Author: Hans Degryse
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description

Author: Christos Frangos
Publisher: Christos Frangos
ISBN: 6188298032
Category : Business & Economics
Languages : en
Pages : 292

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Book Description
This year’s Conference is characterized by the research contributions of Scientists from Cyprus, England, Saudi Arabia and Greece. This year’s Conference is organized by the Greek Foundation for Research in the Quantitative, Social and Economic Subjects, which is a non-profit Company with Articles of Association registered in the Chamber of Non-for- profit organizations. This Conference is a continuation, in a broader sense, of the four International Conferences which were organized by myself during the years 2003, 2009, 2013, and 2015, under the auspices of the Technological Educational Institute of Athens, as well as the 1st and 2nd International Conference on Quantitative, Social, Biomedical and Economic Issues, during the years 2017, 2018, Athens. The International Conferences of the years 2017, 2018, were organized under the Auspices of the Greek Foundation for Research in the Quantitative, Social and Economic Subjects which is based in Athens, Greece and has links with an International group of Academics. This Conference is focusing on the impact of Education on the innovation process, the productivity and the well-balanced development of a country. The findings of (Varsakelis, Volume 35, Issue 7, September 2006, Pages 1083-1090, ELSEVIER) support the hypothesis that the higher the investment of a society in the quality of education, the higher the output of innovation activity. Furthermore, the development level of the governmental institutions is positively correlated with innovation activity. The aim of this Conference is to become a forum for the analysis of subjects related to the Quantitative, Social, Biomedical and Economic Sciences, the present state in Greece for the sectors of Education, Health, Innovative Business and the lessons learnt from them, in the context of the serious economic crisis in Europe and, particularly, in Greece. This Conference, also, is the opportunity for many highly respected scientists to present and exchange ideas in their respective research areas with the aim of initiating new joint projects. The new developments in the sectors of contemporary Science and Economy are important and the need for a clear and responsible information is very high regarding, also, the possibility of fake news through the Internet.

Author: Donard Games
Publisher: Springer Nature
ISBN: 9464633506
Category : Business & Economics
Languages : en
Pages : 757

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Book Description
This is an open access book.The International Conference on Entrepreneurship, Leadership and Business Innovation (ICELBI) is a pioneer conference on entrepreneurship, leadership, and innovation in the higher education environment that focuses on the research-oriented output from academics and practitioners. The conference’s theme, ‘Fostering university-based entrepreneurship in the digital economy era,’ encourages entrepreneurship activists to become a catalyst for creating creative jobs and increasing economic growth, especially in the digital era.

Author: Christos C. Frangos
Publisher: Christos Frangos
ISBN: 6188298008
Category : Social Science
Languages : en
Pages : 285

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Book Description
The present Conference is the 1st conference in a series of conferences to come with main topic quantitative methods in the social sciences. The purpose of the conference is to present and publish research output of all the Universities and Technological Institutions of Greece and the different nations of the World. Another important purpose is to facilitate the interaction between two worlds: the world of Business and the world of Academic Community. The organizers of this Conference have the ambition to establish a forum for discussions on the theory and applications of the Quantitative and Qualitative Methods in the different business sectors such as Small to Medium Enterprises or large Companies in Industry, Commerce, Tourism, Health, Public Sector, Shipping Industry and financial services. The Proceedings of the conference have an ISBN number.

Author: Karin Joeveer
Publisher:
ISBN:
Category :
Languages : en
Pages : 43

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Book Description
There are no stylized facts about the capital structure of small firms. Therefore, in this paper I use firm data from 10 Western European countries to contrast the sources of leverage across small and large firms. Specifically, I jointly evaluate the explanatory power of firm-specific, country of incorporation institutional, and macroeconomic factors. Using data that is more comprehensive in coverage than that used in the existing research, I confirm the stylized facts of the capital structure literature for large and listed firms, but I obtain contrasting evidence for smaller companies: First, the country of incorporation carries much more information for small firms supporting the idea that small firms are more financially constrained and face non-firm-specific hurdles in their capital structure choice. Second, using two different leverage measures I show that the relationship of firm size and tangibility to leverage is robust to the measure used for listed, but not for unlisted, firms.

Author: Karin Jõeveer
Publisher:
ISBN: 9788073430771
Category : Small business
Languages : cs
Pages : 38

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Author: Abdul Rashid
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
Despite ample research on corporate financing decisions, there is a growing interest in deepening our understanding of how firms structure their financing needs. In this dissertation, we build upon previous work on capital structure by examining the impact of firm-specific and macroeconomic risks on the capital structure of UK manufacturing firms. In particular, the dissertation consists of three separate, yet related essays. Each essay intends to serve a specific objective. The essays, in the order in which they appear, are entitled as follows: Essay I: The Response of Firms' Leverage to Risks: Evidence from UK Public versus Non-Public Firms Essay II: Capital Structure Adjustments: Do Macroeconomic and Business Risks Matter? Essay III: Macroeconomic Dynamics, Idiosyncratic Risk, and Firms' Security Issuance Decisions: An Empirical Investigation of UK Manufacturing Firms In the first essay, we empirically investigate whether the sensitivity of leverage to firm-specific (idiosyncratic) and macroeconomic risk differs across publicly listed and privately owned firms. We also study the implications of cash reserves-risk interactions for firms' leverage decisions. Using data from the Financial Analysis Made Easy (FAME) database, the analysis is carried out for a large panel of UK manufacturing firms over the period 1999-2008. The results provide significant evidence that UK manufacturing firms use less short-term debt in their capital structure during periods of high risk. This finding holds for both types of risk. The results on the differential effects of risk across public and non-public firms indicate that while the leverage of non-public firms is more sensitive to firm-specific risk in comparison to their public counterparts, the effects of macroeconomic risk on leverage are similar for both types of firms. The results of the indirect effects of risk show that firms with high levels of cash holdings are more (less) likely to reduce their leverage in periods when firm-specific (macroeconomic) is risk. On the whole, the results that we document in this essay provide strong evidence of the heterogenous sensitivities of leverage to risk across both types of firms and across different levels of firms' cash holdings. Essay II examines how risk affects firms' leverage adjustment decisions. Specifically, in this essay, we study the impact of risk about firms' own business activity and macroeconomic conditions on the speed with which firms adjust their capital structure toward their specific leverage targets. In doing this, we use an annual panel data obtained from the WorldScope file via DataStream for a fairly large sample of quoted UK manufacturing, covering the period 1981-2009. The results suggest that the adjustment is asymmetric and it depends on the magnitude of risk, the type of risk, and whether firms' actual leverage is above or below the target. Further, we find that firms with financial surpluses and above-target leverage adjust their leverage faster when firm-specific risk is low and when macroeconomic risk is high. In contrast, firms with financial deficits and below-target leverage are more likely to align their leverage toward their target in periods when both types of risk are low. Taken as a whole, our results suggest that firms adjust their leverage toward the target very asymmetrically across different levels and types of risk. This finding holds true even when we take into account several firm characteristics known to affect firms' adjustment speeds. The third essay analyzes how risk about firms' own business activity and macroeconomic conditions influences the security issuance decisions of listed UK manufacturing firms appeared on the WorldScope database during the period from 1981-2009. Estimating dynamic panel models using the system GMM estimator, we show that the issuance of new debt is significantly negatively related to idiosyncratic risk while both the issuance of new equity and the use of internally generated funds (retained earnings) are positively related to the risk. In contrast, we find that all these three sources of financing are significantly negatively associated with macroeconomic risk. Nevertheless, our results suggest that the aggregate dynamics of firms' target leverage are significantly negatively linked with these two types of risk. The results, from the debt-equity choice regression, indicate that the effect of both firm-specific and macroeconomic risk is significant and negative, implying that firms are likely to have low debt-equity ratio in periods when either type of risk is high.

Author: Julio Pindado
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
This paper analyzes the firm characteristics which are determinants of capital structure, according to different explanatory theories, and how institutional characteristics affect capital structure. We have developed a target adjustment model, which has then been confirmed by our empirical evidence. It highlights the fact that the transaction costs borne by Spanish firms are inferior to those borne by U.S. firms. Our results are consistent with tax and financial distress theories and with the interdependence between investment and financing decisions; they also provide additional evidence on the pecking order and free cash flow theories. Finally, the evidence obtained confirms the impact of some institutional characteristics on capital structure.

Author: Lary Li
Publisher:
ISBN:
Category :
Languages : en
Pages : 27

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Book Description
We demonstrate the importance of firm-specific and industry-specific factors in the leverage decision of Australian firms. Empirical findings show that some firm-specific factors vary across industry, while prior literature assumes equal impact of these factors. In addition, we find that industry-specific factors have direct and indirect impact on the formation of capital structure of Australian firms.

Author: Prashanth Mahagaonkar
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
The study of capital structure deals with the mix of financing resources for the firm and its various linkages.We study the determinants of capital structure using a panel data for major industries that constitute the Indian manufacturing sector.This study considers two segments- young firms and small firms. The classification had been done in view to find the effect on leverage for young and small firms and how it differs from the conclusions derived from overall sample.Size and profitability were found to be more important to young and small firms whereas effective rate of taxation was found to be less important in determining capital structure.