Culture, Agency Cost, and Governance: International Evidence on Capital Structure

CFA Digest ◽  
2016 ◽  
Vol 46 (3) ◽  
Author(s):  
Marc L. Ross
Keyword(s):  
Capital Structure ◽  
Agency Cost ◽  
International Evidence

Diversification and Capital Structure: Some International Evidence

CFA Digest ◽  
2005 ◽  
Vol 35 (2) ◽  
pp. 75-76
Author(s):  
William H. Sackley
Keyword(s):  
Capital Structure ◽  
International Evidence

ANALISIS PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN, AGENCY COST, LIKUIDITAS TERHADAP KINERJA PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2015-2019

2021 ◽  
Vol 5 (1) ◽  
Author(s):  
Mia Audina
Keyword(s):  
Capital Structure ◽  
Banking Sector ◽  
Stock Exchange ◽  
Agency Cost ◽  
Statistical Test ◽  
Company Size ◽  
Company Performance ◽  
Current Ratio ◽  
Independent Variables ◽  
Equity Ratio

This study aims to examine the effect of capital structure, firm size, agency cost and liquidity on company performance. Researchers found differences in results between previous studies which are strong reasons why this research is feasible. The sample includes 8 banking sector companies listed on the Indonesia Stock Exchange (BEI) for the period 2015-2019. In this study, capital structure is proxied by using the Debt to Equity Ratio (DER), company size is proxied by using (Size), agency cost is proxied by using Free Cash Flaw (FCF), and liquidity is proxied by the current ratio. The method of analysis in this research is descriptive statistical test, classical assumption test and multiple regression analysis using the SPSS application. The results showed that the independent variables, namely capital structure, agency cost have a positive and significant effect on company performance, while the independent variables, namely company size and liquidity, have a negative and significant effect on company performance. Keywords : Struktur modal,ukuran perusahaan, agency cost, likuiditas, kinerja perusahaan.

scholarly journals R&D, Agency Costs and Capital Structure: International Evidence

2003 ◽  
Author(s):  
Robert Darren Brooks ◽  
Sinclair Richard Davidson
Keyword(s):  
Capital Structure ◽  
Agency Costs ◽  
International Evidence

Corporate Capital Structure and Firm Value: International Evidence on the Special Roles of Bank Debt

2021 ◽  
Vol 1 (1-2) ◽  
pp. 1-41
Author(s):  
Allen N. Berger ◽  
Sadok El Ghoul ◽  
Omrane Guedhami ◽  
Jiarui Guo
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Bank Debt ◽  
Corporate Capital ◽  
International Evidence ◽  
Corporate Capital Structure

scholarly journals The Determinants of Capital Structure: Empirical Analysis of Oil and Gas Firms during 2000-2015

2017 ◽  
Vol 9 (1) ◽  
pp. 1 ◽  
Author(s):  
Aws Yousef Shambor
Keyword(s):  
Financial Crisis ◽  
Capital Structure ◽  
Oil And Gas ◽  
Global Financial Crisis ◽  
Agency Cost ◽  
Tax Shield ◽  
Debt Tax Shield ◽  
The Global Financial Crisis ◽  
Oil And Gas Firms ◽  
The Capital Structure

This study investigates the capital structure determinants of 346 oil and gas firms that are the constituents of the Global Oil and Gas Index (OILGSWD) over the period of 2000 – 2015, taking into account the effect of the Global Financial Crisis of2007-2009 on the determinants of the capital structure. Thus, six firm level explanatory variables (namely: liquidity, profitability, growth, non-debt tax shield, tangibility and size) are selected and regressed against the appropriate capital structure measure, leverage, the ratio of total debt to book value of total assets. The data is collected from secondary sources depending on the data from the DataStream database. The major findings of the study indicate that tangibility, profitability, size, liquidity and non-debt tax shield are the significant determinants of capital structure of oil and gas firms, while growth is considered insignificant. The capital structure is analyzed in terms of the three main theories of capital structure: Trade-off theory, Pecking order theory, and Agency cost theory. Finally, the global financial crisis has to some extent a significant impact on the capital structure determinants of oil and gas firms and has no significant impact on liquidity, as indicated by the OLS regression analysis results.

scholarly journals Effects of Capital Structure and Managerial Ownership on Profitability: Experience from Bangladesh

2016 ◽  
Vol 11 (9) ◽  
pp. 218
Author(s):  
Md. Imran Hossain
Keyword(s):  
Capital Structure ◽  
Service Providers ◽  
Stock Exchange ◽  
Agency Cost ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Technological Support ◽  
Critical Success ◽  
Telecom Service ◽  
Research Findings

<p>This paper aims at investigating the effects of capital structure and managerial ownership on the profitability of the Bangladeshi companies based on a strongly balanced panel data of 81 manufacturing companies listed under 10 industries in Dhaka Stock Exchange for 2002-2014. The results of Panel Corrected Standard Error (PCSE) regression model suggest that capital structure variables negatively affect ROA but positively affect ROE of the firms. Furthermore, Short term debt influences profitability of the firms more severely compared to Long term debt. On the contrary, managerial ownership positively affects profitability conforming to the Agency cost theory. It was also found that Bangladeshi firms followed aggressive financing strategies that led to an increase in their financial &amp; bankruptcy risks to a great extent. That the financial managers should employ less leverage in the capital structure and minimize agency cost of equity in order to maximize the profitability of firms is the policy implication of this paper. EN-US style='font-size:10.0pt;font-family: "Times New Roman","serif";mso-ascii-theme-font:major-bidi;mso-fareast-font-family: 宋体;mso-hansi-theme-font:major-bidi;mso-bidi-theme-font:major-bidi;mso-ansi-language: EN-US;mso-fareast-language:ZH-CN;mso-bidi-language:AR-SA'&gt;instead of evaluating an individual chain i.e. Service provided by Original Equipment Manufacturers to Telecom Service Providers or vice versa or from Telecom Service Providers to the End Users. Questionnaires feedback was taken from comprehensive chain of services, i.e. forward and backward chain feedback was considered. Research findings suggest that technological support would improve service delivery system and service organizations shall put special emphasize on Service Quality for achieving critical success, which would improve overall Customer Satisfaction, Customer Loyalty, Operational Performance and Firm Profitability.</p>

Sign in / Sign up

Export Citation Format

Share Document