Finančna zadolženost slovenskih podjetji se je v obdobju 2012-2017pomembno zniževala. S pomočjo različnih kazalnikov pokažemo, da so v Sloveniji finančno najbolj zadolžena storitvena podjetja, medtem ...ko se je kapitalska struktura gradbenih podjetij močno izboljšala. Ugotavljamo, da je delež prezadolženih slovenskih podjetij leta 2017 približno 21 %, kar je precej manj kot pred krizo.
We find that the majority of variation in leverage ratios is driven by an unobserved time-invariant effect that generates surprisingly stable capital structures: High (low) levered firms tend to ...remain as such for over two decades. This feature of leverage is largely unexplained by previously identified determinants, is robust to firm exit, and is present prior to the IPO, suggesting that variation in capital structures is primarily determined by factors that remain stable for long periods of time. We then show that these results have important implications for empirical analysis attempting to understand capital structure heterogeneity.
Purpose: The study aimed to analyse the impact of capital structure on the profitability of plastic and packaging companies listed on the Vietnam Stock Exchange - VNX (HNX, HoSE and Upcom).
...Theoretical framework: The study inherits previous studies on the relationship between capital structure and profitability to determine the capital structure that affects profitability.
Design/methodology/approach: Using Qualitative Research (Synthetic Methods; Statistical methods, description; Inductive and interpretive methods) and quantitative research methods (linear regression methods).
Findings: The author has identified two independent variables that represent a capital structure that strongly affects the profitability of enterprises, including: (1) Short-term debt ratio (STD); (2) Long-term debt ratio (LTL).
Research, practical and social implications: Based on the research results, the author offers several discussions and assessments on the critical role of adjusting the optimal capital structure for plastic and packaging companies, in addition to financial solution recommendations aimed at improving profitability for companies.
Originality/value: Through a study of 30 plastic and packaging manufacturing companies, corresponding to 360 observations in the period of 2010 – 2021.
The aim of this research is to analyze role of Islamic Microfinance Institution for empowering and developing micro industry. The measurement of the performance institution to stimulate economic ...growth is NPLSM (Net Profit Los Sharing Margin). This study analyze how is capital structure affect NPLSM (Net Profit Los Sharing Margin) in Indonesia by using multiple linear regression and data panel to see the great NPLSM which is influenced by capital structure. To see how is capital structure influence of margin, using data on period 2010-2016. It is, where the capital structure as the independent variable and the margin as the dependent variable. The result is the capital structure has no effect on the margin.
How do venture capitalists make decisions? Gompers, Paul A.; Gornall, Will; Kaplan, Steven N. ...
Journal of financial economics,
January 2020, 2020-01-00, 20200101, Letnik:
135, Številka:
1
Journal Article
Recenzirano
Odprti dostop
We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions. Using the framework in Kaplan and Strömberg (2001), we provide detailed information on VCs’ ...practices in pre-investment screening (sourcing evaluating and selecting investments), in structuring investments, and in post-investment monitoring and advising. In selecting investments, VCs see the management team as somewhat more important than business-related characteristics such as product or technology although there is meaningful cross-sectional variation across company stage and industry. VCs also attribute the ultimate investment success or failure more to the team than to the business. While deal sourcing, deal selection, and post-investment value-added all contribute to value creation, the VCs rate deal selection as the most important of the three. We compare our results to those for chief financial officers (Graham and Harvey, 2001) and private equity investors (Gompers et al., 2016a).
•Fintech can promote the adjustment of capital structure.•The mechanism is to improve information transparency, alleviate financing constraint, and heighten bank competition.•The effect is more ...pronounced when the goals of managers and shareholders are more aligned.
The rapid advancement of financial technology (Fintech) has notably alleviated the information asymmetry challenges faced by firms in the financial market. Drawing upon a comprehensive sample of listed firms in China, we find that Fintech speeds up the adjustment towards the target capital structure, and this acceleration derives from improved information transparency, alleviated financing constraint, and heightened bank competition. We also find that Fintech has a more significantly positive impact on capital structure adjustment among firms with lower agency costs. Moreover, when capital structure is higher the target and the firm is in high-competition industry, the adjustment occurs more promptly.
We re-examine the claim that many corporations are underleveraged in that they fail to take full advantage of debt tax shields. We show prior results suggesting underleverage stems from biased ...estimates of tax benefits from interest deductions. We develop improved estimates of marginal tax rates using a non-parametric procedure that produces more accurate estimates of the distribution of future taxable income. We show that additional debt would provide firms with much smaller tax benefits than previously thought, and when expected distress costs and difficult-to-measure non-debt tax shields are also considered, it appears plausible that most firms have tax-efficient capital structures.
The purpose of this study was to determine the effect of capital structure through the Debt-to-Equity Ratio (DER) and profitability through Return on Equity (ROE) on stock prices in property and real ...estate sector companies on the Indonesia Stock Exchange (IDX) for the 2016-2021 period. This type of research is field research (field research). By using a quantitative descriptive approach to describe the effect of capital structure, and profitability on stock prices of Property and Real Estate companies for the 2016-2021 period. The population in this study was 86 Property and Real Estate companies. With the purposive sampling technique, only 32 companies were sampled in this study. Data collection techniques use documentation techniques in the form of Annual Reports, statistical reports on annual stock movements, and other data through the Indonesia Stock Exchange website for 6 years. The results of the research that the authors obtained indicate that the Capital Structure through the Debt-to-Equity Ratio (DER) on stock prices. Profitability through Return on Equity (ROE) on stock prices has a negative effect. Capital Structure through Debt-to-Equity Ratio (DER) and Profitability through Return on Equity (ROE) can jointly affect the Stock Price. Based on the results of the coefficient of determination test, it is known that stock prices are influenced by capital structure and profitability by 3.4% while the remaining 96.6% is influenced by other variables outside of this study. Whereas the things that can affect changes in the price of shares are Return on Asset (ROA), return On Equity (ROE), Debt To Asset Ratio (DAR), Debt To Equity Ratio (DER), Book Value Per Share (BVS), Price Book Value (PBV), and Earning Per Share (EPS).
This study discusses the impact of executives with foreign experience on decisions involving corporate capital structures. Based on a sample of Chinese A-share listed companies, this study finds that ...firms with (more) executives with foreign experience adjust to the optimal capital structure faster. The effect exists mainly for over-levered firms that need to deleverage. The empirical results remain robust when using alternative methods to estimate target leverage, excluding the effects of mechanical adjustments, controlling the impact of corporate governance, and using the full sample to test asymmetric effects. In addition, firms managed by executives with foreign experience tend to maintain low leverage for a long time. Overall, the results show that executives with foreign experience help companies adopt more efficient and conservative capital structure adjustment decisions. The results enrich the literature on the impact of foreign experience on corporate decision-making.
We explore the influence of text tone on capital structure, especially the impact of positive tone in management discussion and analysis (MD&A) disclosures on the capital structure adjustment speed ...of Chinese listed firms in Shanghai and Shenzhen Stock Exchange. We find that positive tone in MD&A disclosures significantly promotes the dynamic adjustment of capital structure. Specifically, we identify two types of positive tone: exaggerated and true. We find that only true positive tone significantly promotes the adjustment speed of capital structure. This paper supplements the relevant literature on the dynamic adjustment of capital structure from the perspective of non‐financial narrative information, and provides evidence for the effect of strategic tone management in textual analysis.
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