scholarly journals DETERMINATIVE FACTORS OF THE CAPITAL STRUCTURE IN THE INTEGRATED COMPANY OF OIL

2013 ◽  
Vol 5 (1) ◽  
Author(s):  
Julio Henrique Machado ◽  
Carlos Roberto de Godoy
Keyword(s):  
New York ◽  
Capital Structure ◽  
Stock Exchange ◽  
New York Stock Exchange ◽  
Pecking Order ◽  
Trade Off ◽  
York Stock Exchange ◽  
The Capital Structure

As decisões de financiamento têm sido amplamente discutidas em debates acadêmicos sobre finanças corporativas. Como o setor petrolífero é crucial ao desenvolvimento econômico mundial, por representar a principal fonte primária de energia, percebe-se a necessidade de pesquisa sobre este grupo de decisões direcionadas ao setor em questão. Neste contexto, o objetivo do trabalho foi estudar os fatores indutores nas decisões de estrutura de capital nas companhias integradas do setor petrolífero mundial. Foram pesquisadas 18 empresas listadas na New York Stock Exchange (NYSE), considerando o período de 2005 a 2010. As variáveis estudadas foram liquidez, rentabilidade, tangibilidade, risco, tamanho, crescimento, exaustão e reposição de reservas (independentes) e dívida de curto prazo, longo prazo e total (dependente). Para a análise do comportamento das variáveis, efetuou-se o teste de regressão. Verificou-se que os principais atributos que influenciaram as decisões de financiamento no setor foram: liquidez, rentabilidade, risco e tamanho. Ademais, observou-se também que as variáveis específicas do setor, exaustão e reposição, apresentaram forte influência na estrutura de capital. Foram demonstradas evidencias de que tanto a teoria pecking-order quanto a trade-off explicam as decisões de financiamento no setor.

Capital Markets and Corporate Social Responsibility of New York Stock Exchange List Companies: Strategic Analysis of Brazil and China

2020 ◽  
Vol 11 (1) ◽  
pp. 72
Author(s):  
Norberto Almeida de Andrade ◽  
Giuliano Carlo Rainatto ◽  
Ricardo Santana ◽  
Fernando Rodrigues da Silva ◽  
Wellington Fernando Bastos
Keyword(s):  
New York ◽  
Corporate Social Responsibility ◽  
Capital Structure ◽  
Stock Exchange ◽  
New York Stock Exchange ◽  
Pecking Order ◽  
Chinese Companies ◽  
York Stock Exchange ◽  
Corporate Social ◽  
The Capital Structure

The main objective of this study is to verify if the capital structure of Brazilian and Chinese companies that release the Corporate Social Responsibility (CSR) report, listed on the New York Stock Exchange (NYSE), are aligned with the Pecking Order and Tradeoff theories. 2012 to 2019. In order to achieve the research objectives, the identification of the Brazilian and Chinese NYSE-listed companies that publish the Global Reporting Initiative (GRI) report was established; examine whether the capital structures of Brazilian and Chinese companies are underpinned by Tradeoff's theory; examine if the capital structures of Brazilian and Chinese companies are supported by the Pecking Order theory during the study period; verify if there is a difference in the capital structure between the companies that disclose and those that do not disclose CSR report in the GRI model, in Brazilian companies; to verify if there is a difference in the capital structure between the companies that disclose and those that do not disclose CSR report in the GRI model, in Chinese companies; analyze whether there is a difference in the capital structure of Brazilian and Chinese companies, which report on CSR.

scholarly journals The Examination of Trade Off Theory and Pecking Order Theory to Capital Structure on Plantation Companies Listed in Indonesia Stock Exchange

2021 ◽  
Vol 3 (2) ◽  
pp. 323-338
Author(s):  
Jesslyn Wijaya ◽  
Ciptawan Cen
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Order Theory ◽  
Effective Tax Rate ◽  
Pecking Order ◽  
Pecking Order Theory ◽  
Trade Off ◽  
Tax Rate ◽  
The Capital Structure

Plantation is a promising sector, but just like other firms, this sector will also face the financing problem. Capital structure determines the cost of capital and the risk assumed by the firm. Trade-off and Pecking order theory are the most common theory used to determine the capital structure. The objective of this research is to examine plantation companies tend to use trade-off theory or pecking order theory in determining the capital structure decision. This research used multiple linear regression analysis methods with capital structure as the dependent variable, and the asset structure, firm size, company growth, institutional ownership, effective tax rate, and non-debt tax shield as the independent variables.This is a quantitative research that uses secondary data from financial statements of plantation companies listed in the Indonesia Stock Exchange for 2014 to 2019. The sample was determined by using the purposive sampling technique and 5 out of 21 companies fulfill the sampling requirements. This study conducted observations for 6 years with a total of 30 research samples. The results of this research are both trade-off and pecking order theory are used and still relevant in the capital structure determination. Trade-off theory exerts more influence on capital structure decisions than pecking order theory. This is confirmed by the partial T-test where firm size, institutional ownership, effective tax rate, and non-debt tax shields suggest the use of trade-off theory, only asset structure indicates the tendency of pecking order theory.  

FUNDS STATEMENTS: THE ACCOUNTING PRINCIPLES BOARD WAS TWICE BEHIND THE CURVE

2015 ◽  
Vol 42 (2) ◽  
pp. 91-102 ◽  
Author(s):  
Stephen A. Zeff
Keyword(s):  
New York ◽  
Stock Exchange ◽  
Securities And Exchange Commission ◽  
New York Stock Exchange ◽  
Accounting Principles ◽  
York Stock Exchange

This paper discusses the circumstances in which the Accounting Principles Board (APB) issued Opinions 3 and 19, in 1963 and 1971, respectively, when the Board encouraged and then required companies to publish a statement of source and application of funds, known as the funds statement. In doing so, the Board both times lagged behind company practice and the views of influential organizations, including the New York Stock Exchange and the Securities and Exchange Commission.

New York Stock Exchange Year Book-1934.

1936 ◽  
Vol 41 (4) ◽  
pp. 563-563
Author(s):  
Francis E. Merrill
Keyword(s):  
New York ◽  
Stock Exchange ◽  
New York Stock Exchange ◽  
York Stock Exchange
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