Antoniou, antonios, guney, yilmaz and paudyal, krishna 2008 the determinants of capital structure. The impact of organizational factors on financial performance. Capital marketoriented versus bankoriented institutions antonios antoniou, yilmaz guney, and krishna paudyal abstract the paper investigates how firms operating in capital marketoriented economies the u. The paper investigates how firms operating in capital marketoriented economies the u. The paper investigates how firms operating in capital market oriented economies the u.
Capital marketoriented versus bankoriented institutions article pdf available in journal of financial and quantitative analysis 4301. Leverage and the maturity structure of debt in emerging. Recent international financial research finds that not only firm and industryspecific determinants, but also countryspecific factors influence a firmi. Capital market oriented versus bank oriented institutions created date. Capital market oriented versus bank oriented institutions, journal of financial and quantitative analysis, 10. Capital market oriented versus bank oriented institutions, how companies perform in countries with capital market tendency economy like the u. Among others, dow jones addressed this demand and has developed their proprietary screening methodologies to identify shariah compliant firms sc. Determinants of capital structure semantic scholar. Capital market oriented versus bank oriented institutions antonios antoniou, yilmaz guney, and krishna paudyal forthcoming. Oct 01, 2012 the determinants of capital structure. Capital marketoriented versus bankoriented institutions volume 43 issue 1 antonios antoniou, yilmaz guney, krishna paudyal.
Capital marketoriented versus bankoriented institutions, journal of financial and quantitative analysis, vol. Antonios antoniou, yilmaz guney and krishna paudyal, the determinants of capital structure. Conversely, a better understanding of the influence of institutions can provide us enough inter. Capital marketoriented versus bankoriented institutions. Determinants of capital structure of banks in ghana. The effect of bank debt on optimal capital structure. Institutional determinants of capital structure adjustment. The reliable determinants for leverage are firm size, tangibility, industry leverage, profits, and inflation. Oct 05, 2007 the determinants of capital structure. Antoniou a, guney y, paudyal k 2008 the determinants of capital structure. Many muslim individual and institutional investors seek to invest only in stocks that are compliant with the shariah i.
Financial structure, or capital structure, interpolates the proportion of debt and equity in a firm. Capital market oriented versus bank oriented institutions antonios antoniou, yilmaz guney, and krishna paudyal abstract the paper investigates how firms operating in capital market oriented economies the u. Citations of the determinants of capital structure. Capital marketoriented versus bankoriented institutions journal of. Antoniou, a and guney, y and paudyal, krishna the determinants of capital structure. The financial structure of a firm plays an important role in its financial performance. The purpose of this paper is to compare two of the most commonly utilized methods employed to measure the intellectual capital ic value. Firm, country and macroeconomic determinants of capital. Panel data, corporate capital structure, pecking order theory, tradeoff theory. Jul 22, 2014 the determinants of capital structure. Journal of financial and quantitative analysis, 431, 59 92. How do large banking organizations manage their capital ratios. Capital structure of microfinance institutions springerlink.
In this paper, we evaluate firm, industry and countryspecific factors determining a firms capital structure. According to the pecking order theory, the companies would prefer to firstly finance their investments by internal sources 14. This study investigates the determinants of capital structure of libyan firms listed in the. Antonios antoniou, yilmaz guney and krishna paudyal 2007 investigates in their paper, the determinants of capital structure. Capital marketoriented versus bankoriented institutions by antonios antoniou, yilmaz guney and krishna paudyal oai identifier. On the other hand, there is the euro zone, which we identify as a.
Journal of financial and quantitative analysis, 431, 5992, crossref binti, m. Journal of financial and quantitative analysis, 43 1. Journal of financial and quantitative analysis, 431, 5992. Jan 14, 2014 antoniou a, guney y, paudyal k 2008 the determinants of capital structure. Designmethodologyapproach a sample of 986 firms over the period 1999. Ozkan, determinants of capital structure and adjustment to long run target. Pervaiz ahmed memon, rohani bt md rus, zahiruddin b. An empirical test of the impact of managerial self.
Firm, country and macroeconomic determinants of capital structure. Journal of financial and quantitative analysis, 43 1, 5992. Observed leverage and financial performance of listed firms. The determinants of capital structure for australian multinational and domestic corporations. Capital market oriented versus bank oriented institutions.
They examined the determinants of the capital structure. Capital market oriented versus bank oriented institutions journal of financial and quantitative analysis, 43 01 2008, pp. The empirical validity of several capital structure theories has been ambiguous so far. Determinants of capital structure in nonfinancial companies. Determinants of capital structure evidence from shariah. This article examines the international determinants of capital structure using a large sample of firms from 37 countries. There are numerous factors, both qualitative and quantitative, including the subjective judgment, of financial managers which conjointly determine a firms capital structure. We shed light on the main drivers of leverage and depict differences in industry and country characteristics. Capital marketoriented versus bankoriented institutions, journal of financial and quantitative analysis, 10. In a quest for the factors that managers consider in deciding the financing mix of a firm, many. Strategic factors in the capital structure of the services. The paper investigates how firms operating in capital market oriented economies.
In this paper, we analyse the determinants of capital structure of firms in the united kingdom and twelve countries of the euro zone namely, those who joined before 2005. The analysis is based on quarterly firmlevel data from turkish banking sector in 20022012. Evidence from uk company panel data, journal of business finance and accounting, vol. Capital market oriented versus bank oriented institutions, journal of financial and quantitative analysis, cambridge university press, vol. Capital marketoriented versus bankoriented institutions, journal of financial and quantitative analysis, cambridge university press, vol. By looking at the relationship between ownership concentration and capital structure, this dissertation contributes to literature by investigating the effectiveness of mccg 2012 in addressing and executing shareholders right and protection in malaysia.
Capital market oriented versus bank oriented institutions abstractthe paper investigates how firms operating in capital market oriented economies the united kingdomand the united states and bank oriented economies france, germany and japan determine their capitalstructure. Versus bank oriented institutions, journal of financial and quantitative. Factoring as a determinant of capital structure for large. Capital marketoriented versus bankoriented institutions created date. Pdf how country affects the capital structure choice. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. This study examines the effect of capital structure and firm quality on firm value of selected bse listed indian hospitality firms over a time frame of 200115. Firstly, it proposes a systematic view of the international studies on country effect since 2000, by highlighting both similarities and differences in terms of tested hypotheses, country. Journal of financial and quantitative analysis 43, 5992. According to the pecking order theory, the companies would prefer to firstly finance their. The difference between bankoriented and marketoriented countries is reflected in the choice of private and public financing demiguel and pindado 2001. Capital structure dynamics of listed banks in ghana.
Paudyal, journal of financial and quantitative analysis, 2008, volume 43, number 2. Evidence from hotel and restaurant companies in sri lanka. Jan 12, 2018 the determinants of capital structure. Determinants of corporate capital structure econstor. Capital marketoriented verses bankoriented institutions. Journal of financial and quantitative analysis, vol 432 pp 5992. Purpose the study aims to investigate the role of institutions, macroeconomic conditions, industry and firm characteristics on firms capital structure decision within the context of nine african countries. Their paper investigates how firms operating in capital market oriented economies the united kingdom and the united states and. Using panel data and a twostep systemgmm procedure, the paper finds that the leverage ratio is positively affected by the tangibility of assets and the size of the firm, but declines. International journal of scientific and research publications, 3 6, 18.
We may now briefly discuss the key factors governing a firms capital structure decisions. Market to book mtb ratio and the value added intellectual coefficient vaic, in order to determine the most suitable in the context of italian listed firms and their respective relationships with some key ic determinants. International finance and banking issn 23742089 2016, vol. Variables including firm quality measured through altman z score, leverage, size, profitability, tangibility, growth, liquidity along with macro variables of growth in gross domestic product and inflation are taken into consideration. Capital market oriented versus bank oriented institutions volume 43 issue 1 antonios antoniou, yilmaz guney, krishna paudyal. Capital marketoriented versus bankoriented institutions arias, m. The determinants of capital structure choice semantic scholar. Demiguel and pindado 2001 have further argued that whether a country is bank oriented or market oriented depends on the ownership structure1 of the corporate firms. Capital marketoriented versus bankoriented institutions journal of financial and quantitative analysis, 43 01 2008, pp. Equity characteristics and factors affecting stock return.
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