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Author : Nicos Michaelas
Publisher :
ISBN 13 : 9781900862059
Total Pages : 72 pages
Book Rating : 4.8/5 (62 download)
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:
Author : Irwin Friend
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (347 download)
Download or read book Determinants of Capital Structure for Closely-held Versus Publicly-held Corporations written by Irwin Friend and published by . This book was released on 1986 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arvin Ghosh
Publisher : Routledge
ISBN 13 : 1351530178
Total Pages : 140 pages
Book Rating : 4.3/5 (515 download)
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.
Author : Rebel A. Cole
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (129 download)
Download or read book What Do We Know About the Capital Structure of Privately Held Firms? Evidence from the Surveys of Small Business Finance written by Rebel A. Cole and published by . This book was released on 2014 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study establishes a set of stylized facts about the capital-structure decisions of privately held U.S. firms, using data from four nationally representative surveys conducted from 1987-2003. Book-value firm leverage, as measured by either the ratio of total loans to total assets or the ratio of total liabilities to total assets, is negatively related to firm age and minority ownership; and is positively related to industry median leverage, the corporate legal form of organization, and to the number of banking relationships. In general, these results provide mixed support for both the Pecking Order and Trade-Off theories of capital structure.
Author : EVALDO GUIMARÃES BARBOSA
Publisher :
ISBN 13 : 9783838323398
Total Pages : 148 pages
Book Rating : 4.3/5 (233 download)
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:
Author : Ahmed Riahi-Belkaoui
Publisher : Praeger
ISBN 13 :
Total Pages : 238 pages
Book Rating : 4.3/5 (91 download)
Download or read book Capital Structure written by Ahmed Riahi-Belkaoui and published by Praeger. This book was released on 1999-02-28 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text uses theoretical and contingency approaches to examine the question of whether capital structure can be determined. Using a bond rating model it looks at the evaluation of capital structure, the resolution of issues pertaining to equity and liabilities, and their contribution to reports
Author : Ulrike Messbacher
Publisher : GRIN Verlag
ISBN 13 : 3638449475
Total Pages : 12 pages
Book Rating : 4.6/5 (384 download)
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.
Author : James Roger Lyons
Publisher :
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.:/5 (475 download)
Download or read book The Determinants of Capital Structure written by James Roger Lyons and published by . This book was released on 1970 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wim Voordeckers
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
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:
Author : Charles Michael Fedora
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (979 download)
Download or read book Capital Structure Determinants in the Financial Services Industry written by Charles Michael Fedora and published by . This book was released on 1987 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mintesinot Adnew Somega
Publisher :
ISBN 13 : 9783846554845
Total Pages : 100 pages
Book Rating : 4.5/5 (548 download)
Download or read book The Determinants of Capital Structure written by Mintesinot Adnew Somega and published by . This book was released on 2011-11 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Shannon P. Pratt
Publisher : John Wiley & Sons
ISBN 13 : 1118555805
Total Pages : 1344 pages
Book Rating : 4.1/5 (185 download)
Download or read book Cost of Capital, + Website written by Shannon P. Pratt and published by John Wiley & Sons. This book was released on 2014-04-21 with total page 1344 pages. Available in PDF, EPUB and Kindle. Book excerpt: A one-stop shop for background and current thinking on the development and uses of rates of return on capital Completely revised for this highly anticipated fifth edition, Cost of Capital contains expanded materials on estimating the basic building blocks of the cost of equity capital, the risk-free rate, and equity risk premium. There is also discussion of the volatility created by the financial crisis in 2008, the subsequent recession and uncertain recovery, and how those events have fundamentally changed how we need to interpret the inputs to the models we use to develop these estimates. The book includes new case studies providing comprehensive discussion of cost of capital estimates for valuing a business and damages calculations for small and medium-sized businesses, cross-referenced to the chapters covering the theory and data. Addresses equity risk premium and the risk-free rate, including the impact of Federal Reserve actions Explores how to use Morningstar's Ibbotson and Duff Phelps Risk Premium Report data Discusses the global cost of capital estimation, including a new size study of European countries Cost of Capital, Fifth Edition puts an emphasis on practical application. To that end, this updated edition provides readers with exclusive access to a companion website filled with supplementary materials, allowing you to continue to learn in a hands-on fashion long after closing the book.
Author : Fabian Kuehnhausen
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (13 download)
Download or read book Determinants of Capital Structure in Non-Financial Companies written by Fabian Kuehnhausen and published by . This book was released on 2014 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we evaluate firm-, industry- and country-specific factors determining a firm's capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country characteristics.Using a short panel data set with a large cross-section, we are able to show that firm size, industry leverage, industry growth and tax shield positively affect leverage ratios, while profitability and liquidity have negative impacts. Moreover, our model is an improvement over Rajan and Zingales' (1995) four-factor core model in terms of explaining data variation. The results are robust against different panel estimators, decompositions and over time.
Author : Muhammad Islam
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783659492297
Total Pages : 80 pages
Book Rating : 4.4/5 (922 download)
Download or read book Determinants of Capital Structure written by Muhammad Islam and published by LAP Lambert Academic Publishing. This book was released on 2013 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this research is to investigate various factors affecting Earning per Share and Return on Capital Employed. In this study an attempt has been made to determine what factors can affect firm value or not?. Different theorists argue differently regarding components of capital structure such as debt, equity and preferred stock on firm value. In this study this relationship has been empirically evidenced in the sugar industry companies listed on Lahore Stock Exchange. This study investigates the relationship of Short Term Debt, Long Term Debt, Equity, Firm Size and Tangibility of Assets with Earning per Share (EPS) and Return on Capital Employed (ROCE) using Simple and Multi Linear Regression Models. The data that has been collected from financial statement of companies related to sugar industry of Pakistan listed on Lahore Stock Exchange.
Author : Christopher Parsons
Publisher : Now Publishers Inc
ISBN 13 : 160198202X
Total Pages : 107 pages
Book Rating : 4.6/5 (19 download)
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.
Author : Palakh Jain
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Determinants of Capital Structure written by Palakh Jain and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital structure pertains to the extent of leverage of the firm. In recent years, a number of theories have been proposed to explain the variation in debt ratios across firms. The theories suggest that firms select capital structures depending on attributes that determine the various costs and benefits associated with debt and equity financing. The same is tested here via econometric techniques using Prowess Database for Indian Companies.
Author : Yiwen Wei
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783659624162
Total Pages : 96 pages
Book Rating : 4.6/5 (241 download)
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.
