subject:(Capital structure)

University of Nairobi

1. Muas, Kevin M. Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange .

Degree: 2015, University of Nairobi

URL: http://hdl.handle.net/11295/94830

► This study analyzed the determinants of capital structure in manufacturing sector in Kenya: a case study of listed firms at Nairobi Securities Exchange. The study… (more)

▼ This study analyzed the determinants of capital structure in manufacturing sector in Kenya: a case study of listed firms at Nairobi Securities Exchange. The study analyzed the listed manufacturing firms for the period 2008 – 2014 thus yielding to a panel data analysis. Both the fixed effects and the random effects model were estimated and the Hausman test used to choose the most appropriate model of the two. From the Hausman test’ results, the random effects model was selected as the most appropriate implying that the manufacturing firms listed at the NSE are different from one another in the way they operate and consequently they are different in the way they choose the capital structure mix between equity and capital. The findings of the study revealed that both the fixed effects and the random effects model yield the same conclusions through the coefficients and the significance levels are different. The conclusion of the study was that the ratio of profits to total assets (PRE), Profits before tax (TAX), and the size of the company (LOG SIZE), the companies’ turnover (GRW), ratio of fixed assets to total assets (ASSETS), variability of profits (RISK) and the Gross Domestic Product are all significant in informing the choice of capital structure among the listed manufacturing companies in Kenya as they are all relevant when making the capital structure choice decision. Finally, the study concluded that manufacturing firms are completely different in terms of their operations and their choices for their respective capital structure mix between equity and debt financing. The manufacturing firms differ in terms of sizes, products manufactured, kind of investment made, management choices, their growth, objectives and goal targets. As such one cannot make a generalized conclusion on the operations and the capital structure choices for all the listed manufacturing firms in Kenya. The determinants analyzed all showed that they were relevant in the capital structure choice in Kenya thus they can be used a guide in determining the capital structure choice for manufacturing firms

Subjects/Keywords: Capital structure

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APA (6^th Edition):

Muas, K. M. (2015). Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange . (Thesis). University of Nairobi. Retrieved from http://hdl.handle.net/11295/94830

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Muas, Kevin M. “Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange .” 2015. Thesis, University of Nairobi. Accessed March 01, 2021. http://hdl.handle.net/11295/94830.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Muas, Kevin M. “Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange .” 2015. Web. 01 Mar 2021.

Vancouver:

Muas KM. Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange . [Internet] [Thesis]. University of Nairobi; 2015. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/11295/94830.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Muas KM. Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange . [Thesis]. University of Nairobi; 2015. Available from: http://hdl.handle.net/11295/94830

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Nairobi

2. Ngari, Elizabeth M. The Relationship Between Asset Structure and Capital Structure of Agricultural Firms Listed in the Nairobi Securities Exchange .

Degree: 2016, University of Nairobi

URL: http://hdl.handle.net/11295/100206

► In Kenya, the capital structure of a firm and its relation to its financial performance of a firm has been widely studied. However, in order… (more)

Subjects/Keywords: Asset Structure and Capital Structure

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APA (6^th Edition):

Ngari, E. M. (2016). The Relationship Between Asset Structure and Capital Structure of Agricultural Firms Listed in the Nairobi Securities Exchange . (Thesis). University of Nairobi. Retrieved from http://hdl.handle.net/11295/100206

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Ngari, Elizabeth M. “The Relationship Between Asset Structure and Capital Structure of Agricultural Firms Listed in the Nairobi Securities Exchange .” 2016. Thesis, University of Nairobi. Accessed March 01, 2021. http://hdl.handle.net/11295/100206.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Ngari, Elizabeth M. “The Relationship Between Asset Structure and Capital Structure of Agricultural Firms Listed in the Nairobi Securities Exchange .” 2016. Web. 01 Mar 2021.

Vancouver:

Ngari EM. The Relationship Between Asset Structure and Capital Structure of Agricultural Firms Listed in the Nairobi Securities Exchange . [Internet] [Thesis]. University of Nairobi; 2016. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/11295/100206.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Ngari EM. The Relationship Between Asset Structure and Capital Structure of Agricultural Firms Listed in the Nairobi Securities Exchange . [Thesis]. University of Nairobi; 2016. Available from: http://hdl.handle.net/11295/100206

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Universidade do Rio Grande do Norte

3. Netto, Ronald Barbosa. Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel .

Degree: 2009, Universidade do Rio Grande do Norte

URL: http://repositorio.ufrn.br/handle/123456789/12125

► When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal… (more)

▼ When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian Advisors/Committee Members: Mól, Anderson Luiz Rezende (advisor), CPF:03040553607 (advisor), http://lattes.cnpq.br/4968429773311336 (advisor).

Subjects/Keywords: Estrutura de Capital; Endividamento; Capital Structure; Indebtedness

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APA (6^th Edition):

Netto, R. B. (2009). Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel . (Thesis). Universidade do Rio Grande do Norte. Retrieved from http://repositorio.ufrn.br/handle/123456789/12125

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Netto, Ronald Barbosa. “Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel .” 2009. Thesis, Universidade do Rio Grande do Norte. Accessed March 01, 2021. http://repositorio.ufrn.br/handle/123456789/12125.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Netto, Ronald Barbosa. “Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel .” 2009. Web. 01 Mar 2021.

Vancouver:

Netto RB. Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel . [Internet] [Thesis]. Universidade do Rio Grande do Norte; 2009. [cited 2021 Mar 01]. Available from: http://repositorio.ufrn.br/handle/123456789/12125.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Netto RB. Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel . [Thesis]. Universidade do Rio Grande do Norte; 2009. Available from: http://repositorio.ufrn.br/handle/123456789/12125

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Technical University of Lisbon

4. Martins, Débora Raquel Soares da Cruz dos Santos. The Impact of Credit ratings in the capital structure choice of firms.

Degree: 2014, Technical University of Lisbon

URL: https://www.rcaap.pt/detail.jsp?id=oai:www.repository.utl.pt:10400.5/8080

►

Mestrado em Economia Monetária e Financeira

Este Trabalho Final de Mestrado procura analisar se empresas cotadas em alguns índices acionistas europeus têm em conta os… (more)

▼

Mestrado em Economia Monetária e Financeira

Este Trabalho Final de Mestrado procura analisar se empresas cotadas em alguns índices acionistas europeus têm em conta os ratings de crédito, e respectivos downgrades ou upgrades, na tomada de decisão relativa à estrutura de capital da empresa. A hipótese afirma que as empresas que estão perto de uma mudança de nível de rating, ou seja, as empresas que têm um mais ou menos na sua classificação (e.g. A+ ou BB-), tendem a emitir menos dívida relativamente ao seu capital próprio de modo a não incorrer em custos adicionais. A base deste estudo é a Teoria CR-CS de Kisgen, apresentada no seu artigo de 2006 intitulado " Credit Ratings and Capital Structure", que incide sobre as empresas dos EUA, enquanto este estudo incide sobre empresas Europeias que constituem os índices acionistas de Portugal, Espanha, Itália, Grécia, França e Alemanha. As principais conclusões são que as empresas Portuguesas tendem a emitir mais dívida líquida em relação ao capital próprio líquido perto de uma mudança de nível de rating (cerca de 1%, considerando instituições financeiras na amostra; cerca de 2% e 5% para os períodos de 1996 a 2011 e de 1996 a 2006, respectivamente, excluindo instituições financeiras) e as empresas italianas, incluindo instituições financeiras, tendem a emitir mais 3% de dívida líquida comparativamente ao seu capital próprio quando perto de uma mudança de nível de rating. Quanto aos outros países considerados, nenhuma relação estatisticamente significativa foi identificada, bem como considerando a amostra total (seis países), incluindo ou excluindo as instituições financeiras.

The aim of this study is to assess whether firms listed on some European stock exchange indexes take into account credit ratings, and respective downgrades or upgrades, in their decision making with regard to their capital structure. The costs associated with a credit rating change are not considered in the traditional capital structure theories. The hypothesis states that firms that are near a credit rating change, i.e. firms that have a plus or a minus credit rating, will tend to issue less debt comparing to equity, so that they will not incur in additional costs. The base of this study is Kisgen's CR-CS Theory, presented in the 2006 paper entitled "Credit Ratings and Capital Structure", which focus on USA firms while I will consider European firms that constitute the indexes of Portugal, Spain, Italy, Greece, France and Germany. The main findings are that Portuguese firms tend to issue more net debt relative to equity (approximately 1%, including financial institutions in the sample; approximately 2% and 5% for the time periods 1996-2011 and 1996-2006, respectively, excluding financial institutions) when near a broad rating change and Italian firms, including financial institutions, tend to issue approximately 3% more net debt relative to equity when near a broad rating change. As regards the other countries considered in this study, no statistically significant relationship was identified, as…

Advisors/Committee Members: Raposo, Clara, Borges, Maria Rosa.

Subjects/Keywords: Estrutura de Capital; Ratings; Capital Structure

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APA (6^th Edition):

Martins, D. R. S. d. C. d. S. (2014). The Impact of Credit ratings in the capital structure choice of firms. (Thesis). Technical University of Lisbon. Retrieved from https://www.rcaap.pt/detail.jsp?id=oai:www.repository.utl.pt:10400.5/8080

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Martins, Débora Raquel Soares da Cruz dos Santos. “The Impact of Credit ratings in the capital structure choice of firms.” 2014. Thesis, Technical University of Lisbon. Accessed March 01, 2021. https://www.rcaap.pt/detail.jsp?id=oai:www.repository.utl.pt:10400.5/8080.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Martins, Débora Raquel Soares da Cruz dos Santos. “The Impact of Credit ratings in the capital structure choice of firms.” 2014. Web. 01 Mar 2021.

Vancouver:

Martins DRSdCdS. The Impact of Credit ratings in the capital structure choice of firms. [Internet] [Thesis]. Technical University of Lisbon; 2014. [cited 2021 Mar 01]. Available from: https://www.rcaap.pt/detail.jsp?id=oai:www.repository.utl.pt:10400.5/8080.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Martins DRSdCdS. The Impact of Credit ratings in the capital structure choice of firms. [Thesis]. Technical University of Lisbon; 2014. Available from: https://www.rcaap.pt/detail.jsp?id=oai:www.repository.utl.pt:10400.5/8080

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Southern California

5. Sun, Qi. Essays in financial economics.

Degree: PhD, Economics, 2014, University of Southern California

URL: http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/386062/rec/2431

► This dissertation studies how firms make investment and employment decisions when they face frictions in capital and labor markets. Specifically, I study (i) how firms… (more)

▼ This dissertation studies how firms make investment and employment decisions when they face frictions in capital and labor markets. Specifically, I study (i) how firms manage liquidity under uncertain financing conditions; (ii) how long‐term labor contracts change firms' capital structure decisions; and (iii) how labor bargaining affects firms' financial and employment policies. ❧ In first chapter entitled ""Cash holdings and risky access to future credit"" I quantify a new motive of holding cash through the channel of financing risk. I show that if the access to future credit is risky, firms may issue long‐term debt now and save funds in cash to secure the current credit capacity for the future. I structurally estimate the model and find that this motive explains about 30% of cash holdings in the data. Counterfactual experiments indicate that the value of holding cash is around 8% of shareholder value. ❧ The second chapter ""Labor liability dynamics and corporate debt"" co‐authored with Xiaolan Zhang, studies the impact of long‐term wage contracts on firms' capital structure decisions. We show that firms not only borrow directly from external investors through debt contracts, but also borrow implicitly from workers by paying lower wage today and promising higher compensation in the future. As a result, firms hold two types of liabilities: financial debt and labor liability. We also demonstrate that given the firm's total liability capacity (captured by the distance to default), the motive of employee retention crowds out financial debt. That is, firms with higher labor liability have lower financial leverage. ❧ The third chapter ""Credit and hiring"" jointly written with Vincenzo Quadrini, presents a model in which the compensation of workers is determined through bargaining and firms choose the financial structure and employment jointly. The purpose of our model is to understand the linkage between financial markets and employment through a bargaining channel. The basic mechanism of the model is a follows: Higher debt allows firms to negotiate lower wages and therefore increases the incentive to hire more workers. At the same time, however, higher debt also increases the financial fragility of the firm, that is, the probability of financial distress. The solution to this trade‐off determines simultaneously optimal debt and optimal hiring. When the financial condition of the firm improves, the likelihood of financial distress declines, making the debt more attractive. This, in turn, improves the firm's bargaining position with workers, increasing the incentive to hire more employees. It is through this mechanism that improved financial market conditions generate a hiring boom. ❧ Overall, my dissertation seeks to understand the interaction effects between firms' financial policies (financing and liquidity) and real decisions (investment and employment). Essentially, firms make decisions jointly in a dynamic setting. They choose different variables to maximize the shareholders' value, subject to various frictions in… Advisors/Committee Members: Quadrini, Vincenzo (Committee Chair), DeAngelo, Harry C. (Committee Member), Dekle, Robert (Committee Member), Michaux, Michael (Committee Member).

Subjects/Keywords: cash holdings; capital structure; human capital; hiring

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Sun, Q. (2014). Essays in financial economics. (Doctoral Dissertation). University of Southern California. Retrieved from http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/386062/rec/2431

Chicago Manual of Style (16^th Edition):

Sun, Qi. “Essays in financial economics.” 2014. Doctoral Dissertation, University of Southern California. Accessed March 01, 2021. http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/386062/rec/2431.

MLA Handbook (7^th Edition):

Sun, Qi. “Essays in financial economics.” 2014. Web. 01 Mar 2021.

Vancouver:

Sun Q. Essays in financial economics. [Internet] [Doctoral dissertation]. University of Southern California; 2014. [cited 2021 Mar 01]. Available from: http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/386062/rec/2431.

Council of Science Editors:

Sun Q. Essays in financial economics. [Doctoral Dissertation]. University of Southern California; 2014. Available from: http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/386062/rec/2431

University of Pretoria

6. [No author]. The impact of rights issues announcements on share price performance in South Africa .

Degree: 2012, University of Pretoria

URL: http://upetd.up.ac.za/thesis/available/etd-06242012-135803/

► Rights issues are an area of much interest and research globally. With the last significant local study on the topic conducted in 2005, this paper… (more)

Subjects/Keywords: UCTD; Rights issues; Capital structure

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APA (6^th Edition):

author], [. (2012). The impact of rights issues announcements on share price performance in South Africa . (Masters Thesis). University of Pretoria. Retrieved from http://upetd.up.ac.za/thesis/available/etd-06242012-135803/

Chicago Manual of Style (16^th Edition):

author], [No. “The impact of rights issues announcements on share price performance in South Africa .” 2012. Masters Thesis, University of Pretoria. Accessed March 01, 2021. http://upetd.up.ac.za/thesis/available/etd-06242012-135803/.

MLA Handbook (7^th Edition):

author], [No. “The impact of rights issues announcements on share price performance in South Africa .” 2012. Web. 01 Mar 2021.

Vancouver:

author] [. The impact of rights issues announcements on share price performance in South Africa . [Internet] [Masters thesis]. University of Pretoria; 2012. [cited 2021 Mar 01]. Available from: http://upetd.up.ac.za/thesis/available/etd-06242012-135803/.

Council of Science Editors:

author] [. The impact of rights issues announcements on share price performance in South Africa . [Masters Thesis]. University of Pretoria; 2012. Available from: http://upetd.up.ac.za/thesis/available/etd-06242012-135803/

University of Pretoria

7. [No author]. The relationship between capital structure and the financial performance of the firm .

Degree: 2010, University of Pretoria

URL: http://upetd.up.ac.za/thesis/available/etd-03302010-133740/

► Corporate finance literature suggests that the capital structure decision has played a pivotal role over the years in driving the establishment and growth of firms.… (more)

Subjects/Keywords: UCTD; Financial performance; Capital structure

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

author], [. (2010). The relationship between capital structure and the financial performance of the firm . (Masters Thesis). University of Pretoria. Retrieved from http://upetd.up.ac.za/thesis/available/etd-03302010-133740/

Chicago Manual of Style (16^th Edition):

author], [No. “The relationship between capital structure and the financial performance of the firm .” 2010. Masters Thesis, University of Pretoria. Accessed March 01, 2021. http://upetd.up.ac.za/thesis/available/etd-03302010-133740/.

MLA Handbook (7^th Edition):

author], [No. “The relationship between capital structure and the financial performance of the firm .” 2010. Web. 01 Mar 2021.

Vancouver:

author] [. The relationship between capital structure and the financial performance of the firm . [Internet] [Masters thesis]. University of Pretoria; 2010. [cited 2021 Mar 01]. Available from: http://upetd.up.ac.za/thesis/available/etd-03302010-133740/.

Council of Science Editors:

author] [. The relationship between capital structure and the financial performance of the firm . [Masters Thesis]. University of Pretoria; 2010. Available from: http://upetd.up.ac.za/thesis/available/etd-03302010-133740/

University of Pretoria

8. Cotterell, Paul Jonathan Mark. The impact of rights issues announcements on share price performance in South Africa.

Degree: Gordon Institute of Business Science (GIBS), 2012, University of Pretoria

URL: http://hdl.handle.net/2263/25809

► Rights issues are an area of much interest and research globally. With the last significant local study on the topic conducted in 2005, this paper… (more)

Subjects/Keywords: UCTD; Rights issues; Capital structure

Record Details Similar Records Cite « Share

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Cotterell, P. J. (2012). The impact of rights issues announcements on share price performance in South Africa. (Masters Thesis). University of Pretoria. Retrieved from http://hdl.handle.net/2263/25809

Chicago Manual of Style (16^th Edition):

Cotterell, Paul Jonathan. “The impact of rights issues announcements on share price performance in South Africa.” 2012. Masters Thesis, University of Pretoria. Accessed March 01, 2021. http://hdl.handle.net/2263/25809.

MLA Handbook (7^th Edition):

Cotterell, Paul Jonathan. “The impact of rights issues announcements on share price performance in South Africa.” 2012. Web. 01 Mar 2021.

Vancouver:

Cotterell PJ. The impact of rights issues announcements on share price performance in South Africa. [Internet] [Masters thesis]. University of Pretoria; 2012. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/2263/25809.

Council of Science Editors:

Cotterell PJ. The impact of rights issues announcements on share price performance in South Africa. [Masters Thesis]. University of Pretoria; 2012. Available from: http://hdl.handle.net/2263/25809

University of Pretoria

9. Gangeni, Cunning. The relationship between capital structure and the financial performance of the firm.

Degree: Gordon Institute of Business Science (GIBS), 2010, University of Pretoria

URL: http://hdl.handle.net/2263/23626

► Corporate finance literature suggests that the capital structure decision has played a pivotal role over the years in driving the establishment and growth of firms.… (more)

Subjects/Keywords: UCTD; Financial performance; Capital structure

Record Details Similar Records Cite « Share

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Gangeni, C. (2010). The relationship between capital structure and the financial performance of the firm. (Masters Thesis). University of Pretoria. Retrieved from http://hdl.handle.net/2263/23626

Chicago Manual of Style (16^th Edition):

Gangeni, Cunning. “The relationship between capital structure and the financial performance of the firm.” 2010. Masters Thesis, University of Pretoria. Accessed March 01, 2021. http://hdl.handle.net/2263/23626.

MLA Handbook (7^th Edition):

Gangeni, Cunning. “The relationship between capital structure and the financial performance of the firm.” 2010. Web. 01 Mar 2021.

Vancouver:

Gangeni C. The relationship between capital structure and the financial performance of the firm. [Internet] [Masters thesis]. University of Pretoria; 2010. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/2263/23626.

Council of Science Editors:

Gangeni C. The relationship between capital structure and the financial performance of the firm. [Masters Thesis]. University of Pretoria; 2010. Available from: http://hdl.handle.net/2263/23626

Addis Ababa University

10. Saddam, Mohammedamin. Factors Affecting Capital Structure Decision: .

Degree: 2014, Addis Ababa University

URL: http://etd.aau.edu.et/dspace/handle/123456789/4997

► Capital structure decision is one of the core decisions that financial managers should care for. Different firms will have different choice of funds that are… (more)

Subjects/Keywords: Capital Structure; Insurance Firms

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Saddam, M. (2014). Factors Affecting Capital Structure Decision: . (Thesis). Addis Ababa University. Retrieved from http://etd.aau.edu.et/dspace/handle/123456789/4997

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Saddam, Mohammedamin. “Factors Affecting Capital Structure Decision: .” 2014. Thesis, Addis Ababa University. Accessed March 01, 2021. http://etd.aau.edu.et/dspace/handle/123456789/4997.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Saddam, Mohammedamin. “Factors Affecting Capital Structure Decision: .” 2014. Web. 01 Mar 2021.

Vancouver:

Saddam M. Factors Affecting Capital Structure Decision: . [Internet] [Thesis]. Addis Ababa University; 2014. [cited 2021 Mar 01]. Available from: http://etd.aau.edu.et/dspace/handle/123456789/4997.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Saddam M. Factors Affecting Capital Structure Decision: . [Thesis]. Addis Ababa University; 2014. Available from: http://etd.aau.edu.et/dspace/handle/123456789/4997

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Addis Ababa University

11. Daniel, Beshir. Determinants of Capital Structure of Insurance Companies in Ethiopia .

Degree: 2015, Addis Ababa University

URL: http://etd.aau.edu.et/dspace/handle/123456789/6820

► The impact of firm characteristics on the capital structure of the insurance industry is considered to be an important issue in a current business world… (more)

▼ The impact of firm characteristics on the capital structure of the insurance industry is considered to be an important issue in a current business world of solid competition we are living. This study empirically examines the determinants of capital structure of insurance companies in Ethiopia. The study attempt to highlight the critical firm characteristics that managers should consider when setting their “optimal” capital structure. The study employed panel regression model in examining the capital structure of insurance companies in Ethiopia with financial statements of eight insurance companies covering the period of ten consecutive years, 2005-2014. The study used panel data techniques specifically Fixed Effect (FE) robust standard error regressions analyzed using STATA. To purposefully forward conclusion, normality, multicollinearity, heteroscedastcity, autocorrelation and robustness tests were conducted on the data. The results show that pecking order, the static trade-off and agency cost theories are important in explaining the capital structure of insurance companies in Ethiopia, even if the Pecking order theory appears to be dominant. Profitability, asset tangibility, growth and liquidity were found to be significant in relation to leverage. The negative relationship between profitability and leverage is an indication that profitable insurance companies prefer internal sources of finance to external sources, hence less debt in their capital structure. The negative relationship between asset tangibility and leverage is an indication that companies with smaller share of tangible assets tend to be more subject to information asymmetries. It is because intangible assets are more difficult to price and hence the cost of debt increases. The other significant determinant variable, growth opportunity of the firm, had a positive relationship with debt ratio proving that insurance companies depend more on debt to finance their growth. However, liquidity found to be negatively associated with leverage and indicated that Ethiopian Insurance firms with liquid assets will prefer internal sources than debt to finance future investments. The other hypothesized firm level variables, business risk and size of the firm were insignificant. Advisors/Committee Members: Yitbarek Takele (PhD) (advisor).

Subjects/Keywords: Capital Structure Theories; MM theory

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Daniel, B. (2015). Determinants of Capital Structure of Insurance Companies in Ethiopia . (Thesis). Addis Ababa University. Retrieved from http://etd.aau.edu.et/dspace/handle/123456789/6820

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Daniel, Beshir. “Determinants of Capital Structure of Insurance Companies in Ethiopia .” 2015. Thesis, Addis Ababa University. Accessed March 01, 2021. http://etd.aau.edu.et/dspace/handle/123456789/6820.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Daniel, Beshir. “Determinants of Capital Structure of Insurance Companies in Ethiopia .” 2015. Web. 01 Mar 2021.

Vancouver:

Daniel B. Determinants of Capital Structure of Insurance Companies in Ethiopia . [Internet] [Thesis]. Addis Ababa University; 2015. [cited 2021 Mar 01]. Available from: http://etd.aau.edu.et/dspace/handle/123456789/6820.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Daniel B. Determinants of Capital Structure of Insurance Companies in Ethiopia . [Thesis]. Addis Ababa University; 2015. Available from: http://etd.aau.edu.et/dspace/handle/123456789/6820

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Nairobi

12. Gichangi, Nicholas Kinyua. The relationship between capital structure and profitability of listed non financial firms in Kenya .

Degree: 2014, University of Nairobi

URL: http://hdl.handle.net/11295/75386

► Capital structure decision is the vital one since the profitability of an enterprise is directly affected by such decision. The determination of a company’s capital… (more)

▼ Capital structure decision is the vital one since the profitability of an enterprise is directly affected by such decision. The determination of a company’s capital structure constitutes a difficult decision, one that involves several and antagonistic factors, such as risk and profitability. That decision becomes even more difficult, in times when the economic environment in which the company operates presents a high degree of instability. A review of empirical works reveals that there exists conflicting results about the relationship between capital structure and profitability of companies. Some studies found a negative relationship between profitability and leverage while others observed a positive relationship between profitability and debt levels in their studies. The objective of this study was to investigate the relationship between capital structure and profitability of listed non financial firms in Kenya over the 5 year period from 2008 to 2012 after the financial crisis of 2007. The study adopted a descriptive research design. The target population of this study comprised of all the 40 listed non financial firms. A census was carried out due to the small number of non financial firms in Kenya. The study used secondary data extracted from annual financial reports. Descriptive data analysis techniques and regression were used to analyse the data. The long-term liability to equity indicated an inverse relationship to profitability at -5.70%, with an adjusted coefficient of determination of 97.80%. The study also found that the firm’s profitability (measured by return on equity) was positively correlated with the short-term debt at 18.10% and longterm debt (LP/PL) at 56.20%. The study concludes that there is a negative relationship between capital structure and profitability. The results are in line with the pecking order theory and information asymmetrical theory. The study recommends that firm’s should aim to attain a debt/equity ratio, which will minimize the cost of capital and increase the profitability of firms. The top management of every firm should make prudent financing decisions in order to remain profitable and competitive. Further research could also be undertaken to examine capital structure and profitability of non listed firms in Kenya. Further investigation is required to examine what factors other than capital structure influence profitability.

Subjects/Keywords: Financial firms; Capital structure

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Gichangi, N. K. (2014). The relationship between capital structure and profitability of listed non financial firms in Kenya . (Thesis). University of Nairobi. Retrieved from http://hdl.handle.net/11295/75386

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Gichangi, Nicholas Kinyua. “The relationship between capital structure and profitability of listed non financial firms in Kenya .” 2014. Thesis, University of Nairobi. Accessed March 01, 2021. http://hdl.handle.net/11295/75386.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Gichangi, Nicholas Kinyua. “The relationship between capital structure and profitability of listed non financial firms in Kenya .” 2014. Web. 01 Mar 2021.

Vancouver:

Gichangi NK. The relationship between capital structure and profitability of listed non financial firms in Kenya . [Internet] [Thesis]. University of Nairobi; 2014. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/11295/75386.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Gichangi NK. The relationship between capital structure and profitability of listed non financial firms in Kenya . [Thesis]. University of Nairobi; 2014. Available from: http://hdl.handle.net/11295/75386

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Nairobi

13. Kitony, Janet. A test of relationship between capital structure and agency costs: evidence from the nairobi stock exchange .

Degree: 2011, University of Nairobi

URL: http://hdl.handle.net/11295/95674

► The financing decision is one of the most important roles played by a modern finance manager as it determines the value of a firm. Managers… (more)

Subjects/Keywords: Capital structure and agency costs

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Kitony, J. (2011). A test of relationship between capital structure and agency costs: evidence from the nairobi stock exchange . (Thesis). University of Nairobi. Retrieved from http://hdl.handle.net/11295/95674

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Kitony, Janet. “A test of relationship between capital structure and agency costs: evidence from the nairobi stock exchange .” 2011. Thesis, University of Nairobi. Accessed March 01, 2021. http://hdl.handle.net/11295/95674.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Kitony, Janet. “A test of relationship between capital structure and agency costs: evidence from the nairobi stock exchange .” 2011. Web. 01 Mar 2021.

Vancouver:

Kitony J. A test of relationship between capital structure and agency costs: evidence from the nairobi stock exchange . [Internet] [Thesis]. University of Nairobi; 2011. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/11295/95674.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Kitony J. A test of relationship between capital structure and agency costs: evidence from the nairobi stock exchange . [Thesis]. University of Nairobi; 2011. Available from: http://hdl.handle.net/11295/95674

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Nairobi

14. Onsomu, George P. The relationship between capital structure and agency costs of firms listed at the Nairobi Securities Exchange .

Degree: 2014, University of Nairobi

URL: http://hdl.handle.net/11295/77733

► Under agency theory, organizations incur agency costs as a means to reduce agency conflicts between shareholders (principal) and the managers (agents). The divergent views by… (more)

▼ Under agency theory, organizations incur agency costs as a means to reduce agency conflicts between shareholders (principal) and the managers (agents). The divergent views by different researchers especially from outside Africa in respect to agency costs, create a knowledge gap to determine to what extent capital structure affects the agency costs of companies listed at NSE given Kenya’s uniqueness in terms of culture, laws and regulations. Some of the studies carried so far in this field gives conflicting outcomes as to the effect of capital structure on agency costs. The objective of the study was to investigate the relationship between capital structure and agency cost of listed companies at the Nairobi Securities Exchange. The following research question guided the study: how does capital structure relate to agency costs of listed firms? In answering this question, the study used efficiency cost ratio as a proxy for agency costs, Long term debt to equity as a proxy for capital structure and two other variables that affects agency costs; this are information asymmetry as measured by market value/Book value per share and ownership concentration measured by corporate ownership/Equity. The historical data for these were obtained from the Nairobi Securities Exchange and the Capital Markets Authority data banks. The correlation research design was used in the study. The study covered a target population of all companies quoted at Nairobi Securities Exchange between 1st January 2009 and 30th December 2013. The study used secondary data from Nairobi Security Exchange. Statistical Package for Social Scientist (SPSS) was used to aid in analyzing data. Regression analysis was applied to determine the effect of capital structure on agency costs. A simple regression was used to test the main model and t-test was used as a test of significance. The key findings revealed that there was a positive correlation between capital structure and agency costs. The main conclusion from our analysis is that indeed capital structure determines agency costs. Given the evidence from this research, it’s evident that capital structure positively affects agency costs of listed firms at the Nairobi Securities Exchange. Some of the policy recommendations of the study are; Firms should formulate incentive schemes for managers who are able to reduce agency costs with an increase or decrease in the use of debt in the firm’s capital structure. Also looking forward, identifying and the use of appropriate and more unified estimation techniques will be most welcome, the reason why there is no consensus in the literature about the shape of the capital structure-agency costs relationship, is because there is no universal estimation technique, this study serves as a first attempt towards establishing a more pragmatic empirical model for agency cost modeling and its determinants.

Subjects/Keywords: Nairobi Securities Exchange; Capital structure

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Onsomu, G. P. (2014). The relationship between capital structure and agency costs of firms listed at the Nairobi Securities Exchange . (Thesis). University of Nairobi. Retrieved from http://hdl.handle.net/11295/77733

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Onsomu, George P. “The relationship between capital structure and agency costs of firms listed at the Nairobi Securities Exchange .” 2014. Thesis, University of Nairobi. Accessed March 01, 2021. http://hdl.handle.net/11295/77733.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Onsomu, George P. “The relationship between capital structure and agency costs of firms listed at the Nairobi Securities Exchange .” 2014. Web. 01 Mar 2021.

Vancouver:

Onsomu GP. The relationship between capital structure and agency costs of firms listed at the Nairobi Securities Exchange . [Internet] [Thesis]. University of Nairobi; 2014. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/11295/77733.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Onsomu GP. The relationship between capital structure and agency costs of firms listed at the Nairobi Securities Exchange . [Thesis]. University of Nairobi; 2014. Available from: http://hdl.handle.net/11295/77733

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Otago

15. Kater, Sam Michiel Adrian. Did the Sarbanes-Oxley Act of 2002 lead to More Optimal Financing Decisions? .

Degree: 2012, University of Otago

URL: http://hdl.handle.net/10523/2457

► This study empirically examines whether the adoption of the Sarbanes-Oxley Act of 2002 (SOX) led to subsequent improvements in financing decisions of firms. The provisions… (more)

Subjects/Keywords: Corporate governance; Capital structure

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APA (6^th Edition):

Kater, S. M. A. (2012). Did the Sarbanes-Oxley Act of 2002 lead to More Optimal Financing Decisions? . (Masters Thesis). University of Otago. Retrieved from http://hdl.handle.net/10523/2457

Chicago Manual of Style (16^th Edition):

Kater, Sam Michiel Adrian. “Did the Sarbanes-Oxley Act of 2002 lead to More Optimal Financing Decisions? .” 2012. Masters Thesis, University of Otago. Accessed March 01, 2021. http://hdl.handle.net/10523/2457.

MLA Handbook (7^th Edition):

Kater, Sam Michiel Adrian. “Did the Sarbanes-Oxley Act of 2002 lead to More Optimal Financing Decisions? .” 2012. Web. 01 Mar 2021.

Vancouver:

Kater SMA. Did the Sarbanes-Oxley Act of 2002 lead to More Optimal Financing Decisions? . [Internet] [Masters thesis]. University of Otago; 2012. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/10523/2457.

Council of Science Editors:

Kater SMA. Did the Sarbanes-Oxley Act of 2002 lead to More Optimal Financing Decisions? . [Masters Thesis]. University of Otago; 2012. Available from: http://hdl.handle.net/10523/2457

Universidade Nova

16. Pinto, Luís Carlos Nunes. Vista Alegre: the decline of an historical company.

Degree: 2009, Universidade Nova

URL: http://www.rcaap.pt/detail.jsp?id=oai:run.unl.pt:10362/9635

►

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business… (more)

Subjects/Keywords: Capital structure; Financial distress

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APA (6^th Edition):

Pinto, L. C. N. (2009). Vista Alegre: the decline of an historical company. (Thesis). Universidade Nova. Retrieved from http://www.rcaap.pt/detail.jsp?id=oai:run.unl.pt:10362/9635

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Pinto, Luís Carlos Nunes. “Vista Alegre: the decline of an historical company.” 2009. Thesis, Universidade Nova. Accessed March 01, 2021. http://www.rcaap.pt/detail.jsp?id=oai:run.unl.pt:10362/9635.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Pinto, Luís Carlos Nunes. “Vista Alegre: the decline of an historical company.” 2009. Web. 01 Mar 2021.

Vancouver:

Pinto LCN. Vista Alegre: the decline of an historical company. [Internet] [Thesis]. Universidade Nova; 2009. [cited 2021 Mar 01]. Available from: http://www.rcaap.pt/detail.jsp?id=oai:run.unl.pt:10362/9635.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Pinto LCN. Vista Alegre: the decline of an historical company. [Thesis]. Universidade Nova; 2009. Available from: http://www.rcaap.pt/detail.jsp?id=oai:run.unl.pt:10362/9635

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Limerick

17. Fitzgerald, James. Conditioned tests of the predictions of the trade-off and pecking order theories of capital structure: a UK study.

Degree: 2013, University of Limerick

URL: http://hdl.handle.net/10344/3594

►

peer-reviewed

Empirical studies testing the predictions of the trade-off and pecking order theories have invariably produced inconsistent and contrary results when employing a multiple linear… (more)

▼

peer-reviewed

Empirical studies testing the predictions of the trade-off and pecking order theories have invariably produced inconsistent and contrary results when employing a multiple linear regression model. These erratic and non-inferential results are likely due to the failure to account for the conditionality of the factors that affect firms’ financing decisions, and also the implementation of methodologies that are either inappropriate or biased by researchers’ idiosyncratic methodological approaches. As such, this study investigates whether the adoption of a conditioned multiple linear regression model when testing the predictions of the trade-off and pecking order theories can provide greater insight into the true determinants of firms’ capital structure ratios once model specification has been appropriately determined and variation in variable construction accounted for. The study finds that the adoption of a conditioned multiple linear regression model can provide significant insight into the true determinants of firms capital structure ratios, by enabling more reliable inferences to be made with regards the factors driving observed variable coefficients, and by identifying variable effects that are not observable when a single large dataset is employed. In particular, the results indicate that a number of factors associated with the trade-off theory significantly affect the financing decisions of certain types of firms, whilst factors associated with the pecking order theory appear to be of little concern to decision makers. In addition, the results show that whilst the coefficients of a number of variables cannot be inferred to arise from factors associated with either theory, they do vary significantly across sub-samples of observations, indicating that the factors driving these coefficients vary depending on the type of firm included in the sample. Furthermore, the study demonstrates that the decision to specify a dynamic model is inappropriate when testing the predictions of the trade-off and pecking order theories, and that the specification of such a model can lead to significantly different inferences being made than when the more appropriate static model is employed. Finally, the study shows that the determinants of long- and short-term debt-to-value ratios often differ, and thus should be investigated separately when attempting to identify the factors affecting firms’ capital structure ratios, and that varying the manner in which firm value and firm size are measured can significantly affect the parameter estimates generated, and hence must be accounted for if reliable inferences are to be made.

Advisors/Committee Members: Killian, Sheila, Ryan, James.

Subjects/Keywords: capital structure; finance; investment

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Fitzgerald, J. (2013). Conditioned tests of the predictions of the trade-off and pecking order theories of capital structure: a UK study. (Thesis). University of Limerick. Retrieved from http://hdl.handle.net/10344/3594

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Fitzgerald, James. “Conditioned tests of the predictions of the trade-off and pecking order theories of capital structure: a UK study.” 2013. Thesis, University of Limerick. Accessed March 01, 2021. http://hdl.handle.net/10344/3594.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Fitzgerald, James. “Conditioned tests of the predictions of the trade-off and pecking order theories of capital structure: a UK study.” 2013. Web. 01 Mar 2021.

Vancouver:

Fitzgerald J. Conditioned tests of the predictions of the trade-off and pecking order theories of capital structure: a UK study. [Internet] [Thesis]. University of Limerick; 2013. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/10344/3594.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Fitzgerald J. Conditioned tests of the predictions of the trade-off and pecking order theories of capital structure: a UK study. [Thesis]. University of Limerick; 2013. Available from: http://hdl.handle.net/10344/3594

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

18. Feidakis, Andreas. Επενδυτικές αποφάσεις των κατασκευαστικών και real estate επιχειρήσεων διαχείρισης ακινήτων: χωρική ανάλυση και κεφαλαιακή διάρθρωση.

Degree: 2015, Panteion University of Social and Political Sciences; Πάντειο Πανεπιστήμιο Κοινωνικών και Πολιτικών Επιστημών

URL: http://hdl.handle.net/10442/hedi/36438

►

This thesis examines the determinants of the capital structure of construction firms and real estate investment trusts (REITs) across the world and explores whether this… (more)

▼

This thesis examines the determinants of the capital structure of construction firms and real estate investment trusts (REITs) across the world and explores whether this structure is characterized by any common factors utilizing a dataset for the period 2005 - 2010.More particularly, the main research question is whether the investment decisions of construction sector firms and real estate investment trusts are behaving according to principal financial analysis theories, for instance the theory of Modigliani and Miller or Rajan and Zingale.In this analysis both microeconomic and macroeconomic factors affecting the financial management of real estate firms are identified. The microeconomic variables examined in the analysis include tangibility, size of the company, growth opportunities of the firm, assets turnover determinants; the macroeconomic variables include Gross Domestic Product, inflation, long-term interest rates, etc.The econometric analysis employs paned data techniques, using both “regular” (static) panel data regressions, as well as dynamic panel data regressions. It has to be noted that among the “independent” variables used in the econometric calibrations is one that captures the effect of the recent (2008) financial crisis.The empirical findings for the construction sector are compared to those for the real estate investment trusts. The general conclusion is that the econometric results are “stable and robust” in the sense that most explanatory variables appear to be systematically statistical significant across different models and calibrations, and between the two economic sectors under examination. One notable difference is that the recent economic crisis has affected differently construction section firms and real estate investment trusts.

Σκοπός της διδακτορικής διατριβής είναι η μελέτη και η διερεύνηση των παραγόντων, οι οποίοι επηρεάζουν τις επενδυτικές αποφάσεις των επιχειρήσεων αναφορικά με την επιλογή της κεφαλαιακής τους διάρθρωσης. Η έρευνα πραγματοποιήθηκε σε επιχειρήσεις που δραστηριοποιούνται στη διαχείριση ακινήτων και στον κατασκευαστικό τομέα κατά τη χρονική περίοδο 2005 -2010. Πιο συγκεκριμένα, εξετάζεται αν οι επενδυτικές αποφάσεις των επιχειρήσεων (διαχείρισης ακινήτων και κατασκευαστικών), σχετικά με τον τρόπο άντλησης κεφαλαίων, συμπεριφέρονται σύμφωνα με τις επικρατέστερες θεωρίες της χρηματοοικονομικής επιστήμης, ξεκινώντας με τη θεωρία των Modigliani και Miller (1958). Στη συνέχεια, η έρευνα, βασιζόμενη στη μεθοδολογία των Rajan και Zingales (1995), προσπαθεί να προσδιορίσει τους κυριότερους μικροοικονομικούς (κερδοφορία, χρηματοοικονομικός κίνδυνος, συνολικά κεφάλαια, κτλ) και μακροοικονομικούς παράγοντες (Ακαθάριστο Εγχώριο Προϊόν, πληθωρισμός, ανεργία, κτλ) που επηρεάζουν τις επενδυτικές αποφάσεις των παραπάνω επιχειρήσεων, αναφορικά με την κεφαλαιακή τους δομή. Παράλληλα, εξετάζεται και αιτιολογείται ο τρόπος επίδρασης των ανωτέρω αναφερομένων παραγόντων.Ο τρόπος προσέγγισης των ερευνητικών ζητημάτων της διατριβής βασίζεται σε σύγχρονες οικονομετρικές μεθόδους.…

Subjects/Keywords: Κεφαλαιακή διάρθρωση; Capital structure

Record Details Similar Records Cite « Share

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Feidakis, A. (2015). Επενδυτικές αποφάσεις των κατασκευαστικών και real estate επιχειρήσεων διαχείρισης ακινήτων: χωρική ανάλυση και κεφαλαιακή διάρθρωση. (Thesis). Panteion University of Social and Political Sciences; Πάντειο Πανεπιστήμιο Κοινωνικών και Πολιτικών Επιστημών. Retrieved from http://hdl.handle.net/10442/hedi/36438

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Feidakis, Andreas. “Επενδυτικές αποφάσεις των κατασκευαστικών και real estate επιχειρήσεων διαχείρισης ακινήτων: χωρική ανάλυση και κεφαλαιακή διάρθρωση.” 2015. Thesis, Panteion University of Social and Political Sciences; Πάντειο Πανεπιστήμιο Κοινωνικών και Πολιτικών Επιστημών. Accessed March 01, 2021. http://hdl.handle.net/10442/hedi/36438.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Feidakis, Andreas. “Επενδυτικές αποφάσεις των κατασκευαστικών και real estate επιχειρήσεων διαχείρισης ακινήτων: χωρική ανάλυση και κεφαλαιακή διάρθρωση.” 2015. Web. 01 Mar 2021.

Vancouver:

Feidakis A. Επενδυτικές αποφάσεις των κατασκευαστικών και real estate επιχειρήσεων διαχείρισης ακινήτων: χωρική ανάλυση και κεφαλαιακή διάρθρωση. [Internet] [Thesis]. Panteion University of Social and Political Sciences; Πάντειο Πανεπιστήμιο Κοινωνικών και Πολιτικών Επιστημών; 2015. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/10442/hedi/36438.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Feidakis A. Επενδυτικές αποφάσεις των κατασκευαστικών και real estate επιχειρήσεων διαχείρισης ακινήτων: χωρική ανάλυση και κεφαλαιακή διάρθρωση. [Thesis]. Panteion University of Social and Political Sciences; Πάντειο Πανεπιστήμιο Κοινωνικών και Πολιτικών Επιστημών; 2015. Available from: http://hdl.handle.net/10442/hedi/36438

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Oklahoma State University

19. Kemper, Kristopher J. Do Credit Ratings Really Affect Capital Structure?.

Degree: Department of Finance, 2011, Oklahoma State University

URL: http://hdl.handle.net/11244/6762

► This paper revisits the recently tested theory of credit ratings affecting capital structure. While this has been a phenomenon observed by practitioners for year, it… (more)

Subjects/Keywords: capital structure; credit ratings

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Kemper, K. J. (2011). Do Credit Ratings Really Affect Capital Structure?. (Thesis). Oklahoma State University. Retrieved from http://hdl.handle.net/11244/6762

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Kemper, Kristopher J. “Do Credit Ratings Really Affect Capital Structure?.” 2011. Thesis, Oklahoma State University. Accessed March 01, 2021. http://hdl.handle.net/11244/6762.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Kemper, Kristopher J. “Do Credit Ratings Really Affect Capital Structure?.” 2011. Web. 01 Mar 2021.

Vancouver:

Kemper KJ. Do Credit Ratings Really Affect Capital Structure?. [Internet] [Thesis]. Oklahoma State University; 2011. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/11244/6762.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Kemper KJ. Do Credit Ratings Really Affect Capital Structure?. [Thesis]. Oklahoma State University; 2011. Available from: http://hdl.handle.net/11244/6762

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

20. Achima Chalarat. Pre-IPO and Post-IPO firm performance: Evidence from Thai Listed Companies .

Degree: คณะวิทยาการจัดการ ภาควิชาบริหารธุรกิจ, 2018, Prince of Songkla University

URL: http://kb.psu.ac.th/psukb/handle/2016/12748

► This study aimed to discover pre-IPO and post-IPO firm performance of Thai listed firmed in SET during 2009-2013. Ownership structure and venture capitalists were the… (more)

Subjects/Keywords: Owership structure; Capital structure; Corporate performance

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APA (6^th Edition):

Chalarat, A. (2018). Pre-IPO and Post-IPO firm performance: Evidence from Thai Listed Companies . (Thesis). Prince of Songkla University. Retrieved from http://kb.psu.ac.th/psukb/handle/2016/12748

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Chalarat, Achima. “Pre-IPO and Post-IPO firm performance: Evidence from Thai Listed Companies .” 2018. Thesis, Prince of Songkla University. Accessed March 01, 2021. http://kb.psu.ac.th/psukb/handle/2016/12748.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Chalarat, Achima. “Pre-IPO and Post-IPO firm performance: Evidence from Thai Listed Companies .” 2018. Web. 01 Mar 2021.

Vancouver:

Chalarat A. Pre-IPO and Post-IPO firm performance: Evidence from Thai Listed Companies . [Internet] [Thesis]. Prince of Songkla University; 2018. [cited 2021 Mar 01]. Available from: http://kb.psu.ac.th/psukb/handle/2016/12748.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Chalarat A. Pre-IPO and Post-IPO firm performance: Evidence from Thai Listed Companies . [Thesis]. Prince of Songkla University; 2018. Available from: http://kb.psu.ac.th/psukb/handle/2016/12748

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Arizona State University

21. Flynn, Sean. Debt Structure and Future Financing and Investment.

Degree: Business Administration, 2017, Arizona State University

URL: http://repository.asu.edu/items/44024

► I study the relation between firm debt structure and future external financing and investment. I find that greater reliance on long-term debt is associated with… (more)

Subjects/Keywords: Finance; capital structure; debt structure; financial flexibility

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APA (6^th Edition):

Flynn, S. (2017). Debt Structure and Future Financing and Investment. (Doctoral Dissertation). Arizona State University. Retrieved from http://repository.asu.edu/items/44024

Chicago Manual of Style (16^th Edition):

Flynn, Sean. “Debt Structure and Future Financing and Investment.” 2017. Doctoral Dissertation, Arizona State University. Accessed March 01, 2021. http://repository.asu.edu/items/44024.

MLA Handbook (7^th Edition):

Flynn, Sean. “Debt Structure and Future Financing and Investment.” 2017. Web. 01 Mar 2021.

Vancouver:

Flynn S. Debt Structure and Future Financing and Investment. [Internet] [Doctoral dissertation]. Arizona State University; 2017. [cited 2021 Mar 01]. Available from: http://repository.asu.edu/items/44024.

Council of Science Editors:

Flynn S. Debt Structure and Future Financing and Investment. [Doctoral Dissertation]. Arizona State University; 2017. Available from: http://repository.asu.edu/items/44024

22. Reyes ortiz, Luis. Economic Policy and Income Distribution : The case of France since the early 1970s : Politique économique et répartition du revenu : Le cas de la France depuis le début des années 1970.

Degree: Docteur es, Sciences économiques, 2015, Sorbonne Paris Cité

URL: http://www.theses.fr/2015USPCD105

►

L’idée centrale de notre analyse sur l’économie française concerne la suprématie des taux d’intérêt et des dépenses publiques comme instruments de politique économique. Avec la… (more)

▼

L’idée centrale de notre analyse sur l’économie française concerne la suprématie des taux d’intérêt et des dépenses publiques comme instruments de politique économique. Avec la forte hausse des taux d’intérêt au début des années 1980, les entreprises non financières ont commencé à demander moins de crédit, tandis que les ménages français, ainsi que d’autres économies en voie de développement en ont demandé davantage. Parallèlement à ces développements, les marchés spéculatifs ont dominé la bourse, le taux de chômage a augmenté, et un processus de libéralisation a suivi. Nous analysons les conséquences de ce processus de financiarisation et certains scénarios possibles en France, tout en utilisant un modèle de type Cowles Commission, qui est à son tour fondé sur la littérature stock-flux. Une attention particulière est donnée aux variables de répartition et fiscales. Les résultats du modèle indiquent que (étant donné que les entreprises françaises sont prises dans une trappe à liquidité) le taux d’intérêt a perdu son pouvoir comme une variable de politique. En revanche, les dépenses publiques ont une puissance expansionniste importante.

The core of our analysis of the French economy concerns the supremacy of interest rates and government spending as policy instruments in this economy. With the strong increase in interest rates at the beginning of the 1980s, non-financial firms started to demand less credit, whereas French households and other developing economies demanded more. Parallel to these developments, bulls became more abundant in stock markets, the unemployment rate soared and a full process of liberalization ensued. We analyze the consequences of this financialization process and some feasible scenarios in France by means of a Cowles Commission-type model that is in turn based on the stock-flow literature. Particular emphasis is given to distributive and fiscalvariables. The model’s results indicate that (given that French firms are caught in a liquidity trap) the interest rate has lost its power as a policy variable. In contrast, public spending has an important expansionary power.

Advisors/Committee Members: Mazier, Jacques (thesis director).

Subjects/Keywords: Structure du capital; Stock-flux; Capital structure; Stock-flow

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Reyes ortiz, L. (2015). Economic Policy and Income Distribution : The case of France since the early 1970s : Politique économique et répartition du revenu : Le cas de la France depuis le début des années 1970. (Doctoral Dissertation). Sorbonne Paris Cité. Retrieved from http://www.theses.fr/2015USPCD105

Chicago Manual of Style (16^th Edition):

Reyes ortiz, Luis. “Economic Policy and Income Distribution : The case of France since the early 1970s : Politique économique et répartition du revenu : Le cas de la France depuis le début des années 1970.” 2015. Doctoral Dissertation, Sorbonne Paris Cité. Accessed March 01, 2021. http://www.theses.fr/2015USPCD105.

MLA Handbook (7^th Edition):

Reyes ortiz, Luis. “Economic Policy and Income Distribution : The case of France since the early 1970s : Politique économique et répartition du revenu : Le cas de la France depuis le début des années 1970.” 2015. Web. 01 Mar 2021.

Vancouver:

Reyes ortiz L. Economic Policy and Income Distribution : The case of France since the early 1970s : Politique économique et répartition du revenu : Le cas de la France depuis le début des années 1970. [Internet] [Doctoral dissertation]. Sorbonne Paris Cité; 2015. [cited 2021 Mar 01]. Available from: http://www.theses.fr/2015USPCD105.

Council of Science Editors:

Reyes ortiz L. Economic Policy and Income Distribution : The case of France since the early 1970s : Politique économique et répartition du revenu : Le cas de la France depuis le début des années 1970. [Doctoral Dissertation]. Sorbonne Paris Cité; 2015. Available from: http://www.theses.fr/2015USPCD105

Universidade do Rio Grande do Sul

23. Susin, Lia Thomazzi. Gerdau SA : um estudo de caso sobre a estrutura financeira da aquisição da Chaparral Steel.

Degree: 2009, Universidade do Rio Grande do Sul

URL: http://hdl.handle.net/10183/17510

►

Em setembro de 2007 o grupo Gerdau concretizou a aquisição da siderúrgica americana Chaparral Steel, desembolsando para isso 4,2 bilhões de dólares. Para financiar esta… (more)

▼

Em setembro de 2007 o grupo Gerdau concretizou a aquisição da siderúrgica americana Chaparral Steel, desembolsando para isso 4,2 bilhões de dólares. Para financiar esta compra, 93% do funding foi de capital de terceiros e participação de acionistas, obtidos através de operações de empréstimo, emissão de ações e de um Bond, com prazo médio total de 5 anos. As operações foram contratadas no terceiro trimestre de 2007, período no qual a crise do subprime começou a preocupar as empresas e investidores, com o reporte de contínuas perdas por mau-pagamento de hipotecas, principalmente nos Estados Unidos, afetando diversos produtos financeiros. Destaca-se nesta estruturação o fato dela ter sido premiada pela International Financing Review Awards como a melhor operação de empréstimo feita por uma empresa da América Latina em 2007 e também a questão de ser o maior valor desembolsado pelo grupo Gerdau em uma aquisição. Como um todo, a operação manteve a empresa dentro dos indicadores das melhores práticas do seu segmento e possibilitou criação de valor para os acionistas e stakeholders.

In September of 2007 the Gerdau group finalized the acquisition of the American steelmaker Chaparral Steel, with a disbursement of 4.2 billion US dollars. Only 7% of the financing of this purchase was cash, the remaining 93% was obtained through the emission of new shares, short-term and long-term debt, and a Bond, with a total average maturity of 5 years. All the operations were contracted on the third semester of 2007, when the subprime crises started to scare off companies and investors, with the continuous report of losses due to the financial structured products on the mortgages market, mainly in the US. The highlights of this structure are that it was awarded by International Financing Review Awards as the best Latin American Loan of 2007 and also, it was the most ever paid by the group in an acquisition. Last but not least, the operation kept the company in the range of the best practice ratios of its segment and allowed the creation of value for its shareholders and stakeholders.

Advisors/Committee Members: Galli, Oscar Claudino.

Subjects/Keywords: Estrutura de capital; Gerdau; Capital financeiro; Chaparral; Empréstimo; Capital structure; Leverage

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APA (6^th Edition):

Susin, L. T. (2009). Gerdau SA : um estudo de caso sobre a estrutura financeira da aquisição da Chaparral Steel. (Thesis). Universidade do Rio Grande do Sul. Retrieved from http://hdl.handle.net/10183/17510

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Susin, Lia Thomazzi. “Gerdau SA : um estudo de caso sobre a estrutura financeira da aquisição da Chaparral Steel.” 2009. Thesis, Universidade do Rio Grande do Sul. Accessed March 01, 2021. http://hdl.handle.net/10183/17510.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Susin, Lia Thomazzi. “Gerdau SA : um estudo de caso sobre a estrutura financeira da aquisição da Chaparral Steel.” 2009. Web. 01 Mar 2021.

Vancouver:

Susin LT. Gerdau SA : um estudo de caso sobre a estrutura financeira da aquisição da Chaparral Steel. [Internet] [Thesis]. Universidade do Rio Grande do Sul; 2009. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/10183/17510.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Susin LT. Gerdau SA : um estudo de caso sobre a estrutura financeira da aquisição da Chaparral Steel. [Thesis]. Universidade do Rio Grande do Sul; 2009. Available from: http://hdl.handle.net/10183/17510

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

24. Thai, Thi Hong An. Trois essais sur la structure du capital et la vitesse d'ajustement vers d’un ratio «cible» d’endettement des entreprises vietnamiennes : Three essays on capital structure and adjustment speed toward the target leverage of Vietnamese listed firms.

Degree: Docteur es, Sciences de gestion, 2019, Université Grenoble Alpes (ComUE)

URL: http://www.theses.fr/2019GREAG005

►

Le premier article issu de cette thèse cherche à explorer les déterminants de la structure du capital des sociétés vietnamiennes cotées en bourse. Les analyses… (more)

▼

Le premier article issu de cette thèse cherche à explorer les déterminants de la structure du capital des sociétés vietnamiennes cotées en bourse. Les analyses empiriques montrent que la proportion des investissements publics a un impact non linéaire sur le ratio d'endettement des entreprises, sous la forme d'un U inversé. En outre, nos résultats empiriques montrent que la proportion d’investissement étrangers est négativement associée au ratio d'endettement des entreprises vietnamiennes, qu'il s'agisse du ratio d'endettement à court terme ou du ratio d'endettement total. La même relation est observée pour la proportion d'investissement de la part de grands détenteurs.La deuxième étude vise à explorer de nouveaux aspects de la problématique de la vitesse d’ajustement à la structure de capital cible, optimale, des entreprises vietnamiennes cotées en bourse. Pour étudier cette problématique, nous adoptons un modèle d’ajustement partiel. Le cadre adopté est celui de la théorie du compromis, selon lequel les entreprises réajustent leur effet de levier en comparant les coûts et les avantages de l'ajustement, ce qui induit une hétérogénéité dans la structure du capital ainsi que la vitesse d'ajustement. Pour avoir un aperçu détaillé du mécanisme d’ajustement, la présente étude considère différents sous-échantillons d’entreprises, selon que leur niveau d'endettement est au-dessus ou en-dessous de la cible, proche ou loin de la cible. Nos résultats montrent un fort degré d'hétérogénéité dans le comportement d'ajustement des entreprises, ce qui est ligne avec la théorie du compromis.La dernière étude de la thèse analyse l'ajustement de la structure du capital des entreprises au cours de leur cycle de vie, et ce pour des sociétés vietnamiennes de 2005 à 2017. Les résultats montrent que la vitesse d'ajustement en fonction de l'effet de levier cible varie de manière significative au cours des cinq phases de la vie des entreprises. Nous avons également constaté que le modèle de flux de trésorerie est un indicateur plus fiable des étapes du cycle de vie d'une entreprise que son âge ou son taux de croissance. Nos résultats empiriques appuient la théorie du financement hiérarchique en tant que cadre pour comprendre le comportement des sociétés cotées en bourse tout au long de leur vie.

The first paper stemmed from this thesis seeks to explore the determinants of the capital structure of Vietnamese listed companies, with an emphasis on outside ownership. The empirical results demonstrate that the proportion of state investment has no linear impact on firm leverage. The results, however, reveal an inverted U-shaped relationship. Besides, our empirical results show that the proportions of foreign investment and large holders are negatively associated with short-term, total and market leverage. There is no evidence about the non-linear relationship between foreign and large ownership and the capital structure of observed firms.The second study aims to explore some new aspects of the issue of adjustment speed toward the target…

Advisors/Committee Members: Burlacu, Radu (thesis director).

Subjects/Keywords: La vitesse d'ajustemten; La structure du capital; La structure de capital cible; Adjustment speed; Capital structure; Target leverage; 650

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APA (6^th Edition):

Thai, T. H. A. (2019). Trois essais sur la structure du capital et la vitesse d'ajustement vers d’un ratio «cible» d’endettement des entreprises vietnamiennes : Three essays on capital structure and adjustment speed toward the target leverage of Vietnamese listed firms. (Doctoral Dissertation). Université Grenoble Alpes (ComUE). Retrieved from http://www.theses.fr/2019GREAG005

Chicago Manual of Style (16^th Edition):

Thai, Thi Hong An. “Trois essais sur la structure du capital et la vitesse d'ajustement vers d’un ratio «cible» d’endettement des entreprises vietnamiennes : Three essays on capital structure and adjustment speed toward the target leverage of Vietnamese listed firms.” 2019. Doctoral Dissertation, Université Grenoble Alpes (ComUE). Accessed March 01, 2021. http://www.theses.fr/2019GREAG005.

MLA Handbook (7^th Edition):

Thai, Thi Hong An. “Trois essais sur la structure du capital et la vitesse d'ajustement vers d’un ratio «cible» d’endettement des entreprises vietnamiennes : Three essays on capital structure and adjustment speed toward the target leverage of Vietnamese listed firms.” 2019. Web. 01 Mar 2021.

Vancouver:

Thai THA. Trois essais sur la structure du capital et la vitesse d'ajustement vers d’un ratio «cible» d’endettement des entreprises vietnamiennes : Three essays on capital structure and adjustment speed toward the target leverage of Vietnamese listed firms. [Internet] [Doctoral dissertation]. Université Grenoble Alpes (ComUE); 2019. [cited 2021 Mar 01]. Available from: http://www.theses.fr/2019GREAG005.

Council of Science Editors:

Thai THA. Trois essais sur la structure du capital et la vitesse d'ajustement vers d’un ratio «cible» d’endettement des entreprises vietnamiennes : Three essays on capital structure and adjustment speed toward the target leverage of Vietnamese listed firms. [Doctoral Dissertation]. Université Grenoble Alpes (ComUE); 2019. Available from: http://www.theses.fr/2019GREAG005

NSYSU

25. Fang, Sung-han. Credit rating and the change of capital structure.

Degree: Master, Finance, 2009, NSYSU

URL: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0705109-194545

► This paper aims to realize that the capital structure decisions will be affected by the credit rating of a firm. According to the argument made… (more)

Subjects/Keywords: panel data; capital structure; credit rating

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APA (6^th Edition):

Fang, S. (2009). Credit rating and the change of capital structure. (Thesis). NSYSU. Retrieved from http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0705109-194545

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Fang, Sung-han. “Credit rating and the change of capital structure.” 2009. Thesis, NSYSU. Accessed March 01, 2021. http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0705109-194545.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Fang, Sung-han. “Credit rating and the change of capital structure.” 2009. Web. 01 Mar 2021.

Vancouver:

Fang S. Credit rating and the change of capital structure. [Internet] [Thesis]. NSYSU; 2009. [cited 2021 Mar 01]. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0705109-194545.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Fang S. Credit rating and the change of capital structure. [Thesis]. NSYSU; 2009. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0705109-194545

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

26. Kavitha S. Determinants of Corporate Capital Structure among Selected Manufacturing Industries in India;.

Degree: Commerce, 2015, Avinashilingam Deemed University For Women

URL: http://shodhganga.inflibnet.ac.in/handle/10603/40672

►

The financial success of a firm depends mainly on its capital structure Firms with unplanned Capital Structure can prosper in short run but face difficulties… (more)

▼

The financial success of a firm depends mainly on its capital structure Firms with unplanned Capital Structure can prosper in short run but face difficulties in mobilizing additional funds and in increasing the value of the business in the long run The choice of debt and equity in the capital structure of corporate firms is an important financial decision because it influences both the return and the risk of shareholders The excessive use of debt may endanger the survival of the corporate firm, at the same time nonuse of debt prevents the firm from an opportunity to enhance the rate of return to its equity holders Capital Structure refers to the proportionate relationship between newlinedifferent components of financing mix or long term sources of funds such as debentures newlinelong term debt preference capital and equity share capital including reserves and surplus Brealy and Myers Capital structure is dependent on the financing decision of a firm A firm may decide to finance its investment requirement either only through equity or only through debt or a mixture of both Normally firms follow the third option Bhattacharyya and Banerjee It is generally understood that the optimal capital structure of a firm is the composition of debt and equity which results in the minimum cost of capital and thus determination of an optimal capital structure is not an exact science The firms have to analyze a number of factors such as the firms business risk its financial flexibility shareholders wealth maximization survival against competitors assurance of a steady newlinesource of funds acquisition and maintenance of a good rating in the market profitability newlineand growth rate before deciding upon an appropriate capital structure All these factors are a pointer to one important fact that companies will have to search for the right newlinecapital structure which enhances its value while minimizing costs A corporate capital newlinestructure depends on the companies financial solutions which may either be a random newlineone or reflects the results of rational selection

Advisors/Committee Members: Jerinabi U.

Subjects/Keywords: capital structure; EVA; Debt Enquiry Ratio

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

S, K. (2015). Determinants of Corporate Capital Structure among Selected Manufacturing Industries in India;. (Thesis). Avinashilingam Deemed University For Women. Retrieved from http://shodhganga.inflibnet.ac.in/handle/10603/40672

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

S, Kavitha. “Determinants of Corporate Capital Structure among Selected Manufacturing Industries in India;.” 2015. Thesis, Avinashilingam Deemed University For Women. Accessed March 01, 2021. http://shodhganga.inflibnet.ac.in/handle/10603/40672.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

S, Kavitha. “Determinants of Corporate Capital Structure among Selected Manufacturing Industries in India;.” 2015. Web. 01 Mar 2021.

Vancouver:

S K. Determinants of Corporate Capital Structure among Selected Manufacturing Industries in India;. [Internet] [Thesis]. Avinashilingam Deemed University For Women; 2015. [cited 2021 Mar 01]. Available from: http://shodhganga.inflibnet.ac.in/handle/10603/40672.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

S K. Determinants of Corporate Capital Structure among Selected Manufacturing Industries in India;. [Thesis]. Avinashilingam Deemed University For Women; 2015. Available from: http://shodhganga.inflibnet.ac.in/handle/10603/40672

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of North Texas

27. Luo, Haowen. Is 100 Percent Debt Optimal? Three Essays on Aggressive Capital Structure and Myth of Negative Book Equity Firms.

Degree: 2016, University of North Texas

URL: https://digital.library.unt.edu/ark:/67531/metadc862869/

► This dissertation comprises of three related essays in regard of puzzling negative book equity phenomenon among U.S. public firms. In essay 1, I present the… (more)

▼ This dissertation comprises of three related essays in regard of puzzling negative book equity phenomenon among U.S. public firms. In essay 1, I present the evidence that there is an increasing trend of negative book equity firms over the past 50 years, from 0.3% up to over 5% among publicly traded firms in US. In contrast to previous research which generally classify these firms as distressed firms with highly likelihood of bankruptcy, I propose a new method to separate Healthy Negative Book Equity Firms (HNBEF) from relatively more distressed negative book equity firms. The results show that HNBEF have much higher net income and interest coverage ratio, they survive longer, and pay more dividends. More interestingly, these firms are often actively increase share repurchases and debt issuance. These facts, combined with their strong profitability, indicate that managers of these firms are actively increasing their leverage and choose to be negative book equity firms. To explain the existence of HNBEF, in essay 2, I investigate several possible reasons that may contribute to the extreme leverage of these firms. I find that HNBEF are substantially undervalued by their book assets as stated on the balance sheet. In addition, the value of intangible assets, especially those off-balance sheet intangible assets, is positively related to the probability of becoming HNBEF. Moreover, I find that characteristics of intangible assets and firms also play important role on existence of HNBEF. Specifically, I find that both liquidity and redeployability of intangible assets are positively related with the probability of becoming HNBEF. Also, firms associated with closer borrower-lender relationship are more likely to become HNBEF. To investigate if the aggressive capital structure adopted by HNBEF is optimal, in essay 3, I performed several tests to analyze how these firms differ from other firms in terms of operating performance, corporate governance and firm value. My research finds that compared to firms from same industry and with similar size, managers of HNBEF invest more heavily in their own firms, and HNBEF have better corporate governance. In addition, HNBEF are associated with better operating performance and higher value. Advisors/Committee Members: Tripathy, Niranjan, Liu, Yi, Kim, Myungsum.

Subjects/Keywords: Capital Structure; Debt Capacity; Agency Problem

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Luo, H. (2016). Is 100 Percent Debt Optimal? Three Essays on Aggressive Capital Structure and Myth of Negative Book Equity Firms. (Thesis). University of North Texas. Retrieved from https://digital.library.unt.edu/ark:/67531/metadc862869/

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Luo, Haowen. “Is 100 Percent Debt Optimal? Three Essays on Aggressive Capital Structure and Myth of Negative Book Equity Firms.” 2016. Thesis, University of North Texas. Accessed March 01, 2021. https://digital.library.unt.edu/ark:/67531/metadc862869/.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Luo, Haowen. “Is 100 Percent Debt Optimal? Three Essays on Aggressive Capital Structure and Myth of Negative Book Equity Firms.” 2016. Web. 01 Mar 2021.

Vancouver:

Luo H. Is 100 Percent Debt Optimal? Three Essays on Aggressive Capital Structure and Myth of Negative Book Equity Firms. [Internet] [Thesis]. University of North Texas; 2016. [cited 2021 Mar 01]. Available from: https://digital.library.unt.edu/ark:/67531/metadc862869/.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Luo H. Is 100 Percent Debt Optimal? Three Essays on Aggressive Capital Structure and Myth of Negative Book Equity Firms. [Thesis]. University of North Texas; 2016. Available from: https://digital.library.unt.edu/ark:/67531/metadc862869/

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Addis Ababa University

28. Daniel, Kebede. The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives .

Degree: 2012, Addis Ababa University

URL: http://etd.aau.edu.et/dspace/handle/123456789/2265

► The purpose of the study is investigating the determinants of capital structure for Small Scale Manufacturing Co-operatives (SSMCs) in Ethiopia. Hypotheses utilizing trade-off, pecking order… (more)

Subjects/Keywords: Capital structure; Small Scale Manufacturing Co-operatives

Record Details Similar Records Cite « Share

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Daniel, K. (2012). The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives . (Thesis). Addis Ababa University. Retrieved from http://etd.aau.edu.et/dspace/handle/123456789/2265

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Daniel, Kebede. “The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives .” 2012. Thesis, Addis Ababa University. Accessed March 01, 2021. http://etd.aau.edu.et/dspace/handle/123456789/2265.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Daniel, Kebede. “The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives .” 2012. Web. 01 Mar 2021.

Vancouver:

Daniel K. The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives . [Internet] [Thesis]. Addis Ababa University; 2012. [cited 2021 Mar 01]. Available from: http://etd.aau.edu.et/dspace/handle/123456789/2265.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Daniel K. The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives . [Thesis]. Addis Ababa University; 2012. Available from: http://etd.aau.edu.et/dspace/handle/123456789/2265

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Addis Ababa University

29. Daniel, Kebede. The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives .

Degree: 2012, Addis Ababa University

URL: http://etd.aau.edu.et/dspace/handle/123456789/2314

► The purpose of the study is investigating the determinants of capital structure for Small Scale Manufacturing Co-operatives (SSMCs) in Ethiopia. Hypotheses utilizing trade-off, pecking order… (more)

Subjects/Keywords: Capital structure; Small Scale Manufacturing Co-operatives

Record Details Similar Records Cite « Share

❌

APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Daniel, K. (2012). The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives . (Thesis). Addis Ababa University. Retrieved from http://etd.aau.edu.et/dspace/handle/123456789/2314

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Daniel, Kebede. “The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives .” 2012. Thesis, Addis Ababa University. Accessed March 01, 2021. http://etd.aau.edu.et/dspace/handle/123456789/2314.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Daniel, Kebede. “The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives .” 2012. Web. 01 Mar 2021.

Vancouver:

Daniel K. The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives . [Internet] [Thesis]. Addis Ababa University; 2012. [cited 2021 Mar 01]. Available from: http://etd.aau.edu.et/dspace/handle/123456789/2314.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Daniel K. The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives . [Thesis]. Addis Ababa University; 2012. Available from: http://etd.aau.edu.et/dspace/handle/123456789/2314

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Nairobi

30. Gichuhi, Lilian, N. The Effect of Capital Structure on Profitability of Firms Listed at the Nairobi Securities Exchange .

Degree: 2016, University of Nairobi

URL: http://hdl.handle.net/11295/100254

► Firms require capital to finance their business operations and invest. Most firms are faced with a dilemma on whether to utilize debt or equity to… (more)

▼ Firms require capital to finance their business operations and invest. Most firms are faced with a dilemma on whether to utilize debt or equity to finance their firms. But, it important for firms to find the best option and effectively manage their risks. The objective for this study was to determine the outcome of capital structure on profitability of firms listed at the NSE. A descriptive research design was considered effective for this study because it was useful in collecting data that depict the relationship between variables. The study targeted 67 firms that had been actively trading for the last 5 years (2011-2015) nonetheless; data was collected from 36 firms that were considered satisfactory to make generalization. The study used secondary data which was obtained from annual reports published by Capital Markets Authority. Analysis of data was done using descriptive and inferential statistics. The study found that listed firms were profitable in the study period. Firms utilized debt which minimized their cost of financing and operational costs. There lacked a relationship between capital structure, firm size, leverage and profitability of listed firms. The independent variables explained eighteen percent variance in profitability of listed firms. The regression model implemented was found to be significant. It was concluded that there existed an insignificant link relating capital structure and profitability of listed firms. It is recommended that a fair mix of debt and equity should be established to ensure that the firm maintains capital adequacy. Firms can thus be able to meet their financial compulsions and investments that can promise attractive returns. Time and resources was a hindrance that forced me to use 36 listed firms. A replica of this research study should be conducted in another sector such as the manufacturing sector to find out if similar results will hold. Financial leverage varies significantly by industry. Researchers can compare results and make a logical conclusion.

Subjects/Keywords: The Effect of Capital Structure on Profitability

Record Details Similar Records Cite « Share

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Gichuhi, Lilian, N. (2016). The Effect of Capital Structure on Profitability of Firms Listed at the Nairobi Securities Exchange . (Thesis). University of Nairobi. Retrieved from http://hdl.handle.net/11295/100254

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Gichuhi, Lilian, N. “The Effect of Capital Structure on Profitability of Firms Listed at the Nairobi Securities Exchange .” 2016. Thesis, University of Nairobi. Accessed March 01, 2021. http://hdl.handle.net/11295/100254.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Gichuhi, Lilian, N. “The Effect of Capital Structure on Profitability of Firms Listed at the Nairobi Securities Exchange .” 2016. Web. 01 Mar 2021.

Vancouver:

Gichuhi, Lilian N. The Effect of Capital Structure on Profitability of Firms Listed at the Nairobi Securities Exchange . [Internet] [Thesis]. University of Nairobi; 2016. [cited 2021 Mar 01]. Available from: http://hdl.handle.net/11295/100254.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Gichuhi, Lilian N. The Effect of Capital Structure on Profitability of Firms Listed at the Nairobi Securities Exchange . [Thesis]. University of Nairobi; 2016. Available from: http://hdl.handle.net/11295/100254

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

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Open Access Theses and Dissertations