresariais, 2014. http://hdl.handle.net/10400.26/6522.
Abstract:
Dissertação apresentada para cumprimento dos requisitos necessários à obtenção do grau
de
Mestre em Contabilidade e Finanças.A estrutura de capitais, é um assunto que tem sido muito estudado ao longo dos anos, tendo sido desenvolvidas várias teorias que tentam identificar os principais determinantes da decisão de financiamento das empresas. Contudo, os resultados de investigação ainda não são unânimes. Por outro lado, a maioria dos estudos tem-se centrado no estudo de empresas americanas ou europeias, havendo ainda poucas evidências empíricas sobre, por exemplo, a realidade empresarial africana. Sendo assim o objetivo principal deste trabalho é o estudo dos determinantes da estrutura de capitais do setor bancário angolano, incidindo, assim, sobre um país e um setor de atividade, ainda pouco explorados em termos académicos. Angola é um dos países que maior taxa de crescimento económico apresenta, tendo as instituições bancárias um papel fundamental na dinamização do meio empresarial. Por isso, este estudo é relevante, porque para além de analisar um dos setores que maior crescimento sofreu no país nos últimos anos, permite a criação de uma primeira imagem sobre os determinantes da decisão de financiamento dessas instituições e contribui para a identificação de caminhos para futuras investigações. Utilizou-se como metodologia a elaboração de estudos de caso de 9 entidades (40% do total de entidades bancárias presentes no país), no período de 2007 a 2011, perfazendo, portanto, 5 anos de análise. Para além das estatísticas descritivas da amostra, calcularam-se os coeficientes de correlação de Pearson entre os determinantes estudados e os níveis de endividamento e realizou-se a análise de clusters e testes de diferenças de médias, de modo a determinarem-se diferentes perfis de instituições financeiras. Quanto às relações encontradas entre os determinantes estudados e o nível de endividamento, verificou-se que os custos financeiros e a dimensão apresentavam uma correlação positiva com o peso do capital alheio, indo ao encontro dos princípios da teoria trade-off. Os ativos não correntes tangíveis, apresentavam uma relação negativa com o endividamento, o que significa que as empresas que possuem maior nível de ativos correntes (nomeadamente de créditos concedidos) recorrem mais ao financiamento através de capitais alheios. Já o passivo de médio e longo prazo era condicionado sobretudo pela taxa efetiva de imposto (relação negativa) e pelo risco do negócio (relação positiva), sugerindo que o endividamento com maior maturidade é importante para a obtenção de poupanças fiscais e para não existir tanta pressão sobre a tesouraria. Finalmente, o passivo de curto prazo, apresentou uma relação positiva com a taxa efetiva de imposto e relações negativas com o risco do negócio, com a rendibilidade e com o valor de empréstimo por cliente. Logo, os resultados sugerem que as empresas mais rentáveis e com acesso a clientes com maior capacidade financeira, recorrem menos a passivo de curto prazo, pressionando menos a tesouraria. A constituição de perfis de instituições financeiras através da análise de clusters identificou quatro tipologias de entidades bancárias, que se diferenciavam de acordo com o público-alvo da sua atividade, nível de rendibilidade, de crescimento e de endividamento.
Abstract: The theme of the capital structure has been extensively studied over the years and several theories have been developed that attempt to identify the main determinants of the financing decision of firms. However, the findings are not unanimous. Moreover, the majority of studies have focused on the American and European enterprises and there is little empirical evidence on the African business reality. Therefore the main objective of this work is the study of the determinants of capital structure of the Angolan banking sector, thus focusing on a country and a sector, largely unexplored in academic terms. Angola is one of the countries that show higher economic growth rates, and the banking institutions have a key role in boosting business environment. Therefore, this study is relevant because besides discussing one of the fastest growing sectors in the country in recent years, it allows the creation of a first image on the determinants of the finance decision of these institutions and contributes to the identification of paths for future research. The method used is based on case studies focused on 9 entities (40% of total banks existing in the country) from 2007 to 2011, i.e., a period of 5 years analysis. In addition to the descriptive statistics of the sample, it has been calculated the Pearson correlation coefficients between the studied determinants and levels of indebtedness and it has been undertaken cluster analysis and mean comparison tests in order to determine different profiles of financial institutions. Regarding the relationships found between the studied determinants and the level of debt, it has been observed that the financial costs and the size had a positive correlation with the weight of debt capital, being in line with the principles of trade-off theory. Tangible non-current assets had a negative relationship with debt, which means that enterprises that have a higher level of current assets (namely granted loans) rely more on financing through debt capital. The medium and long term passive was conditioned mainly by the effective tax rate (negative relationship) and business risk (positive relationship), suggesting that debt with longer maturity is important for obtaining tax savings and to avoid so much pressure on the treasury. Finally, the short-term liabilities, showed a positive relationship with the effective tax rate and negative relationships with the business risk, profitability and the value of loans per customer. Therefore, these findings seem to suggest that the most profitable enterprises and with access to customers with greater financial capacity, rely less on the short-term liabilities and put less pressure on the treasury. The establishment of financial institutions profiles through cluster analysis allowed to identify four types of banking entities, which differed according to the target public of its activity, level of profitability, growth and debt.
16
Bergmark, Sten, and Emil Dahlberg. "Determinants of Capital Structure in the Swedish Dairy Farm Industry." Thesis, Umeå universitet, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-105090.
Abstract:
We have examined the capital structure of the Swedish dairy farm industry and the driving forces behind this capital structure. This industry has undergone some major changes during modern time. These changes constitutes mainly of the number of farms and technological development. This, in combination with reported low profitability in the industry, has sparked a high media coverage about the survivability of the agricultural industry due to its important social function. The survivability of a business can be seen in its capital structure since that contains long term debt that can force a firm to become bankrupt and also the equity that contain retained earnings that can help a company weathering periods of low profitability. Research question: How can a change in debt level for firms in the Swedish dairy farm industry be explained by financial investment theory and financial variables? We formed three objectives in order to answer the research question. The first one was to examine how financial investment theory can explain the change in debt level. The second objective was to analyze relevant financial variables to find additional indicators of influence from investment theory as well as compare our results to previous research. The final objective was to analyze financial variables to substantiate our findings and find further explanations to the capital structure of the industry. The theories used in order to explain the capital structure are the Pecking order theory and the Static trade-off theory. Both theories are established theories in capital structure research. The Pecking order theory states that different capital financing option follow a strict hierarchy with internal capital as the primary choice, debt financing as secondary and the equity financing option as the least preferable option. The Static trade-off theory states that there is an optimal debt level that companies strive towards. This optimal level depends on the interest tax shield and bankruptcy costs. We performed a quantitative study with a deductive approach to perform this study. The sample comprised of annual financial information from 100 Swedish dairy farms during the period 2000-2013. Criteria was formed in order to sample full-time limited liability companies. The results show that the Pecking order theory was the most significant determinant for the change in long term debt. The Static tradeoff model showed some incompatibility with our population, reducing its reliability. The indicator variables size, asset structure and growth was found to be positively related to the debt levels, while the profitability was negatively related to all debt variables. The risk of the firm was only significantly negative for long term debt and leverage ratio. The Pecking order theory showed to be predominant in the Swedish dairy farm industry. This is substantiated by the indicator variables taken together and by the descriptive statistics. We also found that on average, the industry is suffering from low profitability and struggled to make profitable investments although the profitability differs a lot within the sample.
17
Shettima, U. "The determinants of microfinance institutions' capital structure around the world." Thesis, University of Salford, 2017. http://usir.salford.ac.uk/43661/.
Abstract:
An enduring problem facing microfinance institutions is access to funding. This study investigates the determinants of MFIs access to funding using a comprehensive measure of capital structure. The design of the study takes account three gaps in our current understanding of this topic. Firstly, despite the huge literature on MFIs corporate governance and the significant role of women on microfinance outcomes, it is perhaps surprising that no research has been conducted on the effect of board gender diversity on MFIs capital structure. Secondly, the role of standard firm-specific and institutional-specific factors in determining MFIs capital structure decision is unclear. Utilizing an alternative regression framework may provide a reliable analysis. Thirdly, our understanding of the composition of MFIs leverage is far from complete. The relationship between deposit liabilities and non-deposit liabilities have not yet been subject of investigation. In response to these three major issues, this study employs empirical research methods using panel data analysis technique. We find that female directors have significant positive influence on deposits and subsidies. Furthermore, the study also shows evidence of risk-taking attitude among female directors when MFIs have three or more of them on board. Secondly, we find that the effect of firm-specific factors on MFIs capital structure differ across countries, while prior studies assume equal impact of these determinants. We find that institutional-specific factors significantly explain the variation of MFIs leverage across countries. However, commercially related institutional factors does not affect MFIs access to subsidies. We also show that there is an indirect impact of institutional factors, as we report their significance effect through firm-specific factors. Finally, the study provides empirical evidence that deposits and borrowings are substitutes rather than complements, and that the degree of substitutability is more pronounced in MFIs operating in a developed financial sector, where the degree of information asymmetry is lower.
18
Siljander, R. (Riku). "Capital structure theory and determinants with reference to finnish smes." Bachelor's thesis, University of Oulu, 2018. http://urn.fi/URN:NBN:fi:oulu-201805312310.
19
Shang, Ran. "Determinants of Capital Structure in Agricultural Cooperatives in North Dakota." Thesis, North Dakota State University, 2013. https://hdl.handle.net/10365/26919.
Abstract:
This thesis analyzes how the optimal capital structure is affected by capital management and major sources of risk under the rule of maximizing the value of discounted cash flows to members. The analysis is done by using the present value of cash flow method. This research employs the panel procedure in Statistical Analysis System (SAS) to solve the firm value optimization problem. The data set includes financial reports from farm supply and grain marketing cooperatives in North Dakota. Empirical Results indicate that the optimal debt ratio is related to the lagged debt ratio, the proportion of assets held as liquid assets, the marginal profit of capital, the marginal adjustment cost of investments, the expected marginal adjustment cost of investments, macroeconomic risks, and the annual fraction of equity retired by the cooperative. All these factors impact members' investments to the cooperative and the cooperative's debt financing.Quentin Burdick Center for Cooperatives
20
Alshuwaier, Sultan. "State Ownership, Financial Constraints, and the Determinants of Capital Structure." ScholarWorks@UNO, 2019. https://scholarworks.uno.edu/td/2661.
Abstract:
The aim of this study is to investigate the influence of state ownership in Saudi firms listed in the stock market. The first chapter studies the influence of state ownership on financial constraint on investment. Some scholars believe state ownership has a negative effect on the firm value. However, by using two measures of financial constraint, the investment cash flow sensitivity and the Kaplan and Zingales financial constraints index, the finding indicates that the existent of government ownership decreases financial constraint in firms. Also, the results show that the higher government ownership percentage the less financial constraint in firms. The second chapter studies the influence of specific company factors and the government ownership factor on capital structure. The finding shows that tangibility of assets and size have a positive association with leverage. Leverage is negatively correlated with growth and profitably. Finally, the results suggest that government ownership affects the level of leverage negatively.
21
Jiang, Tao. "Capital structure determinants and governance structure vatiety in franchising = Determinanten van vermogensstructuur en variëteit van beheersstructuur in franchise-organisaties /." Rotterdam : Erasmus Universiteit, 2009. http://opac.nebis.ch/cgi-bin/showAbstract.pl?u20=9789058921994.
22
Saari, Vilma, and Sam Rudholm. "Capital Structure of Banks in EU: Does Size Matter? : A Quantitative Study of the Determinants of Banks’ Capital Structure." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-149467.
Abstract:
The way the banks carry out their operations is determined by the size of the bank and by the banking regulation. In order to perform these operations, banks need to decide whether the operations are going to be financed with equity, debt or a with a mix of both. The mix of equity and debt financing is known as capital structure, and the previous literature on banks’ capital structures suggests that the size of the bank may affect the relation between leverage and the factors of leverage: profitability, size, growth, risk, collateral, and the bank’s dividend payments. This study examines whether the relation between leverage and the factors of leverage is depended on the size of the bank. In addition to this, the banking regulation has changed since the last studied on banks’ capital structures have been conducted, which means that the relation between the new regulatory requirements and capital structure needs to be investigated. The primary purpose of this study is to examine whether leverage and the factors of leverage are dependent on the size of the listed banks headquartered in one of the member countries of European Union between the years 2009 and 2017. In order to study this, data of the banks is gathered from the Eikon database. Another purpose of this study is to investigate the nature of the relationship between the capital structure in banks and the regulatory requirements. The theories on capital structure such as the, MM propositions, trade-off theory, and pecking-order theory are used to explain the variables of this study and the relation between the capital structure and regulatory capital. Previous literature of the banks’ capital structures and of the relation between size and the banks’ operations were studied in order to come up with the research questions. This study takes a deductive research approach and utilizes the quantitative research strategy. The data is analyzed by conducting regressions analysis for panel data in order to determine the relations studied. Conclusions about whether the bank size determines the relation between leverage and its factors, and of the nature of the relation between capital structure and regulatory capital will be drawn. This study finds that the bank size determines the relation between leverage and the factors of leverage. Further, the relation between capital structure and regulatory capital is found to be strong. Under the new regulation, the capital structure theories do not apply at all for the small banks. These theories do not apply either when the banks, small or large, are close to meeting their regulatory capital requirements. For larger banks meeting their capital requirements, the larger the banks get, the more of their leverage can be explained by the classic capital structure theories.
23
Mgudlwa, Nosipho. "Size and other determinants of capital structure in South African manufacturing listed companies." Thesis, Nelson Mandela Metropolitan University, 2009. http://hdl.handle.net/10948/1192.
Abstract:
The importance of the capital structure as a measure of company growth and performance has been at the core of vigorous debate for many years. With the threat of the recession and global competitiveness to the survival of organizations, what constitutes an optimal capital structure had to be interrogated. The focus of the study is to investigate the factors (with more emphasis on size) that influence the capital structure of manufacturing firms in general and South African manufacturing firms in particular. The aim is to advance recommendations on policy formulation so as to improve the financial performance of the manufacturing sector in South Africa, a developing economy. The study is explained within the theoretical framework which relates elements purported to have an influence on the capital structure to the use of leverage/debt by organizations. Leverage is seen to increase the shareholders‟ interest whilst being exposed to financial risk. The size of the organizations as a comparative element defines the extent of accessing the borrowed funds, hence the distinction between the Small, Medium and Micro Enterprises (SMMEs) and large sized enterprises (LSEs). The research evidence indicates that SMMEs are characterized by lower liquidity, use more short-term debt instead of use of long-term debt, and are generally low in debt and basically capital intensive. On the contrary LSEs are highly leveraged. The selected research design is triangulated, with a combination of a case study which is of a qualitative and interpretive nature, as well as a quantitative type survey by means of a structured questionnaire. Twenty five ratios were computed from information derived from the financial statements of organizations and means and medians were determined for comparative reasons. The questions were directed to chief financial officers or managers responsible for the compilation of the financial statements, mainly to expand on the debt policy of iv their respective organizations. The findings confirmed the correlation between gearing and size, asset structure and growth with the exception of profitability. On the relevance of financial policy regarding debt, two factors were proven to be influential to capital structure decisions: the theory and practice of capital structure and the impact of the debt policy, both of which relate to financial flexibility. The study concluded that as much as there are similarities/consistencies between the two size groups, there are fundamental differences confirming that size significantly impacts on the capital structure choice specifically the use of debt. It is, therefore, recommended that the South African government should review its policies with regards to the financial support towards SMME viability.
24
Heigermoser, Robert [Verfasser]. "Essays on Capital Structure Determinants and Economic Policy Uncertainty / Robert Heigermoser." Berlin : epubli, 2019. http://d-nb.info/1202661017/34.
25
Zhu, Ting Ting. "Capital structure in Europe : determinants, market timing and speed of adjustment." Thesis, University of Leicester, 2015. http://hdl.handle.net/2381/33020.
Abstract:
In broad terms, the aim of this thesis is to investigate the determinants of capital structure in European-listed firms. More specifically, it examines the existence of market timing effects in European firms and the speed of adjustment towards optimal capital structure as well as its determinants. Over the last two decades, Europe has undergone an intriguing experience involving changes in the political geography, financial liberalization, financial integration, a financial crisis and, most recently, financial reform. These exogenous shocks have taken their toll on European capital markets and banking sectors. In particular, the recent financial crisis has unveiled a number of inefficiencies in the incomplete financial integration process in terms of weak governance and ineffective regulations. The crisis period witnessed an increase in the following: the probability of bankruptcy; the number of banks and firms failing; illiquidity; and a significant loss in firms’ values. This in turn affected the flow of funds into firms either from bank lending channels or from capital markets. Indeed, such financial turmoil calls for further investigation into the determinants of firms’ capital structure in the European markets. This thesis contributes to the literature in two ways. First, this is the first study that empirically tests the market timing theory in 15 European countries. Second, it adds to the scant literature on comparative studies that examine the target capital speed of adjustment and its determinants. The thesis employs various econometric models to analyse the unbalanced panel data collected from 15 European countries. The generalized method of moments (GMM) estimator (among other panel data techniques) is deemed appropriate to estimate the models. It is designed to accommodate the unbalanced panels, multiple endogeneity and the autoregressive properties in the dependent variable. The new evidence provided by the findings of this study will be of great interest to the literature and policy-makers. The results confirm the effect of market valuation. However, it is negative in Europe, rather than positive as theory suggests. The results provide evidence that partially supports both pecking order and trade-off theories. For European firms, the annual speed of adjustment towards target capital is, on average, one quarter for book leverage and one half for market leverage. Firms in the Netherlands and Finland are the fastest to adjust their capital while firms in France and Spain are the slowest. The driving forces of the adjustment speed reveal that firms adjust more rapidly in wealthier and healthier environments such as those which involve a stable economy, a concentrated banking system and a promising future.
26
Calvosa, Alessandro. "Determinants of Capital Structure in the South African Listed Property Sector." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/32565.
Abstract:
The purpose of this study is to investigate whether empirical evidence support traditional determinants and theories of capital structure in the listed South African property industry, a relatively new adopter of the globally recognised and regulated Real Estate Investment Trust (REIT) structure. There currently exists little academic literature focusing on this specific topic in the South African property sector. Furthermore, the recent change of the prevalent legal form of South African listed property companies, affords a unique opportunity to investigate the possible impact of regulatory changes on capital structure within this context. A panel regression is applied to a sample of 39 firms over the period 2005 to 2019, which includes all property companies with South African exposure listed on the JSE, both during the pre-REIT and REIT regimes. This results in an unbalanced panel of 314 company years. The regime change to the REIT structure appears to have, on average, increased the use of leverage in South Africa's listed property sector. Debt usage, however, remains well below the allowed regulatory limit and lower than worldwide counterparts. The regression results offer support for the trade-off theory, pecking order theory and market timing theory in the South African listed property context, and are generally in agreement with international findings. Thus, size is found to be positively correlated to debt levels, in line with trade-off theory prediction. Growth opportunities tend to increase leverage ratios, which is consistent with the pecking order theory. Evidence for market timing behavior is the positive correlation found between 12-month share price movements and leverage. Other firm specific determinants including share volatility and interest cover ratio also offered pecking order theory support. Inflation was also found to have a significant effect on leverage in the sector. In conclusion, it is found that the evidence supports elements of most capital structure theories in the South African listed property sector.
27
Ramadan, Abdulhadi H. "Determinants of capital structure and the firm's financial performance : an application on the UK capital market." Thesis, University of Surrey, 2009. http://epubs.surrey.ac.uk/2255/.
28
Liu, Tong. "The determinants of corporate capital structure : evidence from listed companies in China." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp01/MQ39089.pdf.
29
Newman, Alexander. "Capital structure determinants of private small and medium-sized enterprises in China." Thesis, University of Nottingham, 2010. http://eprints.nottingham.ac.uk/12235/.
Abstract:
This thesis examines the capital structure determinants of private SMEs in China and the extent to which financial theories of capital structure adequately explain their financing behaviour. It also investigates whether other theoretical perspectives can be utilised to explain their capital structure decisions. In order to investigate these issues a mixed method approach is utilised, combining analysis of secondary data, with field research in the form of semi-structured interviews and survey questionnaires. Data analysis indicated that financial theories of capital structure alone do not provide a full explanation as to how SMEs are financed due to distinct institutional and cultural differences between China and the developed economy context in which these theories were developed. In order to better explain the financing behaviour of Chinese SMEs a theoretical model was developed based on insights from interviews with SME owner managers and the existing literature. This model highlighted the role played by managerial strategy, psychology, human capital and network ties in small business financing. Such factors are shown to be influential in determining the capital structure adopted by Chinese SMEs and are not taken into account by existing theories of capital structure in the finance paradigm. Based on the findings of this research theoretical and policy implications are provided. In order to support the continued growth of the SME sector Chinese government authorities should consider providing better support to entrepreneurs to access the formal financial sector. SME owner/managers must also understand the impact of their behaviour on the ability to access external financing and consider improving their accounting and information systems to reduce information asymmetries between themselves and their lenders.
30
Lew, Sung Hee. "Investigation of the most appropriate capital structure theory and leverage level determinants." Thesis, University of Edinburgh, 2012. http://hdl.handle.net/1842/7909.
Abstract:
This thesis examines capital structure theories and debt level determinants to develop a better understanding, and to establish the most appropriate theory to explain the behaviour of firms‟ debt and equity choices. It tests three major capital structure theories (e.g. the trade-off, pecking order and market timing theories) using static and dynamic statistical models and 13 capital structure determinants, based on three major capital structure theories. The study uses 4,598 sample companies from 11 countries and 27 industries over a 20 year period. This method provides a clear insight into firms‟ debt and equity choice behaviours. The static trade-off theory is tested by first searching for similarities and differences between industries, countries and time periods and, second, by observing whether firms change their capital structures towards optimal levels and whether the coefficient signs are the same as the predictions. The "stock price effect‟ on debt levels is used to examine the pecking order and market timing theories. The pecking order theory is likewise tested by confirming whether firms issue debt when they face a financial deficit. Furthermore, these theories are tested using cluster analyses. The sample examines 11 different characteristics, which include firm size, debt level, and bankruptcy probability. As each characteristic is related to one or more capital structure theories, the most appropriate theory can be derived, based on such characteristics. There are five main findings. First, firms which are financial stable issue relatively more debt. Second, they have a preference for moderate debt levels and thus limit their bankruptcy probability. They also try to exploit opportunities from overestimated stock price by issuing stocks to increase cash inflows. Third, the effects from bankruptcy costs are greater than transaction costs in terms of capital structure adjustment. Fourth, during the sample period, firms continuously decrease leverage levels. Fifth, firms‟ characteristics and macro-economic factors affect their capital structure. There are three main conclusions. First, the behaviour of firms appears generally aligned with the trade-off theory, although the pecking order and market timing theories also partially explain the equity issuance condition. Second, the "equity and debt choice modes‟ can likewise be explained by the use of a theoretically combined approach, using the three major capital structure theories. In this approach, firms increase their value by both increasing debt for tax benefits and low adverse selection costs, and by issuing equity when the stock price is high. Third, this second conclusion implies that the trade-off, pecking order and market timing theories can be combined on the assumption that firms maximise their values under conditions of the existence of asymmetric information, tax shields and bankruptcy probability.
31
Mat, Nawi Hafizah. "Determinants of capital structure in small and medium sized enterprises in Malaysia." Thesis, Brunel University, 2015. http://bura.brunel.ac.uk/handle/2438/11054.
Abstract:
This study aims to investigate the determinants of capital structure in small and medium-sized enterprises (SMEs) in Malaysia and their effect on firms’ performance. The study addresses the following primary question: What are the factors that influence the capital structure of SMEs in Malaysia? The sample of this research is SMEs in the east coast region of Malaysia. Adopting a positivist paradigm, the research design includes a preliminary study comprising 25 interviews with the owner-managers of SMEs, which is analysed using thematic analysis. The results are used to finalise the conceptual framework for the main study, which takes the form of a self-completion questionnaire survey. Usable responses were received from 384 firms, giving a response rate of 75.3%. The survey data is analysed using a series of binomial logistic regression models. Results reveal that there was no indication for the impact of owner’s education and experience on capital structure decisions. Other owner-related factors, firm characteristics, management performance and environment were found to relate to all types of capital structure. Both complete and partial mediating effects are also discovered in this study. The results provide evidence to support the pecking order hypothesis (Myers, 1984; Myers and Majluf, 1984), agency theory (Jensen and Meckling, 1976) and culture model of Schwartz (1994). It appeared that owner-managers in Malaysia do not strive to adjust their capital structure towards some optimal debt ratio, which is contrary to the static trade-off theory (DeAngelo and Masulis, 1980) of capital structure. This study makes several important contributions to the existing studies of capital structure. This research led to the development of a model of capital structure determinants by integrating factors related to owner-managers, firms, culture, and environment. This study incorporates methodological triangulation that may mitigate the problem of the difficulties in accessing financial data of SMEs in Malaysia. This study also provides meaningful insight into the financing preferences of the owner-managers with relevant implementations to academics, business practitioners, financial providers and policymakers. The research findings should assist owner-managers in making optimal capital structure decisions as well as help the policymaker in making an appropriate policy on the financing.
32
Al-Hindawi, Riyad. "Empirical analyses of the determinants of capital structure and of the pecking order and target capital structure theories in the UK." Thesis, University of the West of England, Bristol, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.431155.
33
Azenha, Gonçalo Nuno Rebelo. "Estrutura de capitais : o caso das empresas fabricantes de automóveis." Master's thesis, Instituto Superior de Economia e Gestão, 2010. http://hdl.handle.net/10400.5/3108.
Abstract:
Mestrado em FinançasEsta investigação analisa as teorias sobre a estrutura de capital, focando-se sobre as teorias do Trade-Off e Pecking Order e testando empiricamente, para o caso das empresas do sector da produção automóvel, alguns dos factores determinantes da estrutura de capital. Os dados utilizados neste trabalho foram retirados da Base de Dados Datastream Advance-Thomson Reuters sendo compostos por uma amostra de 235 empresas do sector automóvel de oito países: Alemanha, Canadá, Estados Unidos da América, França, Itália, Japão, Reino Unido e China. Na análise dos dados utilizaram-se modelos de Regressão Linear Múltipla para analisar estas empresas nos anos de 2001 e 2008, os dois últimos anos em que se verificou uma quebra na venda de automóveis a nível global. A investigação efectuada permitiu concluir que os níveis de endividamento das empresas deste sector estão fortemente relacionadas com a sua Dimensão (relação positiva) e Rentabilidade (relação negativa). Outros factores testados (Tangibilidade e Crescimento) parecem não ter influência significativa na estrutura de capitais das empresas neste sector. Tendo em consideração os resultados obtidos, procedeu-se adicionalmente a uma breve análise sobre a evolução de dez das maiores empresas fabricantes de automóveis nos últimos vinte anos, encontrando-se ainda assim diferenças significativas entre estas, nomeadamente com a constatação de rácios de endividamento claramente superiores nas empresas norte-americanas, face às suas congéneres europeias e asiáticas.
This work analyses the theories on capital structure, focusing on Trade-Off and Pecking Order theories and testing, for the companies in the automobile sector, some of the most important determinants in capital structure. The data used in this paper was retrieved from the DataStream Advance-Thomson Reuters database, considering a sample of 235 companies from the automobile sector in eight countries: Germany, Canada, United States of America, France, Italy, Japan and China. In order to do so, Multiple Linear Regressions models were used to analyze the years of 2001 and 2008, the last two years in which the world automobile sales reduced. The present work allowed to observe that the leverage of this industry's companies is highly influenced by its Size (with a positive relation) and its Profitability (negative relation). Other factors tested (Tangibility and Growth) seem not to influence significantly the capital structure in this sector. Given this strong relation with Size, it was decided to briefly analyze the ten biggest companies in the automobile sector for the last twenty years. Significant differences were found between them, being important to notice the clearly higher leverage ratios of North American companies when compared with European and Asian peers.
34
Rasaei, Janet, and Kim Nguyen. "Political Risk in Multinational Corporations’ Capital Structure : Evidence from Singapore." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-45273.
Abstract:
In this paper, we examine the relationship between political risk as an international environmental determinant of capital structure as well as other factors that contribute to capital structure including leverage, foreign exchange risk, agency costs of debt, and collateral value of assets. We conducted this research on a sample of 200 Singaporean, non-financial, listed domiciled multinational firms over the period of 2005 to 2009. The results suggest that political risk is irrelevant to the multinational capital structure, foreign exchange risk, agency costs of debt, and (netted) collateral value of assets. We find that the results remain unchanged after controlling for size and industry. The findings produce evidence that foreign exchange risk, as another international factor is also irrelevant to the Singaporean multinational capital structure choice. Additionally, agency costs of debt and (netted) fixed assets have a negative association with leverage for Singaporean multinational corporations.
35
Hashemi, Roshanak. "The Impact of Capital Structure Determinants on Small and Medium size Enterprise Leverage." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-18896.
Abstract:
Finding the suitable capital structure for small and medium size enterprises, SMEs, is vital. A suitable capital structure helps SMEs to stay alive in the competitive market and has a positive effect on the national economy. Wealth maximization is the first objective of the firms, and capital structure proposition shows how a firm plans to finance its projects to meet its first objective. The purpose of this thesis is to investigate the impact of the capital structure determinants on the SMEs borrowing behavior. SMEs in this research are defined as the small independent privately held firm with less than 250 employees. In order to reach the purpose of this thesis, I have consulted the relevant theories of capital structure. By the support of the earlier studies, as well as the related theories, I have developed the testable hypotheses to examine the impact of capital structure determinants on the decomposed leverage level. To conduct this thesis, I have used the deductive approach, which is a similar approach suggested by the key reference of this study, Michaels et al (1999). Size, age, profitability, growth, operating risk, and asset structure are selected as the determinant of capital structure. With the unique set of data gathered from 201 SMEs in Iran over the period of 2006 to 2010, the statistic panel data regression is used to analyze the empirical data. To investigate the borrowing behavior of the SMEs comprehensively, the observed SMEs were picked up from different manufacturing industries in Iran. The result of this research reveals that the impacts of capital structure determinants on SMEs leverage levels are different in terms of both magnitude and direction. The result indicates that profitability has a strong impact on SMEs borrowing decisions. Besides profitability, size and asset structure appear to have an impact on leverage level in compare with other determinants. This thesis finding shed lights on the necessity of using the maturity structure of debt (short-term debt and long-term debt) as dependent variables. Firms are more willing to finance their projects with short term debt, rather than long term debt. Long term debt is costly, and the probability of bankruptcy is higher with long term debt. Although long term debt is riskier for SMEs, but it shows the management confident in the firm’s future since it obliges the firm’s management to make legally binding future payments of interest. However, the empirical result of this study shows that all the determinants have an effect on the level of leverage in SMEs.
36
Jairo, Isaya Jayambo. "Determinants and dynamics of capital structure in the UK : a methodological comparison approach." Thesis, University of Strathclyde, 2004. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=21537.
Abstract:
Despite considerable theoretical progress, the understanding of the determinants of a firm's capital structure remains incomplete and there are still numerous empirical issues to be resolved. The number of determinants of capital structure identified by theoretical reasoning keeps increasing, and as a result their analysis has become more and more complex. The primary contribution of this thesis is to provide some empirical tests of hypotheses suggested by theoretical models and reasoning. In the search for the most important determinants of capital-structure. This study uses a panel of 651 listed UK firms (9,486 firm-year observations) to compare structural equation, modelling (SME) and OLS-regression methodologies in both its cross-sectional and dynamic analyses. In addition, the study uses a set of implied gearing ratios to disentangle the impact of equity market timing behaviour from that of stock returns on capital structure. The evidence shows that, following an increase in stock returns, managers of UK firms issue more equity despite the fall in the debt-equity ratio and the consequent increase in debt carrying capacity. This practice has a statistically significant impact on capital structure, as UK firms do not appear to re-adjust their gearing thereafter. The study reveals that stock returns are the most important capital structure determinant. Though the effects of other firm-specific characteristics and equity market timing are persistent and statistically significant, compared to the stock returns effect, their economic role is negligible. Stock returns drive gearing mechanistically for a longtime, up to ten years. The findings imply that managers do not strive to adjust their capital structure towards some optimal debt ratio. This casts doubt on theories that advocate a degree of optimisation like the static trade-off theory of capital structure.
37
Tourville, Nathalie. "Determinants of Corporate Capital Structure." Thèse, 1997. http://hdl.handle.net/1866/1155.
38
Kim, Younghwan. "FDI and determinants of capital structure." 2005. http://catalog.hathitrust.org/api/volumes/oclc/75500342.html.
39
Serra, Alexandre Jorge da Mata Reis Ribeiro. "The determinants of Portuguese banks' capital structure." Master's thesis, 2020. http://hdl.handle.net/10071/22149.
Abstract:
This dissertation examines the capital determinants of Portuguese banks, based on the existing theory
for the determinants of non-financial firms, aiming to confirm the effectiveness of this theory in
Portugal. This study uses Panel Data of 21 banks from 1990 to 2018 (386 observations). To check this
theory, a fixed effects model and a fixed effects model with AR (1) disturbance were estimated with
Debt-to-Assets ratio as the dependent variable. The independent variables used were Profitability,
Size, Collateral, Tangible Assets, Deposits, GDP growth rate, Interest Rate and Inflation Rate. In the
estimation by fixed effects, the only variable that has no significance is Collateral, with the estimation
by fixed effects with AR (1) disturbance generating results without significance for Collateral, Deposits
and the macroeconomic variables. These results indicate that the non-financial firms’ capital theory is
also evident in Portuguese banks, proving that regulation is not the only factor that determines their
level of capital. In addition, a fixed effects model was estimated with a dummy variable that assumes
the value of 1 between 2008-2013 and a dynamic model with the lagged dependent variable, which
indicates that the debt ratio is persistent, and banks increased their capital ratios during the crisis to
protect themselves against the economic uncertainty.Esta dissertação analisa os determinantes de capital dos bancos portugueses tendo como base a teoria existente para os determinantes das empresas não-financeiras, pretendendo-se confirmar a validade desta teoria em Portugal. Este estudo utiliza dados em painel de 21 bancos no período de 1990 a 2018 (386 observações). Para testar esta teoria, estimou-se um modelo de efeitos fixos e um modelo de efeitos fixos com termo de erro AR (1), com o rácio da Dívida sobre os Ativos como variável dependente. As variáveis independentes utilizadas são a Rentabilidade, Dimensão, Colateral, Ativos Tangíveis, Depósitos, taxa de crescimento do PIB, taxa de Juro e taxa de Inflação. Na estimação por efeitos fixos, a única variável que não tem significância é o Colateral, com a estimação por efeitos fixos com termo de erro AR (1) a produzir resultados sem significância para a variável Colateral, Depósitos e as variáveis macroeconómicas. Os resultados indicam que a teoria das empresas também se verifica nos bancos portugueses, comprovando que a regulação não é o único fator que determina o seu nível de capital. Adicionalmente, estimou-se um modelo de efeitos fixos com uma variável "dummy" que assume o valor 1 no período de 2008-2013 e um modelo dinâmico com a variável dependente desfasada, onde se concluiu que o rácio de dívida apresenta persistência e que os bancos aumentaram os seus rácios de capital no período de crise para se protegerem da incerteza económica.
40
徐雍超. "Determinants of corporate capital structure in Taiwan." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/89445635252394379400.
Abstract:
碩士東吳大學
會計學系
93
Abstract Since the proposal of the irrelevance of corporate capital structure theory by Modigliani and Miller in 1958, capital structure starts to play an important role in corporate finance. However, there’s still not a consensus about the determinants of corporate capital structure. In recent years, researchers began to try to take the operating environment conditions into consideration. Combination of the operating environment conditions and firm-specific characteristics is in the trend. There are two agendas in this thesis. First of all, what are the determinants statistically significant to the decision of the capital structure of firms, including operating environment condition factors and firm-specific variables? Second, what action will firms take to change their capital structure, in other words, how can we predict firms’ financing choices (debt versus equity) by the use of operating environment condition factors and firm-specific variables? Different methodologies are applied to deal with the agendas. For agenda one, the fixed effect model is used to estimate the optimal capital structure. Operating environment condition factors are added to the independent variables. Additionally, adoption of two different classifications: the technology hardware and equipment industry and the traditional manufacturing industry is performed to analyze whether the determinants of corporate capital structure in different industries are the same or not. For agenda two, the probit regression model is applied to predict the issue choices between debt and equity. This study derives conclusions that profitability, size of a firm, growth rate, industry effect, nature of assets, tax shield, financial constraints, stock market and operating environment are statistically significant to the corporate capital structure. Profitability, deviations from the target leverage, nature of assets, growth rate, stock market and operating environment have significant influences on the issue choices between debt and equity.
41
Almeida, Patrícia. "Determinants of Capital Structure: Evidence for Belgium." Master's thesis, 2017. https://repositorio-aberto.up.pt/handle/10216/109175.
42
QIU, SHU-FANG, and 邱淑芳. "Determinants of capital structure: agency cost approach." Thesis, 1992. http://ndltd.ncl.edu.tw/handle/63543771996511129097.
43
Almeida, Patrícia. "Determinants of Capital Structure: Evidence for Belgium." Dissertação, 2017. https://repositorio-aberto.up.pt/handle/10216/109175.
44
Tavares, Mariana Jorge. "Determinants of capital structure: the case of PSI-Geral." Master's thesis, 2013. http://hdl.handle.net/10071/10416.
Abstract:
JEL Classification: G32; G34Empirical researches have been developing significant progresses in order to fill the gap of the capital structure knowledge. Studies have focused on different fields of this subject, namely, the determinants of capital structure. This study is also a contribution to this field, taking evidence of PSI-Geral firms during the period from 2002 to 2012. After a brief approach of the Portuguese economy environment during these years, we investigate the main variations occurred on firms’ leverage ratios and which factors are really important to explain those variations. Firstly, we develop a brief descriptive analysis of firms’ capital structure. The data obtained shows that after 2008, firms started to pronounce an increasing trend in market leverage. Secondly, we modeled the market leverage ratio as a function of firm specific characteristics and also macroeconomic and financial determinants. The results suggest that the leverage ratio is positively affected by firm size, inflation and bond market development. On the other hand, profitability and stock market development appear to be negatively related with leverage ratios. Undoubtedly, the capital structure decision of a firm is not only the product of its own characteristics but also the result of the environment in which it operates.
Estudos empíricos têm desenvolvido progressos significativos ao nível do conhecimento sobre estrutura de capital. Várias têm sido as áreas de enfoque, entre elas, destaca-se a investigação desenvolvida sobre quais os determinantes da estrutura de capital das empresas. Baseado na análise da estrutura de capital das empresas do PSI-Geral durante o período de 2002 a 2012, este estudo é também uma contribuição para o conhecimento destes determinantes. Após uma contextualização da economia portuguesa durante o período em análise, foram investigadas as principais variações ocorridas nos rácios de endividamento das empresas e analisados os fatores que contribuíram para essas variações. Uma breve análise descritiva da estrutura de capital das empresas do PSI-Geral revela que, depois de 2008, as empresas registam uma tendência crescente do nível médio de endividamento de mercado. Seguidamente, foi desenvolvido um modelo de regressão para o rácio de endividamento das empresas em função de características específicas de cada empresa bem como variáveis macroeconómicas e representativas da performance dos mercados. Os resultados obtidos sugerem que o nível de endividamento das empresas está positivamente correlacionado com o seu tamanho, com a inflação e com o nível de desenvolvimento do mercado das obrigações. Por outro lado, a rentabilidade e o nível de desenvolvimento do mercado de ações apresentam-se negativamente correlacionados com os rácios de endividamento. Indubitavelmente, a estrutura de capital das empresas não é só resultado das características intrínsecas de cada empresa mas também resultado de toda a envolvente económica e financeira onde esta opera.
45
Hu, Lo-Chiang. "Determinants of capital structure : small firms in Taiwan." 2009. http://arrow.unisa.edu.au/vital/access/manager/Repository/unisa:40757.
Abstract:
This portfolio is about capital structuring in small and medium businesses in Taiwan. Every firm owns assets that currently generate earnings, to keep investing in the future, and to grow and prosper. To finance these assets, firms can raise money from two sources. First, the debt, they can borrow the money from a bank or lenders. Alternatively, the equity, they can use the funds of the owners. The financing principle posits that the mix of debt and equity chosen to finance investments should maximize the value of the investments made. Therefore, choosing a suitable mix of debt and equity allows the firm to take more new investments and increase the value of existing investment.Professional Doctorate
46
Kantor, Howard. "Determinants of South African companies' capital structure choice." Thesis, 1995. https://hdl.handle.net/10539/25921.
Abstract:
A Research Report submitted to the
Facultv of Commerce, University of the
Witwatersrand, Johannesburg in partial
fulfilment of the requirements for the
Degree of Master of Commerce.This Research Report examines the determinants of South African industrial firms' capital structures. The report attempts to evaluate if a firm's preference for equity or debt capital can be attributed to specific variables which may reflect its industry profile or operating structure. A literature review, discussing both perfect and imperfect capital market conditions, is included in order to determine if the premise of "variable influence" has academic support. The variables found to have an influence on (non South African company) capital structure by authors examined in the review, are
Andrew Chakane 2018
47
Chen, Ying-Chun, and 陳盈君. "Determinants of Capital Structure in the Insurance Industry." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/18049722796870096929.
Abstract:
碩士國立政治大學
風險管理與保險學系
89
This study examines the capital structure determinants of life insurance companies in U.S. The decision of capital structure in insurance industry should be a joint decision of capital structure and firm risk. Insurers have incentive to keep firm risk within a safe range, due to the special features in the insurance markets. We find evidence supporting the negative relationship between leverage ratio and firm risk, suggesting that insurers will balance risk and leverage to keep the insolvency risk within a desired range. In addition, general capital structure theories such as size and agency theory are significant in our empirical result. Rating is shown a significant factor of capital structure in life insurance industry. Evidence suggests the independent agents have less incentive to monitor insurers. Firm risk is also shown significant relationship with undiversified investments and concentrated business line, which suggests that life insurers can reduce firm risk by diversifying investment risk and business risk.
48
Wang, Yin Chang, and 王瑛璋. "The Determinants of Corporate Capital Structure: Taiwan Evidence." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/25067234631763673002.
49
Lopes, Nelson Filipe Castro. "The Determinants of Capital Structure: impact of institutional determinants and subprime crisis." Master's thesis, 2017. https://repositorio-aberto.up.pt/handle/10216/111101.
50
Lopes, Nelson Filipe Castro. "The Determinants of Capital Structure: impact of institutional determinants and subprime crisis." Dissertação, 2017. https://repositorio-aberto.up.pt/handle/10216/111101.