Đang tải... (xem toàn văn)
NguyenQuangMinhNhi TV pdf By QUANG MINH NHI NGUYEN January 2014 2 TABLE OF CONTENTS TABLE OF CONTENTS 2 LIST OF TABLES 3 CHAPTER 1 INTRODUCTION 4 CHAPTER 2 LITERATURE REVIEW 8 2 1 Modigliani and Mille[.]
By QUANG MINH NHI NGUYEN January 2014 TABLE OF CONTENTS TABLE OF CONTENTS LIST OF TABLES CHAPTER 1: INTRODUCTION CHAPTER 2: LITERATURE REVIEW 2.1 Modigliani and Miller’s view 2.2 The Static Trade-off theory 2.3 The pecking order theory 11 2.4 The agency theory 12 2.5 Previous research on the target debt level and the adjustment process 13 2.6 The determinants of corporate capital structure 14 2.6.1 Size 14 2.6.2 Tangibility 15 2.6.3 Growth opportunities 16 2.6.4 Profitability 17 2.6.5 Risk 18 2.6.6 Liquidity 18 CHAPTER 3: RESEARCH METHODOLOGY 20 3.1 Sample selection 20 3.2 Model specification 20 3.2.1 The static model 20 3.2.2 Dynamic panel data model 22 3.3 Measures of variables and hypothesis 25 3.3.1 Dependent variable 25 3.3.2 Explanatory variables 26 3.4 Significant tests 30 3.4.1 t-test 30 3.4.2 F-test 30 3.4.3 Wald test 30 3.4.4 Sargan test 30 CHAPTER 4: DATA ANALYSIS AND DISCUSSION 32 4.1 Description of dependent variable 32 4.2 Descriptive statistics of explanatory variables 33 4.3 The correlation matrix 34 4.4 Empirical results and discussion 35 4.4.1 The static model 35 4.4.2 The dynamic panel data model 39 CHAPTER 5: CONCLUSIONS 44 APPENDIX 48 REFERENCES 56 LIST OF TABLES Table 3.1 Summaries of variables, proxies, supported theories and predicted relationship 29 Table 4.1 Description of dependent variable 32 Table 4.2 Descriptive statistics of the explanatory variables 33 Table 4.3 The correlation matrix 34 Table 4.4 Regression of the static model by Pooled OLS, Least Squares Dummy Variable (LSDV) and Random Effects Model (REM) 35 Table 4.5 The Hausman test 37 Table 4.6 Regression of dynamic panel data model by GMM 40