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Determinants Of Corporate Financial Performance Relating To Capital Structure Decisions In Indian Iron And Steel Industry
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Book Synopsis Determinants of Corporate Financial Performance Relating to Capital Structure Decisions in Indian Iron and Steel Industry by : Arindam Banerjee
Download or read book Determinants of Corporate Financial Performance Relating to Capital Structure Decisions in Indian Iron and Steel Industry written by Arindam Banerjee and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study is basically undertaken so as to investigate the independent variables on which the dependent variable, i.e., the profitability depends upon for the firms belonging to the Indian iron and steel industry. The nine independent variables taken into consideration for the study which might have some impact on the profitability of the Indian iron and steel industry are “business risk”, “size of the firm (log(sales))”, “growth rate”, “debt service capacity (interest)”, “dividend payout”, “financial leverage”, “degree of operating leverage”, “firm's age” and “size of the firm (log(assets))”. The above variables determining the capital structure of a firm have been taken into consideration after a thorough literature review. It is observed from the study that “financial leverage”, “debt service capacity (interest)” and “size of the firm (log assets)” are significant factors influencing the profitability of the firms of the Indian iron and steel industry. In this study, a further attempt has been made to examine the determinants of financial performance for companies belonging to the Indian iron and steel industry during the pre- and post-recession periods.
Book Synopsis Capital Structure, Equity Ownership and Corporate Performance by : Krishna Dayal Pandey
Download or read book Capital Structure, Equity Ownership and Corporate Performance written by Krishna Dayal Pandey and published by Taylor & Francis. This book was released on 2023-08-16 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides empirical insights into the relationship between capital and equity-ownership structure of Indian manufacturing companies and their financial performance. It discusses and analyses the basic theories and concepts associated with capital structure, debt financing, levered and unlevered firms, the various forms of ownership, agency problem and its kind and the exploitation of minority owners by the large and largest owners. The study employs a set of the most reliable and suitable econometric estimation techniques to draw meaningful inferences on the Indian manufacturing sector. The novelty of this book lies in three particular aspects: the depth and dimension with which the topic is addressed; the robust empirical evidence that it has produced and the simple and intelligible approach with which it is authored. It communicates the crucial relevance of corporate capital structure and equity-ownership to the moderation of agency relationship and shaping the internal governance mechanism, which ultimately results in increased or decreased operational efficiency and financial performance. It will enable readers to understand whether an increased amount of debt capital would bring about positive results for firms or create an extra burden on the management of their finances, preventing them from taking productive investment decisions due to the threat of liquidation. The book will find an audience among advanced students, scholars and researchers who are interested in understanding the corporate finance practices and governance mechanism of Indian organizations.
Book Synopsis Capital Structure Dynamics in Indian MSMEs by : Nufazil Altaf
Download or read book Capital Structure Dynamics in Indian MSMEs written by Nufazil Altaf and published by Springer Nature. This book was released on 2020-12-10 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the capital structure dynamics in Indian MSMEs, offering empirical evidence to better understand the financial practices within entrepreneurial settings. Altaf and Shah in this book assess the financing pattern of Indian MSMEs, response of capital structure determinants to different macroeconomic states, links between working capital and capital structure, cash flow volatility and capital structure and also the impact of credit risk on capital structure and firm performance relationship. This book enthuses the audience looking to understand newer dynamics of capital structure and its interplay in the Indian MSMEs.
Book Synopsis The Determinant of Capital Structure. Evidence from Pakistani Cement Industry by : Farhan Iqbal
Download or read book The Determinant of Capital Structure. Evidence from Pakistani Cement Industry written by Farhan Iqbal and published by GRIN Verlag. This book was released on 2016-03-10 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wissenschaftlicher Aufsatz aus dem Jahr 2015 im Fachbereich BWL - Investition und Finanzierung, , Sprache: Deutsch, Abstract: This paper is an attempt to determine the capital structure of listed firms of the cement industry in the Pakistan stock exchange (KSE). The main objectives of this empirical study is to forecast the relationship of dependent variable (financial leverage) with independent variables (size, tangibility, profitability, liquidity, tax rate and growth rate). The study showed a positive and significant association of firm size, tangibility and tax rate with financial leverage of the firm but in contrast to this, profitability, liquidity and growth rate showed a negative relationship with financial leverage.
Book Synopsis New Horizons in Management, Leadership and Sustainability by : Satinder Dhiman
Download or read book New Horizons in Management, Leadership and Sustainability written by Satinder Dhiman and published by Springer Nature. This book was released on 2021-05-17 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing upon research and practitioner narratives from management, leadership, organizational studies, entrepreneurship and sustainable business domains, this book explores the many pathways that enable emerging countries to transform knowledge into action to achieve economic and sustainable development. The authors take a holistic approach to ‘transforming knowledge’ that goes beyond the mere ‘application of knowledge’ to include the assimilation, adaptation, and contextualization of knowledge to suit the unique contexts, needs and conditions existing in emerging countries. They then presents success stories and case studies comprising innovative solutions for emerging economies that practitioners can utilize. Current research in management is highlighted by bringing together academics, practitioners, policy-makers and interest groups from diverse regions and perspectives.
Book Synopsis Determinants of Capital Structure by : CMA(Dr.) Ashok Panigrahi
Download or read book Determinants of Capital Structure written by CMA(Dr.) Ashok Panigrahi and published by . This book was released on 2013 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Factors influencing capital structure of a firm is a debatable issue which has engaged academicians for decades. Several theories have been put forward on this subject, after the landmark studies of Modigliani and Miller (1958, 1963) that established capital structure irrelevance and tax shield advantages. Amongst the several theories advanced to explain capital structure of firms, there are three major theories in the Corporate Finance literature, namely, Trade-off theory, Agency Cost theory and Pecking-Order theory that highlight different determinants of corporate capital structure. In an attempt to study the determinants of capital structure in Indian scenario and to verify whether any of the above mentioned theories can characterize the Indian corporate financing, this paper makes an empirical study of the capital financing pattern of 300 private sector Indian firms for the period 1999-2008, the period of unprecedented growth of Indian economy. The study finds out that financing with internal funds, as suggested by pecking-order theory has emerged as a major feature of corporate capital structure. Indian companies prioritize their sources of financing (from internal financing to equity) according to the law of least effort, or of least resistance, preferring to raise equity as a financing means “of last resort.” Hence internal funds are used first, and when that is depleted debt is issued, and when it is not sensible to issue any more debt, equity is issued. Some other determinants, however, have patterns of influences that match with the postulates of other two theories. The analysis finds out that the capital structure pattern on an average portends well for long term development of Indian corporate sector.
Book Synopsis Toward an Integrative Explanation of Corporate Financial Performance by : N. Capon
Download or read book Toward an Integrative Explanation of Corporate Financial Performance written by N. Capon and published by Springer Science & Business Media. This book was released on 1996-12-31 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is a milestone on our journey toward developing a more comprehensive understanding of the underpinnings of corporate financial performance. Weare concerned with both the factors that cause the financial performance of some firms to be better than others at a point in time and those factors that influence the trajectory of firm financial performance over time. In addressing these issues, we consider theoretical and empirical work on financial performance, drawn from several literatures, as well as present the results from our own empirical study. The review of the theoretical and empirical work is contemporary; the major portion of data comprising the empirical study was collected in the early 1980s as part of the Columbia Business School project on corporate strategic planning, but some data sequences extend into the mid-1980s and early 1990s. Our goals are to improve understanding of firm financial performance by developing a more integrated framework and to develop a research agenda based on what we have learned. This volume consists of four chapters, 12 appendices that provide detailed technical support and development for various portions of the discussion and an extensive set of references. It interweaves results from published literature in various fields with our original empirical work and develops an integrative approach to the study of firm fmancial performance.
Book Synopsis Corporate Capital Structure : Planning and Determinants by : R.K. Singla
Download or read book Corporate Capital Structure : Planning and Determinants written by R.K. Singla and published by Deep and Deep Publications. This book was released on 1996 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants of Capital Structure of Indian Corporate Sector in the Period of Bull Run 2003-2007 - An Econometric Study by : Debabrata Datta
Download or read book Determinants of Capital Structure of Indian Corporate Sector in the Period of Bull Run 2003-2007 - An Econometric Study written by Debabrata Datta and published by . This book was released on 2009 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are three major theories in the Corporate Finance literature, namely, Trade-off theory, Agency Cost theory and Pecking-Order theory that highlight different determinants of corporate capital structure. In an attempt to study the determinants of capital structure in Indian scenario and to verify whether any of the above mentioned theories can characterize the Indian corporate financing, this paper makes an empirical study of the capital financing pattern of 76 Indian firms for the period 2003-2007, the period of unprecedented growth of Indian economy. The study makes fixed effect panel data (LSDV) regression and finds out that financing with internal funds, as suggested by pecking-order theory has emerged as a major feature of corporate capital structure. Some other determinants, however, have patterns of influences that match with the postulates of other two theories. The analysis finds out that the capital structure pattern on an average portends well for long term development of Indian corporate sector.
Book Synopsis Capital Structure and Firm Value by : Dr. Maloth Raghu Ram
Download or read book Capital Structure and Firm Value written by Dr. Maloth Raghu Ram and published by Readworthy. This book was released on 2018-12-03 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Structure decision is one of the crucial decisions to be taken by a company. There are divergent views regarding Capital Structure and Firm Value. There is dearth of studies in the area of Pharma Industry regarding Capital Structure and Firm Value. Therefore, the present study seeks to answer the following questions: what are the factors determining the Capital Structure decision in Pharma sector in India? What is the relationship between select variable and company value? What is the impact of leverage on stock price volatility of Pharma Companies? Period of the study is eleven years from 2005 to 2015. The panel data regression model has been employed. It can be concluded that Debt-Equity Ratio has negative impact on capital structure of a company. It was revealed from the findings that majority of the select variables have significant impact on the capital structure. The study also brings to light the fact that leverage effect is dominant in the stock market. Findings of the present study are useful in gaining valuable insights into the intricacies of capital structure, firm value and leverage effect. The study is useful to finance managers, investors, researchers and also to academicians doing research in the area of corporate finance.
Author :Dr. M.c.t. Shanmugapriya Dr. C. Vethirajan Publisher :Archers & Elevators Publishing House ISBN 13 :9388805283 Total Pages : pages Book Rating :4.3/5 (888 download)
Book Synopsis Corporate Financial Structure And Value Of The Firm by : Dr. M.c.t. Shanmugapriya Dr. C. Vethirajan
Download or read book Corporate Financial Structure And Value Of The Firm written by Dr. M.c.t. Shanmugapriya Dr. C. Vethirajan and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants of Capital Structure. A Study on the Cement Sector of Pakistan by : Muhammad Khurram Shabbir
Download or read book Determinants of Capital Structure. A Study on the Cement Sector of Pakistan written by Muhammad Khurram Shabbir and published by . This book was released on 2018-08-19 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Report from the year 2014 in the subject Economics - Finance, grade: A-, course: Adavance research methodology, language: English, abstract: The decisions relating to the capital structure have been one of the most important decisions that have to be taken by the financial managers in any organization. The cement sector of Pakistan plays a vital role in economic development. Hence the importance of decisions pertaining to its capital structure can't be denied. This study investigates the effect of profitability, tangibility, size and liquidity on capital structure decisions of the listed companies in Karachi stock exchange of cement sector in Pakistan. This research study provides the information that would help the management of cement industry to make better decisions related to the capital structure. Its provides a deep insight of an optimal capital structure for the cement industry. Which will then support in maximization of the share value of firms on the one side and the minimization of cost of capital on the other side, and overall it would have a significant effect on the firm's profitability which is the main objective of any organization. The variables include leverage, profitability, liquidity, Size, and tangibility.
Book Synopsis Capital Structure of Indian Steel Companies by : Brahmadev Panda
Download or read book Capital Structure of Indian Steel Companies written by Brahmadev Panda and published by . This book was released on 2018 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is an attempt to study the capital structure of Indian Steel Industry and its determinants. The 66 sample steel companies are bearing an average debt portion of 68% in their capital structure means highly debt driven. Hence we tried to figure out which are the factors significantly explaining the capital structure. For which we have considered eight independent variables from early studies and employed correlation analysis, multiple regression and step wise regression techniques in this study to test the dependency of the debt ratio on independent variables. We found only three variables such as profitability, growth and risk having significant impact on the debt ratio of these steel companies and following the trend of trade off theory.
Book Synopsis Capital Structure Decisions of Indian Corporate by : CMA(Dr.) Ashok Panigrahi
Download or read book Capital Structure Decisions of Indian Corporate written by CMA(Dr.) Ashok Panigrahi and published by . This book was released on 2013 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Background: Since the liberalization of Indian economy, there has been an upsurge in research on company finance, particularly aimed at understanding how companies finance their activities and why they finance their activities in these specific ways. In practice, it is observed that finance managers use different combinations of debt and equity. Hence, it needs to be investigated that how Indian finance managers decides the financing mix, whether all finance managers follow the same principle and if so, than why? Objectives: The present study is aimed at to understand the basis of capital structure decisions of Indian companies and find out the extent to which it matches with the theory.Methodology: We propose to analyze the financing pattern of 300 Indian private sector companies, comprising of 20 different sectors for the period 1999-2000 to 2007-2008, duly grouping them on the basis of their region, size, age, and nature etc.Findings/Results: In this study, we have tried to find out the ways in which different companies at different times and in different institutional environments have financed their operations; and to identify possible implications of these financing patterns. The central issue we have addressed is to examine the factors that influence the capital structure decisions of Indian companies and check whether the theories of capital structure are followed practically or not.
Book Synopsis An Empirical Investigation of the Determinants of Corporate Capital Structure Decisions by : Cleveland S. Patterson
Download or read book An Empirical Investigation of the Determinants of Corporate Capital Structure Decisions written by Cleveland S. Patterson and published by . This book was released on 1980 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimum Capital Structure by : Lutfa Ferdous
Download or read book Optimum Capital Structure written by Lutfa Ferdous and published by GRIN Verlag. This book was released on 2019-05-23 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thesis (M.A.) from the year 2009 in the subject Business economics - Economic Policy, grade: M.B.A, University of Dhaka, course: Master of Finance, language: English, abstract: Capital structure is one of the most converse and vital issues both in finance literature and practical research. This research deals with the theoretical and empirical aspects of capital structure decision. It is observed that the determination of debt ratio is subtle and sophisticated to determine, and its estimation is still a matter of debate, and yet there is no entirely satisfactory theoretical model for forecasting the optimal debt ratio in the firm's capital structure. There is little consensus on how firms choose their capital structure and how the firm-specific factors influence the shape of the capital structure. This research develops a link between theory and practice of capital structure. This study has supported a set of sample firms to show the impact of six factors determinants on the financial leverage and how they comply with the findings derived by different previous theories regarding these factors. Least Square method has been used to assess the influence of defined explanatory variables on the capital structure by using the dataset of Bangladeshi manufacturing firms for the period 2000 to 2004. Out of Six examined explanatory variables-agency-equity, agency debt, Bankruptcy, profitability are statistically significant determinants of financial leverage. Otherwise, growth rate and operating leverage are found to be insignificant. Agency-equity, agency debt, bankruptcy operating leverage, profitability, growth rate, all these are showing a negative relation with the dependent variable. Also, this paper suggests that the institutional context and macroeconomic events play an essential role in the capital structure decisions of Bangladeshi companies. It would seem appropriate that further research should focus on the role played by the institutional framework, such as the impact of taxation, the practice of good corporate governance, legal and regulatory structure.
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.
