This paper analyses the financing decisions of publicly traded companies in Turkey by estimating a dynamic capital structure model and using a panel of 227 industrial firms during the period 1990 to 2002. The approach adopted in this study allows for unobserved time-invariant firm heterogeneity...

This paper examines the effect of capital structure on the firms' performance. The study collected data from seventeen firms listed on the Ghana Stock Exchange from 2009 to 2018. A quantitative research technique is used to collect data to test two hypotheses. Panel data regression is employed...

This paper examines the effect of state control and ownership structure on leverage decision of firms listed in Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have...

In this paper, we evaluate firm-, industry- and country-specific factors determining a firm's capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country...

Changes in corporate credit ratings affect subsequent capital structure decisions. The results for listed companies in our U.S. sample support Kisgen's (2006, 2009) credit rating-capital structure hypothesis. However, applying a system GMM system approach, the implications of this hypothesis are...

Using prospect theory, we develop a theoretical framework to examine the relationship between leverage and Real Estate Investment Trust (REIT) returns by introducing the concept of reference point. We postulate that firms' capital structure decisions are affected by a target leverage ratio...

The purpose of this study is to investigate empirically the impact of capital structure on firm performance. This study examined the impact of capital structure on firm performance of manufacturing sector SMEs in UK for the period of 1998-2008. The authors hypothesize that there is a negative...

The central objective of this study is to investigate and examine the effect which capital structure has had on corporate performance using a panel data sample representing of 167 Jordanian companies during 1989-2003. This paper also examines the effect which external shocks have had on...

Market imperfections such as taxes, asymmetric information and agency problems make capital structure decisions relevant to the value of the firm. More specially, the agency theory suggests that debt financing is one of the governance mechanisms to mitigate agency costs of equity capital and...

This study examines the impact of firm size on the effect of capital structure choice on the firm value in one of the emerging markets, Indonesia. The study of capital structure choice and firm value in emerging markets is captivating due to the different characteristics of its companies as...