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Determinants of corporate financing decisions: a survey evidence from Czech firms

Körner, Pavel; Jindřichovská, Irena - Institut ekonomických studií, Univerzita Karlova v Praze - 2008

This paper investigates the empirical evidence on determinants of financing decisions on the pool of respondents among financial managers of Czech firms. The theoretical section provides an overview of prominent contemporary theories on capital structure. Employing Chi-square Sign Test and Logit...

Persistent link: https://www.econbiz.de/10005698698

Operating Inflexibility, Profitability and Capital Structure

Chen, Nicholas Zhiyao; Harford, Jarrad; Kamara, Avraham - Henley Business School, University of Reading - 2013

that the negative relation between profitability and financial leverage is not evidence against the trade-off model … firms with higher inflexible operating costs precautionarily choose lower financial leverage ex ante to reduce the future … leverage. …

Persistent link: https://www.econbiz.de/10010800980

Taxation and capital structure: Empirical evidence from a quasi-experiment in China

An, Zhiyong - In: Journal of Corporate Finance 18 (2012) 4, pp. 683-689

China's new Corporate Income Tax Law was passed in March 2007 and took effect on January 1, 2008. It terminated the dual corporate income tax regime by removing the preferential tax treatments offered to foreign investment enterprises (FIEs) and unifying the corporate income tax regime for FIEs...

Persistent link: https://www.econbiz.de/10010599419

A New Test of Capital Structure

Mayer, Colin; Sussman, Oren - Department of Economics, Oxford University - 2003

leverage, consistent with a trade-off theory. We conclude that a combination of the pecking order and trade-off theories …

Persistent link: https://www.econbiz.de/10010661434

Credit supply and corporate capital structure: Evidence from Japan

Voutsinas, Konstantinos; Werner, Richard A. - In: International Review of Financial Analysis 20 (2011) 5, pp. 320-334

In this paper we examine how financial constraints, especially fluctuations in the supply of credit, affect the capital structure of 1537 publicly listed Japanese firms from 1980 to 2007, in a data set with 33,000 observations. It is one of the first studies to do so and is inspired by the...

Persistent link: https://www.econbiz.de/10010574542

Firm Size and Capital Structure Decisions: Evidence From Turkish Lodging Companies

Karadeniz, Erdinc; Kandir, Serkan Yilmaz; Iskenderoglu, Omer - In: International Journal of Economics and Financial Issues 1 (2011) 1, pp. 1-11

Aim of this study is to investigate the role of firm size on capital structure decisions of Turkish lodging companies. In this context, a survey questionnaire is developed and sent to unquoted Turkish lodging companies. 163 lodging companies answered the survey and they are classified according...

Persistent link: https://www.econbiz.de/10009144166

Capital structure determinants and the new High-Tech firms: The critical distinction between fixed and random effects through a static panel data investigation

Bouallegui, Imen - Volkswirtschaftliche Fakultät, … - 2006

The aim of our research is to study the association between observed leverage and a set of explanatory variables, using … profitable firms use less leverage. We also find that large companies tend to use more debt than smaller companies, and that … firms which have high operating risk can lower the volatility of the net profit by reducing the level of debt. Leverage is …

Persistent link: https://www.econbiz.de/10009019717

Evaluation of Different Approaches to Capital Structure Regulation

Schaeffler, Stephan - Fachbereich Wirtschaftswissenschaften, Universität … - 2012

With the introduction of incentive regulation in many network industries, different approaches how to remunerate invested capital have been used. Under incentive regulation, many regula-tors remunerate the regulated asset base with a weighted average cost of capital (WACC) based on a pre-defined...

Persistent link: https://www.econbiz.de/10011156756

The Pecking Order, Trade-off, Signaling, and Market-Timing Theories of Capital Structure: a Review

Miglo, Anton - Volkswirtschaftliche Fakultät, … - 2010

This paper surveys 4 major capital structure theories: trade-off, pecking order, signaling and market timing. For each theory, a basic model and its major implications are presented. These implications are compared to the available evidence. This is followed by an overview of pros and cons for...

Persistent link: https://www.econbiz.de/10011109227

Changes in Capital Structure of Czech SMEs: A Dynamic Panel Data Approach

Jindrichovska, Irena; Ugurlu, Erginbay; Kubickova, Dana - In: Ekonomika a managment 2013 (2013) 3, pp. 6-26

In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. The theoretical section provides an overview of contemporary theories of capital structure. According to the pecking order...

Persistent link: https://www.econbiz.de/10011195007