managers capital structure decisions the pecking order puzzle
A study of the factors affecting the capital structure of the companies listed on vietnam stock market
... Analyse the impact of managerial factors of the The thesis focuses on investigating factors affecting the Vietnamese companies on the capital structure; (vii) Propose the capital structure of the ... explain the capital structure policy of listed companies in Vietnam - The pecking- order theory partly explains the listed Testing of impact of managerial factors on capital structure company’s capital ... contribution of the thesis because they represent the companies across different industries, The thesis has new contribution to the literature of the sectors in the economy and have the best environment...
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FM11 Ch 16 Capital Structure Decisions _The Basics
... (Continued…) 16 - A Preview of Capital Structure Effects The impact of capital structure on value depends upon the effect of debt on: WACC FCF (Continued…) 16 - The Effect of Additional Debt ... Signaling Managers know the firm’s future prospects better than investors Managers would not issue additional equity if they thought the current stock price was less than the true value of the stock ... An optimal capital structure exists that balances these costs and benefits 16 - 39 Signaling Theory MM assumed that investors and managers have the same information But, managers often...
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The effect of capital structure on the profitability of listed real estate invesment trusts (reits) in the united kingdom from 2007 to 2014
... theory is limited in applying for analysing the capital structure of REITs as there is no empirical evidence in the REITs sector to support the trade-off theory 2.4.1.2 Pecking order theory The ... profitability On the other hand, Ertugrul and Giambona (2011) argue that the pecking order theories is limited in applying for analysing the capital structure of REITs like the tradeoff theory This theory’s ... that the level of gearing will have the effect on the profitability of REITs The two main theories on capital structure are the trade-off theory and pecking order theory, which support both high...
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ON THE DETERMINANTS OF CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF VIETNAMESE LISTED FIRMS
... choice of capital structure The ones reviewed in this section will be the trade-off theory, the agency cost theory and the pecking- order theory 2.2.1 THE TRADE-OFF THEORY The trade-off theory explains ... encourages managers to act more in the interests of shareholders As a result, the firm’s value increases 2.2.3 THE PECKING- ORDER THEORY The so called pecking- order theory or pecking- order hypothesis ... 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...
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ON THE DETERMINANTS OF CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF VIETNAMESE LISTED FIRMS
... includes the definitions of Banking, Board, Women in the boardroom and firm performance, and the descriptions of the theories used to explain the relationships between the two constructs Woman on the ... mitigating the agency costs (Jensen & Meckling, 1976, Fama & Jensen, 1983) Specifically, this theory describes the relationship between the principal or the owners of firms and the agents or the managers ... monitoring Then, based on these principles, the corporate governance framework should ensure the strategic guidance of the firm, the effective monitoring of management by the board, and the board’s...
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BCKH DETERMINANTS OF CAPITAL STRUCTURE OF LISTED MANUFACTURING THE CASE IN VIETNAM
... Miller, 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 ... structure? Some evidence from international data” The Journal of Finance Trần Đình Khơi Ngun (2006) Capital structure in small and medium-sized enteprises: the case of Vietnam” ASEAN Economic Bulletin ... case of Vietnam” ASEAN Economic Bulletin Nguyễn Ngọc Vũ (2003) “Determinants of capital structure for listed firms in the Vietnam stock Exchange Market” Danang University Press, Danang, Vietnam Stata...
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Working Paper Series no 1096 / September 2009: The determinants of Bank capital structure potx
... banks’ capital structure Most banks seem to be optimising their capital structure in much the same way as firms do, except when their capital comes close to the regulatory minimum We also examine the ... explanation for banks’ capital structures Further, the stability of capital structures over time implies that the factors driving the cross-sectional variation in leverage ratios within the banking sector ... holding capital […], bank managers often want to hold less bank capital than is required by the regulatory authorities In this case, the amount of bank capital is determined by the bank capital...
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The effect of economic and accounting variables on capital structure empirical evidence from iranian companies
... optimal capital structure such as; Pecking Order Theory, Free Cash Flow Theory, Agency Theory and Market Timing Theory Most of these theories are based on the company's internal structure and the ... stock value There are different theories related to whether there is truly optimal capital structure or not The main emphasis of Different theories is on whether the company can change the composition ... variables at the same time and the effect of these variables together on capital structure in Iran for the first time The discussion in this paper is organized as follows In next section (2) the relevant...
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the portability of capital structure theory do traditional models fit in an emerging economy
... relationship to the debt ratio in the sample countries Overall, the authors find some support for the Pecking Order hypothesis and the importance of information asymmetry in the financing decisions ... no support for the pecking order theory, though their results indicate that tax considerations have some relevance to the capital structure decision Booth et al., 2001, study the financing behavior ... 2007, tests the static tradeoff, pecking- order, and agency costs theories of capital structure using a sample of Egyptian firms, and finds considerable conformity between the capital structure...
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capital structure and firm performance a new approach to testing agency theory and an application to the banking industry
... their own utility, rather than the value of the firm Theory suggests that the choice of capital structure may help mitigate these agency costs Under the agency costs hypothesis, high leverage ... output faced by the bank is the weighted average of the prices of the other banks in the market excluding the bank’s own price, where the weights are each other bank’s share of the total of that ... Again, the results suggest that neither the efficiency-risk hypothesis nor the franchise-value hypothesis dominates the other In contrast, the full sample results for equation (6) shown in the last...
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The determinants of Bank capital Structure pdf
... banks’ capital structure Most banks seem to be optimising their capital structure in much the same way as firms do, except when their capital comes close to the regulatory minimum We also examine the ... explanation for banks’ capital structures Further, the stability of capital structures over time implies that the factors driving the crosssectional variation in leverage ratios within the banking sector ... holding capital […], bank managers often want to hold less bank capital than is required by the regulatory authorities In this case, the amount of bank capital is determined by the bank capital...
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The effects of capital structure on firm performance and firm transparency a study of firms listed in ho chi minh stock exchange (hose)
... firm value and capital structure are positively related Other theories such as the trade-off theory (Myers, 1984), pecking other theory (Myers and Majluf, 1984) and the agency cost theory (Jensen ... choose the managers as agent of their salves to manage the firm in order to maximize their wealth However the managers firstly concentrate on the high profitable and risky projects to achieve their ... capital structure The roots of capital structure theory refer to more than fifty decades since the seminal work in which presented by Modigliani and Miller 1958 (thereafter called MM theorem) They...
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The impact of credit ratings on capital structure (the case of listed companies on hose)
... 2.2 Capital structure 11 2.2.1 Theories of capital structure .11 2.2.1.1 .The Irrelevance Theory of Capital Structure .11 2.2.1.2 .The Taxes theory of Capital Structure ... WACC of that firm 2.2.1.4 .Pecking Order Theory In the process of the development of capital structure theory, Donaldson (1961) elaborated the Pecking order theory and this theory was clearly articulated ... how the factors affect the capital structure of a firm with reference to the relevant capital structure theories stated earlier 2.2.2.1.Size In both The trade-off theory and Pecking Order theory,...
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The impact of capital structure on firm performance of listed companies in HNX
... Framework Other theories that have been advanced to explain the capital structure of firms include Pecking Order Theory and Agency Cost Theory These theories will be discussed in turn below 13 Pecking ... While these factors are crucial in determining the target capital structure, operating conditions may cause the actual capital structure to differ from the optimal capital structure a Theoretical ... of the cost will arise when the principals (shareholders) want to make sure that their agents act in their interests The more the principals want to control managers decisions, the higher the...
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(1)THE IMPACT OF FOREIGN OWNERSHIP ON CAPITAL STRUCTURE OF FIRMS LISTED ON HO CHI MINH STOCK EXCHANGE
... new theory of capital structure: the “market timing theory of capital structure This theory states that the current capital structure is the cumulative outcome of past attempts to time the equity ... evidence supports both the pecking order and the trade-off theory Empirical tests to see whether the pecking order or the trade-off theory is a better predictor of observed capital structures find support ... of the theory of corporate finance Accordingly, it made such great impact on the initial development of both the trade-off theory and the pecking order theory 1.1.1.2 The trade off theory The...
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THE IMPACT OF FOREIGN OWNERSHIP ON CAPITAL STRUCTURE OF FIRMS LISTED ON HOSE
... 2.3.3 The pecking order theory The pecking order theory is essentially depending on the great concern about asymmetric information that affect the investment decisions and financial decisions of the ... suggested a current capital structure theory called the capital structure market timing theory” This hypothesis announces that to time the equity market, new structure of capital is the additive final ... pecking order theory, the firms will not have the optimal capital structure and will prioritize the use of the internal funding 2.3.4 The agency cost of theory An additional study on capital structure...
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The hanbook of financing growth strategies and capital structure
... understand why their bank will not lend them the money they need to hire the next round of employees required to support their growth If only these folks understood the role of the bank or the type ... growing firms What they need is less theory and more practical applications of the ideas that can help them grow their business And we learn best from the experiences of others (the very premise ... leveraged is the business (i.e., what is the debt-to-equity ratio)? Who are the current investors and lenders? What is the capital structure of similar businesses? Other information to obtain in the analysis...
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Determinants of bank capital structure the case of vietnamnese commercial bank system
... (M&M theory, 1958) After the capital structure theory of Modigliani and Miller, many theories about capital structure are in tum released The study expresses famous other capital structure theories, ... liabilities) 2.1.3 The pecking- order theory The pecking- order theory was developed by Myers (1984) He argued that the capital structure choice of the firm can be explained from the perspective of ... choosing any capital structure not affect the value of the firm However, in case and 3, the value of the firm is affected by the capital structure, in particular, the functions as below show the relationship...
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