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International Journal of Managerial Finance

ISSN : 1743-9132

Article publication date: 3 April 2017

The purpose of this paper is to study the status of studies on capital structure determinants in the past 40 years. This paper highlights the major gaps in the literature on determinants of capital structure and also aims to raise specific questions for future research.

Design/methodology/approach

The prominence of research is assessed by studying the year of publication and region, level of economic development, firm size, data collection methods, data analysis techniques and theoretical models of capital structure from the selected papers. The review is based on 167 papers published from 1972 to 2013 in various peer-reviewed journals. The relationship of determinants of capital structure is analyzed with the help of meta-analysis.

Major findings show an increase of interest in research on determinants of capital structure of the firms located in emerging markets. However, it is observed that these regions are still under-examined which provides more scope for research both empirical and survey-based studies. Majority of research studies are conducted on large-sized firms by using secondary data and regression-based models for the analysis, whereas studies on small-sized firms are very meager. As majority of the research papers are written only at the organizational level, the impact of leverage on various industries is yet to be examined. The review highlights the major determinants of capital structure and their relationship with leverage. It also reveals the dominance of pecking order theory in explaining capital structure of firms theoretically as well as statistically.

Originality/value

The paper covers a considerable period of time (1972-2013). Among very few review papers on capital structure research, to the best of authors’ knowledge; this is the first review to identify what is missing in the literature on the determinants of capital structure while offering recommendations for future studies. It also synthesize the findings of empirical studies on determinants of capital structure statistically.

• Literature review
• Meta-analysis
• Capital structure
• Pecking order

Kumar, S. , Colombage, S. and Rao, P. (2017), "Research on capital structure determinants: a review and future directions", International Journal of Managerial Finance , Vol. 13 No. 2, pp. 106-132. https://doi.org/10.1108/IJMF-09-2014-0135

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Impact of capital structure on corporate value—review of literature.

1. Introduction

2. materials and methods.

• inference related to particular theories—and therefore whether the debt affects the market value of an enterprise;
• accounting for taxation—tax and non-tax theories;
• assumptions about the functioning of the market.
• the trade-off theory;
• the pecking order theory;
• the signaling theory;
• the market timing theory.
• initial theories: ○ primary theories (the net income theory, the net operation income theory, the compromise theory), ○ the Modigliani–Miller theory for an economy without taxes;
• tax theories: ○ the Miller–Modigliani model for an economy with taxes, ○ the Miller model, ○ the DeAngelo Masulis model, ○ the Modigliani model;
• the bankruptcy costs theory;
• the agency costs theory;
• the information asymmetry theory: ○ the pecking order theory (the Myers–Mayluf model, the Myers model); ○ the signailing theory (the Ross model).
• does the capital structure affect the market value of a company?
• is there an optimal capital structure (i.e., one where the market value of a company is the highest and the cost of the capital is the lowest) and, if so, which factors determine it?

4. Discussion

5. conclusions, institutional review board statement, informed consent statement, data availability statement, conflicts of interest.

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Share and Cite

Kruk, S. Impact of Capital Structure on Corporate Value—Review of Literature. J. Risk Financial Manag. 2021 , 14 , 155. https://doi.org/10.3390/jrfm14040155

Kruk S. Impact of Capital Structure on Corporate Value—Review of Literature. Journal of Risk and Financial Management . 2021; 14(4):155. https://doi.org/10.3390/jrfm14040155

Kruk, Sylwia. 2021. "Impact of Capital Structure on Corporate Value—Review of Literature" Journal of Risk and Financial Management 14, no. 4: 155. https://doi.org/10.3390/jrfm14040155

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Research on capital structure determinants: a review and future directions

Research output : Contribution to journal › Review Article › Research › peer-review

Purpose: The purpose of this paper is to study the status of studies on capital structure determinants in the past 40 years. This paper highlights the major gaps in the literature on determinants of capital structure and also aims to raise specific questions for future research. Design/methodology/approach: The prominence of research is assessed by studying the year of publication and region, level of economic development, firm size, data collection methods, data analysis techniques and theoretical models of capital structure from the selected papers. The review is based on 167 papers published from 1972 to 2013 in various peer-reviewed journals. The relationship of determinants of capital structure is analyzed with the help of meta-analysis. Findings: Major findings show an increase of interest in research on determinants of capital structure of the firms located in emerging markets. However, it is observed that these regions are still under-examined which provides more scope for research both empirical and survey-based studies. Majority of research studies are conducted on large-sized firms by using secondary data and regression-based models for the analysis, whereas studies on small-sized firms are very meager. As majority of the research papers are written only at the organizational level, the impact of leverage on various industries is yet to be examined. The review highlights the major determinants of capital structure and their relationship with leverage. It also reveals the dominance of pecking order theory in explaining capital structure of firms theoretically as well as statistically. Originality/value: The paper covers a considerable period of time (1972-2013). Among very few review papers on capital structure research, to the best of authors’ knowledge; this is the first review to identify what is missing in the literature on the determinants of capital structure while offering recommendations for future studies. It also synthesize the findings of empirical studies on determinants of capital structure statistically.

• Capital structure
• Literature review
• Meta-analysis
• Pecking order

This output contributes to the following UN Sustainable Development Goals (SDGs)

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• 10.1108/IJMF-09-2014-0135

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• Link to publication in Scopus

T1 - Research on capital structure determinants

T2 - a review and future directions

AU - Kumar, Satish

AU - Colombage, Sisira

AU - Rao-Melancini, Purnima

N2 - Purpose: The purpose of this paper is to study the status of studies on capital structure determinants in the past 40 years. This paper highlights the major gaps in the literature on determinants of capital structure and also aims to raise specific questions for future research. Design/methodology/approach: The prominence of research is assessed by studying the year of publication and region, level of economic development, firm size, data collection methods, data analysis techniques and theoretical models of capital structure from the selected papers. The review is based on 167 papers published from 1972 to 2013 in various peer-reviewed journals. The relationship of determinants of capital structure is analyzed with the help of meta-analysis. Findings: Major findings show an increase of interest in research on determinants of capital structure of the firms located in emerging markets. However, it is observed that these regions are still under-examined which provides more scope for research both empirical and survey-based studies. Majority of research studies are conducted on large-sized firms by using secondary data and regression-based models for the analysis, whereas studies on small-sized firms are very meager. As majority of the research papers are written only at the organizational level, the impact of leverage on various industries is yet to be examined. The review highlights the major determinants of capital structure and their relationship with leverage. It also reveals the dominance of pecking order theory in explaining capital structure of firms theoretically as well as statistically. Originality/value: The paper covers a considerable period of time (1972-2013). Among very few review papers on capital structure research, to the best of authors’ knowledge; this is the first review to identify what is missing in the literature on the determinants of capital structure while offering recommendations for future studies. It also synthesize the findings of empirical studies on determinants of capital structure statistically.

AB - Purpose: The purpose of this paper is to study the status of studies on capital structure determinants in the past 40 years. This paper highlights the major gaps in the literature on determinants of capital structure and also aims to raise specific questions for future research. Design/methodology/approach: The prominence of research is assessed by studying the year of publication and region, level of economic development, firm size, data collection methods, data analysis techniques and theoretical models of capital structure from the selected papers. The review is based on 167 papers published from 1972 to 2013 in various peer-reviewed journals. The relationship of determinants of capital structure is analyzed with the help of meta-analysis. Findings: Major findings show an increase of interest in research on determinants of capital structure of the firms located in emerging markets. However, it is observed that these regions are still under-examined which provides more scope for research both empirical and survey-based studies. Majority of research studies are conducted on large-sized firms by using secondary data and regression-based models for the analysis, whereas studies on small-sized firms are very meager. As majority of the research papers are written only at the organizational level, the impact of leverage on various industries is yet to be examined. The review highlights the major determinants of capital structure and their relationship with leverage. It also reveals the dominance of pecking order theory in explaining capital structure of firms theoretically as well as statistically. Originality/value: The paper covers a considerable period of time (1972-2013). Among very few review papers on capital structure research, to the best of authors’ knowledge; this is the first review to identify what is missing in the literature on the determinants of capital structure while offering recommendations for future studies. It also synthesize the findings of empirical studies on determinants of capital structure statistically.

KW - Capital structure

KW - Leverage

KW - Literature review

KW - Meta-analysis

KW - Pecking order

UR - http://www.scopus.com/inward/record.url?scp=85015743903&partnerID=8YFLogxK

U2 - 10.1108/IJMF-09-2014-0135

DO - 10.1108/IJMF-09-2014-0135

M3 - Review Article

AN - SCOPUS:85015743903

SN - 1743-9132

JO - International Journal of Managerial Finance

JF - International Journal of Managerial Finance

A Study on the Determinants of Capital Structure: Evidence from India

IUP Journal of Applied Finance; Hyderabad Vol. 26, Iss. 3, (Jul 2020): 47-59.

Posted: 26 Mar 2021

Atif Ghayas

Aligarh Muslim University

Date Written: March 23, 2020

Decisions concerning capital structure are crucial for every business organization as maximization of firm value is a complex task and involves the selection of debt and equity securities in a balanced proportion, keeping in view the different costs and benefits attached to these securities. This empirical study aims to explore the factors that affect the capital structure in Indian firms and to know which capital structure theory—whether the pecking order theory or the trade-off theory—justifies the findings of the study. The investigation is performed using panel data procedures on Indian firms during 2009-2018. The dependent variables used are short-term debt, long-term debt and total debt. Profitability, firm’s size, growth rate, tangibility, business risk, interest coverage ratio, non-debt tax shield, tax rate and liquidity are taken as the independent variables. The results suggest that variables such as profitability, firm’s size, liquidity, risk and tax rate affect the capital structure of the Indian firms, and short-term debt is found to be an essential financing source of the Indian firms. This study has laid some groundwork to explore the determinants of the capital structure of the Indian firms upon which a more detailed evaluation could be based.

Suggested Citation: Suggested Citation

Atif Ghayas (Contact Author)

Aligarh muslim university ( email ).

Aligarh Uttar Pradesh India

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• DOI: 10.2139/ssrn.4306684
• Corpus ID: 271778714

Determinants of Capital Structure in the Cement Mining Industry on the Nairobi Securities Exchange

• E. Mukhongo , A. Banafa
• Published in Social Science Research… 6 August 2024
• Business, Economics

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Accounting factors affecting the capital structure in the asian economic community, determinants of capital structure within the context of corporate governance in egypt, effect of capital structure on financial performance of consumer goods firms listed in the nairobi securities exchange, the determinants of capital structure of ftse 100 firms in the uk: a fixed effect panel data approach, determinants of capital structure: evidence from turkish lodging companies., the determinants of capital structure: evidence from gcc and uk real estate sectors, asset structure, corporate governance, capital structure and financial performance of construction and manufacturing firms listed in kenya, the determinants of capital structure for vietnamese real estate listed companies, the dynamics of capital structure and heterogeneous systematic risk classes in egypt, the determinants of capital structure: evidence from malaysian companies, related papers.

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Spatio-Temporal Evolution and Influencing Factors of Grain Green Production Efficiency in China Under the Human Capital Perspective—A Study Based on Geographic Detector

• Published: 14 August 2024

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• Liqing Xue   ORCID: orcid.org/0000-0002-6063-6532 1 ,
• Huawei Niu 1 &
• Wenlong Cui 1  

Improving grain green production efficiency (GGPE) can help promote stable food growth while taking into account ecological and environmental protection, which has profound significance for sustainability of the economy and society. Nevertheless, the current measurement of GGPE ignores the role of human capital. Therefore, this paper measures GGPE in 31 Chinese provinces from 2001 to 2020 in terms of human capital, considering carbon emissions as pollutants, and utilizing the slack-based measured directional distance function (SBM-DDF) and Global Malmquist-Luenberger (GML) index model. Based on the standard deviation ellipse (SDE) model and geographic detector, this research analyzes the space–time pattern changes of GGPE and the driving and interacting roles of influencing factors. The results of the study revealed that (1) Chinese GGPE shows a small upward trend in the whole in 2001–2020. However, the lack of technology innovation limits the GGPE’s growth. (2) GGPE in China is spatially featured by the highest values in the center area, followed by the eastern area, and the lowest values in the western area. The spatial center of gravity moves towards the northeast as a whole throughout the research duration. (3) In the viewpoint of spatial stratified heterogeneity, the key influencing factors of GGPE are sunshine conditions, temperature changes, urbanization, industrial structure, and transportation. Sunshine conditions and industrial structure, natural disasters and industrial structure, and temperature changes and economic development have the most prominent driving effect on GGPE after the interaction. Finally, according to the results, this study suggests policy proposals to improve China’s GGPE.

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Data Availability

The datasets used and/or analyzed during the current study are available from the corresponding author on reasonable request.

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Acknowledgements

The authors are grateful to anonymous referees for providing helpful comments and suggestions to improve this study.

This work was supported by the Fundamental Research Funds for the Central Universities (No. 2022ZDPYSK02) and the National Natural Science Foundation of China (No. 71871120).

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Xue, L., Niu, H. & Cui, W. Spatio-Temporal Evolution and Influencing Factors of Grain Green Production Efficiency in China Under the Human Capital Perspective—A Study Based on Geographic Detector. J Knowl Econ (2024). https://doi.org/10.1007/s13132-024-02272-6

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DOI : https://doi.org/10.1007/s13132-024-02272-6

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