scholarly journals Which Factors Determine the Capital Structure of Non-Financial Publicly Traded Irish Firms?

2015 ◽  
Author(s):  
Julie Byrne ◽  
Bridget McNally ◽  
Thomas O'Connor
Keyword(s):  
Capital Structure ◽  
Publicly Traded ◽  
The Capital Structure

scholarly journals O nível de concentração de capital influencia a estrutura de capital das empresas brasileiras?

2019 ◽  
Vol 12 (4) ◽  
pp. 785
Author(s):  
Samuel De Paiva Naves Mamede ◽  
Wilson Toshiro Nakamura ◽  
José Renato De Paula Souza Jardim ◽  
Graciela Dias Coelho Jones ◽  
Elaine Aparecida Maruyama Vieira Nakamura
Keyword(s):  
Capital Structure ◽  
Concentration Level ◽  
Panel Data Analysis ◽  
Annual Data ◽  
Positive Relation ◽  
Publicly Traded ◽  
Future Studies ◽  
Publicly Traded Companies ◽  
The Capital Structure

The purpose of the present research is to identify whether the capital structure of the Brazilian listed companies is influenced by the capital concentration level. The sample comprises 104 Brazilian publicly traded companies listed on the BM&FBOVESPA, totaling 1,258 observations for annual data in the period from January 1st, 2008 to December 31st, 2014. By using panel data analysis and taking into account the control variables identified as relevant in the literature, the main results show that (i) capital concentration has a positive relation with market indebtedness and with long-term net debt to market equity; (ii) the variables size, volatility, profitability and tangibility, highlighted in the theoretical archetype, evidence a significant influence on long-term debt to market equity and book equity, and (iii) there are no findings and/or inferences that net debt to EBITDA may bring implications for shareholders´ capital concentration. For future studies, suggestions are: i) to increase observations of Brazilian privately held companies; ii) to compare the results obtained with the capital structure of other countries, and iii) to highlight and relate other variables in the literature which are not addressed by the present research.

scholarly journals IS THE CAPITAL STRUCTURE STABLE IN BRAZIL?

2019 ◽  
Vol 20 (4) ◽  
Author(s):  
PÂMELA A. TRISTÃO ◽  
IGOR B. SONZA
Keyword(s):  
Capital Structure ◽  
Statistical Significance ◽  
Graphical Analysis ◽  
Structure Stability ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Tax Benefits ◽  
The Stability ◽  
Second Period ◽  
The Capital Structure

ABSTRACT Purpose: This paper’s objective is to analyze whether the capital structure of Brazilian publicly traded companies remained stable over the last twenty years. Originality/value: The paper is focused on the Brazilian capital market, in which there is a lack in the literature about the study of the leverage behavior and its immaturity, where factors related to the companies and characteristics in contracting leverage alter the demand of credit. Design/methodology/approach: To achieve its objective, initially a graphical analysis of market and book debt evolution was carried out, and a GMM-Sys regression model through panel data was estimated to identify the stability of leverage along time. Findings: The results indicate a reduction of the market leverage with higher statistical significance after 2008, indicating, both in the graphic and the regression analysis, that the use of debt was unstable in the first period analyzed (1995-2007), behavior not observed during the second period (2008-2015) when analyzed market measures in which capital structure stability was prevalent, with considerable reduction of corporate leverage, otherwise, book measures of leverage would have shown a stability trend in leverage patterns. The principal determinants of the capital structure were the tax benefits (book debt) and the size (market debt), supporting trade-off theory.

scholarly journals Fator País e Estrutura Dinâmica de Capital nas Empresas da América Latina

2012 ◽  
Vol 10 (2) ◽  
pp. 267 ◽  
Author(s):  
Leonel Rodrigues Bogéa Sobrinho ◽  
Hsia Hua Sheng ◽  
Mayra Ivanoff Lora
Keyword(s):  
Capital Structure ◽  
Latin American ◽  
Decision Processes ◽  
Duration Models ◽  
Publicly Traded ◽  
Partial Adjustment ◽  
Financing Decision ◽  
Structure Dynamics ◽  
America Latina ◽  
The Capital Structure

We develop partial adjustment and duration models to test the relevance of country idiosyncrasies in determining the capital structure of publicly-traded Brazilian, Chilean and Mexican firms. Our data panel, ranging from the 4th quarter of 1996 to the 2nd quarter of 2010, consists of 4403 firm-quarter observations pertaining to 139 firms. Our findings suggest that capital structure dynamics vary by country, local idiosyncrasies are key determinants of firms’ leverage among Brazilian, Chilean and Mexican firms, and that factors other than firm-specific characteristics influence the financing decision processes of Latin American managers

scholarly journals Does capital structure influence the performance of corporate social responsibility? An analysis in companies of the world's largest economies

2021 ◽  
Vol 15 ◽  
pp. e174007
Author(s):  
Paula Pontes de Campos-Rasera ◽  
Gabriela de Abreu Passos ◽  
Romualdo Douglas Colauto
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Capital Structure ◽  
Empirical Studies ◽  
Debt Financing ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Corporate Social ◽  
The Relationship ◽  
The Capital Structure

Companies are under external and internal pressure to adopt Corporate Social Responsibility (CSR) practices. Positive and significant results of the relationship between CSR and financial performance are not always confirmed in empirical studies, demonstrating, thus, no consensus has been achieved in CSR literature yet. Thereby, we seek to understand the influence of capital structure on the performance of CSR practices, since there is a theoretical omission about intangible attributes. We formulated three hypotheses about the relationship between CSR and: the capital structure (H1); the debt financing (H1a); and the shareholder’s equity (H1b). We used a sample of 1,642 publicly traded companies on the 10 highest GDP countries. Using GMM 2SLS estimator, the results reveal positive and significant relationship between shareholders’ equity and CSR, while for the relationship between debt financing and CSR shown a negative and significative correlation. Our findings suggest that companies with higher scores of CSR tend to finance itself through equity. We found differences between countries related to the Capital Structure volume required to achieve a CSR positive index. Our findings provoke further debate concerning the reasons that conduct organizations to adopt such practices and foster new discussions about the aspects that involve social practices responsible adoption in companies.

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.

The Capital Structure Puzzle: The Evidence Revisited

CFA Digest ◽  
2006 ◽  
Vol 36 (1) ◽  
pp. 16-17
Author(s):  
Lester C. Cheng
Keyword(s):  
Capital Structure ◽  
The Capital Structure

An impact of corporate management on the capital structure of Russian companies

2017 ◽  
Vol 23 (35) ◽  
pp. 2076-2087 ◽  
Author(s):  
E.A. Fedorova ◽  
◽  
T.M. Denisova ◽  
I.V. Lukashenko ◽  
◽  
...  
Keyword(s):  
Capital Structure ◽  
Corporate Management ◽  
The Capital Structure

Factors influencing the structure of the Russian companies' capital

2020 ◽  
Vol 26 (7) ◽  
pp. 1647-1660
Author(s):  
O.N. Likhacheva ◽  
A.S. Belikevich
Keyword(s):  
Correlation Analysis ◽  
Capital Structure ◽  
Systems Approach ◽  
Empirical Studies ◽  
Factors Influencing ◽  
Oil Contracts ◽  
Economic Landscape ◽  
Relationship Of ◽  
Trade Wars ◽  
The Capital Structure

Subject. In the uncertain market environment, the optimal structure of capital is getting more important because it influences the competitiveness of a firm, its financial sustainability and solvency and, consequently, a success. Herein we dwell upon the hypothesis presuming the existence of capital structure determinants. Objectives. We review empirical studies on the subject, analyze determinants of the Russian companies’ capital structure. Methods. The study is based on the systems approach and methods of statistical analysis. Results. It is necessary to monitor how capital is shaped and formed. We investigated proceedings on factors influencing the capital structure and discovered relevant hypotheses, carrying out the correlation analysis of such factors. Conclusions and Relevance. It is especially important to examine factors influencing the capital structure, and find the appropriate format for the economy struggling through the crisis. The coronavirus pandemic unavoidably reshapes the global economic landscape, which has already been under the pressure of deglobalization processes (trade wars, repudiation of oil contracts). The correlation analysis did not reveal any relationship of the variables in question (the company’s age, ROE, ROA, MOEX, key rate, GDP, PPI) and the capital structure. Further research should be devoted to other factors and consider the unreasonableness and psychological background of managers’ behavior who make decisions concerning the capital structure.

Role of Credit Rating in determining Capital structure: Evidence from Non-Financial sector of Pakistan

2020 ◽  
Vol 38 (3) ◽  
Author(s):  
Shoaib Ali ◽  
Imran Yousaf ◽  
Muhammad Naveed
Keyword(s):  
Capital Structure ◽  
Credit Rating ◽  
Least Square ◽  
Annual Data ◽  
Leverage Ratio ◽  
Financial Decisions ◽  
Financial Firms ◽  
High Level ◽  
The Impact ◽  
The Capital Structure

This paper aims to examine the impact of external credit ratings on the financial decisions of the firms in Pakistan.  This study uses the annual data of 70 non-financial firms for the period 2012-2018. It uses ordinary least square (OLS) to estimate the impact of credit rating on capital structure. The results show that rated firm has a high level of leverage. Moreover, Profitability and tanagability are also found to be a significantly negative determinant of the capital structure, whereas, size of the firm has a significant positive relationship with the capital structure of the firm.  Besides, there exists a non-linear relationship between the credit rating and the capital structure. The rated firms have higher leverage as compared to the non-rated firms. The high and low rated firms have a low level of leverage, while mid rated firms have a higher leverage ratio. The finding of the study have practical implications for the manager; they can have easier access to the financial market by just having a credit rating no matter high or low. Policymakers must stress upon the rating agencies to keep improving themselves as their rating severs as the measure to judge the creditworthiness of the firm by both the investors and management as well.

Determinants Of Capital Structure For Multinational And Domestic Companies In India: Panel Data Regression Model

2019 ◽  
Vol 118 (7) ◽  
pp. 147-154
Author(s):  
K. Maheswari ◽  
Dr. J. Gayathri ◽  
Dr. M. Babu ◽  
Dr.G. Indhumathi
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Regression Model ◽  
Business Risk ◽  
Return On Assets ◽  
Panel Data Regression ◽  
Data Regression ◽  
Return On Capital ◽  
Domestic Companies ◽  
The Capital Structure

The capital structure refers to the components of capital needed to establish and expand its business activities. The study was made with an objective to examine the determinants of capital structure of multinational and domestic companies listed in S&P BSE automobile sector. The study concluded that there is significant impact on capital structure determinants such as size, business risk, non debt shield tax, return on assets, tangibility, profit, return on capital employed and liquidity on the capital structure of multinational and domestic companies of Indian Automobile Sector.  

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