This study examines the determinants of leverage for 170 Indian textile companies over the period of 2006-2010 using a fixed effects regression model. The results show that firm size, non-debt tax shields, and asset tangibility are positively related to leverage, while growth and profitability are negatively related to leverage. These results are consistent with theoretical predictions and previous research. The model explains 86% of the variation in leverage.
Economic value added (eva) and shareholders wealthAlexander Decker
This document summarizes a research study that examines the relationship between Economic Value Added (EVA) and shareholder wealth creation for selected automobile companies in India. The study uses factor analysis to identify factors that contribute most to shareholder wealth maximization. The results show that three factors were extracted from eight variables analyzed, explaining 69.902% of the total variance. Specifically, sales and profit after tax were found to have a stronger relationship with EVA than other variables. The document provides background on EVA and outlines the methodology used, including measurement of EVA, sample selection, and statistical analysis conducted.
11.economic value added (eva) and shareholders wealthAlexander Decker
This document summarizes a research study that examines the relationship between Economic Value Added (EVA) and shareholder wealth creation for selected automobile companies in India. The study uses factor analysis to identify factors that contribute most to shareholder wealth maximization. The results show that three factors were extracted from eight variables, explaining 69.902% of the total variance. Specifically, sales and profit after tax were found to have a stronger relationship with EVA than other variables. The document provides background on EVA and outlines the methodology used, including measurement of EVA, sample selection, and statistical analysis.
Overconfident CEOs tend to overestimate their abilities and the prospects of their firms. Two methods are commonly used to measure CEO overconfidence: an options-based measure and a press-based measure. A study finds that overconfident CEOs invest more in innovation as measured by patents. They achieve greater innovative output relative to R&D input. However, this does not necessarily translate to higher firm value. The study also finds that overconfident CEOs are more effective at exploiting growth opportunities and translating them into firm value, especially in innovative industries. The wealth effects of corporate decisions can extend to suppliers and customers through supply chain linkages. A study examines the stock price reactions of suppliers and customers around the bankruptcy filings
Capital structure determinants evidence from banking sector of pakistanAlexander Decker
This study examines the determinants of capital structure for banking firms in Pakistan using panel data analysis. The key determinants identified based on prior literature include firm size, profitability, gross domestic product, and tangible fixed assets. The study uses panel data models like least squares dummy variable, fixed effects, random effects, and pooled regression to analyze the relationships. Preliminary results provide support for theories like the pecking order theory, and find size and profitability to be negatively correlated with leverage. The results also have implications for managers in determining optimal capital structure levels.
Can CEO compensation be justified, at least statistically?Elias Sipunga
The document discusses a statistical analysis of factors that influence CEO compensation in large UK businesses. Univariate analyses found CEO salaries were highly skewed and not normally distributed. Bivariate tests showed CEOs who also serve as board chairperson earn significantly higher salaries on average (£481,286.51) than CEOs who do not chair the board (£281,149.70). Independent t-tests found this difference in mean logged salaries between the two groups was statistically significant.
This document outlines a study examining the impact of capital structure on firm value and investment decisions, with a focus on the moderating role of corporate tax changes. The study aims to analyze 200 Pakistani firms from 2003-2017 using panel data methodology and GMM regression. It develops four hypotheses related to the effects of capital structure on firm value and investment, and the moderating impact of taxes. A literature review covers prior research on the relationships between capital structure, firm value, investment decisions, and taxes. The methodology section outlines the sample selection, data collection from annual reports, and analysis approach.
This research investigates the determinants of the capital structure of firms listed service sector on BIST(Borsa Istanbul) and the adjustment process towards this target. The econometric analysis employs the Generalized Method of Moments estimators (GMM-Sys, GMM difference) techniques that controls for unobserved firm-specific effects and the endogeneity problem. The findings of the paper suggest that firms have target leverage ratios and they adjust to them relatively fast. Consistent with the predictions of capital structure theories and the findings of the empirical literature, the results of this paper suggest that size, assets tangibility, profitability, growth opportunity except earnings volatility have significant effects on the capital structure choice of hotels and restaurants.The capital structure or leverage is measured by total debt ratio. Analysis results indicates that firms with high profits, sizable, high fixed assets ratio and high total sales and more growth opportunities tend to have relatively less debt in their capital structures.
Economic value added (eva) and shareholders wealthAlexander Decker
This document summarizes a research study that examines the relationship between Economic Value Added (EVA) and shareholder wealth creation for selected automobile companies in India. The study uses factor analysis to identify factors that contribute most to shareholder wealth maximization. The results show that three factors were extracted from eight variables analyzed, explaining 69.902% of the total variance. Specifically, sales and profit after tax were found to have a stronger relationship with EVA than other variables. The document provides background on EVA and outlines the methodology used, including measurement of EVA, sample selection, and statistical analysis conducted.
11.economic value added (eva) and shareholders wealthAlexander Decker
This document summarizes a research study that examines the relationship between Economic Value Added (EVA) and shareholder wealth creation for selected automobile companies in India. The study uses factor analysis to identify factors that contribute most to shareholder wealth maximization. The results show that three factors were extracted from eight variables, explaining 69.902% of the total variance. Specifically, sales and profit after tax were found to have a stronger relationship with EVA than other variables. The document provides background on EVA and outlines the methodology used, including measurement of EVA, sample selection, and statistical analysis.
Overconfident CEOs tend to overestimate their abilities and the prospects of their firms. Two methods are commonly used to measure CEO overconfidence: an options-based measure and a press-based measure. A study finds that overconfident CEOs invest more in innovation as measured by patents. They achieve greater innovative output relative to R&D input. However, this does not necessarily translate to higher firm value. The study also finds that overconfident CEOs are more effective at exploiting growth opportunities and translating them into firm value, especially in innovative industries. The wealth effects of corporate decisions can extend to suppliers and customers through supply chain linkages. A study examines the stock price reactions of suppliers and customers around the bankruptcy filings
Capital structure determinants evidence from banking sector of pakistanAlexander Decker
This study examines the determinants of capital structure for banking firms in Pakistan using panel data analysis. The key determinants identified based on prior literature include firm size, profitability, gross domestic product, and tangible fixed assets. The study uses panel data models like least squares dummy variable, fixed effects, random effects, and pooled regression to analyze the relationships. Preliminary results provide support for theories like the pecking order theory, and find size and profitability to be negatively correlated with leverage. The results also have implications for managers in determining optimal capital structure levels.
Can CEO compensation be justified, at least statistically?Elias Sipunga
The document discusses a statistical analysis of factors that influence CEO compensation in large UK businesses. Univariate analyses found CEO salaries were highly skewed and not normally distributed. Bivariate tests showed CEOs who also serve as board chairperson earn significantly higher salaries on average (£481,286.51) than CEOs who do not chair the board (£281,149.70). Independent t-tests found this difference in mean logged salaries between the two groups was statistically significant.
This document outlines a study examining the impact of capital structure on firm value and investment decisions, with a focus on the moderating role of corporate tax changes. The study aims to analyze 200 Pakistani firms from 2003-2017 using panel data methodology and GMM regression. It develops four hypotheses related to the effects of capital structure on firm value and investment, and the moderating impact of taxes. A literature review covers prior research on the relationships between capital structure, firm value, investment decisions, and taxes. The methodology section outlines the sample selection, data collection from annual reports, and analysis approach.
This research investigates the determinants of the capital structure of firms listed service sector on BIST(Borsa Istanbul) and the adjustment process towards this target. The econometric analysis employs the Generalized Method of Moments estimators (GMM-Sys, GMM difference) techniques that controls for unobserved firm-specific effects and the endogeneity problem. The findings of the paper suggest that firms have target leverage ratios and they adjust to them relatively fast. Consistent with the predictions of capital structure theories and the findings of the empirical literature, the results of this paper suggest that size, assets tangibility, profitability, growth opportunity except earnings volatility have significant effects on the capital structure choice of hotels and restaurants.The capital structure or leverage is measured by total debt ratio. Analysis results indicates that firms with high profits, sizable, high fixed assets ratio and high total sales and more growth opportunities tend to have relatively less debt in their capital structures.
An examination of the diversification benefits of sri in a portfolio contextAlexander Decker
This document summarizes a research paper that examined the diversification benefits of socially responsible investments (SRI) in a portfolio context. The researchers formed two portfolios using Australian stock market data from 1994 to 2012 - one portfolio included SRI funds and the other did not. They found that the portfolio including SRI funds obtained a higher efficient frontier and risk-adjusted returns with lower value-at-risk, demonstrating the benefits of SRI for diversifying investment portfolios. Previous studies on SRI performance have shown mixed results, with some finding similar or higher returns compared to mainstream investments, while others found lower returns.
This paper scrutinizes Determinants of Capital Structure: A study on some selected corporate firms in Bangladesh. We have taken 10 out of 37 listed companies of DSE dividing into two sectors i.e. Pharmaceuticals and chemicals and Tannery sector, five years data from 2013 to 2017 has been collected from respective annual reports. Total number of observations was 50. There are different factors that affect a firm's capital structure decision. We use leverage (D/E ratio) as dependent variable and independent variables are profitability, tangibility, tax, size, growth, non-debt tax shield (NDTS) and financial costs. By using Descriptive Statistical Analysis, Correlation Analysis and Regression Analysis tools we find that Tangibility, size, NDTS, and financial costs are positively related with leverage and Profitability, tax, and growth are negatively related with leverage. In our analysis we see profitability, tangibility of asset, growth and non-debt tax shield have significant association. So when we take capital structure decision of the above firms we should consider profitability, tangibility of asset, growth and non-debt tax shield because other independent variables are insignificant in the context of Bangladesh economy.
This document summarizes a study that analyzes the impact of dividend announcements on stock prices of private commercial banks listed on the Dhaka Stock Exchange (DSE) in Bangladesh. The study examines stock price movements of 25 banks surrounding 44 days of dividend announcement dates. Based on prior literature and theories, the study hypothesizes that dividend announcements either do or do not contain price sensitive information that would impact stock prices. Using an event study methodology, the study analyzes daily stock price movements relative to dividend announcement dates to test this hypothesis. Preliminary results found stock price declines for some banks, rises for others, and no changes for some, with no statistically significant overall impact. This suggests that dividend announcements in this market may not contain
A study of selected manufacturing companies listed on colombo stock exchange ...Alexander Decker
This document summarizes a study that investigates factors that determine the profitability of selected
manufacturing companies listed on the Colombo Stock Exchange in Sri Lanka from 2008-2012. The study uses
multiple regression analysis to examine the relationship between independent variables like capital structure,
working capital, firm size, non-debt tax shield, growth rate and the dependent variable of profitability measured
by return on assets and return on equity. The results found that the independent variables explained 76.6% and
84.7% of the variance in profitability. Specifically, capital structure and non-debt tax shield had a statistically
significant positive impact on profitability, while working capital, growth rate and firm size did not
The determinants of corporate dividend policy an investigation of pakistani ...Alexander Decker
This document summarizes a study that investigates the determinants of corporate dividend policy in the Pakistani banking industry. The study analyzes 18 banks listed on the Karachi Stock Exchange from 2006 to 2011. It finds that 11 banks pay dividends while 7 do not. Profitability, firm size, and growth rate are positively correlated with dividend yield and payout ratio. Leverage and risk are inversely correlated. Banks that pay dividends are found to be more profitable, stable, and less risky compared to non-dividend paying banks. The study aims to identify dividend paying and non-paying banks, examine dividend distribution trends, distinguish characteristics of paying and non-paying banks, and investigate the association between firm
EFFECTS OF DIVIDENDS ON COMMON STOCK PRICES: THE NEPALESE EVIDENCESunny Shrestha
The document analyzes the effects of dividends on common stock prices in Nepal. It presents empirical models to test: whether dividends or retained earnings are more attractive to Nepalese stockholders; if there are economies of scale in dividend supply; and if share prices increase more or less than proportionately to changes in dividends or retained earnings. Regression analyses found that dividend coefficients were positive and significant, while retained earnings coefficients were negative, suggesting dividends are relatively more attractive to investors in Nepal. Lagged price variables helped control for firm effects and slow price adjustments.
This study examines the determinants of capital structure for 15 publicly traded Egyptian companies over 3 years from 2008-2010. Multiple regression analysis was used to analyze the relationship between debt ratio (dependent variable) and five independent variables: tangibility, liquidity, profitability, growth, and size. The results found a significant negative relationship between debt ratio and liquidity, as measured by quick ratio. No other significant relationships were found between debt ratio and the other independent variables. The study contributes to understanding capital structure determinants in the Egyptian market.
Eps and eva forecasting ability for industrial jordanian companiesAlexander Decker
This document summarizes a study that investigated the relationship between Economic Value Added (EVA) and Earnings per Share (EPS) for industrial Jordanian companies. The study aimed to determine whether current EVA provides incremental information for predicting future EPS beyond what is contained in current EPS and its components (cash flows from operations and accruals). Based on regression analyses of data from 39 industrial Jordanian companies over the period 2004-2009, the study found that current EPS and its components can predict future EPS, but current EVA does not contain incremental information for predicting future EPS beyond the information in current EPS components.
This document analyzes factors that affect dividend payout ratios using data from 38 companies in Pakistan from 2003-2011. It finds that liquidity, earnings per share, leverage, firm size are significantly related to dividend payout ratios across oil, cement, energy and sugar sectors. It also finds that dividend payout ratios are significantly related to future company growth. The study uses descriptive statistics, pooled least squares regression and examines variables like profitability, liquidity, leverage, growth and firm size on the dividend payout ratio.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
How firm characteristics affect capital structure in banking and insurance se...Alexander Decker
This document summarizes a study that examines the determinants of capital structure for banks and insurance companies in Pakistan. The study aims to determine which capital structure theories (pecking order theory, agency cost theory, trade-off theory) best explain the financing behaviors of these firms. The sample includes 22 banks and 24 insurance companies listed on the Karachi Stock Exchange from 2002-2009. Using regression analysis, the study finds that both pecking order theory and trade-off theory provide explanations, while little evidence supports agency cost theory. Firm characteristics like profitability and liquidity negatively impact debt ratios, while size and growth positively correlate with higher debt levels. Tangibility impacts leverage differently in the two sectors.
CÔNG TY CỔ PHẦN CÔNG NGHỆ TIME TRUE LIFE
57 - 59 Hồ Tùng Mậu, Phường Bến Nghé, Quận 1, HCM
Email: long.npb@ttlcorp.vn - Điện thoại: 08.71080888- 08.73080888
Hotline: 0986883886 - 0905710588
IP PBX | Call Center | Network | Contact Center | Hotline 1800 - 1900 | Hosted PBX | IP Centrex | Video Conference
Do conditional and unconditional conservatism impactAlexander Decker
This document summarizes a research paper that examines the impact of conditional and unconditional conservatism on earnings quality and stock prices in Egypt. The study uses data from the largest 30 Egyptian listed firms from 2005 to 2009. The results suggest that (1) conditional conservatism negatively affects both earnings quality and stock prices, and (2) unconditional conservatism does not affect earnings quality but has a negative association with stock prices. This is the first study to test the impact of both types of conservatism on earnings quality and stock prices in the Egyptian context.
11.do conditional and unconditional conservatism impactAlexander Decker
This document summarizes a research study that examined the impact of conditional and unconditional conservatism on earnings quality and stock prices in Egypt. The study used data from the largest 30 Egyptian listed firms from 2005 to 2009. The results suggest that (1) conditional conservatism negatively affects both earnings quality and stock prices, and (2) unconditional conservatism does not affect earnings quality but has a negative association with stock prices. This was the first study to test the impact of both types of conservatism on earnings quality and stock prices in the Egyptian context.
This paper reviews literature on the impact of dividend policy on shareholder wealth. Various studies have found both positive and negative relationships between dividend policy and shareholder wealth. Some key findings include:
- Studies using variables like dividend per share, retained earnings, and market share price have found dividend policy positively impacts share price.
- However, some studies found no relationship, instead finding that shareholder wealth is impacted by firm earnings, capital structure, and profitability rather than dividend policy.
- The paper discusses various theoretical perspectives including the "bird in hand" theory that dividends positively impact firm value by providing cash to shareholders.
This study examined the relationship between capital structure and firm performance of listed companies in Ghana from 2004 to 2008. Capital structure was represented by short term debt, long term debt, and total equity. Firm performance was measured using return on equity, return on assets, and return on total capital.
Regression analysis was conducted using these variables. The analysis found that short term debt, long term debt, and total equity accounted for a small percentage of the variations in return on equity, return on assets, and return on total capital. Specifically, short term debt and total equity had a positive relationship with performance measures, while long term debt had a negative relationship.
The study observed that listed Ghanaian companies rely heavily on short term debt
Static trade off theory or pecking order theory which one suits best to the f...Alexander Decker
This document summarizes a research study that investigated which capital structure theory (static trade-off theory or pecking order theory) best explains the financial behavior of Pakistan's leasing sector from 2001-2010. The study found that firm size had a negative and significant impact on leverage, while liquidity, tangibility, profitability, and capital intensity did not significantly influence leverage. This suggests the leasing sector follows pecking order theory in determining its capital structure based on these factors. The document provides context on Pakistan's leasing sector and reviews previous literature on theories of capital structure and factors that influence it.
Static trade off theory or pecking order theory which one suits best to the f...Alexander Decker
This document summarizes a research study that investigated factors influencing the capital structure of the leasing sector in Pakistan from 2001-2010. The study found that size of assets had a negative and significant impact on leverage for leasing companies. Liquidity, tangibility, profitability, and capital intensity did not significantly influence leverage. Therefore, the study concluded that Pakistan's leasing sector follows the pecking order theory in determining its capital structure based on these factors. The document provides context on the leasing sector in Pakistan and reviews several other studies on factors influencing capital structure decisions.
The Effect of Capital Structure on Profitability of Energy American Firms:inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Analyzing the impact of firm’s specific factors and macroeconomic factors on ...Alexander Decker
This document summarizes a research study that analyzed how firm-specific factors and macroeconomic factors impact the capital structure of small non-listed firms in Albania. The study used data from 69 firms over 2008-2011 to examine the relationship between total debt and eight independent variables: tangibility, liquidity, profitability, size, risk, non-debt tax shields, GDP growth, and interest rates. The results found that tangibility, profitability, size, risk, non-debt tax shields, GDP growth, and interest rates had a significant impact on leverage, while liquidity did not have a significant relationship.
Factors determining capital structure a case study of listedAlexander Decker
This document summarizes a research study that examined the factors determining capital structure of listed companies in Sri Lanka from 2002 to 2006. The study used a sample of 50 companies and analyzed the relationship between capital structure (leverage) and factors like tangibility, size, growth, profitability, liquidity and dividend payout. The results found that size, growth and profitability were statistically significant determinants of capital structure for Sri Lankan companies. The factors together explained 77% of the variation in capital structure.
An examination of the diversification benefits of sri in a portfolio contextAlexander Decker
This document summarizes a research paper that examined the diversification benefits of socially responsible investments (SRI) in a portfolio context. The researchers formed two portfolios using Australian stock market data from 1994 to 2012 - one portfolio included SRI funds and the other did not. They found that the portfolio including SRI funds obtained a higher efficient frontier and risk-adjusted returns with lower value-at-risk, demonstrating the benefits of SRI for diversifying investment portfolios. Previous studies on SRI performance have shown mixed results, with some finding similar or higher returns compared to mainstream investments, while others found lower returns.
This paper scrutinizes Determinants of Capital Structure: A study on some selected corporate firms in Bangladesh. We have taken 10 out of 37 listed companies of DSE dividing into two sectors i.e. Pharmaceuticals and chemicals and Tannery sector, five years data from 2013 to 2017 has been collected from respective annual reports. Total number of observations was 50. There are different factors that affect a firm's capital structure decision. We use leverage (D/E ratio) as dependent variable and independent variables are profitability, tangibility, tax, size, growth, non-debt tax shield (NDTS) and financial costs. By using Descriptive Statistical Analysis, Correlation Analysis and Regression Analysis tools we find that Tangibility, size, NDTS, and financial costs are positively related with leverage and Profitability, tax, and growth are negatively related with leverage. In our analysis we see profitability, tangibility of asset, growth and non-debt tax shield have significant association. So when we take capital structure decision of the above firms we should consider profitability, tangibility of asset, growth and non-debt tax shield because other independent variables are insignificant in the context of Bangladesh economy.
This document summarizes a study that analyzes the impact of dividend announcements on stock prices of private commercial banks listed on the Dhaka Stock Exchange (DSE) in Bangladesh. The study examines stock price movements of 25 banks surrounding 44 days of dividend announcement dates. Based on prior literature and theories, the study hypothesizes that dividend announcements either do or do not contain price sensitive information that would impact stock prices. Using an event study methodology, the study analyzes daily stock price movements relative to dividend announcement dates to test this hypothesis. Preliminary results found stock price declines for some banks, rises for others, and no changes for some, with no statistically significant overall impact. This suggests that dividend announcements in this market may not contain
A study of selected manufacturing companies listed on colombo stock exchange ...Alexander Decker
This document summarizes a study that investigates factors that determine the profitability of selected
manufacturing companies listed on the Colombo Stock Exchange in Sri Lanka from 2008-2012. The study uses
multiple regression analysis to examine the relationship between independent variables like capital structure,
working capital, firm size, non-debt tax shield, growth rate and the dependent variable of profitability measured
by return on assets and return on equity. The results found that the independent variables explained 76.6% and
84.7% of the variance in profitability. Specifically, capital structure and non-debt tax shield had a statistically
significant positive impact on profitability, while working capital, growth rate and firm size did not
The determinants of corporate dividend policy an investigation of pakistani ...Alexander Decker
This document summarizes a study that investigates the determinants of corporate dividend policy in the Pakistani banking industry. The study analyzes 18 banks listed on the Karachi Stock Exchange from 2006 to 2011. It finds that 11 banks pay dividends while 7 do not. Profitability, firm size, and growth rate are positively correlated with dividend yield and payout ratio. Leverage and risk are inversely correlated. Banks that pay dividends are found to be more profitable, stable, and less risky compared to non-dividend paying banks. The study aims to identify dividend paying and non-paying banks, examine dividend distribution trends, distinguish characteristics of paying and non-paying banks, and investigate the association between firm
EFFECTS OF DIVIDENDS ON COMMON STOCK PRICES: THE NEPALESE EVIDENCESunny Shrestha
The document analyzes the effects of dividends on common stock prices in Nepal. It presents empirical models to test: whether dividends or retained earnings are more attractive to Nepalese stockholders; if there are economies of scale in dividend supply; and if share prices increase more or less than proportionately to changes in dividends or retained earnings. Regression analyses found that dividend coefficients were positive and significant, while retained earnings coefficients were negative, suggesting dividends are relatively more attractive to investors in Nepal. Lagged price variables helped control for firm effects and slow price adjustments.
This study examines the determinants of capital structure for 15 publicly traded Egyptian companies over 3 years from 2008-2010. Multiple regression analysis was used to analyze the relationship between debt ratio (dependent variable) and five independent variables: tangibility, liquidity, profitability, growth, and size. The results found a significant negative relationship between debt ratio and liquidity, as measured by quick ratio. No other significant relationships were found between debt ratio and the other independent variables. The study contributes to understanding capital structure determinants in the Egyptian market.
Eps and eva forecasting ability for industrial jordanian companiesAlexander Decker
This document summarizes a study that investigated the relationship between Economic Value Added (EVA) and Earnings per Share (EPS) for industrial Jordanian companies. The study aimed to determine whether current EVA provides incremental information for predicting future EPS beyond what is contained in current EPS and its components (cash flows from operations and accruals). Based on regression analyses of data from 39 industrial Jordanian companies over the period 2004-2009, the study found that current EPS and its components can predict future EPS, but current EVA does not contain incremental information for predicting future EPS beyond the information in current EPS components.
This document analyzes factors that affect dividend payout ratios using data from 38 companies in Pakistan from 2003-2011. It finds that liquidity, earnings per share, leverage, firm size are significantly related to dividend payout ratios across oil, cement, energy and sugar sectors. It also finds that dividend payout ratios are significantly related to future company growth. The study uses descriptive statistics, pooled least squares regression and examines variables like profitability, liquidity, leverage, growth and firm size on the dividend payout ratio.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
How firm characteristics affect capital structure in banking and insurance se...Alexander Decker
This document summarizes a study that examines the determinants of capital structure for banks and insurance companies in Pakistan. The study aims to determine which capital structure theories (pecking order theory, agency cost theory, trade-off theory) best explain the financing behaviors of these firms. The sample includes 22 banks and 24 insurance companies listed on the Karachi Stock Exchange from 2002-2009. Using regression analysis, the study finds that both pecking order theory and trade-off theory provide explanations, while little evidence supports agency cost theory. Firm characteristics like profitability and liquidity negatively impact debt ratios, while size and growth positively correlate with higher debt levels. Tangibility impacts leverage differently in the two sectors.
CÔNG TY CỔ PHẦN CÔNG NGHỆ TIME TRUE LIFE
57 - 59 Hồ Tùng Mậu, Phường Bến Nghé, Quận 1, HCM
Email: long.npb@ttlcorp.vn - Điện thoại: 08.71080888- 08.73080888
Hotline: 0986883886 - 0905710588
IP PBX | Call Center | Network | Contact Center | Hotline 1800 - 1900 | Hosted PBX | IP Centrex | Video Conference
Do conditional and unconditional conservatism impactAlexander Decker
This document summarizes a research paper that examines the impact of conditional and unconditional conservatism on earnings quality and stock prices in Egypt. The study uses data from the largest 30 Egyptian listed firms from 2005 to 2009. The results suggest that (1) conditional conservatism negatively affects both earnings quality and stock prices, and (2) unconditional conservatism does not affect earnings quality but has a negative association with stock prices. This is the first study to test the impact of both types of conservatism on earnings quality and stock prices in the Egyptian context.
11.do conditional and unconditional conservatism impactAlexander Decker
This document summarizes a research study that examined the impact of conditional and unconditional conservatism on earnings quality and stock prices in Egypt. The study used data from the largest 30 Egyptian listed firms from 2005 to 2009. The results suggest that (1) conditional conservatism negatively affects both earnings quality and stock prices, and (2) unconditional conservatism does not affect earnings quality but has a negative association with stock prices. This was the first study to test the impact of both types of conservatism on earnings quality and stock prices in the Egyptian context.
This paper reviews literature on the impact of dividend policy on shareholder wealth. Various studies have found both positive and negative relationships between dividend policy and shareholder wealth. Some key findings include:
- Studies using variables like dividend per share, retained earnings, and market share price have found dividend policy positively impacts share price.
- However, some studies found no relationship, instead finding that shareholder wealth is impacted by firm earnings, capital structure, and profitability rather than dividend policy.
- The paper discusses various theoretical perspectives including the "bird in hand" theory that dividends positively impact firm value by providing cash to shareholders.
This study examined the relationship between capital structure and firm performance of listed companies in Ghana from 2004 to 2008. Capital structure was represented by short term debt, long term debt, and total equity. Firm performance was measured using return on equity, return on assets, and return on total capital.
Regression analysis was conducted using these variables. The analysis found that short term debt, long term debt, and total equity accounted for a small percentage of the variations in return on equity, return on assets, and return on total capital. Specifically, short term debt and total equity had a positive relationship with performance measures, while long term debt had a negative relationship.
The study observed that listed Ghanaian companies rely heavily on short term debt
Static trade off theory or pecking order theory which one suits best to the f...Alexander Decker
This document summarizes a research study that investigated which capital structure theory (static trade-off theory or pecking order theory) best explains the financial behavior of Pakistan's leasing sector from 2001-2010. The study found that firm size had a negative and significant impact on leverage, while liquidity, tangibility, profitability, and capital intensity did not significantly influence leverage. This suggests the leasing sector follows pecking order theory in determining its capital structure based on these factors. The document provides context on Pakistan's leasing sector and reviews previous literature on theories of capital structure and factors that influence it.
Static trade off theory or pecking order theory which one suits best to the f...Alexander Decker
This document summarizes a research study that investigated factors influencing the capital structure of the leasing sector in Pakistan from 2001-2010. The study found that size of assets had a negative and significant impact on leverage for leasing companies. Liquidity, tangibility, profitability, and capital intensity did not significantly influence leverage. Therefore, the study concluded that Pakistan's leasing sector follows the pecking order theory in determining its capital structure based on these factors. The document provides context on the leasing sector in Pakistan and reviews several other studies on factors influencing capital structure decisions.
The Effect of Capital Structure on Profitability of Energy American Firms:inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Analyzing the impact of firm’s specific factors and macroeconomic factors on ...Alexander Decker
This document summarizes a research study that analyzed how firm-specific factors and macroeconomic factors impact the capital structure of small non-listed firms in Albania. The study used data from 69 firms over 2008-2011 to examine the relationship between total debt and eight independent variables: tangibility, liquidity, profitability, size, risk, non-debt tax shields, GDP growth, and interest rates. The results found that tangibility, profitability, size, risk, non-debt tax shields, GDP growth, and interest rates had a significant impact on leverage, while liquidity did not have a significant relationship.
Factors determining capital structure a case study of listedAlexander Decker
This document summarizes a research study that examined the factors determining capital structure of listed companies in Sri Lanka from 2002 to 2006. The study used a sample of 50 companies and analyzed the relationship between capital structure (leverage) and factors like tangibility, size, growth, profitability, liquidity and dividend payout. The results found that size, growth and profitability were statistically significant determinants of capital structure for Sri Lankan companies. The factors together explained 77% of the variation in capital structure.
- The document analyzes the relationship between capital structure and firm value for metal, metal products and mining sector firms in India over a nine-year period.
- It finds a negative relationship between return on assets and financial leverage, and a positive relationship between debt-to-assets ratio and financial leverage for these firms.
- Operating profit margin is positively related to financial leverage, while financial leverage and firm size are negatively related. Overall, the study shows capital structure influences firm value in the metal, metal products and mining sectors in India.
Capital structure determinants evidence from banking sector of pakistanAlexander Decker
This study examines the determinants of capital structure for banking firms in Pakistan using panel data analysis. The key determinants analyzed are firm size, profitability, gross domestic product, tax rates, and tangible fixed assets. The study develops hypotheses based on pecking order theory, trade-off theory, and agency theory. Regression models are used including pooled regression, fixed effects, random effects, and seemingly unrelated regressions. Results are expected to provide insights for managers on optimal capital structure decisions, especially in the banking sector.
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11.the determinants of leverage of the listed textile companies in india
1. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol 3, No.12, 2011
The Determinants of Leverage of the Listed-Textile Companies in
India
Liaqat Ali
Assistant Professor, School of Management Studies
Punjabi University, Patiala, Punjab, India
E-mail: ali.liaqat@mail.com
Abstract
This study examines the determinants of leverage of Indian textile firms using panel data analysis. The sample
of the study covers 170 Indian textile companies listed on the Bombay Stock Exchange covering the period from
2006 to 2010. Fixed effects regression model was used for the analysis of penal data of sample companies. Firm
size, growth in total assets, non-debt tax shields, profitability and asset tangibility are used as explanatory
variables, while leverage ratio is the dependent variable in the model. The results show that the variables of size,
non-debt tax shields, and tangibility have highly significant positive relationship with the leverage ratio
(p<0.01), while on the contrary, growth and profitability have highly significant negative relationship with debt
ratio (p<0.01). The results are generally consistent with theoretical predictions as well as previous research
papers. This paper adds to the existing literature on the relationship between the firm specific factors and
leverage
Keywords: leverage, capital structure, firm-specific factors, textile industry, penal data
1. Introduction
The modern theory of capital structure began with the landmark paper of Modigliani and Miller published in
1958. In this paper, they argued the irrelevance of capital structure to the value of firm under certain restrictive
assumptions – no transaction costs, the equality of lending and borrowing rates, no bankruptcy costs, and
absence of corporate taxes. The theoretical and empirical literature developed over a period of time suggests
that, once the restrictive assumptions are relaxed, firms are able to change their value by altering their leverage
or debt-equity ratio. The research in the capital structure field is dominated by two principal theories (1) the
trade-off theory and (2) pecking-order theory. The trade-off theory of capital structure is established around the
concept of target capital structure that balances between the benefit of debt-tax shields and cost (excess risk-
taking by shareholders) of debt financing. In contrast, the pecking-order theory, developed by Myers and Majluf
(1984), suggests that managers do not seek to maintain a specific capital structure. Firms prefer to issue debt
rather than equity if internally generated cash flows are not sufficient; external equity is offered only as a last
resort when company runs out of its debt capacity as informational asymmetry between managers and investors
make it costly to raise funds through equity. Asymmetric information term indicates that managers and other
insiders have more information about the firms’ prospects and risks than do outside investors. Investors,
realising this, judge that managers are more likely to offer equity when shares are over-valued. Due to this,
investors price equity issues at a discount. Thus, according to pecking-order theory, in general it will be the
cheapest for a firm to use from the least to the most expensive source of finance in the following order: internal
financing, bank debt, bond market debt, convertible bonds, preference capital, and common equity (Myers,
1984).
The purpose of present study is to investigate the determinants of leverage (or capital structure) decision of
Indian textile firms based on a panel data set over a period of five years from 2006-2010 comprising of 170
companies.
The remainder of this paper is organized as follows: section 2 briefly discusses the determinants of leverage.
Next, section 3 describes the data, while section 4 presents methodology. Section 5 discusses the results, and
finally Section 6 concludes the paper.
2. Determinants of Leverage
Literature on the subject matter suggests a number of factors, which may affect firms’ financing decision. See,
for example, Titman & Wessles (1988), Harris & Raviv (1991), Rajan & Zingales (1995), Huang & Song
54 | P a g e
www.iiste.org
2. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol 3, No.12, 2011
(2002), Akhtar & Oliver (2009) and references cited therein. This study examines the impact of five firm-
specific factors – firm size, firm growth rate, non-debt tax shields, profitability, and asset tangibility, on the
leverage decision of textile companies in India.
Firm size is measured by taking the natural logarithm of the total assets. The trade-off theory expects a positive
relation between leverage and firm size. Since larger firms are likely to be more diversified, have more stable
cash flows; lower bankruptcy risk, and have relatively easier access to credit markets. Firm size has been found
to be a positive determinant of leverage in most of the empirical studies (e.g., Agrawal & Nagarajan, 1990;
Rajan & Zingales, 1995; Wald 1999; Buferna et al., 2005; Supanvanij, 2006; and Akhtar & Oliver, 2009).
However, with respect to the pecking order theory, larger firms are expected to have lower information
asymmetries making equity issues more attractive. Rajan & Zingales (1995) also argued that the relationship
between firm size and leverage should be negative.
Growth is measured as the change in total assets between two consecutive years divided by previous year total
assets. Growth opportunities are viewed as intangible assets of firm. Firms with significant future growth
opportunities are likely to face difficulties in raising finance from debt market because intangible assets are not
fully collateralisable. Thus, firms with high intangible growth opportunities will use more of equity rather than
debt in their capital structure. The empirical studies that support the above theoretical prediction include: Titman
& Wessels, 1988; Rajan & Zingales, 1995; Gaud et al. 2005; and Akhtar & Oliver, 2009. However, pecking
order theory suggests that firms with high growth opportunities are anticipated to have higher information
asymmetries, and are expected to have more of debt and less of equity in their capital structure.
Non-debt tax shield (NDTS) is defined as a ratio of total annual depreciation to total assets. Non-debt tax shields
such as tax deduction for depreciation and investment tax credits are considered to be the substitutes for tax
benefits of debt financing (DeAngelo & Masulis, 1980). Therefore non-debt tax shields are expected to have
negative impact on leverage. The empirical studies that support above theoretical prediction include Kim &
Sorensen (1986), Wald (1999) and Huang & Song (2002).
Profitability is defined as earnings before interest and taxes scaled by book value of assets. The pecking-order
theory postulates that firms with higher profits (high internally generated funds) prefer to borrow less because it
is easier and more cost effective to finance from internal fund sources. So, as per this theory, there will be a
negative relation between leverage and profitability. In contrast, trade-off theory suggests that this relationship
would be positive. Since profitable firms are less likely to go bankrupt, and hence can avail more debt at cheaper
rates of interest. But most empirical studies find a negative relationship between leverage and profitability in
line with the pecking-order theory (e.g., Titman & Wessels, 1988; Rajan & Zingales, 1995; Wald, 1999; Chen,
2003; Supanvanij, 2006; Kim & Berger, 2008; and Akhtar & Oliver, 2009, among many others).
Tangibility is measured as a ratio of net fixed assets divided by total assets. Since tangible assets are used as
collateral, firms with large amount of fixed assets can borrow on favourable terms by providing the security of
these assets to the lenders. Therefore, a high ratio of fixed assets-to-total assets should have a positive impact on
firm leverage. Empirical as well as theoretical studies generally predict a positive relation between leverage and
asset tangibility. The positive relation between tangibility and leverage is found in Titman & Wessels (1988),
Rajan & Zingales (1995), Wald (1999), Chen (2003), Supanvanij (2006), and Akhtar & Oliver (2009).
This study expects a positive impact of firm size and tangibility on leverage, and a negative relationship of
growth, NDTS and profitability with leverage. The leverage ratio, Leverage, is measured as book value of long-
term debt/book value of total assets. Table 1 summarizes the determinants of leverage, theoretical predicted
effects of explanatory variables on leverage and the results of major empirical studies.
Table 1: Definitions of Explanatory Variables, Theoretical Predicted Sings of Relationship and the Results of
Major Empirical Studies
Theoretical Signs of major
Variables Definitions
predictions empirical studies
Size Natural log of total assets + (trade-off)
+
-(pecking order)
Growth Annual change in the book value of total assets -(trade-off)
-
+(pecking order)
55 | P a g e
www.iiste.org
3. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol 3, No.12, 2011
NDTS Total annual depreciation/total assets -(trade-off)
-
Profitability Earnings before interest and taxes/book value of assets + (trade-off)
-
-(pecking order)
Tangibility Net fixed assets/total assets + (trade-off)
+
+(pecking order)
3. The Data
This study investigates the impact of five firm-specific variables on firms’ leverage choice decision. The
sample of study contains 170 Indian companies in the textile Industry listed on the Bombay Stock Exchange
(BSE) whose published financial information for the period 2005-2010 was constantly available on CMIE
PROWESS database as of March 31, 2011. The panel data analysis is done for observations of five consecutive
years starting from 2006-2010. In this way, the sample of the study consists of 850 firm-year observations.
Table 2: Descriptive Statistics of Leverage and Explanatory Variables (N = 170)
2006 2007 2008 2009 2010
Mean Std. dev Mean Std. dev Mean Std. dev Mean Std. dev Mean Std. dev
Leverage 0.3888 0.1749 0.4237 0.1808 0.4399 0.1856 0.4475 0.2000 0.4411 0.2069
Size 4.8023 1.3880 5.0494 1.4125 5.1965 1.4572 5.2441 1.5073 5.3768 1.4896
Growth 0.3740 1.4881 0.3524 0.5084 0.1836 0.2603 0.0755 0.2478 0.3490 2.3981
NDTS 0.0399 0.0193 0.0380 0.0191 0.0388 0.0193 0.0399 0.0194 0.0387 0.0207
Profitability 0.0873 0.0602 0.0767 0.0695 0.0641 0.0611 0.0340 0.0827 0.0619 0.1234
Tangibility 0.4604 0.1604 0.4808 0.1695 0.4698 0.1724 0.4819 0.1751 0.4543 0.1750
Table 2 presents the descriptive statistics of leverage and other firm-specific factors for all 170 firms during the
period 2006-2010. During the period 2006-2010, leverage and total assets increased constantly. Over the same
periods of time, annual change in assets, non-debt tax shields (depreciation), profitability and assets tangibility
remained reasonably stable. On the other hand, there was a decline in the firm growth rate and profitability
during the year ending March 31, 2009, due to appreciation in the value of Indian rupee against US dollar and
the resulting decline in the value of textile exports from India.
4. Methodology
This paper uses panel data set over a period of five years between 2006-2010 to investigate the linkage between
leverage and the firm specific factors. Three alternative methods of penal data regression i.e. pooled-ordinary
least squares (OLS) method, fixed effects method, and random effects method can be employed to estimate the
model of leverage. The simple pooled OLS method assumes no firm or time-specific effects and if they are, then
least squares estimators will be a compromise, not likely to be a good predictor of the cross-section units over a
period of time. The redundant fixed effects tests were employed to test the null hypothesis of no fixed effects in
the cross-sectional and time series data. The results in Table 3 indicate that cross-section fixed effects are
significant whereas period fixed effects are found to be non-significant. Thus, the simple pooled OLS regression
model is not appropriate for this panel data set.
Table 3: Redundant Fixed Effects Tests
Effects Test Statistic d.f. p-value
Cross-section F 16.036 (169,671) 0.0000
Cross-section Chi-square 1374.611 169 0.0000
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Period F 0.762 (4,671) 0.5505
Period Chi-square 3.850 4 0.4266
Cross-Section/Period F 15.719 (173,671) 0.0000
Cross-Section/Period Chi-square 1376.924 173 0.0000
Table 4: Correlated Random Effects -Hausman Test
Effects Test Chi-square statistic Chi-square d.f. p-value
Cross-section random 23.4556 5 0.0003
Table 4 describes the results of Hausman (1978) specification test for the selection of fixed effects model versus
random effects model. Hausman test for cross-section random effects has Chi-square test statistic = 23.4556,
Chi-square d.f. = 5 with p-value = 0.0003. The null hypothesis of cross-section random effects is rejected. In this
case, the fixed effects estimation is preferred to random effects model. The fixed effects regression equation can
be expressed as:
Leverage i t = α i + β1 Size i t+ β 2 Growth i t+ β3 NDTS i t+ β 4 Profitability i t + β 5 Tangibility i t + ε i t
Where i =1, 2, 3,…, 170 for the sample companies, and t = 1, 2, 3, 4, 5 (time period). α is the intercept of the
equation. β1, β2, β3, β4, β5 = are the coefficients for the five explanatory variables in the model. ε represents the
error term.
5. Empirical Results
The estimation results using Eviews 7.1 in Table 5 indicate that estimated coefficients of all the five explanatory
variables used in the model – firm size, growth of the firm, non-debt tax shields, profitability, and asset
tangibility are significant at 1 percent level of significance. The results of the study are generally consistent with
a priori expectations. R-squared statistic shows that approximately 86 percent of variation in the firm’s leverage
can be explained by movements in the value of independent variables used in the model and the rest of 14
percent is due to the extraneous factors. F-statistic indicates that overall significance or goodness of fitness of
the model is very high.
Table 5: Results of Fixed Effects Estimation
Predictors Coefficient Std. Error t-statistic p-value
(Constant) -0.1166 0.0474 -2.4576 0.0142
Size (Ln assets) 0.0829 0.0087 9.5455 0.0002
Growth -0.0100 0.0027 -3.7556 0.0000
NDTS 1.1758 0.3049 3.8567 0.0001
Profitability -0.1669 0.0446 -3.7394 0.0002
Tangibility 0.1849 0.0388 4.7694 0.0000
No. of Observations = 850
R2 =0.8601
Adjusted R2 = 0.8240
S.E. of regression = 0.0800
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F-statistic = 23.8470
Prob(F-statistic) =0.0000
Durbin-Watson stat = 1.3430
Firm size has a positive impact on leverage consistent with the predictions of trade-off theory, and with the
findings of Rajan & Zingales (1995), Pandey (2001), Buferna et al. (2005), Supanvanij (2006), and Akhtar &
Oliver (2009). This finding indicates that large textile firms in India use more debt as compared to small firms.
The relationship between leverage and growth in total assets is found to be negative, and is consistent with the
predictions of trade-off theory. This finding is also consistent with other studies including Smith and Watts
(1992), Barclay & Smith (2005), Buferna et al. (2005), Supanvanij (2006), and Akhtar & Oliver (2009). This
result indicates that growing textile firms in India rely less on debt and more on internal funds (retained
earnings) or equity to finance their fresh investment opportunities.
The non-debt tax shields (NDTS) are positively related to leverage contrary to the predictions of trade-off theory.
This finding is also in contrast with the predictions of DeAngelo & Masulis (1980) that non-debt tax shields can
serve as an alternative to debt tax shield. However, the positive association between NDTS and leverage is in
line with Bradley et al. (1984). One possible explanation for this finding may be that expected income streams
of textile firms in India, against which interest expenses and NDTS (depreciation), can be deducted are very
high as compared to the total of debt and non-debt tax deductions. Therefore, depreciation does not work as a
substitute to the tax benefits of debt financing in the Indian textile firms. The regression co-efficient suggests
that for a 1 percent increase in depreciation (NDTS), firm’s debt-equity ratio will increase by about 1.1758
percent.
Tangibility or collateral value of assets is estimated to have positive impact on leverage. This finding is in line
with the findings of previous studies such as Titman and Wessels, (1988), Rajan & Zingales (1995), Wald
(1999), Supanvanij (2006), Akhtar & Oliver (2009). This result indicates that with a 1 percent increase in the
firm’s collateralisable assets, relative to total assets, there is 0.1849 percent rise in debt-equity ratio or leverage
ratio of firm.
Profitability is negatively associated with the leverage, and is consistent with the predictions of pecking-order
theory. This result is also consistent with most previous studies (e.g., Rajan & Zingales, 1995; Wald, 1999;
Chen, 2003; Supanvanij, 2006; and Akhtar & Oliver, 2009, among others). The coefficient estimate of -0.1669
implies that, for a 1 percent increase in the earnings before interest and taxes, relative to total assets, the debt-
equity ratio of firm will decline by about 0.1669 percent. This finding suggests that textile firms in India prefer
to finance new investments using internal fund sources or external equity.
6. Conclusion
The results of the study based on the fixed effect estimation show that all the five explanatory variables in the
model: firm size, growth, non-debt tax shields, profitability, and asset tangibility have strong significant
influence on firm’s leverage. The positive effect of firm size, tangibility and a negative effect of firm growth,
and profitability, on leverage confirm the predictions of capital structure theories as well as previous research
papers. The results of the present study have delivered some insights into the financing behavior of Indian
textile firms. Nevertheless, this study covers only the determinants of long term debt-to-assets of sample textile
companies. Future research may investigate the determinants of short term debt-to-assets and total debt- to-
assets.
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6. European Journal of Business and Management www.iiste.org
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Vol 3, No.12, 2011
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