2011 institutional determinants of capital structure adjustment speeds pdf

... with Trade-off theory of capital structure Rajan & Zingales (1995) investigate the capital structure of firms in G7 countries and find the similar treatment of variables of capital structure in ... manage the cost of capital An optimal capital structure is reached at point where the cost of capital is the lowest Much on the empirical research on the determinants of firm’s capital structure has ... to explain companies’ capital structure The trade-off theory advances that the choice of capital structure in a firm is a result of a trade-off theory between the benefits of debt, such as those...

Ngày tải lên: 09/09/2013, 23:46

... research TABLE OF CONTENTS Page TITLEPAGE DECLARETION ACKNOWLEDGEMENT ABSTRACT TABLE OF CONTENTS LIST OF TABLES LIST OF FIGURE LIST OF ACRONYMS 10 Chapter INTRODUCTION 11 1.1 Background of the Study ... percent of executive officer top-earner positions2 Of the FTSE 100, women held only 15% of board seats and 6.6% of executive positions in 2012 In the Asia Pacific region, the percentage of women ... responsibilities of managers as the agents of owners and the roles of boards as the representatives of owners (Jensen & Meckling 1976) Improved monitoring of decisions and activities of managers by...

Ngày tải lên: 09/09/2013, 23:50

... Journal of Finance Trần Đình Khôi Nguyên (2006) Capital structure in small and medium-sized enteprises: the case of Vietnam” ASEAN Economic Bulletin Nguyễn Ngọc Vũ (2003) Determinants of capital structure ... M.H, (1958), “The Cost of Capital, Corporate Finance,and the Theory of Investment” American Economic Review Rajan, R G & Zingales, L, (1995), “What we know about capital structure? Some evidence ... -Hiệu hoạt động kinh doanh -Khả khoản -Cơ cấu tài sản Bước 2: Thu thập liệu HOSE tính đến tháng 12 /2011 Dữ liệu cấu trúc tài chính, quy mô doanh nghiệp, lợi nhuận… lấy từ báo cáo tài kiểm toán công...

Ngày tải lên: 26/02/2014, 14:28

... AND DETERMINANTS OF CAPITAL STRUCTURE This chapter presents four theories of capital structure and determinants of capital structure Although many researches have been conducted to analyze determinants ... 1.1.2.2 Trade-off Theory of Capital Structure 10 1.1.2.3 Agency Theory of Capital Structure 12 1.1.2.4 Pecking Oder Theory 18 ii 1.2 Determinants of Capital Structure ... Basis concepts of Capital Structure 1.1.1 Definition of Capital Structure “In finance, capital refers to the sources of long-term financing Capital structure is the combination of long-term debt,...

Ngày tải lên: 11/07/2016, 15:57

... AND DETERMINANTS OF CAPITAL STRUCTURE This chapter presents four theories of capital structure and determinants of capital structure Although many researches have been conducted to analyze determinants ... Basis concepts of Capital Structure 1.1.1 Definition of Capital Structure “In finance, capital refers to the sources of long-term financing Capital structure is the combination of long-term debt, ... the determinants of capital structure can be identified.” 1.1.2.2 Trade-off Theory of Capital Structure “The trade-off theory refers to a decision that a firm can find out an optimal capital structure...

Ngày tải lên: 11/07/2016, 17:22

... potentially have impact on capital structure decisions of American firms, and identify the key determinants of the capital structures of these firms The paper also explores the capital structure theories ... funds 2.5.3 Profitability Many researchers have conducted the investigation on the determinants of capital structure, but the result of the relationship between profitability and capital structure ... Ratio (Total Debt + BV of Equity) Long-term Debt to Book Value = Long-term debt / of Capital Ratio (Total Debt + BV of Equity) Measures of capital structure determinants Profitability There exist...

Ngày tải lên: 14/12/2016, 09:42

... potentially have impact on capital structure decisions of American firms, and identify the key determinants of the capital structures of these firms The paper also explores the capital structure theories ... funds 2.5.3 Profitability Many researchers have conducted the investigation on the determinants of capital structure, but the result of the relationship between profitability and capital structure ... Ratio (Total Debt + BV of Equity) Long-term Debt to Book Value = Long-term debt / of Capital Ratio (Total Debt + BV of Equity) Measures of capital structure determinants Profitability There exist...

Ngày tải lên: 18/03/2017, 02:17

... scope of our survey Unlike GH who examine many aspects of corporate finance including capital budgeting, cost of capital, and capital structure, our survey is focused primarily on capital structure ... The Determinants of Capital Structure Choice: A Survey of European Firms ABSTRACT We survey managers of firms in sixteen European countries to examine the link between theory and practice of capital ... policies of firms Three sets of factors are selected based on a review of literature The first set of factors is based on the implications of different capital structure theories such as the trade-off...

Ngày tải lên: 02/07/2017, 20:27

... results of the present study with those of a sampling of existing capital structure studies Two features of this comparison should be noted: (a) a common set of explanatory variables in capital structure ... theory—more profitable firms tend to Portability of capital structure theory, Page 10 Journal of Finance and Accountancy rely less on debt The results also support the agency theory of capital structure firms ... powerful test of capital structure hypotheses by including a much larger sample of firms (1163 firms versus 363 and 99 firms in Portability of capital structure theory, Page Journal of Finance and...

Ngày tải lên: 12/07/2014, 19:09

... University of Alberta Frontiers in Finance Conference, KDI School of Public Policy and Management, University of Southern California, Marshall School of Business, University of Texas, McCombs School of ... performance and board committee structure Journal of Law and Economics 41, 275–303 Lehn, K., Patro, S., Zhao, M., 2009 Determinants of the size and structure of us corporate boards, 1935-2000 ... of Empirical Legal Studies 4, 749–796 Event study Boone, A., Field, L., Karpoff, J., Raheja, C., 2007 The determinants of corporate board size and composition: an empirical analysis Journal of...

Ngày tải lên: 06/01/2015, 19:48

... tile of articles, there are little studies take this subject, whereas the most studies focus on the determinants of capital structure or determining optimal capital structure The roots of capital ... goals of company Since then, each company forms theirs optimal capital structure The optimal capital structure is the one which offers ideally balance debt-equity ratio and minimize cost of capital, ... status and structure of on-going firms‟ capital listed in HOSE and the relationship between capital structure and firm performance - 11 - - To examine the relationship between firm‟s capital structure...

Ngày tải lên: 22/10/2015, 11:32

... much profit a company generates with the money shareholders has invested It is more than a measure of profit; it is a measure of the efficiency of a firm at generating profits from each unit of shareholder ... one that proffers a balance between the debt and equity thus minimizing the firm’s cost of capital Theoretically, debt financing usually proffers the lowest cost of capital because of its tax ... purpose of the study was finding the relationship between the market efficiency and capital structure of Palestinian financial institutions It established a model to measure the effect of capital structure...

Ngày tải lên: 11/01/2016, 07:58

... impact of capital structure on the profitability of REITs Most of the studies in the relationship between capital structure and profitability are often focusing on analysing the effect of profitability ... profitability on capital structure of the companies or profitability as the determinant of capital structure of REITs like the study of Morri and Beretta (2008) and the study of Chikolwa (2011) There ... effect of capital structure on profitability of REITs in United Kingdom In order to fill the gap of previous literature of not focusing on analysing the effect of capital structure on the profitability...

Ngày tải lên: 03/04/2017, 14:13

... objective of this research report is: - To examine the nature of relationship between capital structure and firm performance of listed companies in Vietnam - To evaluate different impacts of capital structure ... be increased by changing the capital structure because of tax advantage of debts (Modigliani and Miller, 1963) In recent decades the capital structure has become one of the most interesting issues ... Background: Capital structure decisions play a pivotal role in maximizing the performance of firm and its valve Capital structure involves the decision about the combination of the various source of funds,...

Ngày tải lên: 06/04/2017, 16:13

... effective capital structure, improving operational efficiency by maintaining the debt percentage in the capital structure as the level of average of the industry and restructuring the HVG’s capital structure ... reconstructing the capital structure - Maintaining the debt percentage in the capital structure as the level of average of the industry; - Action plan Raising equity instead of raising borrowing capital: ... impact of ownership structure and capital structure on financial performance of Vietnamese firms International Business Research 2014;7(2):64 Myers SC Determinants of corporate borrowing Journal of...

Ngày tải lên: 22/08/2017, 12:27

... of Management and Budget Office of National Drug Control Policy Office of Policy Development Office of Science and Technology Policy Office of the U.S Trade Representative THE SUPREME COURT OF ... EXECUTIVE OFFICE OF THE PRESIDENT White House Office Office of the Vice President Council of Economic Advisers Council on Environmental Quality National Security Council Office of Administration Office ... DEPARTMENT OF AGRICULTURE DEPARTMENT OF COMMERCE DEPARTMENT OF DEFENSE DEPARTMENT OF EDUCATION DEPARTMENT OF ENERGY DEPARTMENT OF HEALTH AND HUMAN SERVICES DEPARTMENT OF HOMELAND SECURITY DEPARTMENT OF...

Ngày tải lên: 29/03/2014, 18:20

... value of equity (=number of shares * end of year stock price) / market value of bank (=market value of equity + book value of liabilities)) Size = book value of assets Profits = (pre-tax profit ... to the regulatory minimum level of capital In Section we offer a number of conjectures about theories of bank capital structure that are not based on binding capital regulation and that are consistent ... Titman, S and Wessels, (1988) The determinants of capital structure choice, Journal of Finance 43, 1-19 Welch, I (2004) Stock returns and capital structure, Journal of Political Economy 112, 106131...

Ngày tải lên: 15/03/2014, 10:20

... to the regulatory minimum level of capital In Section we offer a number of conjectures about theories of bank capital structure that are not based on binding capital regulation and that are consistent ... speed of adjustment to target capital ratios The objective is wofold First, a similarity of the speed of adjustment for non-financial and financial firms would again be evidence that banks’ capital ... value of equity / book value of assets) Market leverage = 1- (market value of equity (=number of shares * end of year stock price) / market value of bank (=market value of equity + book value of...

Ngày tải lên: 11/08/2014, 01:20

... Table 4.6 Summary of research results 50 vii LIST OF FIGURE Figure 1.1 Capital Adequacy Ratio (CAR) of developing countries Figure 2.1 The determinants of bank capital structure ... to the capital structure problem; however, there have few empirical studies which research the determinants of bank capital structure Moreover, most of the studies focus on the situation of Europe ... study as one of comprehensive studies about the capital structure of commercial banks in Vietnam In addition, this study aims to update the hottest issues of the capital structure of Vietnamese...

Ngày tải lên: 15/05/2017, 20:53

Ngày tải lên: 16/03/2014, 03:20