... with Trade-off theory ofcapitalstructure Rajan & Zingales (1995) investigate the capitalstructureof firms in G7 countries and find the similar treatment of variables ofcapitalstructure in ... manage the cost ofcapital An optimal capitalstructure is reached at point where the cost ofcapital is the lowest Much on the empirical research on the determinantsof firm’s capitalstructure has ... to explain companies’ capitalstructure The trade-off theory advances that the choice ofcapitalstructure in a firm is a result of a trade-off theory between the benefits of debt, such as those...
... 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...
... Journal of Finance Trần Đình Khôi Nguyên (2006) Capitalstructure in small and medium-sized enteprises: the case of Vietnam” ASEAN Economic Bulletin Nguyễn Ngọc Vũ (2003) Determinantsofcapitalstructure ... 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...
... AND DETERMINANTSOFCAPITALSTRUCTURE This chapter presents four theories ofcapitalstructure and determinantsofcapitalstructure Although many researches have been conducted to analyze determinants ... 1.1.2.2 Trade-off Theory ofCapitalStructure 10 1.1.2.3 Agency Theory ofCapitalStructure 12 1.1.2.4 Pecking Oder Theory 18 ii 1.2 DeterminantsofCapitalStructure ... Basis concepts ofCapitalStructure 1.1.1 Definition ofCapitalStructure “In finance, capital refers to the sources of long-term financing Capitalstructure is the combination of long-term debt,...
... AND DETERMINANTSOFCAPITALSTRUCTURE This chapter presents four theories ofcapitalstructure and determinantsofcapitalstructure Although many researches have been conducted to analyze determinants ... Basis concepts ofCapitalStructure 1.1.1 Definition ofCapitalStructure “In finance, capital refers to the sources of long-term financing Capitalstructure is the combination of long-term debt, ... the determinantsofcapitalstructure can be identified.” 1.1.2.2 Trade-off Theory ofCapitalStructure “The trade-off theory refers to a decision that a firm can find out an optimal capital structure...
... potentially have impact on capitalstructure decisions of American firms, and identify the key determinantsof the capital structures of these firms The paper also explores the capitalstructure theories ... funds 2.5.3 Profitability Many researchers have conducted the investigation on the determinantsofcapital structure, but the result of the relationship between profitability and capitalstructure ... Ratio (Total Debt + BV of Equity) Long-term Debt to Book Value = Long-term debt / ofCapital Ratio (Total Debt + BV of Equity) Measures ofcapitalstructuredeterminants Profitability There exist...
... potentially have impact on capitalstructure decisions of American firms, and identify the key determinantsof the capital structures of these firms The paper also explores the capitalstructure theories ... funds 2.5.3 Profitability Many researchers have conducted the investigation on the determinantsofcapital structure, but the result of the relationship between profitability and capitalstructure ... Ratio (Total Debt + BV of Equity) Long-term Debt to Book Value = Long-term debt / ofCapital Ratio (Total Debt + BV of Equity) Measures ofcapitalstructuredeterminants Profitability There exist...
... 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 capitalstructure ... The DeterminantsofCapitalStructure Choice: A Survey of European Firms ABSTRACT We survey managers of firms in sixteen European countries to examine the link between theory and practice ofcapital ... 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 capitalstructure theories such as the trade-off...
... results of the present study with those of a sampling of existing capitalstructure studies Two features of this comparison should be noted: (a) a common set of explanatory variables in capitalstructure ... theory—more profitable firms tend to Portability ofcapitalstructure theory, Page 10 Journal of Finance and Accountancy rely less on debt The results also support the agency theory ofcapitalstructure firms ... powerful test ofcapitalstructure hypotheses by including a much larger sample of firms (1163 firms versus 363 and 99 firms in Portability ofcapitalstructure theory, Page Journal of Finance and...
... 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 Determinantsof the size and structureof us corporate boards, 1935-2000 ... of Empirical Legal Studies 4, 749–796 Event study Boone, A., Field, L., Karpoff, J., Raheja, C., 2007 The determinantsof corporate board size and composition: an empirical analysis Journal of...
... tile of articles, there are little studies take this subject, whereas the most studies focus on the determinantsofcapitalstructure or determining optimal capitalstructure The roots ofcapital ... goals of company Since then, each company forms theirs optimal capitalstructure The optimal capitalstructure is the one which offers ideally balance debt-equity ratio and minimize cost of capital, ... status and structureof on-going firms‟ capital listed in HOSE and the relationship between capitalstructure and firm performance - 11 - - To examine the relationship between firm‟s capital structure...
... 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 ofcapital Theoretically, debt financing usually proffers the lowest cost ofcapital because of its tax ... purpose of the study was finding the relationship between the market efficiency and capitalstructureof Palestinian financial institutions It established a model to measure the effect ofcapital structure...
... impact ofcapitalstructure on the profitability of REITs Most of the studies in the relationship between capitalstructure and profitability are often focusing on analysing the effect of profitability ... profitability on capitalstructureof the companies or profitability as the determinant ofcapitalstructureof REITs like the study of Morri and Beretta (2008) and the study of Chikolwa (2011) There ... effect ofcapitalstructure on profitability of REITs in United Kingdom In order to fill the gap of previous literature of not focusing on analysing the effect ofcapitalstructure on the profitability...
... objective of this research report is: - To examine the nature of relationship between capitalstructure and firm performance of listed companies in Vietnam - To evaluate different impacts ofcapitalstructure ... be increased by changing the capitalstructure because of tax advantage of debts (Modigliani and Miller, 1963) In recent decades the capitalstructure has become one of the most interesting issues ... Background: Capitalstructure decisions play a pivotal role in maximizing the performance of firm and its valve Capitalstructure involves the decision about the combination of the various source of funds,...
... effective capital structure, improving operational efficiency by maintaining the debt percentage in the capitalstructure as the level of average of the industry and restructuring the HVG’s capitalstructure ... reconstructing the capitalstructure - Maintaining the debt percentage in the capitalstructure as the level of average of the industry; - Action plan Raising equity instead of raising borrowing capital: ... impact of ownership structure and capitalstructure on financial performance of Vietnamese firms International Business Research 2014;7(2):64 Myers SC Determinantsof corporate borrowing Journal of...
... 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...
... 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 ofcapital In Section we offer a number of conjectures about theories of bank capitalstructure that are not based on binding capital regulation and that are consistent ... Titman, S and Wessels, (1988) The determinantsofcapitalstructure choice, Journal of Finance 43, 1-19 Welch, I (2004) Stock returns and capital structure, Journal of Political Economy 112, 106131...
... to the regulatory minimum level ofcapital In Section we offer a number of conjectures about theories of bank capitalstructure that are not based on binding capital regulation and that are consistent ... speed ofadjustment to target capital ratios The objective is wofold First, a similarity of the speed ofadjustment 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...
... 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 determinantsof bank capitalstructure ... to the capitalstructure problem; however, there have few empirical studies which research the determinantsof bank capitalstructure Moreover, most of the studies focus on the situation of Europe ... study as one of comprehensive studies about the capitalstructureof commercial banks in Vietnam In addition, this study aims to update the hottest issues of the capitalstructureof Vietnamese...