The Capital Structure Decisions of New Firms: Second in a Series of Reports Using Data from the Kauffman Firm Survey

2008 ◽  
Author(s):  
Alicia Robb ◽  
David T. Robinson
Keyword(s):  
Capital Structure ◽  
New Firms ◽  
Kauffman Firm Survey ◽  
Using Data ◽  
Firm Survey ◽  
The Capital Structure

scholarly journals The Capital Structure Decisions of New Firms

2009 ◽  
Author(s):  
Alicia Robb ◽  
David T. Robinson
Keyword(s):  
Capital Structure ◽  
New Firms ◽  
The Capital Structure

scholarly journals DETERMINANTS OF CAPITAL STRUCTURE: AN EMPIRICAL EVALUATION OF OMAN’S TOURISM COMPANIES

2020 ◽  
Vol 7 (1) ◽  
pp. 01-10
Author(s):  
Syeeda Shafiya Mohammadi ◽  
Tamanna Dalwai ◽  
Dure Najaf ◽  
Ashwaq Saif Al-Yaarubi
Keyword(s):  
Capital Structure ◽  
Empirical Evaluation ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Corporate Managers ◽  
Prior Literature ◽  
Using Data ◽  
The Capital Structure

Purpose: The purpose of this research is to investigate the determinants of the capital structure of tourism companies in Oman. This study uses the trade-off theory and pecking order theory to postulate hypotheses related to determinants of capital structure. Methodology: In line with extant literature, size, liquidity, tangibility, growth opportunities, and risk are used as the determinants of the capital structure. The sample in this study includes nine listed tourism companies for the period 2007 to 2016, which aggregates to 90 firm-year observations. Main findings: The results show that the capital structure of tourism companies is influenced by size, growth, and risk. The trade-off theory and pecking order theory are useful for partially explaining the leverage decisions of Oman's tourism companies. Implications: The empirical findings of this research imply that tourism companies' corporate managers can make optimal capital structure decisions based on determinants. Novelty: To the best of the author's knowledge, this study is a first for examining the determinants of capital structure for Oman's tourism companies using data over ten years. It lends support to the determinants identified in prior literature for developed and developing countries.

scholarly journals The Capital Structure Decisions of New Firms

2012 ◽  
Vol 27 (1) ◽  
pp. 153-179 ◽  
Author(s):  
Alicia M. Robb ◽  
David T. Robinson
Keyword(s):  
Capital Structure ◽  
New Firms ◽  
The Capital Structure

scholarly journals DETERMINANTS OF CAPITAL STRUCTURE: AN EMPIRICAL EVALUATION OF OMAN’S TOURISM COMPANIES

2019 ◽  
Vol 6 (2) ◽  
pp. 08-17
Author(s):  
Syeeda Shafiya Mohammadi ◽  
Tamanna Dalwai ◽  
Dure Najaf ◽  
Ashwaq Saif Al-Yaarubi
Keyword(s):  
Capital Structure ◽  
Empirical Evaluation ◽  
Order Theory ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Corporate Managers ◽  
Prior Literature ◽  
Using Data ◽  
The Capital Structure

Purpose: The purpose of this research is to investigate the determinants of the capital structure of tourism companies in Oman. This study uses the trade-off theory and pecking order theory to postulate hypotheses related to determinants of capital structure. Methodology: In line with extant literature, size, liquidity, tangibility, growth opportunities, and risk are used as the determinants of the capital structure. The sample in this study includes nine listed tourism companies for the period 2007 to 2016, which aggregates to 90 firm-year observations. Main findings: The results show that the capital structure of tourism companies is influenced by size, growth, and risk. The trade-off theory and pecking order theory are useful for partially explaining the leverage decisions of Oman's tourism companies. Implications: The empirical findings of this research imply that tourism companies' corporate managers can make optimal capital structure decisions based on determinants. Novelty: To the best of the author's knowledge, this study is a first for examining the determinants of capital structure for Oman's tourism companies using data over ten years. It lends support to the determinants identified in prior literature for developed and developing countries.

scholarly journals THE DETERMINANTS OF CAPITAL STRUCTURE FOR VIETNAM’S SEAFOOD PROCESSING ENTERPRISES

2011 ◽  
Vol 14 (1) ◽  
pp. 28-54
Author(s):  
Canh Thi Nguyen ◽  
Cuong Thanh Nguyen
Keyword(s):  
Growth Rate ◽  
Capital Structure ◽  
Interest Rates ◽  
Crucial Role ◽  
Sample Period ◽  
Financial Leverage ◽  
Using Data ◽  
Seafood Processing ◽  
Interest Expense ◽  
The Capital Structure

The goal in this paper is to assess the determinants of capital structure for Vietnam’s seafood processing enterprises (SEAs) in comparison with enterprises of other processing industries (DIFs). The result of this study was based on applying Shumi Akhtar’s model (2005) [22] and Shumi Akhtar, Barry Oliver’s (2005) [23] and using data of 302 enterprises, including 63 in fisheries industry, across 5 years from 2004 to 2008. Total observations were 772, including 284 and 488 for models applied to seafood processing enterprises and others respectively. The results show that capital structure differs between SEAs and DIFs. Accordingly, size and collateral value of assets were found to be significant determinants of capital structure for both SEAs and DIFs. For SEAs, profitability, growth, agency costs and interest expense affect the capital structure and play a crucial role. Meanwhile, bankruptcy risks and age of enterprises are essential determinants for DIFs. In relation to interaction effects, size and collateral value of assets are significant in explaining the differences in the capital structure of SEAs relative to that of DIFs. Finally, determinants of capital structure rarely varied over the sample period for both SEAs and DIFs. The findings suggest implications for Vietnam’s seafood processing enterprises (SEAs) on flexible usage of financial leverage. Specifically, to increase or decrease the level of financial leverage, SEAs need to take into account size, collateral assets, profitability and growth rate of enterprises as well as recommend measures to cope with shocks in variations of bank interest rates.

scholarly journals The Capital Structure Decisions of New Firms

2010 ◽  
Author(s):  
Alicia Robb ◽  
David Robinson
Keyword(s):  
Capital Structure ◽  
New Firms ◽  
The Capital Structure

scholarly journals Money Matters: An Examination of the Impact of Financial Structure on Nascent Venture Performance; Evidence from the Kauffman Firm Survey

2020 ◽  
pp. 1-11
Author(s):  
Augustine Y. Dzathor ◽  
Semere Haile ◽  
Donald White
Keyword(s):  
Capital Structure ◽  
Financial Structure ◽  
Enterprise Performance ◽  
Equity Financing ◽  
Pecking Order ◽  
Venture Performance ◽  
Kauffman Firm Survey ◽  
Trade Financing ◽  
The Impact ◽  
Firm Survey

This study was carried out to empirically test the impact of financial structure on nascent enterprise performance. The study used a centralistic nomothetic longitudinal methodology to examine a panel data derived from the first four years of the Kauffman firm Survey (KFS). The result revealed that financial structure (equity financing, debt financing, and trade-financing) influenced nascent enterprise performance, but inconsistently over the first four years of business existence. The average capital structure of the sample was supported by the literature and followed the pecking order of equity, debt, and trade financing. Results suggested that capital structure has an important ramification for nascent enterprise performance, but the capital mix of successful nascent enterprises do not necessarily follow an orthodox format.

Analysis of Factors Affecting Capital Structure in Food and Beverage Manufacturing Company

2018 ◽  
Vol 1 (2) ◽  
pp. 1-14
Author(s):  
Nur Hajja Aini ◽  
St Habibah
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Significant Influence ◽  
Fixed Effects ◽  
Random Effect Model ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Growth Opportunities ◽  
Food And Beverage ◽  
The Capital Structure

The purpose of this research to analyze the influence of firm size, liquidity, growth opportunities, tangibility asset, and business risk to the capital structure of listed food and beverage manufacturing companies in Indonesia and Vietnam Stock Exchange from 2010 to 2016. The result shows that the fixed effects model should be appropriate for this study as compared to the random effect model. Capital structure significantly differences between the two countries. Firm size has a positive but insignificant influence on the capital structure in Indonesia, whereas it has a positive and a significant influence on the capital structure in Vietnam. Liquidity has a negative and significant influence on the capital structure both in Indonesia and Vietnam. Growth opportunities have a negative but insignificant influence on the capital structure both in Indonesia and Vietnam. Asset tangibility has a positive but insignificant influence on the capital structure in Indonesia, but it has the negative but insignificant influence on the capital structure in Vietnam. Ultimately, the business risk has a negative and significant influence on the capital structure in Indonesia but has a positive and insignificant influence on the capital structure in Vietnam.

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