capital structure and corporate financing decisions pdf

Capital Structure And Corporate Financing Decisions Pdf

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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.

Capital Structure and Financing Decisions

Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated. Show Related Articles. View License. Show full item record. Accounting and Finance Working Papers.

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI: Flavin and T. Flavin , T. We analyze the impact of firm-specific stock market liberalization events on the capital structure and debt maturity decisions of firms from emerging market economies.

We analyze the financing decisions and capital structure of internet companies and relate observed findings to the common capital structure theories. Large internet companies usually have low debt and small internet companies have high debt. However, they can compliment each other in describing some patterns of observed behavior. We also suggest a number of recommendations for capital structure theory and practice. Evidence of Rising External Financing Costs. Review of Financial Studies 13 1 ,

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

This study examines the effect of family control on corporate financing of the firms in Pakistan over the period to Moreover, this study also investigates, whether family control moderates the impact of firm specific factors on corporate financing of the firms. The results of mean difference univariate analysis show that family firms are different from non-family firms based on different financial characteristics. Multivariate analysis results reveal that family control significantly impacts the corporate financing decisions of the firms. In addition, firm size, tangibility, profitability, non-debt tax shield, dividends and liquidity are found to be the important determinants of corporate financing decision of the firms. These findings reveal useful insights for investors, banks, regulator and business families of the Pakistan. The determinants of corporate capital structure: Japanese evidence.

Don't have an account? This chapter reviews the findings of academic surveys of corporate executives indicating how firms make capital structure and financing decisions. The chapter compares the survey findings to the theoretically correct methods and applications described and recommended in the academic literature. The chapter describes five theoretical capital structure models: static tradeoff, pecking order, signaling, agency cost, and neutral mutation. It then reviews the survey literature that tests the connections between these normative theories and corporate practice. Some survey studies find evidence that one or more theories tend to explain capital structure decisions.

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated. The effect of taxes on corporate financing decisions: Evidence from the German interest barrier. Alberternst, Stephan Sureth, Caren. The theoretical literature suggests that when taking tax effects into account, debt ought to be preferable to equity. However, there are no uniform predictions of the size of this tax benefit tax shield in comparison to an opposing increasing cost of debt especially insolvency costs. The vast body of empirical studies on the impact of taxation on capital structure only provides puzzling effects.

Capital Structure and Corporate Financing Decisions: Theory, Evidence, and Practice. Author(s). H. Kent Baker · Gerald S. Martin.

Capital Structure of Internet Companies: Case Study

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

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