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Capital structure – Romanian and Eastern-Europe companies
Liviu-Adrian - International Institute of Social and Economic Sciences - 2015
This paper analyses company’s capital structure using a sample of listed companies on a ten year period. It mainly tackles one of the most debated issues in corporate finance, the relationship between profitability and debt level of a company. Shareholder funds are considered at book value,...
Persistent link: https://www.econbiz.de/10011276199
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The Equity Risk Premium and the Required Share Returns in a Tobin’s q Model.
Madsen, Jakob B. - Economic Policy Research Unit (EPRU), Økonomisk Institut - 2003
Based on the Tobin’s q principle this paper shows that earnings per unit of capital and the output capital ratio are excellent measures of the required share returns because they are only temporarily affected by earnings shocks but are driven permanently by changes in required share returns....
Persistent link: https://www.econbiz.de/10005749954
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Capital structure’s explanatory factors : The Maghreb case
Hergli, Soumaya; Teulon, Frederic - Institut de Préparation à l'Administration et à la … - 2014
This article analyzes the determinants of capital structure of Tunisian companies in the light of various financial theories. We test empirically with a panel data approach, the three main theoretical frameworks addressing the capital structure of company; the Trade-off Theory, the Pecking Order...
Persistent link: https://www.econbiz.de/10010860534
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The Determinants of Capital Structure: An Empirical Investigation of Malaysian Listed Government Linked Companies
Wahab, Siti Nur Aqilah Ab; Ramli, Nur Ainna - In: International Journal of Economics and Financial Issues 4 (2014) 4, pp. 930-945
elements of leverage, book value of total debt ratio (BVTDR) and long term debt ratio (BVLTDR), were used to check for any … government, the study also concludes that GLCs are rely less on leverage to support their investment activities. …
Persistent link: https://www.econbiz.de/10010938160
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Determinants of Capital Structure : Evidence from a Major Developing Economy
Koksal, Bulent; Orman, Cuneyt - Türkiye Cumhuriyet Merkez Bankası - 2014
A major shortcoming of capital structure studies on developing economies is that they generally restrict their analyses to large publicly-traded manufacturing firms. Consequently, we know little about the applicability of various capital structure theories to firms that are private, small,...
Persistent link: https://www.econbiz.de/10010941442
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Determinants of Capital Structure in Non-Financial Companies
Kühnhausen, Fabian; Stieber, Harald W. - Volkswirtschaftliche Fakultät, … - 2014
leverage and depict differences in industry and country characteristics. Using a short panel data set with a large cross …-section, we are able to show that firm size, industry leverage, industry growth and tax shield positively affect leverage ratios …
Persistent link: https://www.econbiz.de/10011019340
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Corporate finance theories. Challenges and trajectories
TUDOSE, Mihaela Brînduşa - In: Management & Marketing 7 (2012) 2
The aim of this paper is to examine the evolution of corporate finance theories in order to outline already established and future trajectories. Compared with the earliest theories developed in the field (which mainly focused on the capital structure irrelevance), specialist literature has been...
Persistent link: https://www.econbiz.de/10011019869
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The determinants of the capital structure of listed on stock market non-financial firms: Evidence for Portugal
Vergas, Nelson; Cerqueira, António; Brandão, Elísio - Faculdade de Economia, Universidade do Porto - 2015
The capital structure of companies has given rise to many works of analysis of its determinants. The research has evaluated the relevance of the determinants of managers’ options when making a decision on the type of financing. The present study evaluates the effects on debt, of the...
Persistent link: https://www.econbiz.de/10011210846
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The Determinants of Capital Structure: An Empirical Investigation of Malaysian Listed Government Linked Companies
Wahab, Siti Nur Aqilah Ab; Ramli, Nur Ainna - In: International Journal of Economics and Financial Issues 4 (2014) 4, pp. 930-945
elements of leverage, book value of total debt ratio (BVTDR) and long term debt ratio (BVLTDR), were used to check for any … government, the study also concludes that GLCs are rely less on leverage to support their investment activities. …
Persistent link: https://www.econbiz.de/10011273127
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Determinants of Capital Structure: Evidence from a Major Emerging Market Economy
Bülent, Köksal; Cüneyt, Orman; Arif, Oduncu - Volkswirtschaftliche Fakultät, … - 2013
emerging market economy, Turkey. We study both statistical and economic significance of four types of leverage factors: Firm … inflation is an important determinant of leverage and the most economically significant macroeconomic factor. Moreover, we … provide evidence that firms adjust their leverage towards the industry median, that firms match the maturity of their assets …
Persistent link: https://www.econbiz.de/10011259490