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.

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.

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 Corporate Governance and Dividend Policy in the Presence of Controlling Shareholders

2020 ◽  
Vol 13 (8) ◽  
pp. 162
Author(s):  
Ricardo Rodrigues ◽  
J. Augusto Felício ◽  
Pedro Verga Matos
Keyword(s):  
Corporate Governance ◽  
Data Analysis ◽  
Panel Data ◽  
Agency Theory ◽  
Dividend Policy ◽  
Panel Data Analysis ◽  
Free Cash Flow ◽  
Governance Mechanisms ◽  
Controlling Shareholders ◽  
Listed Firms

Based on agency theory, we focused on the influence of corporate governance in the dividend policy of large listed firms with headquarters in continental Europe countries. Previous research focused on the influence of corporate governance on the performance and risk of listed firms, but the influence of corporate governance on the dividend policy has rarely been addressed despite the importance of dividends for shareholders and the implications on the free cash-flow, whose application may be a source of conflicts between managers and shareholders. In this paper, we study the influence of a set of governance mechanisms on the dividend policy over 12 years (2002 to 2013). The results, based on a panel data analysis, support the importance of governance mechanisms toward the protection of shareholders’ interests, and reveal that the decisions on whether to pay dividends and how much to pay are grounded on different antecedents.

scholarly journals Economic Development and Environmental Degradation in Indonesia: Panel Data Analysis

2021 ◽  
Vol 22 (2) ◽  
pp. Layouting
Author(s):  
M Irsyad Ilham
Keyword(s):  
Economic Development ◽  
Data Analysis ◽  
Panel Data ◽  
Population Density ◽  
Cross Section ◽  
Environmental Degradation ◽  
Environmental Quality ◽  
Panel Data Analysis ◽  
Policy Implications ◽  
Environmental Damage

This study analyzed the relationship of economic development, population density, and the number of vehicles on environmental degradation from 31 provinces in Indonesia for the period 2011-2019. Panel data analysis, which is widely used to examine issues that could not be studied in either cross-section or time-series alone, is used herein. The empirical results support the hypothesis on the direction of causality from those three factors of environmental damage in the country. The results concluded that economic development, population density, and the number of vehicles impacted on environmental degradation in Indonesia. The smallest cross-section random effect indicates the lowest environmental quality when all factors are fixed. The empirical findings provide important policy implications for Indonesia and it will direct its economic development model towards a green economic one. On the other hand, the growth of the population should be equalized with growth in human development. The distribution of population should be equalized among provinces by opening a new economic cluster to supply new work-fields. In addition, it should be for the country to create a more-educated population in order to protect environmental quality. Despite the unstoppable growth of vehicles, the government should implement the development of eco-friendly combustion technology besides reducing fuel consumption. Moreover, the road-making by plastic-based material can be considered to prevent land damage from plastic waste and might also recycle plastics which has caused pollution in Indonesia.

scholarly journals CAPITAL STRUCTURE DETERMINANTS: EVIDENCE FROM PALESTINE AND EGYPT STOCK EXCHANGES

IKONOMIKA ◽  
2017 ◽  
Vol 1 (2) ◽  
pp. 118
Author(s):  
Abdul Razak Abdul Hadi ◽  
Tulus Suryanto
Keyword(s):  
Capital Structure ◽  
Method Of Moments ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Generalized Method Of Moments ◽  
Stock Exchanges ◽  
Test Results ◽  
Estimation Model ◽  
Tax Shield ◽  
Debt Tax Shield

Abstract -This study is driven by the motivation to examine the capital structure determinants for Palestine Stock Exchange (PEX) and Egypt Stock Exchange (EGX). Within the framework of capital structure theories, this study uses Generalized Method of Moments (GMM,1982) as an estimation model employing quarterly panel data analysis during the observed period from 2008 till 2012. The test results from GMM indicate that all the examined determinants have significant relationship with leverage. It has a negative value with liquidity, non-debt tax shield, profitability, size and growth. The Egyptian firms have some uniqueness in its trend. Current assets, debt ratio and liquidity behave positively with leverage except for growth. The other tested determinants in Egyptian companies are found to be not significant. 

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