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 The Determinants of Capital Structure of the Chemical Industry in Pakistan

2008 ◽  
Vol 13 (1) ◽  
pp. 139-158 ◽  
Author(s):  
Muhammad Rafiq ◽  
Asif Iqbal ◽  
Muhammad Atiq
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Chemical Industry ◽  
Panel Data Analysis ◽  
Policy Implications ◽  
Listed Firms ◽  
Independent Variables ◽  
Tax Shield ◽  
Debt Tax Shield

This study is an attempt to determine the capital structure of listed firms in the chemical industry of Pakistan. The study finds that by studying a specific industry's capital structure, one can ascertain unique attributes, which are usually not apparent in the combined analysis of many sectors as done by Shah and Hijazi (2004). This study analyzed 26 of 39 firms in the chemical sector, listed at the Karachi Stack Exchange for the period 1993-2004 using pooled regression in a panel data analysis. Six regressors i.e. firm size, tangibility of assets, profitability, income variation, non-debt tax shield (NDTS) and growth were employed to examine their effects on leverage. The results show that these six independent variables explain 90% of variation in the dependent variable and, except for firm tangibility, results were found to be highly significant. The study has policy implications of importance for researchers, investors, analysts and managers.

Analisis Pengaruh Struktur Modal, Ukuran Perusahaan, dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan

2021 ◽  
Vol 4 (3) ◽  
pp. 813-827
Author(s):  
Dian   Melsa Irawati ◽  
Sri Hermuningsih ◽  
Alfiatul   Maulida
Keyword(s):  
Data Analysis ◽  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Quantitative Research ◽  
Firm Growth ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Negative Effect ◽  
Positive Effect

The purpose of this study was to determine the effect of capital structure, firm size, and firm growth on firm value in the food and beverages industry sector companies listed on the Indonesia Stock Exchange for the 2016-2020 period. This study uses quantitative research with sampling using purposive sampling method, which is a method of selecting samples with certain predetermined criteria. So that in this study, 51 data were obtained from 13 companies that met the criteria. The data analysis technique used is panel data analysis. The results of the study found that partially capital structure had a significant negative effect on firm value, firm size had a significant positive effect on firm value, and firm growth had no positive effect on firm value. Keywords : capital structure, company size, company growth, company value

scholarly journals ANALYSIS OF EFFECT OF PROFITABILITY, ASSETS STRUCTURE, SIZE OF COMPANIES, AND LIQUIDITY TO CAPITAL STRUCTURES IN MINING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE PERIOD 2012 - 2015

2017 ◽  
Vol 8 (2) ◽  
pp. 339 ◽  
Author(s):  
Gatot Nazir Ahmad ◽  
Ripa Lestari ◽  
Sholatia Dalimunthe
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Mining Companies ◽  
Panel Data Regression ◽  
Analysis Technique ◽  
Data Regression

The purpose of this study is to analyze the effect of profitability, structure assets, firm size and liquidity to the capital structure of mining companies listed on the Indonesia Stock Exchange for the period 2012-2015. Sampling technique using purposive sampling. Data analysis technique used in this research is panel data regression. The results showed that partially profitability had negative and significant effect to capital structure, asset structure had positive and significant effect to capital structure, firm size had positive and significant effect to capital structure, and liquidity had negative and significant effect to capital structure. Simultaneously profitability, asset structure, firm size and liquidity have a significant effect on capital structure.

scholarly journals Determining the Relationship between the Items of the Cash Flow Statement with Abnormal Output in the Companies Enlisted in Stock Exchange Organization

2014 ◽  
Vol 5 (3) ◽  
pp. 850-863
Author(s):  
Hassan Ghodrati ◽  
Fatemeh Haftlang Mohammadjani ◽  
Hossein Jabbari
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Cash Flow ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Cash Flows ◽  
Independent Variables ◽  
The Relationship ◽  
Random Method

The continuity of the operations, growth or decrease in the business activities of any company is in line with the on time and optimized funding of cash liquidity and suitable as well as the proper use of them in investment paths in the direction of creating output and ultimately, to increase the shareholders wealth. The goal of this research is to determine the relationship between cash liquidity and abnormal output of stocks. For this purpose, 130 companies were selected by employing simple random method among the companies were enlisted in Stock Exchange Organization. Different cash liquidities included the operational and non-operational cash flows were taken as the five main independent variables, the divisible profits, financial leverage and the size of the company were defined as other independent variables; and, the abnormal output of stock was considered as dependent variable. After analyzing the pre-hypothesis by using combined multi-variable regression and based on the panel data analysis, five linear relations were assessed. The results of the research showed positive relationship between different cash flows, except tax cash flow and the abnormal output of stock. With respect to the determining coefficients which were obtained, the assessed relationship was considered very weak linear relation. The results of T.Student and Fischer showed that the assessed relationship was not significant in the statistical society level. Analyzing the non-parametric correlation showed similar results.

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

Capital Structure of Shariah-Compliant Companies in Malaysia

2015 ◽  
Vol 21 (4) ◽  
pp. 937-941
Author(s):  
Haslindar Ibrahim ◽  
Abdul Hadi Zulkafli ◽  
Teng Hui Ying
Keyword(s):  
Data Analysis ◽  
Capital Structure ◽  
Firm Size ◽  
Panel Data Analysis ◽  
Listed Companies ◽  
Fixed Effect Model ◽  
Debt Ratio ◽  
Growth Opportunities ◽  
Independent Variables ◽  
Effect Model

The study looks at the determinants of capital structure of listed Shariah-compliant companies in Malaysia. It presents a study of the companies included in the Top 100 publicly listed companies in the Main Board of the Bursa Malaysia over the period of 2009 to 2011. The study applies 4 independent variables which are asset tangibility (TANG), growth opportunities (GROWTH), profitability (PROF) and firm size (SIZE while the dependent variable is debt ratio (DR). Panel data analysis on fixed effect model is used in this study. The findings of the study reveal that the debt ratio of Shariah-compliant firms is proved to be significant with growth opportunities and firm size but insignificant with asset tangibility and profitability. This has suggested that the factors are inconsistent for Shariah and non-Shariah compliant companies in determining the capital structure of public listed companies in Malaysia.

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

FAKTOR DETERMINAN PEMBENTUK STRUKTUR MODAL PADA PERUSAHAAN SEKTOR FARMASI PERIODE 2012 - 2016

2017 ◽  
Vol 2 ◽  
pp. 241-250
Author(s):  
Neng Ria Kanita ◽  
Hendryadi Hendryadi
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Pharmaceutical Manufacturing ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Panel Data Regression ◽  
Data Regression ◽  
Partial Effects

This study aims to examine the simultaneous and partial effects of profitability, liquidity, and firm size on capital structure. The sample is 10 pharmaceutical manufacturing companies listed in Indonesia Stock Exchange period 2012-2016, using purposive sampling. The technique of analysis used is panel data regression (pooled regression). The results showed that the selected model is the fixed effect. Simultaneously NPM, CR, and Firm Size have a significant effect on capital structure. Partially NPM has a negative and significant effect on capital structure. CR partially have a negative and not significant effect on capital structure. Partially Firm Size have a positive and significant effect on capital structure. Variables that have a significant effect on capital structure are NPM and Firm Size. While CR does not significantly affect the capital structure. Keywords: Capital Structure, Profitability, Liquidity, Firm Size

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