Capital Structure Determinants Of Small And Medium Capitalised Firms

Download Capital Structure Determinants Of Small And Medium Capitalised Firms full books in PDF, epub, and Kindle. Read online Capital Structure Determinants Of Small And Medium Capitalised Firms ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Capital Structure Determinants of Small and Medium Capitalised Firms

Author : Krishna Reddy
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!

Book Synopsis Capital Structure Determinants of Small and Medium Capitalised Firms by : Krishna Reddy

Download or read book Capital Structure Determinants of Small and Medium Capitalised Firms written by Krishna Reddy and published by . This book was released on 2017 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates first, the determinants of the capital structure and second, the speed of adjustment of capital structure of small and medium capitalised firms in Europe before and during the sovereign debt crisis period. The sample includes 306 firms from 10 European countries comprising 2,142 firm-year observations for the period 2006 to 2013. After controlling the influence of macroeconomic factors, industry-level and firm-level on debt levels, we report that small and medium capitalised firms have adjusted their capital structure during the sovereign debt crisis period and the speed of adjustment was quicker in non-stressed countries compared to the firms in the stressed countries. Our results show that small and medium capitalised firms from non-stressed countries have reduced leverage ratios, whilst the leverage ratios of firms in stressed countries have increased during the crisis period. Our findings suggest that determinants of leverage for small and medium capitalised firms in Europe are; size and asset tangibility. Furthermore, industry-level determinant is industry median leverage and macroeconomic-level determinates are GDP growth rate and inflation rate. Our findings also show that the quality of countries' institutional factors have significantly influenced the speed of adjustment of leverage of small and medium capitalised firms during the crisis period. The policy implications of the findings indicate that improving country's institutional environment will ease small and medium capitalised firms' financial difficulties, which in turn facilitate their economic performance.

The Determinants of Capital Structure in Small and Medium-sized Companies

Author : Snežana Sokolovska
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (989 download)

DOWNLOAD NOW!

Book Synopsis The Determinants of Capital Structure in Small and Medium-sized Companies by : Snežana Sokolovska

Download or read book The Determinants of Capital Structure in Small and Medium-sized Companies written by Snežana Sokolovska and published by . This book was released on 2016 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Does capital structure influence firms value?

Author : Ulrike Messbacher
Publisher : GRIN Verlag
ISBN 13 : 3638449475
Total Pages : 12 pages
Book Rating : 4.6/5 (384 download)

DOWNLOAD NOW!

Book Synopsis Does capital structure influence firms value? by : Ulrike Messbacher

Download or read book Does capital structure influence firms value? written by Ulrike Messbacher and published by GRIN Verlag. This book was released on 2005-12-20 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2004 in the subject Business economics - Investment and Finance, grade: 1, University of Applied Sciences Kempten (University of Ulster), language: English, abstract: In accordance with the Signalling model by Ross (1977) an increase in gearing represents, in term of a company’s prospective cash flows, a positive signal to external investors. Because, due to the higher risk of financial distress, companies with less optimistic market prospective tend to avoid additional financial obligations. This implies that an increasing indebtedness means a higher quality of business and therefore better valuation. This leads, in turn, to the assumption that the corporate management can influence a firm’s value by changing its capital structure. If capital structure can affect value, how can firms identify an optimal capital structure and what will it look like? It is that mix of debt and equity that maximises the value of a firm and, at the same time, minimise overall cost of capital. In their seminal article, published in 1958 and 1963, Modigliani and Miller argue that under certain assumptions the value of a firm i s independent of its capital structure, but with tax-deductible interest payments, they are positively related. Moreover, there are other approaches with partly contradictory perceptions. For instance, Myers (1998, cited in Fairchild 2003, p.6) argues that there is no universal optimal mix of debt and equity; in fact it depends on firms or industries, and therefore should be considered on a case-by-case basis. Other researchers have added market imperfections, such as bankruptcy costs, agency costs, and gains from leverage- induced tax shields to the analysis and have maintained that an optimal capital structure may exist (Hatfieldet al.1994, p.1). First, this paper shows the basic determinants of a firm’s value in association with the impact of financial leverage on payoffs to stockholders. Secondly, it considers some arguments of capital structure theories, particularly the Modigliani and Miller theorem and the Traditional approach and contrasts them. Finally, the underlying factors of the model assumptions are examined and shown that they are important in the choice of a firm’s debt-equity ratio.

DETERMINANTS OF THE FIRM'S CAPITAL STRUCTURE

Author : EVALDO GUIMARÃES BARBOSA
Publisher :
ISBN 13 : 9783838323398
Total Pages : 148 pages
Book Rating : 4.3/5 (233 download)

DOWNLOAD NOW!

Book Synopsis DETERMINANTS OF THE FIRM'S CAPITAL STRUCTURE by : EVALDO GUIMARÃES BARBOSA

Download or read book DETERMINANTS OF THE FIRM'S CAPITAL STRUCTURE written by EVALDO GUIMARÃES BARBOSA and published by . This book was released on 2009-11 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Capital Structure and Firm Performance

Author : Arvin Ghosh
Publisher : Routledge
ISBN 13 : 1351530178
Total Pages : 140 pages
Book Rating : 4.3/5 (515 download)

DOWNLOAD NOW!

Book Synopsis Capital Structure and Firm Performance by : Arvin Ghosh

Download or read book Capital Structure and Firm Performance written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory.Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure.A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.

Thin Capitalization Rules and Multinational Firm Capital Structure

Author : Jennifer Blouin
Publisher : International Monetary Fund
ISBN 13 : 1484384644
Total Pages : 37 pages
Book Rating : 4.4/5 (843 download)

DOWNLOAD NOW!

Book Synopsis Thin Capitalization Rules and Multinational Firm Capital Structure by : Jennifer Blouin

Download or read book Thin Capitalization Rules and Multinational Firm Capital Structure written by Jennifer Blouin and published by International Monetary Fund. This book was released on 2014-01-24 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US multinationals, we find that thin capitalization rules significantly affect multinational firm capital structure. Specifically, restrictions on an affiliate’s debt-to-assets ratio reduce this ratio on average by 1.9%, while restrictions on an affiliate’s borrowing from the parent-to-equity ratio reduce this ratio by 6.3%. Also, restrictions on borrowing from the parent reduce the affiliate’s debt-to-assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the overall indebtedness of affiliate firms. The impact of capitalization rules on affiliate leverage is higher if their application is automatic rather than discretionary. Furthermore, thin capitalization regimes have aggregate firm effects: they reduce the firm’s aggregate interest expense but lower firm valuation. Overall, our results show than thin capitalization rules, which thus far have been understudied, have a substantial effect on the capital structure within multinational firms, with implications for the firm’s market valuation.

Determinants of Capital Structure in Small Privately Held Firms

Author : Nicos Michaelas
Publisher :
ISBN 13 : 9781900862059
Total Pages : 72 pages
Book Rating : 4.8/5 (62 download)

DOWNLOAD NOW!

Book Synopsis Determinants of Capital Structure in Small Privately Held Firms by : Nicos Michaelas

Download or read book Determinants of Capital Structure in Small Privately Held Firms written by Nicos Michaelas and published by . This book was released on 1996 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Empirical Capital Structure

Author : Christopher Parsons
Publisher : Now Publishers Inc
ISBN 13 : 160198202X
Total Pages : 107 pages
Book Rating : 4.6/5 (19 download)

DOWNLOAD NOW!

Book Synopsis Empirical Capital Structure by : Christopher Parsons

Download or read book Empirical Capital Structure written by Christopher Parsons and published by Now Publishers Inc. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.

Resourcing Small and Medium Sized Enterprises

Author : Ciarán Mac an Bhaird
Publisher : Springer Science & Business Media
ISBN 13 : 3790823996
Total Pages : 223 pages
Book Rating : 4.7/5 (98 download)

DOWNLOAD NOW!

Book Synopsis Resourcing Small and Medium Sized Enterprises by : Ciarán Mac an Bhaird

Download or read book Resourcing Small and Medium Sized Enterprises written by Ciarán Mac an Bhaird and published by Springer Science & Business Media. This book was released on 2010-03-17 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a world of increasing financial uncertainty and growing unemployment, the macroeconomic contribution of SMEs is more important than ever. Development of a vibrant, sustainable small firm sector is dependent on sufficient resourcing of SMEs, particularly adequate capitalisation. This book provides a timely examination of SME financing and determinants of capital structure. A special feature of this book is the novel methodological approach adopted, providing an innovative perspective on SME financing. Analysis of stated financing preferences and objectives of SME owners is combined with results of statistical analysis of firm characteristics in exploring holistic explanations for observed capital structures. The uniqueness of this approach is in the contribution of data on financing preferences to supplement and contextualise results of bivariate and multivariate statistical tests. This methodology extends the SME literature, and is of interest to academics, researchers, practitioners and policy makers.

Capital Structure Determinants of Private Small and Medium-sized Enterprises in China

Author : Alexander Newman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (125 download)

DOWNLOAD NOW!

Book Synopsis Capital Structure Determinants of Private Small and Medium-sized Enterprises in China by : Alexander Newman

Download or read book Capital Structure Determinants of Private Small and Medium-sized Enterprises in China written by Alexander Newman and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Capital Structure and Corporate Financing Decisions

Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 1118022947
Total Pages : 504 pages
Book Rating : 4.1/5 (18 download)

DOWNLOAD NOW!

Book Synopsis Capital Structure and Corporate Financing Decisions by : H. Kent Baker

Download or read book Capital Structure and Corporate Financing Decisions written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-03-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.

Corporate Capital Structure in Europe

Author : Julia Koralun-Bereźnicka
Publisher : Taylor & Francis
ISBN 13 : 1040130909
Total Pages : 218 pages
Book Rating : 4.0/5 (41 download)

DOWNLOAD NOW!

Book Synopsis Corporate Capital Structure in Europe by : Julia Koralun-Bereźnicka

Download or read book Corporate Capital Structure in Europe written by Julia Koralun-Bereźnicka and published by Taylor & Francis. This book was released on 2024-08-08 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comprehensive examination of the factors affecting corporate capital structures across 12 European Union countries, focusing on the influence of country-specific, industry-specific and firm-size-related determinants. It provides a comprehensive review of various interpretations of the capital structure concept and offers a detailed characterisation of commonly employed metrics. Furthermore, it offers an overview of capital structure theories and attempts to classify the factors that shape the financial leverage of enterprises within the framework of these theories. Additionally, it draws readers’ attention to contemporary factors potentially affecting corporate financing decisions, such as Environmental, Social and Governance (ESG) considerations or technological advances and innovations in finance. It combines theoretical insights with empirical research to explore the direct and indirect impacts of these factors on companies’ financing patterns. Targeting a broad readership including students, Ph.D. candidates, researchers, academics and financial practitioners, the book offers a rich understanding of capital structure optimisation and its significance for enhancing company value. Through its coverage of various capital structure theories, determinants and the role of external and internal factors in capital structure decisions, the book is an essential resource for those interested in the complex nature of these influences within the European landscape. With the exception of Chapter 2, no part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Chapter 2 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license. Any third party material in this book is not included in the OA Creative Commons license, unless indicated otherwise in a credit line to the material. Please direct any permissions enquiries to the original rightsholder.

Evolution of Capital Structure Choices for Effective Economic Gain

Author : Murunga Anthony Ekisa Amoo
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783846589397
Total Pages : 56 pages
Book Rating : 4.5/5 (893 download)

DOWNLOAD NOW!

Book Synopsis Evolution of Capital Structure Choices for Effective Economic Gain by : Murunga Anthony Ekisa Amoo

Download or read book Evolution of Capital Structure Choices for Effective Economic Gain written by Murunga Anthony Ekisa Amoo and published by LAP Lambert Academic Publishing. This book was released on 2012-08 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study gives an in depth examination of determinants of capital structure choices. The study is grounded on pecking order and trade off theories as a basis for explanation of capital structure choices. The statement of the problem for this study is to investigate the determinants of capital structure choices and their influence in allocation of securities in the international capital market. The objective of the study is to assess the effect of capital structure choices in allocation of financial securities in the international market. The methodology employed in this area of study is correlation and regression analysis. The data source and sample source for the study is quoted firms, large unquoted firms and small - medium enterprises. All firms that have been listed on the Kenyan stock exchange during the six - year period, 2007 - 2011, were sampled. Twenty - two firms qualified to be included in the sample. Small medium enterprise (SMEs) was found to have the highest fixed assets. Quoted firms recorded the highest dividend payout ratio followed by unquoted firms.

Capital Structure and Corporate Financing Decisions

Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 0470569522
Total Pages : 516 pages
Book Rating : 4.4/5 (75 download)

DOWNLOAD NOW!

Book Synopsis Capital Structure and Corporate Financing Decisions by : H. Kent Baker

Download or read book Capital Structure and Corporate Financing Decisions written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-05-03 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.

Capital Structure Determinants

Author : Yiwen Wei
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783659624162
Total Pages : 96 pages
Book Rating : 4.6/5 (241 download)

DOWNLOAD NOW!

Book Synopsis Capital Structure Determinants by : Yiwen Wei

Download or read book Capital Structure Determinants written by Yiwen Wei and published by LAP Lambert Academic Publishing. This book was released on 2014-10-01 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: The capital structure has remained a controversial topic in corporate finance over the last two decades. A proper financing mix contributes to firm value maximization while an unpremeditated decision poses threat to firm survival. Nevertheless, the disparities exist when it comes to capital structure determinants: on one hand, some capital structure theories have provided some guidance; on the other hand, the empirical results are more often than not contradictory. Traditionally, the capital structure of Dutch firms is not well studied as G-7 countries and the evidence that is after 1997 is not available. However, the financial crisis which commences at 2008 is expected to alter capital structure determinants of Dutch firms to some extent. To investigate the temporal developments, this book provides an up to date empirical result to compare with previous Dutch evidences. The analysis should be helpful for management personnel who face the capital structure decisions or Finance researchers who are interested in Dutch evidence.

The determinants of capital structure of small industrial firms

Author : Wim Voordeckers
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

DOWNLOAD NOW!

Book Synopsis The determinants of capital structure of small industrial firms by : Wim Voordeckers

Download or read book The determinants of capital structure of small industrial firms written by Wim Voordeckers and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Empirical Analysis of the Capital Structure Determinants

Author : Abubakr Saeed
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783838309866
Total Pages : 64 pages
Book Rating : 4.3/5 (98 download)

DOWNLOAD NOW!

Book Synopsis Empirical Analysis of the Capital Structure Determinants by : Abubakr Saeed

Download or read book Empirical Analysis of the Capital Structure Determinants written by Abubakr Saeed and published by LAP Lambert Academic Publishing. This book was released on 2009-08 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital structure theory is one of the most bewildering issues in the corporate finance literature. Capital structure theories suggest various factors that affect firm to maintain a target capital structure in order to maximize firm value, by minimizing the costs of prevailing market imperfections. Subsequent to the departures from Modigliani and Miller (1958) s irrelevance proposition, there is a long tradition in corporate finance to investigate the capital structure determinants of firms. Most capital structure studies based on these theories to date uses data from economies that have developed financial markets or approaching higher stages of transition, i.e. China and India. Less developed market and particular specific industry is rare in literacy sphere. This book analyzes the explanatory power of some predominant theories that have been proposed in the literature to explain determinants of capital structures across firms. In particular, this study investigates the capital structure determinants of Pakistani firms based on a panel data set from 2001 to 2005.