Capital Structure And Firm Performance
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Capital Structure And Firm Performance
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Author : Arvin Ghosh
language : en
Publisher: Transaction Publishers
Release Date : 2011-12-31
Capital Structure And Firm Performance written by Arvin Ghosh and has been published by Transaction Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-31 with Business & Economics categories.
Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory. Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure. A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.
Capital Structure And Firm Performance
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Author : Ewelina Sokołowska
language : en
Publisher: Taylor & Francis
Release Date : 2024-12-11
Capital Structure And Firm Performance written by Ewelina Sokołowska and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-11 with Business & Economics categories.
In the complex world of finance, understanding the relationship between a company's capital structure and its overall performance is crucial. This book offers a comprehensive exploration of the interdependence between capital structure decisions and business performance, with a specific focus on German-listed companies. It provides valuable insights into the intricate dynamics of corporate finance. Through a blend of theoretical frameworks, empirical research, and practical applications, the book presents readers with a thorough understanding of how capital structure decisions impact a company's profitability, risk profile, and long-term sustainability. From traditional theories of capital structure to cutting-edge empirical methodologies, the book outlines the latest developments in the field, offering practical tools and strategies for optimising financial decision-making. Moreover, the book explores how different regions and global trends influence capital structure decisions, providing a comprehensive examination of varying practices and the factors that shape them. It delves into specific aspects influencing global capital structures, including an analytical comparison of capital structures across key global markets such as the United States, the European Union, and China. This comparison highlights how economic, cultural, and market dynamics influence corporate leverage decisions. The impact of technological innovations and their role in reshaping financial strategies are also discussed. Designed for scholars, researchers, and advanced students in finance and economics, this book serves as a definitive reference for understanding the complex dynamics of corporate finance. With its rigorous analysis and practical insights, it equips readers with the knowledge and analytical tools needed to navigate the challenges of capital structure decision-making in today's dynamic business environment.
Capital Structure And Firm Performance Evidence From Japan Nikkei 225
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Author : Tobias Burkhart
language : en
Publisher: GRIN Verlag
Release Date : 2021-08-09
Capital Structure And Firm Performance Evidence From Japan Nikkei 225 written by Tobias Burkhart and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-09 with Business & Economics categories.
Master's Thesis from the year 2020 in the subject Business economics - Investment and Finance, grade: 1,3, University of Greenwich, language: English, abstract: This study investigates what kind of impact different leverage ratios have on firm performance measurements Return on Assets, Return on Equity and Tobin’s Q in selected firms listed on Nikkei 225 stock market (excluding Finance & Technology Sector). Furthermore, the influence of sector specific and possible control variables on capital structure (using long- & short-debt ratios) as well as firm performance will be analysed. The sample derive from 165 firms during the time period from 2014 to 2019 and analysed by using various Models multiple regression analysis. Control variables Size and Growth show a clear positive effect on firm performance. In contrast, Tangibility has a negative impact on the model in which all companies are included, but has more positive coefficients in the model in which companies are divided into their industries. Additionally, this study suggests that the effect of leverage on firm performance differs among industries. Short- and long-term debt has positive impacts on different firm performance measurements by the Materials, Reals Estate, Energy and Communication Services Sector.
Capital Structure And Firm Performance
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Author : Allen N. Berger
language : en
Publisher:
Release Date : 2002
Capital Structure And Firm Performance written by Allen N. Berger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Banks and banking categories.
Capital Structure And Firm Value
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Author : Dr. Maloth Raghu Ram
language : en
Publisher: Readworthy
Release Date : 2018-12-03
Capital Structure And Firm Value written by Dr. Maloth Raghu Ram and has been published by Readworthy this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-03 with Business & Economics categories.
Capital Structure decision is one of the crucial decisions to be taken by a company. There are divergent views regarding Capital Structure and Firm Value. There is dearth of studies in the area of Pharma Industry regarding Capital Structure and Firm Value. Therefore, the present study seeks to answer the following questions: what are the factors determining the Capital Structure decision in Pharma sector in India? What is the relationship between select variable and company value? What is the impact of leverage on stock price volatility of Pharma Companies? Period of the study is eleven years from 2005 to 2015. The panel data regression model has been employed. It can be concluded that Debt-Equity Ratio has negative impact on capital structure of a company. It was revealed from the findings that majority of the select variables have significant impact on the capital structure. The study also brings to light the fact that leverage effect is dominant in the stock market. Findings of the present study are useful in gaining valuable insights into the intricacies of capital structure, firm value and leverage effect. The study is useful to finance managers, investors, researchers and also to academicians doing research in the area of corporate finance.
Does Capital Structure Enhance Firm Performance Evidence From Nigeria
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Author : Taiwo Muritala
language : en
Publisher:
Release Date : 2014
Does Capital Structure Enhance Firm Performance Evidence From Nigeria written by Taiwo Muritala and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The relationship between capital structure and firm performance has received considerable attention in finance literature. This study examines the impact of capital structure on performance of some selected manufacturing companies in Nigeria using the annual data of five firms for a period of eleven years (2002-2012). The study hypothesizes a negative relationship between capital structure and firm performance measured in terms of return on equity and return on investment. However, the results of Panel Least Square (PLS) regression confirm that debt ratio, asset turnover and size of the firm are positively related to firm performance, while evidence of a negative and significant relationship is found between asset tangibility and measures of firm performance in the model. This implies that the sampled firms are not able to utilize the fixed asset of their total assets judiciously to impact positively their performance. Hence, it is suggested that although asset tangibility shows a negative relationship with both the performance indicators, it should be considered as a driving factor to capital structure because firms with more tangible assets are less likely to be financially constrained. Finally, the results show that growth fails to have a significant effect on either of the performance indicators.
Capital Structure Equity Ownership And Corporate Performance
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Author : Krishna Dayal Pandey
language : en
Publisher: Taylor & Francis
Release Date : 2023-08-16
Capital Structure Equity Ownership And Corporate Performance written by Krishna Dayal Pandey and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-16 with Business & Economics categories.
This book provides empirical insights into the relationship between capital and equity-ownership structure of Indian manufacturing companies and their financial performance. It discusses and analyses the basic theories and concepts associated with capital structure, debt financing, levered and unlevered firms, the various forms of ownership, agency problem and its kind and the exploitation of minority owners by the large and largest owners. The study employs a set of the most reliable and suitable econometric estimation techniques to draw meaningful inferences on the Indian manufacturing sector. The novelty of this book lies in three particular aspects: the depth and dimension with which the topic is addressed; the robust empirical evidence that it has produced and the simple and intelligible approach with which it is authored. It communicates the crucial relevance of corporate capital structure and equity-ownership to the moderation of agency relationship and shaping the internal governance mechanism, which ultimately results in increased or decreased operational efficiency and financial performance. It will enable readers to understand whether an increased amount of debt capital would bring about positive results for firms or create an extra burden on the management of their finances, preventing them from taking productive investment decisions due to the threat of liquidation. The book will find an audience among advanced students, scholars and researchers who are interested in understanding the corporate finance practices and governance mechanism of Indian organizations.
Capital Structure And Corporate Performance
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Author : Veronika Koptleuova
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2011-10
Capital Structure And Corporate Performance written by Veronika Koptleuova and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10 with categories.
The objective of the current research is to investigate the effect of capital structure on corporate performance using 40 Malaysian listed companies during 2001-2008. Panel data analysis is used to investigate the relations between five measures of capital structure and corporate performance. Using various measurements of corporate performance, the results of this study suggest that firm's capital structure has a significant negative impact on the firm's accounting performance which indicates that agency cost problem can affect Malaysian companies followed by high debt policies, consequently resulting in lower firm performance. However, results also suggest that all capital structure ratios except short-term debt ratio have significant positive influence on market performance measurements, which indicates that capital structure and firm performance depend on rising share prices that affect positively on firm's market performance ratio. The main value of this study is the analysis of the impact of various capital structure measures on corporate performance of Malaysian companies.
Capital Structure And Firm Performance
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Author :
language : en
Publisher:
Release Date : 2014
Capital Structure And Firm Performance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Impact Of Capital Structure On Firm Performance
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Author : Dilrukshi Yapa Abeywardhana
language : en
Publisher:
Release Date : 2016
Impact Of Capital Structure On Firm Performance written by Dilrukshi Yapa Abeywardhana and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
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 relationship between capital structure and firm performance. To examine the association, the authors run a Pearson correlation and multiple regression analysis. Results of this study reveals that there is a significant negative relationship between leverage and firm performance (ROA, ROCE), strong negative relationship between liquidity and firm performance and highly significant positive relationship between size and the firm performance. This study concluded that firms which perform well do not rely on debt capital and they finance their operations from retained earnings and specially SMEs have less access to external finance and face difficulties in borrowing funds. It is recommended that firm should establish the point at which the weighted average cost of capital is minimized and to maintain the optimal capital structure and thereby maximize the shareholders wealth.