Search Results - subject_exact:"Capital structure"

Corporate leverage and geopolitical risks : evidence from Vietnam

Vong, Thinh Nam; Thinh, Bui Tien - 2026

This study investigates the impacts of geopolitical risks on corporate leverage decisions of Vietnamese listed firms from 2017 to 2024. The research findings reveal a negative impact of geopolitical risks on both corporate leverage and short-term leverage. That is, Vietnamese listed firms...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614154

Sustainability versus financial fundamentals : what investors should watch in ASEAN firms

Febriana, Kim Bella; Chan, Felicia Stefanie; Fitriya Fauzi - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015620757

A bargaining theory of the leverage-profitability relationship

Panteghini, Paolo - 2026

This paper shows that a static trade-off model generates a negative cross-sectional relationship between leverage and profitability once ex ante Nash bargaining over the perpetual debt coupon is introduced. The central mechanism works as follows: higher shareholder bargaining power lowers the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638858

Firm performance, liquidity and capital structure nexus : evidence from the PMG panel-ARDL approach

Marozva, Godfrey - 2026

Utilising data from the selected companies listed on the Johannesburg Stock Exchange and using the Panel Autoregressive Distributed Lag (ARDL) specifically employing the Pooled Mean Group approach, this study examines the cointegrating and causal relationships among firm liquidity, performance...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639035

Exploring intangible assets' contribution to capital structure in Thailand's listed companies during COVID-19

Chen, Xiaoque; Trairong Swatdikun; Pankaewta Lakkanawanit; … - 2026

This study examines whether IAS 38-recognized identifiable intangible assets (excluding goodwill) are associated with corporate leverage in Thailand, an emerging bank-dominated financial system, and whether that relationship changed after the COVID-19 shock. Panel on listed firms supports a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015640208

CSR disclosure and the zero-leverage phenomenon : evidence from Pakistan listed firms

Butt, Affaf Asghar; Shahzad, Aamer; Anis, Sadia; … - 2026

The effect of corporate social responsibility (CSR) disclosure on zero-leverage policies is examined for listed firms at the Pakistan Stock Exchange (PSX) from 2010 to 2021. Binary logistic regression models show a statistically significant positive relationship between CSR disclosure and zero...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643134

Bankruptcy law reform and its impact on firms' borrowing : a South Asian experience

Puri, Swati Kumaria; Fang, Jiali; Wongchoti, Udomsak; … - 2026

With the enactment of the Insolvency and Bankruptcy Code (IBC) in 2016, India reformed and unified its fragmented insolvency frameworks into a single comprehensive law designed to prioritize asset maximization and ensure time-bound resolutions. Through a quasi-experimental setting, we examine...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643181

Trends in capital structure : a bibliometric analysis to support the construction of decision-support methodologies

Passos, José Matheus Ferreira Gomes dos; Fonseca, … - 2026

This paper presents a bibliometric analysis and literature review of methodologies for optimal capital structure decision making, focusing on research published between 2000 and 2024. This study reviews current research, identifies gaps, and outlines a plan to support with financial decisions. A...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015644227

The effect of regulatory liquidity measure on bank capital structure

Mabandla, Ndonwabile Zimasa; Marozva, Godfrey - 2026

This study investigates the effects of liquidity regulation, specifically the liquidity coverage ratio (LCR), on the capital structure of South African banks, with a focus on debt maturity composition. Using panel data covering the period 2015-2024, the analysis applies the Generalized Method of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015656185

The effects of technology and liquidity on bank capital structure

Mabandla, Ndonwabile Zimasa - 2026

This research enhances the literature on bank capital structure by combining financial intermediation theory with technological innovation to analyse the impact of FinTech adoption and liquidity management on leverage choices in South African banks. Utilising panel data spanning 2015 to 2024 and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015652196

Contract enforcement and young firm capital structure : a global perspective

Basante, Gonzalo; Simonovska, Ina - 2026

We develop a framework to measure the severity of financial constraints for young firms across countries. Using ORBIS balance-sheet data for 23 economies, we show that short-term leverage rises while long-term leverage falls early in firms' life cycles, with this pattern persisting longer where...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015632173

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Contract Enforcement and Young Firm Capital Structure : A Global Perspective

Basante, Gonzalo; Simonovska, Ina - 2026

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Capital structure decisions and business excellence : benchmarking financial performance in Vietnamese listed companies

Nguyen Duy Hung; Tuan Anh Truong - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015632744

Firm-level geopolitical risk and bank debt financing : global evidence

Akyildirim, Erdinc; Colak, Gonul; Gozgor, Giray; Ho, Thang - 2026

This paper constructs a novel firm-level measure of geopolitical risk using textual analysis of 130,061 earnings conference call transcripts and examines its impact on firms' reliance on bank-based financing. Using a panel of 4,692 listed firms across 38 countries over 2005-2024, we find that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015635459

LBO debt package structuring : from classic syndicated structures to the age of private credit

Zeisberger, Claudia; Kupryte, Ugne; Al Yakub, Muhammed; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015667012

Influence of growth, capital structure, profitability, and size on FTSE 100 enterprise value

Akin, Isik; Akin, Meryem; Satiroglu, Hakan; Jhamb, Mahak - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015371385

CEO turnover and financial policy transfer

Kim, Daniel Sungyeon; Ahn, Kwangwon; Jang, Hanwool; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015374364

Ownership, institutions, and the agency of M&A completion

Lindner, Thomas; Müllner, Jakob; Puhr, Harald - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015374373

Corporate social responsibility and capital structure : moderating effect of culture

Mhiri, Cyrine; Ajina, Aymen; Hussain, Nazim; Mnzava, Bernard - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015333002

Capital structure decisions in Swedish biotechnology firms : the role of intellectual capital and innovation activities

Kimuam, Kritthana; Berggren, Björn; Faradynawati, Ida … - 2025

Biotechnology firms operate in a highly innovative and capital-intensive environment, characterized by high levels of R&D, long product development periods, significant regulations, and high levels of uncertainty. These firms rely heavily on intangible assets, such as intellectual capital and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015338290

Debt capital and dividend policy as complementary indicators of firm valuation

Njoku, Okechukwu Enyeribe; Lee, Young Hwan - 2025

This study investigates the interdependencies between debt capital and dividend policy as complementary factors influencing firm value among corporations listed on the Korea Composite Stock Price Index (KOSPI). Using Tobin's Q as a firm value metric and employing robust econometric techniques...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015338351

Capital structure specificity in knowledge-intensive industries : a comparative study of EU countries

Gostkowska-Drzewicka, Magdalena; Koralun-Bereźnicka, Julia - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015329635

The role of corporate governance, type of ownership, and capital structure, in the achievement of sustainable development goals

Surifah; Krismiaji - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015447635

Real effects of earnings stripping rules

De Simone, Lisa; Giese, Henning; Koch, Reinald; Rehrl, … - 2025

This study examines the real effects of earnings stripping rules introduced in the European Union in 2019, which tie interest deductibility to contemporaneous profitability. Exploiting a quasi-natural experiment created by the EU's harmonized implementation under the Anti-Tax Avoidance Directive...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015455058

Determinants of firms' propensity to use intercorporate loans : empirical evidence from India

Ghose, Biswajit; Roy, Prasenjit; Ngima, Yeshi; Gope, Kiran - 2025

Several studies have investigated the determinants of firms' capital structure choices. Though an intercorporate loan is an essential source of corporate debt, there are no studies that examine the determinants of firms' preference to use the intercorporate loan as a source of debt. This study...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015408401

The extent to which contingent convertible leasing protects bank deposits : a barrier option approach

Khadimallah, Asma; Abid, Fathi - 2025

This paper proposes an alternative solution to the problem related to the risk that banks incur in the protection of deposits. This solution lies in the use by banks of contingent convertible leasing contracts to face financial distress situations by solidifying their own funds and thus...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015411475

Leveraging success : the hidden peak in debt and firm performance

Dsouza, Suzan; Kathavarayan, Krishnamoorthy; Mathias, … - 2025

This study investigates the relationship between capital structure and financial performance in South African firms, focusing on the potential non-linear, inverse U-shaped effect of leverage on profitability. Drawing on data from 1548 firm-year observations covering 183 publicly listed South...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015437104

Capital structure and changes in companies' risk during the COVID-19 pandemic in CEE countries

Gajdka, Jerzy; Pietraszewski, Piotr - 2025

The article examines the financial management of companies in the context of the COVID-19 pandemic, in particular, the relationship between their capital structure and risk changes during the pandemic. The study aims to determine how companies' total, systematic and idiosyncratic risks changed...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015437836

Adaptation or persistence? : capital structure choices of Italian firms over time

La Rocca, Maurizio; Fasano, Francesco; Monteforte, Daniele - 2025

Understanding how firms finance their activities is crucial for fostering economic growth. The financial life cycle is a critical framework for understanding how firms' financing needs and strategies evolve over time. This paper examines the capital structure choices of Italian SMEs focusing on...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015438570

Debt, equity, and the pecking order : evidence from financing decisions of dividend-paying firms

Kakouris, Konstantinos; Psychoyios, Dimitrios - 2025

This study investigates whether, and to what extent, dividend-paying firms follow pecking order behavior when altering their capital structure. Using a panel of 3173 U.S. firms from 1960 to 2020 (49,424 firm-year observations), we examine four financing activities: equity and debt issuance under...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015457881

CEO's culture and firms' leverage decisions

Chandrasena, Supun; Dai, Sijia; Jayasekera, Ranadeva; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015458875

The capital structure of microfinance borrowers : a dynamic market segmentation analysis

Souza, Lucas Lopes Ferreira de; Bassi, Francesca; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015462498

The effect of environment, social and governance on demand and supply of debt

Morais, Flávio; Ferreira, Joaquim; Marques, Luís; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015442866

Firm credit rating changes, capital structure, and the asymmetric moderating role of debt capacity and financial constraints

Karas, Michal; Němec, Daniel; Balcerzak, Adam P.; … - 2025

This study analyzes how debt capacity and financial constraints impact credit rating changes. Using a comprehensive sample of European companies, we analyze rating upgrades and downgrades separately to allow us to uncover whether the effects differ. Our results show that only one of the four...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015561476

Financial and asset stability in relation to capital structure : evidence from industry-based comparisons

Šlampiaková, Lea; Slamková Letriková, Natália - 2025

This study aimed to analyse differences in capital structure, financial leverage, and current liquidity among Slovak companies operating in three distinct sectors: innovation-driven Information Technology, capital-intensive Food Processing, and service-intensive Advertising and Marketing....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015607941

Corporate governance and capital structure

Zahid, Rehan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609333

The cost of equity capital and investment sensitivity to the cash flows : evidence from Jordanian industrial companies

Ismail, Marah Bani; Ismaeel, Bader - 2025

This study aimed to examine the impact of the cost of equity on the sensitivity of investment to cash flows by utilizing cross-sectional time series data (Panel Data). The sample consisted of 25 industrial companies listed on the Amman Stock Exchange (ASE) from 2010 to 2020, encompassing a total...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613475

Firm performance and capital structure : does liquidity matter?

Nduwimana, Alice; Mabandla, Ndonwabile Zimasa; Marozva, … - 2025

This research examines how capital structure and liquidity impact the financial performance of South African firms from 2012 to 2023. Using panel data methodologies and the Generalised Method of Moments (GMM) estimation, the study addresses potential endogeneity issues and inaccuracies in the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015589426

Earnings Response Coefficient : earnings persistence moderated by capital structure and economic growth

Sandy, Rehuel Murlie; Mulya, Ali Sandy - 2025

This study examines the influence of earnings persistence on the Earnings Response Coefficient (ERC) in companies listed on the Indonesia Stock Exchange from 2011 to 2021. Utilizing multiple linear regression, the findings reveal that persistent earnings positively affect ERC, with this impact...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015607141

Capital structure of listed property firms : lessons from a property investment reform

Toerien, Francois; Calvosa, Alessandro; De Jager, Phillip G. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015624550

Capital structure decision-making for business turnarounds based on distress severity and reasonable prospect confluence

Beek, Coenraad van; Pretorius, Marius - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015624559

The effects of economic crises on capital structure : evidence from an emerging economy

Thabethe, Molefiseng F.; Toerien, Franz E. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015624867

Analyzing liability structure in shaping financial performance : a study of Indonesian pharmaceutical companies from 2013 to 2023

Muhklis, Imam; Cahayati, Nila; Hakim, Rachman; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625799

CEO age and capital structure dynamics : the moderating effect of overconfidence and tenure

Ezeani, Ernest; Bilal; Samuel, Fulgence - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015482585

The relationship between leverage and profitability : the role of tax depreciation allowances

Koussis, Nicos; Menoncin, Francesco; Panteghini, Paolo - 2025

We extend Trade-Off Theory (TOT) by assuming that EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), rather than EBIT (Earnings Before Interest and Taxes), follows a Geometric Brownian Motion (GBM), and we thus consider the role of tax depreciation allowances (TDA) in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015414038

Effects of capital market access on target leverage and adjustment : empirical analysis of public and private firms in Korea

Kim, Daeyoung; Chong, Byung-Uk; Kim, Heonsoo - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015056227

CEOs' financial work experience and firms' outbound investments

Zeng, Xiaoming; Chen, Hao; Yin, Yanzhao; Liu, Youjin - 2024

Outbound investment refers to the act of investing by enterprises or individuals in regions or countries outside their home country. We explore the impact of CEO financial work experience on the outbound investments of Chinese A-share listed firms. The results demonstrate a significant, positive...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015062456

A panel-corrected standard error (PCSE) framework to estimate capital structure and banking performance within the Tunisian context

Zidi, Manel; Hamdi, Helmi - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014584080

Assessing the impact of COVID-19 on capital structure dynamics : evidence from GCC economies

Ahmed, Amanj Mohamed; Nugraha, Deni Pandu; Hágen, István - 2024

This study seeks to investigate the potential effects of the recent pandemic (COVID-19) on capital structure dynamics. The Gulf Cooperation Council (GCC) is a fascinating topic for this study because of its distinct economic characteristics. The analysis draws upon a cross-country dataset...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014636011

Low interest rates, low productivity, low growth? : a multi-sector case study of UK-based firms' funding and investment strategies in the context of loose monetary policy

Evemy, John; Berry, Craig; Yates, Edward - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014636260

Effect of capital structure on the financial performance of Ethiopian commercial banks

Muhammed, Seid; Desalegn, Goshu; Emese, Prihoda - 2024

This study aimed to examine the effects of capital structure on the financial performance of Ethiopian commercial banks. The dependent variable, financial performance, is measured by Return on Assets (ROA), while factors such as loan-to-deposit ratio (LDR), asset-to-total equity ratio (ATER),...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014636494