Ownership Structure As A Determinant Of Capital Structure An Empirical Study Of Dax Companeis PDF Download
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Author | : Christian Funke |
Publisher | : GRIN Verlag |
Total Pages | : 102 |
Release | : 2012-03-02 |
Genre | : Business & Economics |
ISBN | : 3867469660 |
Download Ownership Structure as a Determinant of Capital Structure - An Empirical Study of DAX Companeis Book in PDF, ePub and Kindle
Diploma Thesis from the year 2004 in the subject Business economics - Business Management, Corporate Governance, grade: 1.1, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, language: English, abstract: Empirische Diplomarbeit die mit einer multivariaten Regression untersucht, ob sich die beobachtete Variabilität der Kapitalstrukturen von Unternehmen durch unterschiedliche Eigentümerstrukturen erklären lässt.
Author | : Christopher Parsons |
Publisher | : Now Publishers Inc |
Total Pages | : 107 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : 160198202X |
Download Empirical Capital Structure Book in PDF, ePub and Kindle
Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
Author | : Younghwan Kim |
Publisher | : |
Total Pages | : 134 |
Release | : 2005 |
Genre | : Capital movements |
ISBN | : |
Download FDI and Determinants of Capital Structure Book in PDF, ePub and Kindle
Author | : Kerstin Groß |
Publisher | : Springer Science & Business Media |
Total Pages | : 380 |
Release | : 2007-05-06 |
Genre | : Business & Economics |
ISBN | : 3790819344 |
Download Equity Ownership and Performance Book in PDF, ePub and Kindle
The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.
Author | : Arvin Ghosh |
Publisher | : Routledge |
Total Pages | : 140 |
Release | : 2017-07-05 |
Genre | : Business & Economics |
ISBN | : 1351530178 |
Download Capital Structure and Firm Performance Book in PDF, ePub and Kindle
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.
Author | : Benjamin Friedrich |
Publisher | : ibidem-Verlag / ibidem Press |
Total Pages | : 180 |
Release | : 2012-02-03 |
Genre | : Business & Economics |
ISBN | : 3838255399 |
Download The Theory of Capital Structure - How theory meets practice in the German market Book in PDF, ePub and Kindle
The theory of capital structure is one of the most exciting and complex topics in corporate finance. After many years of debate it is still extremely difficult to provide a conclusive answer to the question which capital structure maximises the value of a company and what factors determine the optimal mix of debt and equity capital.This book provides a comprehensive introduction to capital structure theory and investigates its practical relevance in the German market. The main objectives are to explore the link between capital structure theory and corporate practice and to test determinants of capital structure choice empirically.The book has been written for students, researchers, and academics, but also for practitioners seeking empirical evidence of capital structure theory and an empirical model that can be used to estimate the optimal level of debt for an individual company in relation to an existing industry optimum.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 1999 |
Genre | : |
ISBN | : |
Download The Determinants of Corporate Capital Structure, Evidence from Listed Companies in China Book in PDF, ePub and Kindle
Author | : Qaizar Hussain |
Publisher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 1997-12 |
Genre | : Business & Economics |
ISBN | : |
Download The Capital Structure of Listed Companies in Poland Book in PDF, ePub and Kindle
This paper examines the capital structure of firms listed on the Poland's stock market and identifies lessons that may be useful for the newly formed stock exchanges of the Baltic countries. 2 Several empirical studies have examined the determinants of debt-equity ratios. Most of them, such as Titman and Wessels (1988), Zeckhauser and Pound (1990), and Rajan and Zingales (1995), focus on industrial countries and find that high leverage benefits firm performance. Others, such as Hussain (1996) and Cornelli, Portes and Schaffer (1996) look at developing countries. Hussain (1996) concentrates on Indonesia and finds that high leverage has a negative effect for a sample of listed firms. He introduces shareholder concentration as an additional variable influencing leverage. Cornelli, Portes and Schaffer (1996) examine a large sample of both listed and unlisted firms for Poland, the Czech Republic, and Hungary, asking why debt-equity ratios are generally so low in these countries. They speculate that these low levels may be detrimental to the economy. Despite these two examples, most of the well-known studies on capital structure analyze only G-7 or industrialized countries. Thus considerable scope remains for examining developing countries, especially transition economies. This paper analyzes the capital structure of listed firms in Poland. We are interested in how firms choose among retained earnings, debt, and shares of stock. Cornelli, Portes and Schaffer focus only on the choice between total debt and total equity since they also include a sample of unlisted firms.
Author | : Christian Kronwald |
Publisher | : GRIN Verlag |
Total Pages | : 73 |
Release | : 2010-03 |
Genre | : |
ISBN | : 3640575490 |
Download Credit Rating and the Impact on Capital Structure Book in PDF, ePub and Kindle
Seminar paper from the year 2009 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Hohenheim (Lehrstuhl für Bankwirtschaft und Finanzdienstleistungen), language: English, abstract: The question about capital structure is one of the most important issues which the management of a company faces in implementing their daily business. Therefore, the question of which factors affect capital structure decisions attracts high attention in the past and recent literature on capital structure. There are many papers providing valuable insights into capital structure choices, starting with the paper of Modigliani and Miller (1958). The MM-Theorem is generally considered a purely theoretical result since it ignores important factors in the capital structure decision like bank-ruptcy costs, taxes, agency costs and information asymmetry. Based on this paper many other theories which consider factors neglected by Modigliani and Miller have been evolved. Two major theories are the Tradeoff- and the Pecking-Order-Theory. The former loosens assumptions stated in the MM-Theorem by including bankruptcy costs and taxes while the latter introduces information asymmetry into the capital structure discussion. Chapter 2.1 will give a brief overview of these theories. For complexity reasons these models cannot capture all relevant factors affecting the capital structure policy of a company. However, all these theories disregard one cru-cial factor which plays an important role on capital markets all over the world. The significance of Credit Ratings is gradually increasing, and it is doing so in many re-spects. This paper focuses on the Credit Rating-Capital Structure-Hypotheses (CRCS) developed by Darren J. Kisgen as a modern approach to the capital structure discussion. The hypothesis argues that credit ratings have an impact on capital struc-ture decisions due to discrete costs (benefits) associated with a rating change. Firstly,
Author | : Mika Ihamuotila |
Publisher | : |
Total Pages | : 182 |
Release | : 1994 |
Genre | : Corporations |
ISBN | : 9789517026611 |
Download Corporate Ownership, Capital Structure and Investment Book in PDF, ePub and Kindle