Titman And Wessels 1988 Capital Structure Pdf

File Name: titman and wessels 1988 capital structure .zip
Size: 20096Kb
Published: 31.05.2021

It has been realized that none of the three basic theories of capital structure presents a complete answer to the actual determinants of corporate financing decisions. This study attempts to model the practice of capital structure decisions according to the basic premises of each theory of capital structure: trade-off theory, pecking-order theory and free cash flow theory. The methodology addresses modeling long-term and short-term debt financing decisions based on ten different statistical criteria using data from Egypt stock market.

A Comparison of Capital Structure Determinants: The United States and The Republic of Korea

Determinants of the capital structure of small and medium sized Brazilian enterprises. E-mail address: denisfortebr yahoo. E-mail address: lucasayres usp. E-mail address: wtnakamura uol. This research investigates the determinants of the capital structure of small and medium enterprises SMEs using a unique database that includes over 19, Brazilian firms and spans 13 years of data.

The aim of this empirical study is to explore the factors that affect the capital structure of manufacturing firms and to investigate whether the capital structure models derived from Western settings provide convincing explanations for capital structure decisions of the Pakistani firms. The results suggest that profitability, liquidity, earnings volatility, and tangibility asset structure are related negatively to the debt ratio, whereas firm size is positively linked to the debt ratio. This study has laid some groundwork to explore the determinants of capital structure of Pakistani firms upon which a more detailed evaluation could be based. Furthermore, empirical findings should help corporate managers to make optimal capital structure decisions. To the authors' knowledge, this is the first study that explores the determinants of capital structure of manufacturing firms in Pakistan by employing the most recent data. Moreover, this study somehow goes to confirm that same factors affect the capital structure decisions of firms in developing countries as identified for firms in developed economies.

This paper investigates the determinants of the capital structure of large corporations headquartered in the United States and Korea. With our rigid criteria for inclusion in the study, we study the top thirteen companies by size in each of seven industries. Kim, H. Emerald Group Publishing Limited. Report bugs here.

The Determinants of Capital Structure: Evidence from US Companies

This paper examines the determinants of capital structure of large corporations of industrialized countries excluding financial institutions and regulated utilities , using five years of data ending in The study employs variables reflecting differing theoretical arguments on capital structure. We find evidence similar to previous empirical research using data for American companies. In particular, the pecking order theory of capital structure, with past profitability being the major determinant of leverage, is supported. For U. In general, variables proxying for firm size and growth also appear to be significant variables in explaining capital structure variations.

Determinants of Capital Structure: An Empirical Analysis of Firms In Industrialized Countries

To browse Academia. Skip to main content. By using our site, you agree to our collection of information through the use of cookies.

This paper attempts to investigate the determinants of the capital structure of a sample of listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange in China in Various theories, namely, the trade-off, pecking order and agency theories, are deployed to explain and predict the signs and significance of each factor identified by Ragan and Zingales and Booth et al. Furthermore, we include institutional shareholdings, including state agency shareholdings, state-owned shareholdings and privately owned shareholdings, as corporate governance variables to examine the effects of corporate structure on the debt financing behaviours. As well documented, we find that profitability is negatively related to capital structure at a highly significant level.

Но вместо признаков срыва Фонтейн обнаружил подготовительную работу над беспрецедентной разведывательной операцией, которую только можно было себе представить. Неудивительно, что Стратмор просиживает штаны на работе. Если он сумеет реализовать свой замысел, это стократно компенсирует провал Попрыгунчика. Фонтейн пришел к выводу, что Стратмор в полном порядке, что он трудится на сто десять процентов, все так же хитер, умен и в высшей степени лоялен, впрочем - как .

Modeling capital structure decisions in a transition market: empirical analysis of firms in Egypt
2 Response
  1. Romeo R.

    Sheridan Titman; Roberto Wessels. The Journal of Finance, Vol. 43, No. 1. (Mar., ), pp. Stable URL.

  2. Megan O.

    Some previous research studies (Titman and Wessels, ; Pandey et al.,. ​; Chung, ) also use different measures of leverage. Each debt ratio is.

Leave a Reply