The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273 companies in 2017 and the GMM dynamic paneldata approach with...

Excessive credit growth, poor risk assessment and lax lending standards in the run up to the 2008 global crisis led to unsustainable debt build-up in banks and related corporates. A weak framework for the governance of largely state-owned banks is likely to have contributed to the misallocation...

The aim of this study is to empirically investigate the role of firm- industry-, institutional-, and macroeconomic-factors on a firm's capital structure decision in the context of nine African countries. To this end, we consider a sample of 986 non-financial firms over a period of 10 years...

The study investigates the factors that influence dividend payout policy in public Pakistani manu- facturing companies throughout the timeframe 2010-20. Pooled OLS technique was used for regression purposes, as the majority of companies do not pay a dividend at all or do not do so regularly so...

Since its publication, the seminal structural model of default by <xref ref-type="bibr" rid="B45">Merton (1974) has become the workhorse for gaining insights about how firms choose their capital structure, a “bread and butter” topic for financial economists. Capital structure theory is inevitably linked to several...</xref>

This paper discusses the time-series cross-sectional (TSCS) regression and the prediction ability of the artificial neural network (ANN) by examining the panel data of debt ratios of the high tech industry in Taiwan. We build models with these two methods and eight determinants of debt ratio and...

This study investigates the empirical relationship between the use of derivatives by Korean banks and risk. In doing so, we employ two alternative measures of proxy for firm risk: systematic risk and ex ante earnings volatility.Contrary to the general concerns about the risk-increasing role of...

The cross-sectional technique of extreme bounds analysis (EBA) is used to identify the determinants of capital structure in a sample of Indonesian shareholding companies. Additional results are presented based on variable deletion and nonnested model selection tests. The results of traditional...

This paper examines the effect of the degree of internationalization on capital structure for multinational corporations (MNCs) in Taiwan during the Asian financial crisis in 1997 by using dummy variables in a multiple regression analysis. The results show that: (1) For the IT industry, the...

We examine the effect of the bond capital supply uncertainty of institutional investors (e.g., mutual bond funds and insurance companies) on the leverage of the firm using a novel data set. Our main finding is that the supply uncertainty of the firm's bond investor base — measured as (i) the...