Download or read book Determinants of Capital Structure in Small Privately Held Firms written by Nicos Michaelas and published by . This book was released on 1996 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book What Do We Know About the Capital Structure of Privately Held Firms Evidence from the Surveys of Small Business Finance written by Rebel A. Cole and published by . This book was released on 2014 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study establishes a set of stylized facts about the capital-structure decisions of privately held U.S. firms, using data from four nationally representative surveys conducted from 1987-2003. Book-value firm leverage, as measured by either the ratio of total loans to total assets or the ratio of total liabilities to total assets, is negatively related to firm age and minority ownership; and is positively related to industry median leverage, the corporate legal form of organization, and to the number of banking relationships. In general, these results provide mixed support for both the Pecking Order and Trade-Off theories of capital structure.
Download or read book The Oxford Handbook of Entrepreneurial Finance written by Douglas Cumming and published by OUP USA. This book was released on 2012-03-22 with total page 937 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Download or read book Determinants of Capital Structure for Closely held Versus Publicly held Corporations written by Irwin Friend and published by . This book was released on 1986 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Advances in Small Business Finance written by Rassoul Yazdipour and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Small business research is becoming more sophisticated as an increasing number of scholars study more complex analytical issues. In many cases research pertaining to the small firm is part of the incomplete and inefficient markets controversy in the finance literature. Because of their size and traditional organizational form, small firms often find it extremely difficult to attract significant resources in sophisticated financial markets. These markets appear to be segmented and incomplete; whether or not the markets are efficient is subject to much debate. Adyances in Small Business Finance presents a variety of research studies that indicate the unique roles of debt and equity and the sources of funds for small firms. This book contributes important insight into major questions that face small finns' financiers, managers, and owners on a daily basis. Many of the studies in this volume deal with aspects of valuation of the small firm. In some instances, the focus is on the firm's ability to attract debt or equity and in others the emphasis is on valuation of the small firm's capital. Constand, Osteryoung, and Nast focus on the determinants of capital structure for small firms that are privately owned and are highly dependent on commercial loans as their supply of debt. Timothy Bates examines firm viability and finds that surviving firms are those that began with greater initial capital, create new jobs, and are led by entrepreneurs who are better educated.
Download or read book Corporate Debt Capacity written by Gordon Donaldson and published by Beard Books. This book was released on 2000-07 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Capital Structures in the United States written by Benjamin M. Friedman and published by University of Chicago Press. This book was released on 2009-05-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
Download or read book Does capital structure influence firms value written by Ulrike Messbacher and published by GRIN Verlag. This book was released on 2005-12-20 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2004 in the subject Business economics - Investment and Finance, grade: 1, University of Applied Sciences Kempten (University of Ulster), language: English, abstract: In accordance with the Signalling model by Ross (1977) an increase in gearing represents, in term of a company’s prospective cash flows, a positive signal to external investors. Because, due to the higher risk of financial distress, companies with less optimistic market prospective tend to avoid additional financial obligations. This implies that an increasing indebtedness means a higher quality of business and therefore better valuation. This leads, in turn, to the assumption that the corporate management can influence a firm’s value by changing its capital structure. If capital structure can affect value, how can firms identify an optimal capital structure and what will it look like? It is that mix of debt and equity that maximises the value of a firm and, at the same time, minimise overall cost of capital. In their seminal article, published in 1958 and 1963, Modigliani and Miller argue that under certain assumptions the value of a firm i s independent of its capital structure, but with tax-deductible interest payments, they are positively related. Moreover, there are other approaches with partly contradictory perceptions. For instance, Myers (1998, cited in Fairchild 2003, p.6) argues that there is no universal optimal mix of debt and equity; in fact it depends on firms or industries, and therefore should be considered on a case-by-case basis. Other researchers have added market imperfections, such as bankruptcy costs, agency costs, and gains from leverage- induced tax shields to the analysis and have maintained that an optimal capital structure may exist (Hatfieldet al.1994, p.1). First, this paper shows the basic determinants of a firm’s value in association with the impact of financial leverage on payoffs to stockholders. Secondly, it considers some arguments of capital structure theories, particularly the Modigliani and Miller theorem and the Traditional approach and contrasts them. Finally, the underlying factors of the model assumptions are examined and shown that they are important in the choice of a firm’s debt-equity ratio.
Download or read book Testing Static Trade off Against Pecking Order Models of Capital Structure written by Lakshmi Shyam-Sunder and published by . This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The determinants of capital structure of small industrial firms written by Wim Voordeckers and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Determinants of Capital Structure in Small and Medium sized Companies written by Snežana Sokolovska and published by . This book was released on 2016 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Structure and Firm Performance written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory.Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure.A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.
Download or read book The Determinants of Capital Structure written by Mintesinot Adnew Somega and published by . This book was released on 2011-11 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Determinants of Capital Structure written by Bülent Köksal and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book DETERMINANTS OF THE FIRM S CAPITAL STRUCTURE written by EVALDO GUIMARÃES BARBOSA and published by . This book was released on 2009-11 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Determinants of Capital Structure written by Muhammad Islam and published by LAP Lambert Academic Publishing. This book was released on 2013 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this research is to investigate various factors affecting Earning per Share and Return on Capital Employed. In this study an attempt has been made to determine what factors can affect firm value or not?. Different theorists argue differently regarding components of capital structure such as debt, equity and preferred stock on firm value. In this study this relationship has been empirically evidenced in the sugar industry companies listed on Lahore Stock Exchange. This study investigates the relationship of Short Term Debt, Long Term Debt, Equity, Firm Size and Tangibility of Assets with Earning per Share (EPS) and Return on Capital Employed (ROCE) using Simple and Multi Linear Regression Models. The data that has been collected from financial statement of companies related to sugar industry of Pakistan listed on Lahore Stock Exchange.
Download or read book Determinants of Capital Structure in Non Financial Companies written by Fabian Kuehnhausen and published by . This book was released on 2014 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we evaluate firm-, industry- and country-specific factors determining a firm's capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country characteristics.Using a short panel data set with a large cross-section, we are able to show that firm size, industry leverage, industry growth and tax shield positively affect leverage ratios, while profitability and liquidity have negative impacts. Moreover, our model is an improvement over Rajan and Zingales' (1995) four-factor core model in terms of explaining data variation. The results are robust against different panel estimators, decompositions and over time.
