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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 (6th 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 (16th Edition):
Muas, Kevin M. “Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange
.” 2015. Thesis, University of Nairobi. Accessed June 16, 2019.
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 (7th Edition):
Muas, Kevin M. “Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange
.” 2015. Web. 16 Jun 2019.
Vancouver:
Muas KM. Determinants of capital structure of manufacturing firms listed at the nairobi securities exchange
. [Internet] [Thesis]. University of Nairobi; 2015. [cited 2019 Jun 16].
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)
▼ 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 to have a strong capital structure, the asset structure
needs to be as strong. The Asset structure of a firm is an important aspect as it measures its
ability to survive and competes with other firms. It also guides in decision making in regards to
the way finance is raised. A firm that does not have a strong asset structure cannot be able to
request for external financing. Capital structure refers to the decision between the debt, debt
equivalent source of finance and equity financing of the firms activities. This research aimed at
determining if asset structure and capital structure are related. Empirical evidence in Kenya has
shown that minimal attention has been put into asset structure whereas capital structure studies
are numerous. However, research done on both asset structure and capital structure from other
countries give different results. Esperanca et al (2003) studies showed asset structure and capital
structure had a positive relation whereas Hall et al (20014) discovered asset structure and long
term debt were positively related but asset structure and short-term debt were negatively related.
This research looked into the capital structure theory, trade off theory, pecking order theory and
the agency theory to understand the phenomenon involved. The conceptual framework
diagrammatically illustrated the independent and dependent variables and also the intervening
variables. The null hypothesis stated that there was no relationship between the asset structure
and the capital structure. The alternative hypothesis stated that there was a relationship between
asset structure and capital structure. The seven agricultural firms listed in the Nairobi Securities
Exchange was the population and secondary data was utilized. The research design used was the
explanatory non-experimental research design. The data was acquired from the NSE Investors
handbook 2015-2016, CMA online resource portal and various company websites. Descriptive
analysis was used. The study required quantitative analysis to be carried out. The period of
study was 2011-2015. Data was analyzed using SPSS. The findings were summarized and
presented using tables. This study showed that 66.7% variation in the capital structure was due
to changes in the asset structure as the findings of the adjusted R squared revealed. The asset
structure variables were tangibility, Return on asset and the size of the firm. The correlation
coefficient revealed that there was a positive relationship of 95.7% between the debt ratio and
the independent asset structure variables. This means that the tangibility of assets, the size of the
firm and the return on assets had an influence on capital structure. The findings also concluded
that size of the firm and the returns on assets have a negative relationship with the capital
structure. This means that an increase in either the return on assets or the…
Subjects/Keywords: Asset Structure and Capital Structure
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Manager
APA (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Ngari, Elizabeth M. “The Relationship Between Asset Structure and Capital Structure of Agricultural Firms Listed in the Nairobi Securities Exchange
.” 2016. Web. 16 Jun 2019.
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 2019 Jun 16].
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 ·
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Manager
APA (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Netto, Ronald Barbosa. “Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel
.” 2009. Web. 16 Jun 2019.
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 2019 Jun 16].
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
University of Southern California
4.
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/2428
► 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
Record Details
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APA ·
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Manager
APA (6th 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/2428
Chicago Manual of Style (16th Edition):
Sun, Qi. “Essays in financial economics.” 2014. Doctoral Dissertation, University of Southern California. Accessed June 16, 2019.
http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/386062/rec/2428.
MLA Handbook (7th Edition):
Sun, Qi. “Essays in financial economics.” 2014. Web. 16 Jun 2019.
Vancouver:
Sun Q. Essays in financial economics. [Internet] [Doctoral dissertation]. University of Southern California; 2014. [cited 2019 Jun 16].
Available from: http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/386062/rec/2428.
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/2428
Technical University of Lisbon
5.
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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Manager
APA (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Martins, Débora Raquel Soares da Cruz dos Santos. “The Impact of Credit ratings in the capital structure choice of firms.” 2014. Web. 16 Jun 2019.
Vancouver:
Martins DRSdCdS. The Impact of Credit ratings in the capital structure choice of firms. [Internet] [Thesis]. Technical University of Lisbon; 2014. [cited 2019 Jun 16].
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 Georgia
6.
Liu, Kai Mun.
Capital structure of firms after an Initial Public Offering (IPO).
Degree: MA, Business Administration, 2004, University of Georgia
URL: http://purl.galileo.usg.edu/uga_etd/liu_kaimun_200408_ma
► The objective of this thesis is to investigate the capital structure after an Initial Public Offering (IPO). For this purpose, the topics concerning capital structure…
(more)
▼ The objective of this thesis is to investigate the
capital structure after an Initial Public Offering (IPO). For this purpose, the topics concerning
capital structure and IPO’s are introduced before a data set is analyzed. It seems that an IPO’s characteristics affect a firm’s
capital structure since it determines the demand for
capital and how much
capital future new issues can raise.
Advisors/Committee Members: Annette B. Poulsen.
Subjects/Keywords: Capital Structure
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APA ·
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Manager
APA (6th Edition):
Liu, K. M. (2004). Capital structure of firms after an Initial Public Offering (IPO). (Masters Thesis). University of Georgia. Retrieved from http://purl.galileo.usg.edu/uga_etd/liu_kaimun_200408_ma
Chicago Manual of Style (16th Edition):
Liu, Kai Mun. “Capital structure of firms after an Initial Public Offering (IPO).” 2004. Masters Thesis, University of Georgia. Accessed June 16, 2019.
http://purl.galileo.usg.edu/uga_etd/liu_kaimun_200408_ma.
MLA Handbook (7th Edition):
Liu, Kai Mun. “Capital structure of firms after an Initial Public Offering (IPO).” 2004. Web. 16 Jun 2019.
Vancouver:
Liu KM. Capital structure of firms after an Initial Public Offering (IPO). [Internet] [Masters thesis]. University of Georgia; 2004. [cited 2019 Jun 16].
Available from: http://purl.galileo.usg.edu/uga_etd/liu_kaimun_200408_ma.
Council of Science Editors:
Liu KM. Capital structure of firms after an Initial Public Offering (IPO). [Masters Thesis]. University of Georgia; 2004. Available from: http://purl.galileo.usg.edu/uga_etd/liu_kaimun_200408_ma
University of Pretoria
7.
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)
▼ 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 updates the findings based on more
recent data. This is also the first study to explore the impact
that the company’s financial position has on the share price
reaction to the announcement. The study was conducted by analysing
rights issue announcements occurring on the JSE between 1st January
2001 and 31st December 2010. 35 events were used in this study
since they met the criteria for clean measurement. A standard event
study methodology was used. Abnormal returns were measured through
both the market model and control portfolio, with the Altman Z
Score utilised as a measure of the issuers’ financial position.
Statistical analysis was conducted throughout to confirm
significance. Average Abnormal Returns of -2.33% and -3.30% were
found on the day of the announcement, depending on the model used,
and Cumulative Average Abnormal Returns (CAARs) for five days post
the announcement were between -5% and -6%. Of most interest, share
price reactions were found to differ, with statistical
significance, according to the financial position of the issuer.
Companies categorised as healthy recovered from the initial decline
to a CAAR of less than -1% twenty days post the announcement. In
contrast companies categorised as unhealthy and in the grey zone
suffered CAARs after the same period of -9.17% and -8.06%
respectively. The conclusion of the study is that the
well-researched share price decline on the announcement of a rights
issue persists, but that this reaction is significantly worse for
companies in a poor financial position, as measured by their Altman
Z Score.
Advisors/Committee Members: Prof M Ward (advisor).
Subjects/Keywords: UCTD; Rights
issues; Capital
structure
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APA ·
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Manager
APA (6th 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 (16th Edition):
Cotterell, Paul Jonathan. “The impact of
rights issues announcements on share price performance in South
Africa.” 2012. Masters Thesis, University of Pretoria. Accessed June 16, 2019.
http://hdl.handle.net/2263/25809.
MLA Handbook (7th Edition):
Cotterell, Paul Jonathan. “The impact of
rights issues announcements on share price performance in South
Africa.” 2012. Web. 16 Jun 2019.
Vancouver:
Cotterell PJ. The impact of
rights issues announcements on share price performance in South
Africa. [Internet] [Masters thesis]. University of Pretoria; 2012. [cited 2019 Jun 16].
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 Cape Town
8.
Crompton, Neil.
Investigating the empirical relationship between capital structure and firm performance of companies listed on the Namibian Stock Exchange.
Degree: MBA, Research of GSB, 2017, University of Cape Town
URL: http://hdl.handle.net/11427/25104
► Purpose of the study: Based on capital structure theory, the main objective of this research report is to empirically explore the influence of capital structure…
(more)
▼ Purpose of the study: Based on
capital structure theory, the main objective of this research report is to empirically explore the influence of
capital structure decisions on firm performance of Namibian listed firms since gaining independence from South Africa in 1990, adding to the modern literature on emerging market economies. Methodology design and approach: Fixed effect panel regression models are used to control for variables such as debt, size, tangibility, growth and liquidity in order to analyse the association between
capital structure and firm performance based on fifteen years of data, for the period 1990 to 2015. Performance measures used in the econometric models are ROA, ROE and ROIC. Empirical results: The empirical findings conclude that Namibian listed firms use less debt than do other emerging market firms and that debt has an overall positive relationship to firm performance of Namibian companies. These findings are in accordance with current
capital structure and agency theory literature. Furthermore, the findings of this study suggest that Namibian firms adhere to the Static Trade-Off theory. Practical implications: The conclusions of this research report will allow academics and experts to appreciate the reasons as to why the debt acquisition system in Namibia is positively related to financial performance. Most African studies reviewed in this research paper conclude that leverage is negatively associated to financial performance. Contrastingly, South African
capital structure is also positively related to financial performance and this study seeks to understand if the South African market spatial externalities benefitted to the Namibian market, contribute to this positive
capital structure and firm performance relationship. Originality and value of research: Many previous studies testing the relationship between
capital structure and firm performance have generally been performed in developed markets or emerging market regions. This study aims to contribute to the literature on Sub-Saharan Africa. The findings of the research report will enhance current literature and debate on
capital structure implications and agency cost issues in an African and emerging market context.
Advisors/Committee Members: Gossel, Sean J.
Subjects/Keywords: Capital Structure; Firm Performance
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Manager
APA (6th Edition):
Crompton, N. (2017). Investigating the empirical relationship between capital structure and firm performance of companies listed on the Namibian Stock Exchange. (Masters Thesis). University of Cape Town. Retrieved from http://hdl.handle.net/11427/25104
Chicago Manual of Style (16th Edition):
Crompton, Neil. “Investigating the empirical relationship between capital structure and firm performance of companies listed on the Namibian Stock Exchange.” 2017. Masters Thesis, University of Cape Town. Accessed June 16, 2019.
http://hdl.handle.net/11427/25104.
MLA Handbook (7th Edition):
Crompton, Neil. “Investigating the empirical relationship between capital structure and firm performance of companies listed on the Namibian Stock Exchange.” 2017. Web. 16 Jun 2019.
Vancouver:
Crompton N. Investigating the empirical relationship between capital structure and firm performance of companies listed on the Namibian Stock Exchange. [Internet] [Masters thesis]. University of Cape Town; 2017. [cited 2019 Jun 16].
Available from: http://hdl.handle.net/11427/25104.
Council of Science Editors:
Crompton N. Investigating the empirical relationship between capital structure and firm performance of companies listed on the Namibian Stock Exchange. [Masters Thesis]. University of Cape Town; 2017. Available from: http://hdl.handle.net/11427/25104
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)
▼ 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. There is also a body
of evidence that financial markets take a keen interest in firm
performance, especially for those listed on the stock exchange.
There is no empirical evidence that there is a causal relationship
between
capital structure and the firm’s performance despite the
importance of the two concepts in corporate finance.This study uses
the debt/equity ratio as a proxy for
capital structure and a
selected few financial ratios to represent attributes of firm
performance (e.g. profitability and shareholder value) in
investigating the relationship between the two in the South African
context.The results based on stock exchange data as input are
inconclusive but they lay a foundation for potential future
research. Interesting insights are drawn from using some
limitations identified in the literature to try and explain why the
results are the way that they are.
Advisors/Committee Members: Mr G Fisher (advisor).
Subjects/Keywords: UCTD; Financial
performance; Capital
structure
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APA ·
Chicago ·
MLA ·
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CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th 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 (16th Edition):
Gangeni, Cunning. “The relationship
between capital structure and the financial performance of the
firm.” 2010. Masters Thesis, University of Pretoria. Accessed June 16, 2019.
http://hdl.handle.net/2263/23626.
MLA Handbook (7th Edition):
Gangeni, Cunning. “The relationship
between capital structure and the financial performance of the
firm.” 2010. Web. 16 Jun 2019.
Vancouver:
Gangeni C. The relationship
between capital structure and the financial performance of the
firm. [Internet] [Masters thesis]. University of Pretoria; 2010. [cited 2019 Jun 16].
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
10.
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
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APA ·
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MLA ·
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Manager
APA (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Feidakis, Andreas. “Επενδυτικές αποφάσεις των κατασκευαστικών και real estate επιχειρήσεων διαχείρισης ακινήτων: χωρική ανάλυση και κεφαλαιακή διάρθρωση.” 2015. Web. 16 Jun 2019.
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 2019 Jun 16].
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
Addis Ababa University
11.
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)
▼ 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 categorized under either debt or equity. But the most important question is what factors to affect their choice of finance and how they affect it. In order to give answer for such question, this study aims to assess the impact of firm specific and macroeconomic factors on
capital structure decision in the environment of Ethiopian insurance sector by using seven years data (2007-2013). In order to achieve this aim the researcher regressed profitability, liquidity, business risk, size, growth opportunity, age, GDP growth rate, interest rate, and inflation rate against the dependent variable as measured by total debt ratio. Such regression was made based on random effects model with the help of EVIEWS 6 software. The results of this study suggest that business risk, firm size, age, and inflation rate variables were significant factors affecting leverage of insurance firms in Ethiopia positively; confirming tradeoff and pecking order theories as prominent theories for the sector. On the other hand, profitability, liquidity, growth opportunity, GDP growth rate, and interest rate variables found as insignificant to affect the dependent variable. Thus, Ethiopian insurance firms and their managers are advised to have closer attention on business risk, size, age, and inflation rate factors in order to make optimal decision pertaining to
capital structure. Besides, they also advised to give attention first for tradeoff then for pecking order theories of
capital structure respectively as per their weight of importance.
Advisors/Committee Members: Abebe Yetayew (Assistant Professor) (advisor).
Subjects/Keywords: Capital Structure;
Insurance Firms
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APA ·
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MLA ·
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Export
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Manager
APA (6th 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 (16th Edition):
Saddam, Mohammedamin. “Factors Affecting Capital Structure Decision:
.” 2014. Thesis, Addis Ababa University. Accessed June 16, 2019.
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 (7th Edition):
Saddam, Mohammedamin. “Factors Affecting Capital Structure Decision:
.” 2014. Web. 16 Jun 2019.
Vancouver:
Saddam M. Factors Affecting Capital Structure Decision:
. [Internet] [Thesis]. Addis Ababa University; 2014. [cited 2019 Jun 16].
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
12.
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 ·
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MLA ·
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Manager
APA (6th 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 (16th Edition):
Daniel, Beshir. “Determinants of Capital Structure of Insurance Companies in Ethiopia
.” 2015. Thesis, Addis Ababa University. Accessed June 16, 2019.
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 (7th Edition):
Daniel, Beshir. “Determinants of Capital Structure of Insurance Companies in Ethiopia
.” 2015. Web. 16 Jun 2019.
Vancouver:
Daniel B. Determinants of Capital Structure of Insurance Companies in Ethiopia
. [Internet] [Thesis]. Addis Ababa University; 2015. [cited 2019 Jun 16].
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
13.
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 ·
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Manager
APA (6th 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 (16th Edition):
Gichangi, Nicholas Kinyua. “The relationship between capital structure and profitability of listed non financial firms in Kenya
.” 2014. Thesis, University of Nairobi. Accessed June 16, 2019.
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 (7th Edition):
Gichangi, Nicholas Kinyua. “The relationship between capital structure and profitability of listed non financial firms in Kenya
.” 2014. Web. 16 Jun 2019.
Vancouver:
Gichangi NK. The relationship between capital structure and profitability of listed non financial firms in Kenya
. [Internet] [Thesis]. University of Nairobi; 2014. [cited 2019 Jun 16].
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
14.
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)
▼ 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 strive to maintain a capital
structure that maximizes the shareholders wealth while minimizing financial and business
risk of the firm. A traditional view on corporate finance assert that firms strive to
maintain an optimal capital structure that balances the costs and value associated with
varying degrees of financial leverage.
The study was an empirical study of the firms listed on Nairobi Stock Exchange (NSE).
The population consisted of all the 54 companies quoted at the NSE for the years 2005 to
2009. The study sampled all companies listed at the Nairobi Stock Exchange, excluding
financial sector firms (banks, insurance firms, unit trusts and other funds companies).
This study was facilitated by the use of secondary data.
The study found out that half of the companies were unable to generate revenues that
were commensurate with the total value of assets they had, it therefore, indicate that the
management of most of the firms are inefficient in deployment of the firms’ assets to
generate revenue. This indicates that firms’ assets could cover less than 18.6% of the
firms debts for more than half the companies sampled. However, in the five regression
analyses done size generally had a negative relationship with capital structure and agency
cost which asserts the fact that as the size of a company increases, the agency cost would
reduce.
Subjects/Keywords: Capital structure and agency costs
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APA ·
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MLA ·
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CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Kitony, Janet. “A test of relationship between capital structure and agency costs: evidence from the nairobi stock exchange
.” 2011. Web. 16 Jun 2019.
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 2019 Jun 16].
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
15.
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 (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Onsomu, George P. “The relationship between capital structure and agency costs of firms listed at the Nairobi Securities Exchange
.” 2014. Web. 16 Jun 2019.
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 2019 Jun 16].
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 Pretoria
16.
[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)
▼ 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 updates the findings based on
more recent data. This is also the first study to explore the
impact that the company’s financial position has on the share price
reaction to the announcement. The study was conducted by analysing
rights issue announcements occurring on the JSE between 1st January
2001 and 31st December 2010. 35 events were used in this study
since they met the criteria for clean measurement. A standard event
study methodology was used. Abnormal returns were measured through
both the market model and control portfolio, with the Altman Z
Score utilised as a measure of the issuers’ financial position.
Statistical analysis was conducted throughout to confirm
significance. Average Abnormal Returns of -2.33% and -3.30% were
found on the day of the announcement, depending on the model used,
and Cumulative Average Abnormal Returns (CAARs) for five days post
the announcement were between -5% and -6%. Of most interest, share
price reactions were found to differ, with statistical
significance, according to the financial position of the issuer.
Companies categorised as healthy recovered from the initial decline
to a CAAR of less than -1% twenty days post the announcement. In
contrast companies categorised as unhealthy and in the grey zone
suffered CAARs after the same period of -9.17% and -8.06%
respectively. The conclusion of the study is that the
well-researched share price decline on the announcement of a rights
issue persists, but that this reaction is significantly worse for
companies in a poor financial position, as measured by their Altman
Z Score.
Advisors/Committee Members: Prof M Ward (advisor).
Subjects/Keywords: UCTD;
Rights issues;
Capital structure
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Manager
APA (6th 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 (16th Edition):
author], [No. “The impact of rights issues announcements on share
price performance in South Africa
.” 2012. Masters Thesis, University of Pretoria. Accessed June 16, 2019.
http://upetd.up.ac.za/thesis/available/etd-06242012-135803/.
MLA Handbook (7th Edition):
author], [No. “The impact of rights issues announcements on share
price performance in South Africa
.” 2012. Web. 16 Jun 2019.
Vancouver:
author] [. The impact of rights issues announcements on share
price performance in South Africa
. [Internet] [Masters thesis]. University of Pretoria; 2012. [cited 2019 Jun 16].
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
17.
[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)
▼ 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. There is also a
body of evidence that financial markets take a keen interest in
firm performance, especially for those listed on the stock
exchange. There is no empirical evidence that there is a causal
relationship between
capital structure and the firm’s performance
despite the importance of the two concepts in corporate
finance.This study uses the debt/equity ratio as a proxy for
capital structure and a selected few financial ratios to represent
attributes of firm performance (e.g. profitability and shareholder
value) in investigating the relationship between the two in the
South African context.The results based on stock exchange data as
input are inconclusive but they lay a foundation for potential
future research. Interesting insights are drawn from using some
limitations identified in the literature to try and explain why the
results are the way that they are.
Advisors/Committee Members: Mr G Fisher (advisor).
Subjects/Keywords: UCTD;
Financial performance;
Capital structure
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APA ·
Chicago ·
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Export
to Zotero / EndNote / Reference
Manager
APA (6th 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 (16th Edition):
author], [No. “The relationship between capital structure and the
financial performance of the firm
.” 2010. Masters Thesis, University of Pretoria. Accessed June 16, 2019.
http://upetd.up.ac.za/thesis/available/etd-03302010-133740/.
MLA Handbook (7th Edition):
author], [No. “The relationship between capital structure and the
financial performance of the firm
.” 2010. Web. 16 Jun 2019.
Vancouver:
author] [. The relationship between capital structure and the
financial performance of the firm
. [Internet] [Masters thesis]. University of Pretoria; 2010. [cited 2019 Jun 16].
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 Otago
18.
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)
▼ 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 in SOX are likely to improve the corporate governance of firms which, consistent with the entrenchment hypothesis, should result in firms increasing leverage and reducing debt maturity. While I find that market leverage falls after the enactment of SOX, firms non-compliant with the board and committee independence provision significantly increase leverage more than compliant firms. Furthermore, firms non-compliant with the related party transaction and financial reporting provisions significantly reduce their debt maturity more than compliant firms. These findings are consistent with the premise that the mandated tightening of governance was the greatest benefit to those firms with the weakest governance structures. In contrast I find some evidence of the substitution hypothesis, as firms that are non-compliant with the financial reporting provision significantly reduce leverage more than compliant firms. However this relatively larger leverage decrease of non-compliant firms is concentrated among small firms, that I contend are seeking to reduce firm risk post-SOX through leverage reductions.
Advisors/Committee Members: Bhabra, Gurmeet (advisor).
Subjects/Keywords: Corporate governance;
Capital structure
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Manager
APA (6th 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 (16th 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 June 16, 2019.
http://hdl.handle.net/10523/2457.
MLA Handbook (7th Edition):
Kater, Sam Michiel Adrian. “Did the Sarbanes-Oxley Act of 2002 lead to More Optimal Financing Decisions?
.” 2012. Web. 16 Jun 2019.
Vancouver:
Kater SMA. Did the Sarbanes-Oxley Act of 2002 lead to More Optimal Financing Decisions?
. [Internet] [Masters thesis]. University of Otago; 2012. [cited 2019 Jun 16].
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
19.
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)
▼ A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
This case describes the events that took place in Vista Alegre during the last two
decades (1989-2007). This historic Portuguese company is dedicated mainly to the
manufacture of ‘table art’ products, gaining enormous prestige on national territory due
to the excellence of its products. However, this prestige was not sufficient to sustain the
company, as this case shows.
Information can be found in this case regarding the strategic decisions made by
the company based on growth and major investment in new equipment in order to create
a truly international group. However, this strategy did not generate the expected
outcome and even resulted in the group's steep downfall which would end in the
takeover bid launched by Visabeira at the beginning of 2009.
Advisors/Committee Members: Adelino, José Neves.
Subjects/Keywords: Capital structure; Financial distress
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Manager
APA (6th 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 (16th Edition):
Pinto, Luís Carlos Nunes. “Vista Alegre: the decline of an historical company.” 2009. Thesis, Universidade Nova. Accessed June 16, 2019.
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 (7th Edition):
Pinto, Luís Carlos Nunes. “Vista Alegre: the decline of an historical company.” 2009. Web. 16 Jun 2019.
Vancouver:
Pinto LCN. Vista Alegre: the decline of an historical company. [Internet] [Thesis]. Universidade Nova; 2009. [cited 2019 Jun 16].
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
20.
Enow, Arrey Bhit.
A STUDY OF CAPITAL STRUCTURE IN EXTREMELY DIFFERENT ENVIRONMENTS.
Degree: 2010, , School of Management
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:bth-5622
► Capital structure is a term in financial economics that delineates the proportion that the various claimants have to the assets of the company. It…
(more)
▼ Capital structure is a term in financial economics that delineates the proportion that the various claimants have to the assets of the company. It often describes the debt and stock ratio in the right hand side of a company’s balance sheet. Franco Modigliani and Merton Miller first propounded a theory in which they explained that, a firm‟s capital structure does not influence its value, only its underlying assets do. In 1963, after adjusting their initial assumptions to include corporate taxes, they propounded another theory which explained that in a world with corporate taxes, and where interest is tax deductible, an issue of debt adds value to the firm. In later years, other theories were developed which supported the view that capital structure influences the value of the firm. I have tried to support this view, while making a contribusion that a flexibilty in a firm‟s financial structure can be very meanful. Since cash helps in a firm‟s flexibility, having significant cash reserve can potentially make a difference to the firm. While studying firms in the developed world - case study Sweden, and firms in the developing world, case study - Cameroon, I found that though firms understand that the choices they make in financing their assets can create or destroy value, they all are united by one basic instinct - the instinct to survive. During crisis, firms in these countries, tend to choose debt over the other financing options apparently because the other sources of finance might be difficult to attain at such operose times. While I understand that the need to survive is the most basic need for all firms to consider, I suggest that, the flexibility argument should be a very important factor for all firms to consider in the dynamic and competitive environments of today. A firm should manage its capital structure such that, it can choose to take an action from different alternatives rather than have - 2 - circumstances compel it to take action. Reaction to events should come from within the firm based on its evaluation of its structure and its resources rather than from outside parameters restricting it to conform to circumstances in a manner that is unrealistic to a realistic aggrandisement of the firm. It is with this spirit that I demonstrated the value of the cash option.
0046 (0) 760623610
Subjects/Keywords: Capital structure; Cash options
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APA ·
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Manager
APA (6th Edition):
Enow, A. B. (2010). A STUDY OF CAPITAL STRUCTURE IN EXTREMELY DIFFERENT ENVIRONMENTS. (Thesis). , School of Management. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:bth-5622
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Enow, Arrey Bhit. “A STUDY OF CAPITAL STRUCTURE IN EXTREMELY DIFFERENT ENVIRONMENTS.” 2010. Thesis, , School of Management. Accessed June 16, 2019.
http://urn.kb.se/resolve?urn=urn:nbn:se:bth-5622.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Enow, Arrey Bhit. “A STUDY OF CAPITAL STRUCTURE IN EXTREMELY DIFFERENT ENVIRONMENTS.” 2010. Web. 16 Jun 2019.
Vancouver:
Enow AB. A STUDY OF CAPITAL STRUCTURE IN EXTREMELY DIFFERENT ENVIRONMENTS. [Internet] [Thesis]. , School of Management; 2010. [cited 2019 Jun 16].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:bth-5622.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Enow AB. A STUDY OF CAPITAL STRUCTURE IN EXTREMELY DIFFERENT ENVIRONMENTS. [Thesis]. , School of Management; 2010. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:bth-5622
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Oklahoma State University
21.
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)
▼ 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 only recently has been studied empirically by academics. To add to the brief existing literature, I introduce subsamples of firms with the belief that not all firms are interested in following a
capital structure policy that considers credit ratings. Instead, certain firms should be more likely to follow such a road map as particular segments might be more concerned with maintaining a credit rating. In addition, I also introduce a new catalyst to proxy for a threat to a credit rating, namely the CreditWatch list of Standard & Poor's. The findings suggest that credit ratings are not a first order concern in
capital structure decisions. Rather, firms use credit ratings to reduce asymmetric information when other tools are absent.
Advisors/Committee Members: Rao, Ramesh P. (advisor), Carter, David (committee member), Simkins, Betty (committee member), Adkins, Lee C. (committee member).
Subjects/Keywords: capital structure; credit ratings
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Manager
APA (6th 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 (16th Edition):
Kemper, Kristopher J. “Do Credit Ratings Really Affect Capital Structure?.” 2011. Thesis, Oklahoma State University. Accessed June 16, 2019.
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 (7th Edition):
Kemper, Kristopher J. “Do Credit Ratings Really Affect Capital Structure?.” 2011. Web. 16 Jun 2019.
Vancouver:
Kemper KJ. Do Credit Ratings Really Affect Capital Structure?. [Internet] [Thesis]. Oklahoma State University; 2011. [cited 2019 Jun 16].
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
University of Limerick
22.
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 ·
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Manager
APA (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Fitzgerald, James. “Conditioned tests of the predictions of the trade-off and pecking order theories of capital structure: a UK study.” 2013. Web. 16 Jun 2019.
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 2019 Jun 16].
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
Arizona State University
23.
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)
▼ 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 increased access to
external financing and ability to undertake profitable investments.
This contrasts with previous empirical results and theoretical
predictions from the agency cost literature, but it is consistent
with predictions regarding rollover risk. Furthermore, I find that
firms with lower total debt (high debt capacity) have greater
access to new financing and investment. Lower leverage increases
future debt issues and capital expenditures, and firms do not fully
rebalance by reducing the use of external financing sources such as
equity. Finally, my results support the view that greater reliance
on unsecured debt can increase future debt financing. Overall, my
paper offers new insights into how aspects of debt structure, in
particular maturity, are related ex-post to firms' ability to raise
new financing and invest.
Subjects/Keywords: Finance; capital structure; debt structure; financial flexibility
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APA (6th 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 (16th Edition):
Flynn, Sean. “Debt Structure and Future Financing and Investment.” 2017. Doctoral Dissertation, Arizona State University. Accessed June 16, 2019.
http://repository.asu.edu/items/44024.
MLA Handbook (7th Edition):
Flynn, Sean. “Debt Structure and Future Financing and Investment.” 2017. Web. 16 Jun 2019.
Vancouver:
Flynn S. Debt Structure and Future Financing and Investment. [Internet] [Doctoral dissertation]. Arizona State University; 2017. [cited 2019 Jun 16].
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
Universidade do Rio Grande do Sul
24.
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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Manager
APA (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Susin, Lia Thomazzi. “Gerdau SA : um estudo de caso sobre a estrutura financeira da aquisição da Chaparral Steel.” 2009. Web. 16 Jun 2019.
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 2019 Jun 16].
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
25.
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 ·
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CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th 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 (16th Edition):
S, Kavitha. “Determinants of Corporate Capital Structure among
Selected Manufacturing Industries in India;.” 2015. Thesis, Avinashilingam Deemed University For Women. Accessed June 16, 2019.
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 (7th Edition):
S, Kavitha. “Determinants of Corporate Capital Structure among
Selected Manufacturing Industries in India;.” 2015. Web. 16 Jun 2019.
Vancouver:
S K. Determinants of Corporate Capital Structure among
Selected Manufacturing Industries in India;. [Internet] [Thesis]. Avinashilingam Deemed University For Women; 2015. [cited 2019 Jun 16].
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
Victoria University of Wellington
26.
Zhang, Meiyi.
Board Structure, Ownership Concentration and Intellectual Capital.
Degree: 2012, Victoria University of Wellington
URL: http://hdl.handle.net/10063/4550
► This thesis investigates the influence of board structure and ownership concentration on the level and value relevance of intellectual capital disclosure. This thesis is motivated…
(more)
▼ This thesis investigates the influence of board
structure and ownership concentration on the level and value relevance of intellectual
capital disclosure. This thesis is motivated by the limited post-IFRSs (International Financial Reporting Standards) adoption intellectual
capital disclosure studies carried out in a less stringent regulatory environment of New Zealand, and limited research addressing the determinants of the level and value relevance of intellectual
capital disclosure.
Based on an application of agency theory, cost-benefit theory and value relevance approach, this thesis argues that firm-specific factors are expected to have a significant impact on the level and value relevance of intellectual
capital disclosure. Within the agency theory, board
structure and ownership concentration mitigate agency costs by enhancing the monitoring function of the board over managers’ opportunistic behaviour, which consequently influence the level of intellectual
capital disclosure. In addition, as New Zealand has less tough rules in relation to board
structure and ownership concentration, it is expected that these relationships will be more easily identified in the New Zealand context. Second, as most of the intellectual
capital disclosure is voluntary, this disclosure is
subject to a firm’s cost-benefit analysis. Cost-benefit theory suggests that a firm should not fully disclose its information unless the benefits outweigh the costs of the disclosure. Therefore, the level of intellectual
capital disclosure is also influenced by the factors that determine the costs and benefits of the disclosure. Finally, this thesis adopts the value relevance approach to measure the quality of the disclosure. It is expected that the factors
associated with the level of the disclosure also influence the value relevance of the intellectual
capital disclosure.
This thesis is based on a sample of 155 firms listed on the New Zealand Exchange covering a total of 519 firm-years over the period between 1 January 2008 and 31 August 2011. A self-developed disclosure index and multiple regression analysis are employed to test the hypothesised relationships.
Overall, the results indicate that the average level of intellectual
capital disclosed by New Zealand listed firms is low and the human
capital component is the most frequently disclosed intellectual
capital component. The results provide strong evidence that board
structure characteristics, including board size and independence, have a significant positive impact on the level of intellectual
capital disclosure. There is strong evidence for a non-linear relationship between ownership concentration and the level of intellectual
capital disclosure, which is robust to various types of intellectual
capital (i.e. human, relational and structural
capital). The results show marginal evidence that board gender diversity has a positive impact on the level of intellectual
capital disclosure.
In terms of the value relevance of intellectual
capital disclosure, only board size has a positive impact on…
Advisors/Committee Members: Truong, Thu Phuong.
Subjects/Keywords: Board structure; Ownership concentration; Intellectual capital
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APA ·
Chicago ·
MLA ·
Vancouver ·
CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Zhang, M. (2012). Board Structure, Ownership Concentration and Intellectual Capital. (Masters Thesis). Victoria University of Wellington. Retrieved from http://hdl.handle.net/10063/4550
Chicago Manual of Style (16th Edition):
Zhang, Meiyi. “Board Structure, Ownership Concentration and Intellectual Capital.” 2012. Masters Thesis, Victoria University of Wellington. Accessed June 16, 2019.
http://hdl.handle.net/10063/4550.
MLA Handbook (7th Edition):
Zhang, Meiyi. “Board Structure, Ownership Concentration and Intellectual Capital.” 2012. Web. 16 Jun 2019.
Vancouver:
Zhang M. Board Structure, Ownership Concentration and Intellectual Capital. [Internet] [Masters thesis]. Victoria University of Wellington; 2012. [cited 2019 Jun 16].
Available from: http://hdl.handle.net/10063/4550.
Council of Science Editors:
Zhang M. Board Structure, Ownership Concentration and Intellectual Capital. [Masters Thesis]. Victoria University of Wellington; 2012. Available from: http://hdl.handle.net/10063/4550
Addis Ababa University
27.
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)
▼ 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 and agency theories are empirically examined
using a series of firm characteristics: size, tangibility, profitability, earning
volatility, growth and age. A structured record review was made to collect a
panel data, which include 13 SSMCs year observations of five years over the
period 1998 – 2002 E.C. The findings suggest that size, age, tangibility, and
growth variables are the most important determinants of
capital structure of
SSMCs in Ethiopia. The findings also reveal that the dominant
capital structure
theories (trade-off, pecking order, and agency theories) appear indeed to be valid
for Ethiopian SSMCs’
capital structure; in fact, trade-off theory best explains
Ethiopian SSMCs’
capital structure. All firm specific variables except earnings
volatility variable seem to have an effect on the level of leverage in Ethiopian
SSMCs.
Advisors/Committee Members: Ato Gebremedhin Gebrehiwot (Assistant Professor) (advisor).
Subjects/Keywords: Capital structure; Small Scale Manufacturing Co-operatives
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APA ·
Chicago ·
MLA ·
Vancouver ·
CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th 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 (16th Edition):
Daniel, Kebede. “The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives
.” 2012. Thesis, Addis Ababa University. Accessed June 16, 2019.
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 (7th Edition):
Daniel, Kebede. “The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives
.” 2012. Web. 16 Jun 2019.
Vancouver:
Daniel K. The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives
. [Internet] [Thesis]. Addis Ababa University; 2012. [cited 2019 Jun 16].
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
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/123456789/2314
► 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)
▼ 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 and agency theories are empirically examined
using a series of firm characteristics: size, tangibility, profitability, earning
volatility, growth and age. A structured record review was made to collect a
panel data, which include 13 SSMCs year observations of five years over the
period 1998 – 2002 E.C. The findings suggest that size, age, tangibility, and
growth variables are the most important determinants of
capital structure of
SSMCs in Ethiopia. The findings also reveal that the dominant
capital structure
theories (trade-off, pecking order, and agency theories) appear indeed to be valid
for Ethiopian SSMCs’
capital structure; in fact, trade-off theory best explains
Ethiopian SSMCs’
capital structure. All firm specific variables except earnings
volatility variable seem to have an effect on the level of leverage in Ethiopian
SSMCs.
Advisors/Committee Members: Ato Gebremedhin Gebrehiwot (Assistant Professor) (advisor).
Subjects/Keywords: Capital structure; Small Scale Manufacturing Co-operatives
Record Details
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❌
APA ·
Chicago ·
MLA ·
Vancouver ·
CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th 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 (16th Edition):
Daniel, Kebede. “The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives
.” 2012. Thesis, Addis Ababa University. Accessed June 16, 2019.
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 (7th Edition):
Daniel, Kebede. “The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives
.” 2012. Web. 16 Jun 2019.
Vancouver:
Daniel K. The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Cooperatives
. [Internet] [Thesis]. Addis Ababa University; 2012. [cited 2019 Jun 16].
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
29.
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
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APA ·
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Export
to Zotero / EndNote / Reference
Manager
APA (6th 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 (16th 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 June 16, 2019.
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 (7th Edition):
Gichuhi, Lilian, N. “The Effect of Capital Structure on Profitability of Firms Listed at the Nairobi Securities Exchange
.” 2016. Web. 16 Jun 2019.
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 2019 Jun 16].
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
University of Nairobi
30.
Orua, Emmah A.
The relationship between capital structure and financial performance of Microfinance institutions in Kenya
.
Degree: 2009, University of Nairobi
URL: http://erepository.uonbi.ac.ke:8080/xmlui/handle/123456789/13415
► This study examined the relationship between capital structure and performance of MFIs in Kenya. Capital structure theories predict that leverage level influences a firm’s performance.…
(more)
▼ This study examined the relationship between capital structure and performance of MFIs
in Kenya. Capital structure theories predict that leverage level influences a firm’s
performance. In MFIs outreach levels and default rates are considered essential
performance indicators that capture the success and sustainability of MFIs. Using these
indicators the relationships between capital structure and performance of MFIs can
therefore be measured in short term and long term. The objective of this study was to
establish the relationship between capital structure and financial performance of MFIs in
Kenya.
A survey that explores how capital structure relates to outreach level and default rate was
carried on Nairobi based MFIs. The population comprised 36 MFIs registered by AMFI
as at December 2008.Convenient sampling method was employed The main source of
data were the annual Financial and income statements from the MFIs gathered from the
MFIs offices and websites. From the financial and income statements panel data covering
five-year period from 2004 to 2008 was summarized using a secondary data collection
form and analyzed using ratios, descriptive statistics and multiple regression analyses.
The multiple regression models used considered performance as the dependent variable
and was measured in terms of Outreach and default rate. The independent variables in the
regression models included Short term debts, long term debts and total debts as a ratio of
totals assets while firm size, risk level and firm age were also used as control variables to
make up for other omitted. Variables
The findings showed that most of the MFIs employed high leverage. The mean total debt
ratio was 76%. Further the results showed that MFIs financed their operations with long
term as against short-term debts suggesting a considerable dependence on long-term
debts by MFIs for their operations. The MFIs studied were also found to enjoy
satisfactory performance recording mean values of 36% and 33% for ROA and ROE
respectively. A few MFIs were also found to be doing well while most of them are not as
suggested by standard deviation of 1.52 with respect to ROA hence overall mean could
be driven by a few MFIs. It was revealed that short-term debt significantly impacted MFI
outreach positively. Long term debt however showed positive relationship with outreach
but was not significant with regard to default rates, both short and long term debts
showed expected results but were not significant indicating that maturity may not
necessarily be of essence. Generally highly leveraged MFIs were found to perform better
by reaching out to more clients. It was also revealed that such MFIs also enjoyed
economies of scales and therefore were better able to deal with moral hazards and
adverse selections which also enhanced their ability to manage risks.
Subjects/Keywords: capital structure;
financial performance;
microfinance institutions;
kenya
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APA ·
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MLA ·
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CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Orua, E. A. (2009). The relationship between capital structure and financial performance of Microfinance institutions in Kenya
. (Thesis). University of Nairobi. Retrieved from http://erepository.uonbi.ac.ke:8080/xmlui/handle/123456789/13415
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Orua, Emmah A. “The relationship between capital structure and financial performance of Microfinance institutions in Kenya
.” 2009. Thesis, University of Nairobi. Accessed June 16, 2019.
http://erepository.uonbi.ac.ke:8080/xmlui/handle/123456789/13415.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Orua, Emmah A. “The relationship between capital structure and financial performance of Microfinance institutions in Kenya
.” 2009. Web. 16 Jun 2019.
Vancouver:
Orua EA. The relationship between capital structure and financial performance of Microfinance institutions in Kenya
. [Internet] [Thesis]. University of Nairobi; 2009. [cited 2019 Jun 16].
Available from: http://erepository.uonbi.ac.ke:8080/xmlui/handle/123456789/13415.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Orua EA. The relationship between capital structure and financial performance of Microfinance institutions in Kenya
. [Thesis]. University of Nairobi; 2009. Available from: http://erepository.uonbi.ac.ke:8080/xmlui/handle/123456789/13415
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
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