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Author: Gabrielle Wanzenried Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper analyzes capital structure determinants of UK and continental European firms. Besides considering firm-specific characteristics, it looks at the impact of different corporate governance systems on the capital structure choice. The dynamic framework allows to analyze the adjustment processes taking place over time. Our data contain balance sheet and profit amp; loss account data of 167 European firms from 1988 to 1998. We use fixed erects and moving window regressions and find significant differences in the capital structure choice with respect to characteristics of the firms as well as of the considered corporate governance systems. Also, we find significant changes in the firm behavior over time.
Author: Gabrielle Wanzenried Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper analyzes capital structure determinants of UK and continental European firms. Besides considering firm-specific characteristics, it looks at the impact of different corporate governance systems on the capital structure choice. The dynamic framework allows to analyze the adjustment processes taking place over time. Our data contain balance sheet and profit amp; loss account data of 167 European firms from 1988 to 1998. We use fixed erects and moving window regressions and find significant differences in the capital structure choice with respect to characteristics of the firms as well as of the considered corporate governance systems. Also, we find significant changes in the firm behavior over time.
Author: H. Kent Baker Publisher: John Wiley & Sons ISBN: 1118022947 Category : Business & Economics Languages : en Pages : 504
Book Description
A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Author: Swen Beyer Publisher: GRIN Verlag ISBN: 3640651812 Category : Business & Economics Languages : en Pages : 37
Book Description
Seminar paper from the year 2010 in the subject Business economics - Investment and Finance, grade: 1,5, European School of Business Reutlingen, course: Lecture, language: English, abstract: Taking into consideration the assumptions behind classical capital structures on the one hand and the specific economic environment and the resulting behavior of firms in the emerging European economies on the other hand, it is clear that these extraordinary circumstances (different political and economic systems) influence the determination of the firms' capital structures in these countries in a special way. The goal of this paper is to determine the driving factors for different capital structure choices in emerging European economies, compared to the one we can see for instance in Western European countries. As a result of the underlying research on this topic and also considering the fact that shareholders are slowly gaining influence in businesses in emerging European economies (like Slovenia), the financial principal behavior of these companies will probably remain different from those in mature market economies. One of the most interesting findings regarding the research topic is probably the fact that we can find a re-designed Pecking Order Theory in some Eastern and Central European (CEE) economies.
Author: Evarist Stoja Publisher: ISBN: Category : Languages : en Pages : 46
Book Description
Despite significant theoretical and empirical developments in the capital structure literature, the trade-off theory and the related question of the optimality of the gearing ratio remain the subject of intense debate. The pecking order theory emerged to directly contrast with the implications of the trade-off theory. This paper investigates whether industry-optimal gearing ratio targeting behavior arises in the long run while a hierarchy of financing (or pecking order) arises in the short run. The relationship between components of common corporate gearing ratios is investigated using a Johansen co-integration methodology. Evidence of target adjustment is found, though only with respect to certain gearing ratios. Further, adjustment speed coefficients of the error correction representation imply that UK firms close the majority of any deviation from the target with retained earnings rather than external financing. However, while firms in mature industries appear to close the second largest part of any deviation with debt, firms in younger industries appear to close the second largest part of any deviation with equity. A general version of the pecking order theory can reconcile these results.
Author: Julia Koralun-Bereźnicka Publisher: Taylor & Francis ISBN: 1040130909 Category : Business & Economics Languages : en Pages : 218
Book Description
This book offers a comprehensive examination of the factors affecting corporate capital structures across 12 European Union countries, focusing on the influence of country-specific, industry-specific and firm-size-related determinants. It provides a comprehensive review of various interpretations of the capital structure concept and offers a detailed characterisation of commonly employed metrics. Furthermore, it offers an overview of capital structure theories and attempts to classify the factors that shape the financial leverage of enterprises within the framework of these theories. Additionally, it draws readers’ attention to contemporary factors potentially affecting corporate financing decisions, such as Environmental, Social and Governance (ESG) considerations or technological advances and innovations in finance. It combines theoretical insights with empirical research to explore the direct and indirect impacts of these factors on companies’ financing patterns. Targeting a broad readership including students, Ph.D. candidates, researchers, academics and financial practitioners, the book offers a rich understanding of capital structure optimisation and its significance for enhancing company value. Through its coverage of various capital structure theories, determinants and the role of external and internal factors in capital structure decisions, the book is an essential resource for those interested in the complex nature of these influences within the European landscape. With the exception of Chapter 2, no part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Chapter 2 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license. Any third party material in this book is not included in the OA Creative Commons license, unless indicated otherwise in a credit line to the material. Please direct any permissions enquiries to the original rightsholder.
Author: Paul J.J. Welfens Publisher: Springer Science & Business Media ISBN: 3642162746 Category : Business & Economics Languages : en Pages : 411
Book Description
Financial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.
Author: C. Hooy Publisher: Springer ISBN: 1137266619 Category : Business & Economics Languages : en Pages : 265
Book Description
Emerging Markets and Financial Resilience presents a picture of finance research. The issue of financial resilience in emerging markets is apt and timely as emerging countries are faced with the challenge of finding ways of sustaining their current trajectory in shaping the global financial architecture to ensure sustainable growth.
Author: Nufazil Altaf Publisher: Springer Nature ISBN: 9813342765 Category : Business & Economics Languages : en Pages : 117
Book Description
This book examines the capital structure dynamics in Indian MSMEs, offering empirical evidence to better understand the financial practices within entrepreneurial settings. Altaf and Shah in this book assess the financing pattern of Indian MSMEs, response of capital structure determinants to different macroeconomic states, links between working capital and capital structure, cash flow volatility and capital structure and also the impact of credit risk on capital structure and firm performance relationship. This book enthuses the audience looking to understand newer dynamics of capital structure and its interplay in the Indian MSMEs.
Author: Gabrielle Wanzenried
Author: Gabrielle Wanzenried
Author: H. Kent Baker
Author: Swen Beyer
Author: Evarist Stoja
Author: Julia Koralun-Bereźnicka
Author: 
Author: Abdullah Alsadan
Author: Paul J.J. Welfens
Author: C. Hooy
Author: Nufazil Altaf