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Leverage and firm performance : new evidence on the role of economic sentiment using accounting information
Kalantonis, Petros; Kallandranis, Christos; … - In: Journal of capital markets studies 5 (2021) 1, pp. 96-107
. Second, it is tested whether the behaviour of listed firms as regards to debt follows the pecking order theory. Design … heterogeneity is an important determinant towards the target leverage. A fixed effects estimation procedure, with robust intercepts … allowed to vary across firms, was employed to examine the relationship between leverage and performance. Findings - The …
Persistent link: https://www.econbiz.de/10012625044
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An investigation of the moderating effect of liquidity on the relationship between debt and financial performance of REITs in Malaysia : an optimal liquidity estimation
Zalina Zainudin; Mazhar Hallak Kantakji; Omer Bin Thabet; … - In: Contemporary economics 13 (2019) 3, pp. 225-238
constrained the ability of REITs to use internal earnings and that they have to rely on debt financing to support their funding … requirements. However, there is also some empirical evidence showing that the use of debt by REITs has adverse effects on the … to empirically examine how and to what extent the effects of debt on financial performance are contingent on other …
Persistent link: https://www.econbiz.de/10012176530
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Family ownership, workplace closure and the recession
Bryson, Alex; Dale-Olsen, Harald; Gulbrandsen, Trygve - 2016
Using nationally representative Norwegian data we show family-owned workplaces are less likely to close than observationally similar non-family-owned workplaces. But this changed during the Crisis when the family businesses' closure hazard soared. This hike in 2009 was not related to performance...
Persistent link: https://www.econbiz.de/10011457366
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Persistence and determinants of firm profit in emerging markets
Stephan, Andreas (contributor); Tsapin, Andriy (contributor) - 2008
The paper studies the persistence of profit and its determinants in emerging markets. We apply Markov chain analysis, dynamic panel GMM estimation, and quantile regression techniques to a panel of approximately 3,000 Ukrainian companies. The empirical results show a moderate level of profit...
Persistent link: https://www.econbiz.de/10003793077
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Why do firms switch their main bank? : theory and evidence from Ukraine
Stephan, Andreas; Tsapin, Andriy; Talavera, Oleksandr - 2009
Persistent link: https://www.econbiz.de/10003847800
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Competing with superstars
Ammann, Manuel; Horsch, Philipp; Oesch, David - 2015
This paper investigates the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to the award. The effect is more pronounced for...
Persistent link: https://www.econbiz.de/10011344197
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When heirs become major shareholders : evidence on tunneling and succession through related-party transactions
Kim, U-chʾan; Hwang, Sunwoo - 2014
In family firms, the succession of controlling equity stake to next generation is an issue of paramount importance. This, however, can be a major challenge in the presence of heavy inheritance or gift tax burden (high tax rate and absence of tax-saving vehicles, such as trusts or foundations)...
Persistent link: https://www.econbiz.de/10010355189
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Why do firms switch their main bank? : theory and evidence from Ukraine
Stephan, Andreas; Tsapin, Andriy; Talavera, Oleksandr - 2009
We examine why firms change their main bank and how this affects loans, interest payments and firm performance after switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and riskier companies are more likely to switch their main...
Persistent link: https://www.econbiz.de/10003844336
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Factors affecting firm competitiveness : evidence from an emerging market
Akben-Selcuk, Elif - In: International Journal of Financial Studies : open … 4 (2016) 2, pp. 1-10
to leverage and R&D expenditures. On the other hand, gross profit margin is positively related to size and international … sales, and negatively related to leverage and R&D expenditures. Finally, results show that Tobin's Q ratio is higher for … firms with higher levels of debt and higher liquidity levels. …
Persistent link: https://www.econbiz.de/10011474465
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The Impact of Privatization on State-Owned Enterprises Performance and Efficiency : Case Study of Sudan Airways
Mohamed, Issam A.W. - 2011
The current paper analyzes the impacts of privatization of Sudan air carrier, Sudan Airways. The hypothetical framework in this study is that alternative policies other than privatization are feasible. Sudan airways represents the sovereignty of the country carrying its flag, its objectives is...
Persistent link: https://www.econbiz.de/10013130174