scholarly journals Determinants of capital structure of Spanish firms: the case of listed companies in time of crisis

2016 ◽  
Vol 13 (1) ◽  
pp. 32-48 ◽  
Author(s):  
Natividad Rodríguez-Masero
Keyword(s):  
Multivariate Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Corporate Finance ◽  
Time Horizon ◽  
Economic Structure ◽  
Financial Structure ◽  
Listed Companies ◽  
The Other ◽  
The Moment

The aim of this paper is to provide new empirical evidence on the capital structure of companies. The author is going to analyze models used in previous literature, and these models will be applied to the sample selected. This sample is different from previous ones in time and characteristics. So it can be analyzed whether the type of company and the moment of time affect the financial structure of models. At the same time the author offers a new model that is representative of the variables that affect the corporate debt in this type of firms. Methodologically a multivariate analysis has been used with panel data on a sample of Spanish listed companies for the period 2003-2013. The sample had not been used in previous studies and the time horizon is characterized by periods of both boom and difficulties and even crises in corporate finance. First the author analyzes a series of models developed from previous studies in which different variables are analyzed, on the other hand has been discussed a proposed based on the results observed model. It is also reported about the evolution of the debt and the level of intangibles by the industry. The results are consistent with the existence of influence of variables related to economic structure (non current assets and current assets), the size of the company, the industry, the level of intangible assets and the return on the debt level

Can stunting be corrected?: Lessons from Indonesia

2019 ◽  
Author(s):  
Ni Ketut Aryastami ◽  
Endang Achadi
Keyword(s):  
Multivariate Analysis ◽  
Data Analysis ◽  
Panel Data ◽  
Family Life ◽  
Early Growth ◽  
The Other ◽  
Normal Height ◽  
Critical Window ◽  
Previous Period ◽  
Indonesian Family Life Survey

Abstract Background Impaired growth in children can starts during pregnancy and continue to a few years after birth. Age of 0-2 year is considered as the critical window of growth after birth. This study aimed to investigate the influence of early growth towards growth in the pre-pubertal period. Methods The study was utilizing the Indonesian Family Life Survey panel data of 1993, 1997, and 2000, covered 13 out of 27 provinces. The sample was children aged 0-2 years (year 1993), 4-6 years (1997) and 7-9 years old (2000).The data analysis was conducted using SPSS version 13.0. Results About 77% of children who were stunting at 0-2 years and continued at age 4-6 years, remained stunting at ages 7-9 years; 59.5% who were stunting at 4-6 years, remained stunting at age 7-9 years; 10% who were normal at ages 0-2 and 4-6 years become stunting at age 7-9 years, and 16% among those who were stunting at age 0-2 year become normal at age 4-6 years. Multivariate analysis showed that children who were stunting at age 0-2 years and continued until age 4-6 years have 27 times risk of becoming stunting at age 7-9 and those who were stunting at age 4-6 years have 14 times risk. On the other hand, those who were stunting at age 0-2 years but became normal at age 4-6 years, were not related to the risk of becoming stunting at later age. Conclusion Stunted at age 7-9 years is appointed by shortness at the previous period especially when it began at age of 0-2 years and extended into age of 4-6 years. Particular concern has to be carefully interpreted for the evidence of regaining height of stunted children at 0-2 years into normal height at 4-6 years.

scholarly journals Does the macroeconomic context condition the prediction of business failure?

2019 ◽  
pp. 1-18
Author(s):  
José Guillermo Contreras-Frías ◽  
María Jesús Segovia-Vargas ◽  
María del Mar Camacho-Miñano ◽  
Marta Miranda-García
Keyword(s):  
Artificial Intelligence ◽  
Decision Tree ◽  
Time Horizon ◽  
Estimating Equations ◽  
Financial Structure ◽  
Listed Companies ◽  
Business Failure ◽  
Empirical Testing ◽  
Context Condition ◽  
Macroeconomic Variables

The objective of this study is to identify both micro and macroeconomic variables that allow us to analyze in advance the probabilities of business failure. The selected sample contains all the listed companies of the IPC index of Mexico, IBEX-35 of Spain and EURO STOXX50 of Europe for a time horizon of 5 years. Our contribution lies in the empirical testing of the results by two different techniques: general estimating equations (a parametric technique) and a decision tree (a non-parametric technique based on artificial intelligence). The obtained results show that the factors of liquidity, indebtedness and profitability are the ones that affect the prediction of corporatebankruptcy for listed companies, but not the macroeconomic ones, since the macroeconomic peculiarities of each country are diluted by the importance of the economic-financial structure of each company.

scholarly journals Pengaruh Efisiensi Energi Listrik pada Sektor Industri dan Komersial terhadap Permintaan Listrik di Indonesia

2018 ◽  
pp. 1
Author(s):  
Dini Mulyani ◽  
Djoni Hartono
Keyword(s):  
Growth Rate ◽  
Panel Data ◽  
Electricity Consumption ◽  
Economic Structure ◽  
Electricity Demand ◽  
The Other ◽  
Demand Side ◽  
Commercial Sector ◽  
Dynamic Panel ◽  
Consumption Efficiency

Effective and efficient electricity consumption is one of the main concerns of Indonesian government. Indonesian electricity consumption has been growing rapidly in the last decade. It is predicted that total electricity consumption will continue grow with faster growth rate. Therefore, immediate actions on the demand side arenecessary through electricity consumption efficiency. The study employs a dynamic panel approach on the panel data of 31 provinces in Indonesia during the period 20014-2013. The results suggest that aggregate electricity demand can be reduced through efficiency on electricity consumption in industrial and commercial sector. The study also reveals that real GRDP, population, and changes in the economic structure have a positive and significant impact on the electricity demand. On the other hand, the effect of real electricity price on electricity demand is not statistically significant.    

scholarly journals Agency costs, capital structure and corporate performance

2021 ◽  
Vol 34 (1) ◽  
pp. 73-85
Author(s):  
Eleonora Kontuš
Keyword(s):  
Czech Republic ◽  
Panel Data ◽  
Capital Structure ◽  
Agency Costs ◽  
Corporate Performance ◽  
Listed Companies ◽  
The Czech Republic ◽  
The Republic ◽  
The Impact

Purpose: The aim of this study is, first to describe and explore equity agency costs; second, to explore the impact of capital structure on equity agency costs; and finally, to examine the impact of agency costs on the performance of listed companies. Methodology: Panel data regression has been used for research data analysis. Results: The results of the work show that equity to capital and long-term debt to capital variables have a positive and significant impact on the agency costs of listed companies in the Republic of Croatia. The study indicates that long-term debt to capital variable has a negative and significant impact on the agency costs of listed companies in Slovenia and the Czech Republic. Furthermore, we find evidence to suggest that changes in agency costs have little or no effect on the performance of listed companies in Croatia, Slovenia and the Czech Republic. The findings suggest that the capital structure decisions affect the agency costs of listed companies and the agency costs may affect corporate performance. Conclusion: This study makes a number of contributions to the agency costs literature. It presents the first study of agency costs of listed companies in Croatia, Slovenia and the Czech Republic that uses panel data, a technique that enables us to isolate both cross section and time series effects. The present paper can help managers to better understand equity agency costs and their effects on corporate performance.

scholarly journals Ownership And Determinants Capital Structure Of Public Listed Companies In Indonesia:a Panel Data Analysis

2013 ◽  
Vol 6 (1) ◽  
pp. 29-43 ◽  
Author(s):  
Arief Tri Hardiyanto ◽  
◽  
Noer Azam Achsani ◽  
Tb. Nur Ahmad Maulana ◽  
◽  
...  
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Panel Data Analysis ◽  
Listed Companies

Interaction between external debt and equity finance in Hungarian international investment positions

2007 ◽  
Vol 57 (3) ◽  
pp. 229-245
Author(s):  
M. Kuti
Keyword(s):  
Capital Structure ◽  
Corporate Finance ◽  
National Economy ◽  
External Debt ◽  
International Investment ◽  
The Other ◽  
Combined Analysis ◽  
Other Hand ◽  
Equity Finance ◽  
The One

This study aims to scrutinise the external capital structure in Hungary from the 1970s to recent years. On the one hand, this paper uses a combined analysis of external debt and equity, and, on the other hand, it makes an effort to apply a couple of corporate finance principles to a macro-economic setting, attempting to test the corporate model on a national economy from the perspective of the sources and uses of global funds and their return. At the same time, the corporate analogue has its limitations.

The determinants of capital structure of Palestine‐listed companies

2011 ◽  
Vol 12 (3) ◽  
pp. 226-241 ◽  
Author(s):  
Faris M. Abu Mouamer
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Capital Structure ◽  
Listed Companies ◽  
Economic Sectors ◽  
Accounting Data ◽  
Content Type ◽  
Significant Difference ◽  
The One ◽  
The Relationship

PurposeThe purpose of this paper is to examine the relationship between capital structure and debt lifetime among listed companies in Palestine stock market.Design/methodology/approachThis study investigates firms that have been listed on the Palestine securities exchange (PSE) over a five‐year period (2000‐2004). In total, 28 companies were listed in PSE since 1999. Only 15 firms working in different economic sectors qualified to be included in the study sample according to the availability and continuity of published financial statements during the period of 2000‐2004. Variables used for the analysis include profitability, leverage ratios (total debt (TD), short‐term debt (STD) and long‐term debt (LTD)), liquidity (LQ), age, asset structure, and firm size and sales growth are also included as control variables. The panel character of the data allows for the use of panel data methodology. Panel data involves the pooling of observations on a cross‐section of units over several times.FindingsThe study has shown that the service companies have the highest TD ratio (53.69 percent), followed by industrial companies (50.86 percent), trade companies (34.11 percent) and agriculture companies (24.02 percent). The one way analysis of variance (ANOVA) shows no significant difference in the use of debt, neither total, LTD or STD among companies in the four sectors. Adding to that, ANOVA indicates insignificant differences among the companies in the sample with respect growth opportunities, size, age, tangibility (TAN), and LQ. The correlation analysis has shown that TD is positively and significantly related to TAN, on the country, no significant relationship between the long debt and STD on the one hand and age, growth, LQ, TAN, and size on the other hand.Originality/valueThis paper is the first that employs a new database containing the market and accounting data (from 2000 to 2004). This study will contribute in examining the relationship between capital structure and debt lifetime among listed companies in the Palestine stock market.

scholarly journals GAME THEORY: MINIMISING THE COST OF CAPITAL VS. MAXIMISING THE RETURN OF INVESTORS

2014 ◽  
Author(s):  
Mihaela Brindusa Tudose
Keyword(s):  
Game Theory ◽  
Corporate Finance ◽  
Cost Of Capital ◽  
Market Value ◽  
Financial Structure ◽  
The Other ◽  
The Core ◽  
Mathematical Game ◽  
The Cost ◽  
Financial Transactions

The application of game theory to financial transactions focuses on two categories of stakeholders: users of financing (firms) and providers of financing (investors). The core of game theory consists in the strategy that a partner is able to build starting from the possible decisions of the other partner (each party having opposing interests). In fact, we deal here with a cooperative game in which both opponents seek to maximise their own chances of winning. The article aims to highlight the manner in which mathematical game theory is transposed in the field of corporate finance by balancing the firm’s objectives (maximising market value by minimising the cost of raising capital) and the investors’ objectives (maximising returns on investments). The intended novelty of this paper lies in developing a model for optimising a firm’s financial structure and assessing it in terms of investors’ interests.

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