scholarly journals THE EFFECT OF PROFITABILITY, LIQUIDITY, GROWTH SALES, OPERATING LEVERAGE AND TANGIBILITY ON CAPITAL STRUCTURE (evidence from manufacture firm listed on Indonesia stock exchange in 2011- 2014)

2016 ◽  
Vol 7 (1) ◽  
pp. 96
Author(s):  
Hamidah Hamidah ◽  
Diana Iswara ◽  
Umi Mardiyati
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Sales Growth ◽  
Research Model ◽  
Result Show ◽  
Manufacture Firm ◽  
Operating Leverage

The  purpose  of  this  study  is  to  know  the  effect  of profitability, liquidity, sales growth, operating leverage and tangibility on capital structure: evidence from manufacture firm listed on Indonesia Stock Exchange in 2011-2014. The sample using in this study is 41 companies. The research model in this study employs panel data analysis (unbalanced panel) with fixed effect approach. The result show that profitability and liquidity have negative and significant effect on capital structure. Sales growth and operating leverage have positive but not significant effect on capital structure. Tangibility have negative and not significant effect on capital structure.   Key words:  Profitability, liquidity, sales growth, operating leverage, tangibility, capital structure, manufacture firm

scholarly journals Determinants of Capital Structure: A Case for the Pakistani Cement Industry

2006 ◽  
Vol 11 (1) ◽  
pp. 63-80 ◽  
Author(s):  
Syed Tahir Hijazi ◽  
Yasir Bin Tariq
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Cement Industry ◽  
Combined Analysis ◽  
Listed Firms ◽  
Independent Variables

This paper attempts to determine the capital structure of listed firms in the cement industry of Pakistan. The study finds that a specific industry’s capital structure exhibits unique attributes which are usually not apparent in the combined analysis of many sectors as done by Shah & Hijazi (2005). The study took 16 of 22 firms in the cement sector, listed at the Karachi Stock Exchange for the period 1997-2001 and analyzed the data by using pooled regression in a panel data analysis. Following the model developed by Rajan & Zingle (1995) it has chosen four independent variables i.e. firm size (measured by natural log of sales), tangibility of assets, profitability and growth and further analyzed the effects on leverage. The results, except for firm size, were found to be highly significant.

scholarly journals PENGARUH CURRENT RATIO, RETURN ON EQUITY DAN SALES GROWTH TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA (BEI) ( Studi Empiris Pada Perusahaan Manufaktur Industri Logam dan Mineral yang terdaftar di Bursa Efek Indonesia (BEI) Periode 2011-2015 )

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Sun Haji Aji
Keyword(s):  
Data Analysis ◽  
Capital Structure ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Sales Growth ◽  
Analysis Method ◽  
Current Ratio ◽  
Return On Equity ◽  
Equity Ratio

ABSTRACT"Effect of Current Ratio, Return on Equity, and Sales Growth Of Capital Structure (Empirical Study of Manufacturing Industry In Metals And Minerals Listed on the Indonesia Stock Exchange Period 2011-2015)"This study aims to determine the effect of the Current Ratio, Return on Equity, and Sales Growth on the Capital Structure of Manufacturing Industry Metal And Allied listed on the Indonesia Stock Exchange. The research sample was taken from 5 Vendor Manufacturing listed in Indonesia Stock Exchange (BEI) in the period 2011 to 2015. The data analysis method used in this research is the method of panel data analysis using SPSS 21.Keywords:Current Ratio (CR), Return on Equity (ROE), Sales Growth and Debt to Equity Ratio (DER)

scholarly journals Financial flexibility and the speed of target adjustment of capital structure: Panel data analysis

2016 ◽  
Vol 6 (4) ◽  
pp. 410-419
Author(s):  
Ziad Mohammad Zurigat
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Financial Flexibility ◽  
Industrial Firms ◽  
Leverage Ratio ◽  
The Impact

This study aims at investigating the impact of financial flexibility on the speed of target adjustment of capital structure. For this purpose, the partial adjustment model with interaction dummy term is used and tested using panel data analysis for a sample of 47 industrial firms listed in Amman Stock Exchange over the period of 1996 to 2014. The results of Random and fixed effects models showed that the target reversion of capital structure occurs slowly. The results also revealed that financial flexible firms adjust their leverage ratio much faster than less flexible firms. The tendency of making target reversion increases when inflexible firms have leverage above its target level, while inflexible firms with above-target leverage ratio adjust their leverage faster than flexible firms. These findings suggest that financial flexibility plays an important role on determining the financing decisions in Jordanian industrial firms. Moreover, they suggest how large bankruptcy risk is critical for industrial Jordanian firms. Hence, Industrial Jordanian firms should take into consideration the financial flexibility when they set their financial decisions to avoid the loss of profitable investment opportunities or experience the financial distress

scholarly journals Corporate Governance Codes and Intellectual Capital: Evaluating the Performance Impacts among Government-Linked Companies in Malaysia and Singapore – A Panel Data Analysis

2021 ◽  
Vol 124 ◽  
pp. 08004
Author(s):  
Yen Wen Chang ◽  
Ng Ching Yat David ◽  
Suet Cheng Low ◽  
Peck Ling Tee
Keyword(s):  
Corporate Governance ◽  
Data Analysis ◽  
Panel Data ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Policy Makers ◽  
Corporate Governance Codes ◽  
The Government ◽  
The Impact

The objective of this study was to examine and compare the effects of corporate governance (CG) and intellectual capital (IC) between Malaysia Government-Linked Companies’ (M-GLCs) and Singapore Government-Linked Companies’ (S-GLCs) firm performance (FP). Panel data analysis was employed to analyse the impact of CG’s variables and IC’s variables on FP. FP was measured by Return on Total Assets (ROA), Tobin’s Q and Earnings Per Share (EPS). Data was gathered from the website of Bursa Malaysia and the Stock Exchange of Singapore from 2005 to 2018. The sample size of this research was 60 GLCs which comprised of 34 M-GLCs and 26 S-GLCs. There were a total 840 firm year observations. Results indicated that CGs of S-GLCs have greater impact on FP when compared to M-GLCs while the findings of the IC of M-GLCs have greater impact on FP compared to S-GLCs. This research was helpful in offering further insights of CG practices and IC efficiency to the Government, Board of Directors, policy makers, shareholders and stakeholders.

Capital structure of social purpose companies – a panel data analysis

2015 ◽  
Vol 5 (4) ◽  
pp. 234-254 ◽  
Author(s):  
Aleksandra Szymańska ◽  
Stijn Van Puyvelde ◽  
Marc Jegers
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Panel Data Analysis ◽  
Social Purpose

scholarly journals Does Capital Structure Affects Firms’ Performance in Ghana? Panel Data Analysis

2019 ◽  
Vol 8 (4) ◽  
pp. 131
Author(s):  
John MacCarthy ◽  
Helena Ahulu
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Equity Capital ◽  
Debt Capital ◽  
Tangible Assets ◽  
Ghana Stock Exchange

This paper examines the effect of capital structure on the firms’ performance. The study collected data from seventeen firms listed on the Ghana Stock Exchange from 2009 to 2018. A quantitative research technique is used to collect data to test two hypotheses. Panel data regression is employed to determine the effect of capital structure on firms’ performance. The study revealed that short-term debt and total debt accounted for 67% and 76.3% respectively of capital used to finance the operations for the period. Furthermore, the study revealed that there is significant and negative relationship between capital structures and firms’ performance. The study concludes that firms should minimise the use of debt capital and rather concentrate on equity capital to finance their operations. The study recommends that firms should increase sales and invest in tangible assets to maximise the firms’ performance. 

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