Статті в журналах: "Determinants of the capital structure"

1

Lambrinoudakis, Costas. "Adjustment Cost Determinants and Target Capital Structure." Multinational Finance Journal 20, no. 1 (2016): 1–39. http://dx.doi.org/10.17578/20-1-1.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

2

Boateng, Agyenim. "Determinants of capital structure." International Journal of Social Economics 31, no. 1/2 (January 2004): 56–66. http://dx.doi.org/10.1108/03068290410515411.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

3

Shahar, Wan Shahdila Shah Bt, and Sarifah Ismail Manja. "Determinants of capital structure." Reports on Economics and Finance 4, no. 3 (2018): 139–49. http://dx.doi.org/10.12988/ref.2018.8113.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

4

Ahmed Sheikh, Nadeem, and Zongjun Wang. "Determinants of capital structure." Managerial Finance 37, no. 2 (January 18, 2011): 117–33. http://dx.doi.org/10.1108/03074351111103668.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

5

Thies, Clifford F., and Mark S. Klock. "DETERMINANTS OF CAPITAL STRUCTURE." Review of Financial Economics 1, no. 2 (March 1992): 40–52. http://dx.doi.org/10.1002/j.1873-5924.1992.tb00548.x.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

6

Dr .R.Kavitha, Dr R. Kavitha. "Determinants of Capital Structure: Emprical Evidence from India." Indian Journal of Applied Research 4, no. 7 (October 1, 2011): 305–9. http://dx.doi.org/10.15373/2249555x/july2014/97.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

7

K. Gharaibeh, Omar, and Saqer AL-Tahat. "Determinants of capital structure: evidence from Jordanian service companies." Investment Management and Financial Innovations 17, no. 2 (July 3, 2020): 364–76. http://dx.doi.org/10.21511/imfi.17(2).2020.28.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This paper examines capital structure determinants for service companies in Jordan between 2014 and 2018. Secondary data from 45 companies were analyzed using the panel regression approach. The results show that the independent variables, suggested as capital structure determinants, have an effect on the debt ratio made by the service companies. Size and non-debt tax shield have a positive significant effect on the debt ratio, while profitability and business risk have a negative significant impact on the debt ratio. In general, the findings support the notion that the trade-off, bankruptcy cost, agency cost and pecking order theories are crucial in explaining the capital structure of Jordanian service companies except for non-debt tax shields and tangibility factors. Jordanian service companies do not use fixed assets as collateral or companies with higher collateral value tend to borrow less debt. Although the coefficient of institutional investors is statistically insignificant, it is still negative and economically significant. This paper concludes that size, profitability, business risk, non-debt tax shields and institutional ownership factors are fundamental in terms of shaping the capital structure in Jordanian service companies.

8

Li, Xuefeng. "The Determinants of Capital Structure." Journal of Computational and Theoretical Nanoscience 12, no. 7 (July 1, 2015): 1266–71. http://dx.doi.org/10.1166/jctn.2015.3884.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

9

Ukaegbu, Ben, and Isaiah Oino. "The determinants of capital structure." African Journal of Economic and Management Studies 5, no. 3 (August 26, 2014): 341–68. http://dx.doi.org/10.1108/ajems-11-2012-0072.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

Purpose – The purpose of this paper is to investigate whether there are differences between the determinants of the capital structure in financial and manufacturing firms and also assess how the speed of adjustment differs. Design/methodology/approach – This study employed balanced panels data procedure using pooled ordinary least square, the random effects and fixed effects on manufacturing firms and banks that are listed on Nigeria Stock Exchange. The use of the three estimation method is in order to make a meaningful comparison between the models. Findings – The findings indicate that there are similarities and differences in the capital structure determinants on the two sets of firms: banks tend to be more leveraged when they are more profitable and manufacturing firms tend to be less leveraged when they are profitable. In addition, banks adjust their leverage faster at a speed of 69 per cent than manufacturing firms at 46 per cent. The study also shows that changes in the economy influence the capital structure of financial firms more than that of manufacturing firms. Research limitations/implications – The study only focused on one economy. Practical implications – As a result of 2008 global financial crisis, there has been intense debate on the significance of regulatory capital. The study demonstrate the need for regulatory capital in banks to be procyclical rather than being static. Originality/value – To the best of the knowledge, this is the first paper to empirically test how capital structure differ between banks and non-financial institutions.

10

Kayo, Eduardo K., and Herbert Kimura. "Hierarchical determinants of capital structure." Journal of Banking & Finance 35, no. 2 (February 2011): 358–71. http://dx.doi.org/10.1016/j.jbankfin.2010.08.015.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

11

Orlova, Svetlana, Joel T. Harper, and Li Sun. "Determinants of capital structure complexity." Journal of Economics and Business 110 (July 2020): 105905. http://dx.doi.org/10.1016/j.jeconbus.2020.105905.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

12

DEWI, Cynthia Sari, Brighton JORDY, and Harris WIJAYA. "DETERMINANTS OF CAPITAL STRUCTURE: EVIDENCE FROM INDONESIAN PALM OIL COMPANIES." BUSINESS EXCELLENCE AND MANAGEMENT 11, no. 4 (December 15, 2021): 50–63. http://dx.doi.org/10.24818/beman/2021.11.4-04.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This study to find out the determinants of capital structure in the palm oil industry in Indonesia. The variables are commodity prices, total assets, tangible assets, profitability, asset turnover, liquidity, inventory turnover, interest rates, and capital structure as independent variables. The data processing uses SPSS version 25 and performs classical assumption test, coefficient of determination test, and multiple regression analysis. The object of this study is oil palm plantation companies listed in Indonesian stock exchange (IDX) period 2016 to 2019. The results show that CPO prices, total assets, tangible assets, profitability, and interest rates have no effect on capital structure. Meanwhile, asset turnover has a positive effect on capital structure. Current ratio has a negative effect on the capital structure. Inventory turnover has a negative effect on the capital structure of oil palm plantation companies. This research is useful for companies engaged in the palm oil industry in determining policies.

13

Ben Hamouda, Raja Zekri, Nessrine Hamzaoui, and Faouzi Jilani. "Capital Structure Determinants: New Evidence from the MENA Region Countries." International Journal of Economics and Financial Issues 13, no. 1 (January 14, 2023): 144–63. http://dx.doi.org/10.32479/ijefi.13695.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The objective of this paper is to investigate empirically the determinants of capital structure for a sample of 1101 firms from 11 MENA region countries over the period 2003-2017. Using a comparative approach, we find that firm-specific determinants explain better differences in capital structure choices than other country-specific determinants. Comparisons between countries, sub-regions (GGC and non-GCC countries) and legal origin (Common and Civil law countries) show furthermore that there are differences in terms of significance and importance of capital structure determinants. The most important determinant in the MENA region is profitability. The firm’s capital structure is positively impacted by size, tangibility of assets and private credit and it is negatively impacted by profitability, growth opportunities, GDP growth rate and stock market capitalization as a proportion of GDP. Moreover, we find that total leverage ratio, expressed in market values, give better results than leverage ratio expressed in book values and long-term leverage ratios expressed in book and/or market values. Finally, there is some evidence that the “Jasmine Revolution” has had an impact on firms’ capital structure determinants. Specific-level determinants play a much more prominent role after the revolution than in the past.

14

Imas Iyoha, Agbonrha-Oghoye, Godwin Ohiokha, David Umoru, Sadiq Oshoke Akhor, and Grace Abohiri Igele. "Target capital structure for managerial decision making: Dynamics and determinants." Investment Management and Financial Innovations 19, no. 3 (September 23, 2022): 322–34. http://dx.doi.org/10.21511/imfi.19(3).2022.27.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The study examines the dynamics and determinants of target capital structures among manufacturing firms listed on the Nigeria Stock Exchange during the period from 2012 to 2021. The study is motivated by the disparity in the Speed of Adjustment (SOA) to target leverage, which is influenced by firm-specific attributes largely dependent on macroeconomic indices. Therefore, understanding the determinants of SOA to target leverage is germane because no two macro-economic environments are the same. A longitudinal research design is used with a population of 75 manufacturing firms. The sample consists of 42 firms, drawn using a simple random technique. Secondary data is sourced from the annual report. Generalized Method of Moments is the estimation technique. The result shows that manufacturing firms adjust to a target capital structure with a high speed of 72%. This confirms the application of dynamic trade-off theory among listed manufacturing firms in Nigeria. Profitability, firm size, and asset tangibility are significant determinants of SOA to a target capital structure, confirming pecking order, agency, and static trade-off theories, respectively. Tax shelter and growth were not significant determinants. The study concludes that there is evidence of dynamic adjustment to the optimal capital structure of listed manufacturing firms in Nigeria. Governments and policymakers in firms should make effective policies that aid speedy access to long-term funds by these firms to increase their SOA to target capital structure.

15

Mugosa, Ana. "The determinants of capital structure choice: Evidence from Western Europe." Business and Economic Horizons 11, no. 2 (July 10, 2015): 76–95. http://dx.doi.org/10.15208/beh.2015.07.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

16

Bętkowska, Sylwia. "Determinants of Capital Structure in a Company." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 82 (2016): 385–96. http://dx.doi.org/10.18276/frfu.2016.4.82/1-33.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

17

Jaelani La Masidonda, Jaelani La Masidonda. "Determinants of Capital Structure and Impact Capital Structure on Firm Value." IOSR Journal of Business and Management 7, no. 3 (2013): 23–30. http://dx.doi.org/10.9790/487x-0732330.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

18

Amraoui, Mouna, Ye Jianmu, and Kenza Bouarara. "Firm’s Capital Structure Determinants and Financing Choice by Industry in Morocco." INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION 4, no. 3 (2018): 41–50. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.43.1005.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The paper employs Panel regression approach to investigate capital structure impact on firm’s performance in Morocco, Based on the result of Haussmann test, fixed effect fit the first model better; thus it was utilized to examine the capital structure determinants in Morocco firms. The annual data was collected from Moroccan authority of capital market and Casablanca stock exchange official website; it covers a period of eight years from 2009 to 2016 of 52 Moroccan companies. The results of this research conclude that out of seven variables there are four more significant ones, which are: return on asset, asset tangibility, size and liquidity, all of them have a negative impact, except for size is positively significant. Therefore, the main determinants of capital structure are firms’ specifics factors in Morocco and the choice of leverage is different from industry to another according to the specifics of its activity.

19

Czerwonka, Leszek, and Jacek Jaworski. "DETERMINANTS OF ENTERPRISES’ CAPITAL STRUCTURE. LITERATURE REVIEW." Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, no. 478 (2017): 91–98. http://dx.doi.org/10.15611/pn.2017.478.08.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

20

Stamenković, Saša, Nemanja Stanišić, and Tijana Radojević. "Determinants of European telecom operators' capital structure." Ekonomika preduzeca 71, no. 3-4 (2023): 178–91. http://dx.doi.org/10.5937/ekopre2303178s.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

In recent years, the telecommunications services sector has made a remarkable contribution to the global economy, thereby attracting the interest of researchers. This study aims to examine the relationship between total leverage and its main components (short-term and longterm leverage) and firm-specific and country-specific factors affecting the capital structure of European telecom operators during 2009-2020. The observed period, beginning right after the world economic crisis in 2008, was characterized by a stable economy and the expansion of mobile communications, and the Internet and multimedia services. We used dynamic panel regression models with 9 explanatory and three dependent variables and concluded that liquidity, profitability, sales growth, assets turnover, cost of debt, and non-debt tax shield had a significant influence on the capital structure of European telecom operators. We found that total leverage and long-term leverage significantly depend on their previous year's values. Tangibility, size of firm, and country GDP growth rate were not significantly associated with the capital structure of telecom operators within the observed period. The findings about a dominant negative impact of liquidity and profitability, and the positive impact of sales growth on leverage, are in line with the postulations of the pecking-order theory. This study can be helpful to managers and other stakeholders in improving their understanding of the factors affecting the capital structure of telecom operators.

21

Charles, Cleopatra, Margaret F. Sloan, and John S. Butler. "Capital structure determinants for arts nonprofits." Nonprofit Management and Leadership 31, no. 4 (February 18, 2021): 761–82. http://dx.doi.org/10.1002/nml.21454.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

22

TITMAN, SHERIDAN, and ROBERTO WESSELS. "The Determinants of Capital Structure Choice." Journal of Finance 43, no. 1 (March 1988): 1–19. http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

23

Pandey, Asheesh, and Madan Singh. "Capital structure determinants: a literature review." African J. of Accounting, Auditing and Finance 4, no. 2 (2015): 163. http://dx.doi.org/10.1504/ajaaf.2015.072226.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

24

Thippayana, Pornpen. "Determinants of Capital Structure in Thailand." Procedia - Social and Behavioral Sciences 143 (August 2014): 1074–77. http://dx.doi.org/10.1016/j.sbspro.2014.07.558.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

25

Gropp, Reint, and Florian Heider. "The Determinants of Bank Capital Structure*." Review of Finance 14, no. 4 (March 30, 2010): 587–622. http://dx.doi.org/10.1093/rof/rfp030.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

26

Adland, Roar, Joakim Noraas, and Rikke S. Iversen. "Capital structure determinants of shipbuilding companies." International Journal of Shipping and Transport Logistics 9, no. 6 (2017): 763. http://dx.doi.org/10.1504/ijstl.2017.086941.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

27

Noraas, Joakim, Rikke S. Iversen, and Roar Adland. "Capital structure determinants of shipbuilding companies." International Journal of Shipping and Transport Logistics 9, no. 6 (2017): 763. http://dx.doi.org/10.1504/ijstl.2017.10007006.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

28

Grujić, Miloš, and Jelena Poljašević. "Capital Structure Determinants of Listed Private and State Companies." Review of innovation and competitiveness 9, no. 1 (March 18, 2024): 7–29. http://dx.doi.org/10.32728/ric.2023.91/1.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

Purpose. The purpose of this paper is to determine and analyze the determinants of the capital structure of joint-stock companies in Bosnia and Herzegovina that are listed on the Banja Luka Stock Exchange. This study will answer the question as to which factors determine the capital structure of BiH companies and whether existing financial theories of the capital structure hold true in that context. The main research objective is to estimate the effects of a firm’s level determinants on its capital structure measures in different ownership structures. Those findings will certainly advance our understanding of listed companies financing behavior. Methodology. For the research, we took into account firm-specific characteristics and divided joint-stock companies into private and state-owned. The results of the research show that the capital structure of these two groups of enterprises is differently affected by individual determinants. Findings and implications. While state-owned enterprises rely more on borrowed resources to finance both short-term and long-term assets, private enterprises even finance part of their short-term assets with their own capital. However, the most important determinant in both groups of enterprises is the share of inventories in short-term assets, which confirms that short-term liabilities, i.e. free sources of financing in the form of liabilities to suppliers are the determinant that most positively affect the indebtedness of all enterprises. Unlike previous research that observed enterprises according to their size or affiliation to individual industries, the focus of our research is enterprises of different ownership structures. The empirical statistical results provide basis for logical conclusion and appropriate policy implications. The study points to the specifics of the capital structure in private and publicly listed joint-stock companies. The stated opposite influence of certain ratios on the indebtedness of the enterprises is explained by a number of factors. Limitations. This study focuses only on the presentation of the recent indicators of capital structure of listed companies - listed on the Banja Luka Stock Exchange, which is one of its major limitations. The limitation of this search is the sample size which can be considered low. Further research may be conducted by using other capital markets to explore more information regarding the effect of the variables affecting the capital structure. In addition, further research may also be conducted by using other proxies or by adding more variables, sample size, and research period to get a better result. Originality. The study is an original research paper. It has not been published in any other peer-reviewed journal not under consideration for publication by any other journal. The paper adds to the existing literature on Bosnia and Hezegovina by giving an overview of recent developments in the flexi purity concept, pointing out the areas that require policy response.

29

Obi, Henry Kenedunium, and Oforegbunam Thaddeus Ebiringa. "Determinants of Capital Structure of Banks with International Authorization." African Journal of Management and Business Research 15, no. 1 (May 31, 2024): 01–13. http://dx.doi.org/10.62154/x9nrbf38.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This paper investigated the determinants of capital structure of banks with international authorization in Nigeria. The study is motivated by the recent trend of Nigerian banks expanding to the West and Central African regions, with increased use of debt instruments to boost their capital base. The study employed a purposive sampling technique to identify eight (8) banks listed on the Nigerian Stock Exchange authorized to expand outside Nigeria as holding companies that have required data for analysis variables for the period 2010-2019. The hierarchical regression analysis technique was employed, with results showing that firm size is significant while working capital and profitability are insignificant determinants of capital structure of banks with international authorization. This paper concludes that firm size is the major significant determinant of capital structure decision of banks that have international authorization in Nigeria. The paper recommends that Nigerian banks while growing their size as an internationalization strategy, must exercise caution in the excessive use of debt capital instruments, given their likelihood of exposing banks to leverage risk, base-ownership erosion and management control dilution.

30

Sibindi, Athenia Bongani. "Determinants of capital structure: A literature review." Risk Governance and Control: Financial Markets and Institutions 6, no. 4 (2016): 227–37. http://dx.doi.org/10.22495/rcgv6i4c1art13.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The financing decision is one of the most important imperative in corporate finance. Financial directors have to grapple with question—what is the optimum level of debt versus equity to employ in order to fund the operations of a firm? The present article seeks to unravel the evolution of capital structure theory from both theoretical and empirical perspectives. The major contending theories of capital structure as well as their predictions are considered. It is demonstrated that there are reliably important firm level attributes that determine the capital structures of firms. The article also compares and contrasts the findings of empirical studies on capital structure that have been conducted in developing countries to those that have been conducted in the developed world. Arguably, developing countries’ financial markets lack sophistication and this might curtail the companies from adjusting to their desired target debt ratios. In the final analysis it is demonstrated that the similarities in financing patterns between the developed countries and the emerging markets far outweigh the disparities.

31

Mouton, Marise, and Nico Smith. "Company determinants of capital structure on the JSE Ltd and the influence of the 2008 financial crisis." Journal of Economic and Financial Sciences 9, no. 3 (December 3, 2016): 789–806. http://dx.doi.org/10.4102/jef.v9i3.71.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The optimal capital structure and value of a company is in constant evolution, taking into account both the external and internal environment. This study examines company-related determinants of capital structure and investigates whether the 2008 financial crisis exerted any significant influence on the capital structure and the identified determinants in a sample of top 40 JSE Ltd listed companies in South Africa. A panel regression model was applied to identify the most significant capital structure determinants and variance in them. Panel regression accounts for cross-sectional data and time series data simultaneously. It was found that the 2008 financial crisis did not exert a significant difference on the capital structures of the sample companies. The most significant company-related determinants of capital structure before the 2008 financial crisis were risk, tangibility and profitability. Risk and tangibility had a stronger influence on capital structure after the 2008 financial crisis but profitability became insignificant. The significant factors should be closely monitored to detect change in capital structure and the valuation of a company.

32

Sari, Nurshadrina Kartika, Isti Fadah, and Hari Sukarno. "DETERMINAN STRUKTUR MODAL BANK." EKUITAS (Jurnal Ekonomi dan Keuangan) 17, no. 1 (February 6, 2017): 71. http://dx.doi.org/10.24034/j25485024.y2013.v17.i1.2227.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

Banks are financial institutions how have an important part for the economy of a country. The bank’s main purposes are to collected funds from the public and distributed it back to them in credit loans. The biggest of public trusted to the bank, will make the bigger bank’s liabilities to their funds. This research examines determinants of bank capital structure, including profitability, liquidity, business risk, dividend, management ownership, institutional ownership and bank’s age. The samples in this research are 70 banks in Indonesian period 2006 until 2011, where analyzed with multiple linier regression test with dummy variable to know which of the seven variables are the determinans of the bank capital structures that use DER (Debt to Equity Ratio) to measure it. The result of this research find that determinants of bank capital structures is liquidity, institutional ownership and bank’s age, but profitability, business risk, dividend and management ownership are not the determinants of bank capital structures period 2006 until 2011.

33

Hersugondo, H., Imam Ghozali, Endang Triwidyarti, and Eka Handriani. "Capital Structure and Ownership: Intellectual Capital Disclosure Indicator." Journal of Southwest Jiaotong University 56, no. 3 (June 30, 2021): 549–66. http://dx.doi.org/10.35741/issn.0258-2724.56.3.46.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The purpose of this paper is to examine the most significant determinants of the intellectual capital of manufacturing firms in Indonesia. Furthermore, using a regression model, it investigates whether the models proposed can provide the same explanation in Europe as in Indonesia. Multiple regression models were used during this study. Ten variables were tested statistically, using e-views of samples of 176 manufacturing companies listed on the Indonesia Stock Exchange during this study. The results indicate that leverage, audit committee, company size, and the independent board positively influence intellectual capital disclosure. However, leverage has a negative effect on firm size. These findings comply with the pecking order and financial agency theory, which helps understand the application of various studies on value for firms in Indonesia. This research was able to explore the IC determinants of manufacturing firms. However, more detailed evaluations could be conducted.

34

Heckenbergerová, Jana, and Irena Honková. "CAPITAL STRUCTURE ANALYSIS – THEORIES AND DETERMINANTS VALIDATION BASED ON EVIDENCE FROM THE CZECH REPUBLIC." E+M Ekonomie a Management 26, no. 1 (March 2023): 145–64. http://dx.doi.org/10.15240/tul/001/2023-1-009.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The optimal capital structure is a key precondition for business, even though the task of defining the optimal capital structure can be difficult. Previous studies present many different and mutually contradictory factors that should be considered with respect to managerial strategic financial decisions. The first part of the presented contribution summarises the effects of the most frequent capital structure determinants and reviews the world’s most important theories about the behaviour of enterprises when deciding on capital structure. The aim of our contribution is the analysis of capital structure behaviour in the Czech environment. Fundamental capital structure theory is revealed by statistical hypotheses testing. Moreover, we are mainly targeting significant determinants of capital structure. The results help us to create general recommendations for the financial management of Czech companies. In the scope of our study, there are approximately a thousand national financial statements of Czech companies from the most important sectors of economic activity for the period 2016–2019. The correlation analysis with partial correlation coefficient and multiple linear regression analysis was utilised to determine the effects and significance of the individual determinants. Data show that Czech companies do not prefer debt financing recommended by some capital structure theories. Their financial management behaviour corresponds to pecking order theory with insufficient utilisation of tax shield. Sectorwise analyses prove only one exception; motor vehicles wholesale, retail trade, repair and maintenance sector generally prefers financing by debt. Based on the literature review, we selected six significant determinants of capital structure: size, return on assets (ROA), return on equity (ROE), tangibility, asset growth and duration. Advanced statistical analyses show the power and influence of each determinant on capital structure and their mutual relations. Autocorrelations can negatively affect the results of regression analyses. We can conclude that the capital structure of Czech companies is mainly influenced by tangibility and ROA.

35

Kaur, Rajbinder, Arup Kumar Chattopadhyay, and Debdas Rakshit. "Determinants of Capital Structure with Reference to Select Indian Companies: A Panel Data Regression Analysis." Asia-Pacific Journal of Management Research and Innovation 16, no. 2 (April 22, 2020): 79–92. http://dx.doi.org/10.1177/2319510x20913454.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This article mainly focuses on the analysis of determinants of capital structure of 50 Bombay Stock Exchange (BSE)-listed sample companies, choosing 5 sample companies from each of 10 industries, namely cement, computer hardware, large heavy engineering, fertiliser, fast-moving consumer goods (FMCG), large electric equipment, mining/mineral, textile, large tyres and pharmaceutical over 15 years’ time period ranging from 1999–2000 to 2013–2014, applying panel data regression technique. Our study has first made industry-wise empirical analysis of capital structure with respect to eight firm-specific determinants, viz. profitability, size, growth, tangibility, non-debt tax shield, liquidity, uniqueness and income variation. Subsequently, we have made a comparative analysis of selected determinants of capital structure across selected industries to determine their capital structure behaviour in view of three prominent capital structure theories, namely Pecking Order Theory, Trade-Off Theory and Agency Cost Theory. The regression analysis concludes that the Pecking Order Theory and the Trade-Off Theory mostly describe the observed relationship of independent factors with capital structure of the selected Indian industries. Profitability emerges as a significant determinant in devising the capital structure of the selected industries and reveals that greater proportion of profits is likely to raise the internal fund for financing future investment projects and, therefore, less dependent on external borrowings.

36

T. Lemma, Tesfaye, and Minga Negash. "Determinants of the adjustment speed of capital structure." Journal of Applied Accounting Research 15, no. 1 (May 6, 2014): 64–99. http://dx.doi.org/10.1108/jaar-03-2012-0023.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

Purpose – The purpose of this paper is to examine the role of institutional, macroeconomic, industry, and firm characteristics on the adjustment speed of corporate capital structure within the context of developing countries. Design/methodology/approach – The authors considers a sample of 986 firms drawn from nine developing countries in Africa over a period of ten years (1999-2008). The study develops dynamic partial adjustment models that link capital structure adjustment speed and institutional, macroeconomic, and firm characteristics. The analysis is carried out using system Generalized Method of Moments procedure which is robust to data heterogeneity and endogeneity problems. Findings – The paper finds that firms in developing countries do temporarily deviate from (and partially adjust to) their target capital structures. Our results also indicate that: more profitable firms tend to rapidly adjust their capital structures than less profitable firms; the effects of firm size, growth opportunities, and the gap between observed and target leverage ratios on adjustment speed are functions of how one measures capital structure; and adjustment speed tends to be faster for firms in industries that have relatively higher risk and countries with common law tradition, less developed stock markets, lower income, and weaker creditor rights protection. Research limitations/implications – Future research should focus on examination of the adjustment speed of debt maturity structure. Identification of industry-specific characteristics that affect the pace with which firms adjust their capital structure to the optimum is another possible avenue for future research. Practical implications – Our findings have practical implications for corporate managers, governments, legislators, and policymakers. Originality/value – The study focuses on firms in developing countries for which the literature on adjustment speed of capital structure is virtually non-existent. Furthermore, unlike previous works on capital structure, it explicitly models industry variable as one of the determinants of adjustment speed. Therefore, it contributes to the literature on capital structure and adjustment speed in general and to the literature on developing countries in particular.

37

Haque, Zia ul, and Muhammad Shaiq. "Study on Determinants of Capital Structure in the Pharmaceutical Industry of Pakistan." International Journal of Social Science & Entrepreneurship 3, no. 1 (January 30, 2023): 394–412. http://dx.doi.org/10.58661/ijsse.v3i1.105.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This research on the determinant of capital structure is limited to pharmaceutical companies listed on Pakistan Stock Exchange (PSX). Several researchers both in developed and developing countries have attempted to identify determinant of capital structure for different industries in their economies. The results for various explanatory variables used by researchers have been somewhat mixed. Some of the variable which were found significant in explaining the capital structure in one study remained insignificant in the other studies. This empirical study makes an attempt to explore the determinants of capital structure in the pharmaceutical firms quoted on PSX (Pakistan Stock Exchange). This study coversa ten years period from 2012 to 2021( both inclusive) for seven companies using eleven explanatory variables for leverage. There are twelve companies listed on PSX, seven of these twelve quoted companies on the basis of availability of data for all 10 years have been selected. The results of the study indicate, operating leverage, firm’s specialty, return on asset and tax rate were significant determinants of capital structure. It was also observed that the size of the firm, growth rate, basic earning power, fixed charges coverage ratio, non-debt tax shield, dividend payout ratio and liquidity have a minor (insignificant) influence on the capital structure of the pharmaceutical companies in Pakistan.

38

de Vries, Annalien, and Pierre D. Erasmus. "Determinants of capital structure: A South African study." Corporate Ownership and Control 8, no. 1 (2010): 590–99. http://dx.doi.org/10.22495/cocv8i1c6p2.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The effect of firm characteristics and economic factors on capital structures have been researched in many countries. Various South African studies have been conducted on this topic; however, limited research was found where both firm characteristics and economic factors were included in the same study. The majority of previous South African studies were also conducted prior to the demise of apartheid in 1994. This paper, therefore, focuses on the post-apartheid period from 1995 to 2008 and investigates the effect of firm characteristics and economic factors on the capital structure of listed industrial firms in South Africa. Empirical results indicate that these factors do affect capital structure and that asset structure and size are the two most dominant determinants.

39

Handayani, Maria Eki, Wawan Ichwanudin, and Enis Khaerunnisa. "DETERMINAN STRUKTUR MODAL DAN DAMPAKNYA TERHADAP NILAI PERUSAHAAN." ANALISIS 13, no. 1 (March 2, 2023): 181–91. http://dx.doi.org/10.37478/als.v13i1.2540.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This study tested the determinants of capital structure and its impact on the value of the company. The determinant variables of Capital Structure used are Profitability, Liquidity and Asset Structure. This study uses data from the IDX using a sample of companies that are members of the IDX30 index that have complete data in 2016-2020.. Variables that affect the capital structure used are profitability, liquidity, and asset structure. In this study, there were 12 populations. The data analysis technique in this study used and two-stage regression. The results find that Profitability, Liquidity and Assets Structure are the determinant of Capital Structure. Capital structure obtained from the first stage of regression has a negative and significant effect on Firm Value.

40

Kyaw, NyoNyo. "International Corporate Capital Structure: Dynamics and Determinants." Journal of International Business and Economy 10, no. 2 (December 1, 2009): 1–38. http://dx.doi.org/10.51240/jibe.2009.2.1.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This paper uses the GMM estimator with target adjustment to examine the dynamics of capital structure in 28 countries. Firms are found to adjust their capital structures slowly to the target level indicating the existence of adjustment costs in the process of adjusting the debt level toward its target. Our results provide evidence that firms in common law countries, and in countries with better stock market development or liquidity, carry lower debt ratios indicating that the lower information asymmetry in these countries enhances the We find a positive relationship between corruption perception index. These results are found to vary among industry sectors in terms of the effect of these factors on the use of total and long-term debt ratios.

41

Gwatidzo, Tendai, Miracle Ntuli, and Mthokozisi Mlilo. "Capital structure determinants in South Africa: A quantile regression approach." Journal of Economic and Financial Sciences 9, no. 1 (December 18, 2017): 275–90. http://dx.doi.org/10.4102/jef.v9i1.42.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

Using data on 239 listed South African firms and covering the period 1996-2010, we apply a quantile regression approach to investigate the effect of capital structure determinants on leverage. The paper’s main contribution is to assess the effect of the predictor variables across the distribution of leverage. That is, does the effect of a capital structure determinant vary at different levels of leverage? With the exception of asset tangibility and age, whose effect increased with leverage, our results suggest that the importance of leverage determinants does not vary with leverage. This is an important result, as it suggests that for the case of South Africa, studies that estimate the correlates of leverage at the mean are still valid and appropriate.

42

Ilyukhin, Evgeny. "The Determinants of Capital Structure: Evidence from Russia." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 11, no. 4 (December 28, 2017): 54–69. http://dx.doi.org/10.17323/j.jcfr.2073-0438.11.4.2017.54-69.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The study aims to identify the capital structure determinants of the listed Russian firms. The determinants are the factors that would affect firm financial leverage. The capital structures theories and their applications are considered in the article. The study is based on a sample of 48 publicly-traded non-financial firms over the period 2009-2015. The random-effects model is employed for estimations while the OLS approach is used to measure the industry impact on capital structure. It is found that the most significant capital structure determinants of Russian firms are industry mean leverage, firm size with positive effect and growth opportunities with negative one. Profitability, non-debt tax shields and the stock market conditions with negative impact are less important. Business risk, growth opportunity measured as capital expenditures to total assets, tangibility of assets, uniqueness of assets, average tax rate, industry group of Energy firms, lending and inflation rates are irrelevant determinants. Another finding is that the Oil & Gas and Metal firms tend to have lower debt level compared to the firms from other industries.

43

Omet, Ghassan. "Ownership structure and capital structure: Evidence from the Jordanian capital market (1995-2003)." Corporate Ownership and Control 3, no. 4 (2006): 99–107. http://dx.doi.org/10.22495/cocv3i4p8.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The capital structure choice has generated a lot of interest in the corporate finance literature. This interest is due to several reasons including the fact that the mix of funds (leverage ratio) affects the cost and availability of capital and thus, firms’ investment decisions. To date, much of the empirical research has been applied on companies listed on advanced stock markets. This literature considered a variety of factors such as company size, profitability, asset tangibility, firm growth prospects and ownership structure as possible determinants of the capital structure choice. This paper examines the finances of Jordanian listed companies and the impact of their ownership structure on the capital structure choice. Based on a panel data methodology (1995-2003), the results indicate that while Jordanian companies are not highly leveraged, their ownership structure does have a significant impact on capital structure, and that much of the main-stream determinants of capital structure are applicable to the Jordanian scene.

44

A. El-Masry, Ahmed. "Capital structure and performance of Middle East and North Africa (MENA) banks: an assessment of credit rating." Banks and Bank Systems 11, no. 1 (April 25, 2016): 77–91. http://dx.doi.org/10.21511/bbs.11(1).2016.09.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The firm’s credit rating is an important communication tool and previous research has shown that many companies consider it important in capital structure decisions. This study examines the determinants of capital structure in MENA banks. In addition, it investigates the determinants of credit rating. Further, the impact of credit rating and capital structure on banks’ performance is examined. Therefore, this study is an attempt to answer the following questions: 1) what are the main determinants of capital structure? 2) how does credit rating affect capital structure? 3) what are the main determinants of credit rating? and 4) what is the effect of capital structure and credit rating on bank performance? The sample covers 169 banks and is divided into two sub-samples: rated (79) and non-rated banks (90). The results indicate that credit rating directly affects the capital structure decisions as rated banks use more debts than non-rated banks. Banks’ performance is positively associated with credit rating and negatively with the capital structure. This study has an implication on investors in their decisions to invest in the banking industry. It also helpful for policy makers to understand how bank’s capital structure behaves so they could take it into consideration when issuing new regulations such as Basel

45

Sahudin, Zahariah, Zuraidah Ismail, Saliza Sulaiman, Hamisah Abdul Rahman, and Mohd Nizam Jaafar. "Capital Structure Determinants of Shariah-compliant Firms." Journal of Emerging Economies and Islamic Research 7, no. 1 (January 31, 2019): 65. http://dx.doi.org/10.24191/jeeir.v7i1.7256.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This is a preliminary study developed to explore the determinants of capital structure of Shariah-compliant firms listed in Bursa Malaysia. This study is primarily motivated by the issue of the determinants still being inconclusive in the area of capital structure. The study is performed using the static models namely Pool Ordinary Least Square, Fixed Effect and Random Effect Model. Empirical analysis on the determinants reveals that country specific factor which is GDP and sector specific factor which is industry concentration are also significant in influencing the corporate financing decisions in this country along with firm specific factors such as efficiency, bankruptcy risk, profitability, tangibility, liquidity and size of the firm. The findings revealed that results are sensitive to models employed in the study. Nevertheless, the applicability of capital structure theories such as the trade-off theory, agency theory and pecking order theory diverge across sectors in Malaysia. The pecking order theory and agency theory are found to be the dominant theories governing the corporate financing decision in the country as well. It indicates strong evidence of hierarchy practised in firms’ financing decision. The finding on agency theory being dominant justifies the function of short-term debt as a controlling mechanism to mitigate the agency problem arises within firms across sectors.

46

Kaur, Ravneet. "Determinants of Capital Structure: A Literature Review." Asian Journal of Research in Banking and Finance 8, no. 8 (2018): 1. http://dx.doi.org/10.5958/2249-7323.2018.00052.4.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

47

Almanaseer, Sufian Radwan. "Determinants of Capital Structure: Evidence from Jordan." Accounting and Finance Research 8, no. 4 (November 6, 2019): 186. http://dx.doi.org/10.5430/afr.v8n4p186.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This study aimed to explore the determinants of the capital structure of the banks listed in the Amman Stock Exchange. A sample of 13 Jordanian commercial banks of 16 banks listed on the Amman Stock Exchange selected for the period 2008-2017. The current study applied a fixed-effects regression model by using e-views to analyze the relationship between financial leverage and firm characteristics such as Risk, Size, profitability, Growth, liquidity, Tax, Age, tangibility, and macroeconomic variables such as Gross Domestic Product, Inflation. The study finds a significant positive relationship between financial leverage, age, growth, risk, size, and tax. Also, the study finds a significant negative relationship between financial leverage with GDP, inflation, liquidity, profitability, and tangibility.

48

Pacheco, Luís, and Fernando Tavares. "Capital structure determinants of hospitality sector SMEs." Tourism Economics 23, no. 1 (September 21, 2016): 113–32. http://dx.doi.org/10.5367/te.2015.0501.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

The main objective of this article is to study the capital structure determinants of small and medium enterprises (SMEs) in the hospitality sector and how this can influence their level of indebtedness. Using panel data methodology and considering a sample of 43 Portuguese hotels, the authors study the capital structure determinants between 2004 and 2013. The study examines the indebtedness level in light of the two main theories – the Trade-off theory and the Pecking Order theory. The hospitality sector was chosen because of its importance in the Portuguese economy and because this particular sector has hardly been studied. In addition to total indebtedness, the authors extend the literature by analysing the differences between short-term and long-term indebtedness. The results obtained suggest that profitability, assets tangibility, firm dimension, total liquidity and risk are key factors affecting the capital structure of hospitality sector SMEs, while growth, other tax benefits and age were not deemed relevant. These results allow us to conclude that Trade-off and Pecking Order theories should not be considered in isolation to explain the capital structure of hospitality sector SMEs.

49

Alber, Nader, and Iman S. Youssef. "Capital Structure Determinants: A Cross-Country Analysis." International Business Research 13, no. 5 (April 28, 2020): 95. http://dx.doi.org/10.5539/ibr.v13n5p95.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Анотація:

This paper examines the capital structure across different countries from 2005 to 2015 in Egypt and other three selected countries namely: Turkey, Brazil and Argentina. The book leverage sensitivity to the explanatory variables (profitability, firm size, tangibility, volatility, GDP growth, inflation and stock market development) was examined. Specifically, this paper documents the determinants of capital structure in Egyptian listed non-financial firms and investigates how capital structure decisions in three other countries who are one-step ahead in terms of economic development entertain any unique features. Profitability was the only variable consistently highly significant with negative coefficient obtained in our regressions for four countries using GMM estimation method. Inconsistency of results for other variables prevailed. Findings reveal that Egyptian firms on average are not highly leveraged due to supply constraints on bank lending and demand constraints on consumer borrowing. The empirical evidence seems reasonably consistent with some versions of capital structure theory and other studies.

50

Matemilola, B. T., A. N. Bany-Ariffin, and Carl B. McGowan. "Unobservable effects and firm's capital structure determinants." Managerial Finance 39, no. 12 (October 14, 2013): 1124–37. http://dx.doi.org/10.1108/mf-08-2012-0187.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Статті в журналах з теми "Determinants of the capital structure"

Оформте джерело за APA, MLA, Chicago, Harvard та іншими стилями