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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.
![](http://ortec.site/777/templates/cheerup1/res/banner1.gif)
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.
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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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Perspective of Analysing Capital Structure | Meters |
---|---|
Capital structure is identified with structure of liabilities of balance sheet; it is also called structure of financing sources used in financing company’s operations (R.W. Masulis) | |
Capital structure is relationship between equity and borrowed capital with repayment period of more than one year | |
Capital structure expresses combination of debt and equity securities issued by company | |
Capital structure reflects equity and long- and short-term liabilities, excluding liabilities to suppliers, tax liabilities, and remuneration |
Specification | Theories |
---|---|
Theories of perfect market | |
Theories of imperfect market |
Specification | Theories |
---|---|
Theories according to which capital structure does not affect value of enterprise | |
Theories according to which capital structure affects value of enterprise |
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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.
Original language | English |
---|---|
Pages (from-to) | 106-132 |
Number of pages | 27 |
Journal | |
Volume | 13 |
Issue number | 2 |
DOIs | |
Publication status | Published - 2017 |
- Capital structure
- Literature review
- Meta-analysis
- Pecking order
This output contributes to the following UN Sustainable Development Goals (SDGs)
Access to Document
- 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
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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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40 References
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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Published : 14 August 2024
DOI : https://doi.org/10.1007/s13132-024-02272-6
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The figure indicates that research on capital structure determinants over the past 7 years is generally on a fluctuating trend with a downward trend from the years 2014 to 2016. However, in 2017, 11 papers representing 16% of the entire published papers being reviewed were recorded.
The capital structure study is extant and wide. It touches every sector of the economy with its extreme relevance. Its importance cannot be restricted to empirical analysis and financial data study rather on knowing its significance an attempt has been made to highlight its features, the areas covered the countries in which studies are undertaken, its relation with determinants and its ...
2. Literature review. Financial economists have set four various capital structure theories such as trade-off theory (Kraus & Litzenberger, Citation 1973), pecking order theory (Myers & Majluf, Citation 1984), signaling theory (Ross, Citation 1977) and market timing theory (Baker & Wurgler, Citation 2002).The trade-off theory describes the optimal level of debt as a trade-off between the tax ...
DETERMINANTS OF CAPITAL STRUCTURE: A. LITERATURE REVIEW. Athenia Bongani Sibindi*. *University of South Africa, Department of F inance, Risk Management and Banking, P.O Box 392, UNI SA, South ...
Introduction. Capital structure of the firm, as defined by Baker and Martin (2011), is the mixture of debt and equity that the firm employs to finance its productive assets, operations and future growth. It is a direct determinant of the overall costs of capital and contributes to the firm's total level of risks.
One of the most perplexing issues faced by finance managers is to know about the effect of capital structure on the profitability of firm. Many studies have been carried out to examine the effect of capital structure on the profitability of firms, but most of them belong to other parts of the world, and only few studies have been conducted in India.
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.
This paper reviews empirical capital structure research, concentrating on papers published since 2005. We begin by documenting three dimensions of capital struc ... A Review of Empirical Capital Structure Research and Directions for the Future (April 7, 2011). Annual Review of Financial Economics, Vol. 3, 2011, Available at SSRN: https://ssrn ...
The issue of capital structure in an enterprise is often described in the literature on the subject; however, theories are classified into various approaches, and their characteristics are often limited to selected theories. This work is an attempt at a synthetic presentation of the theory of capital structure. The aim of the article was to review and try to organise the most important ...
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.
In this paper we draw on recent progress in the theory of (1) property rights, (2) agency, and (3) finance to develop a theory of ownership structure for the firm.1 In addition to tying together ...
The traditional (empirical) approach told to businessmen, that weighted average cost of capital, WACC, and the associated company capitalization, V = CF/WACC depend on the capital structure, the level of leverage.Debt cost always turns out to be lower, than equity cost, because first one has lower risk, because in the event of bankruptcy creditor claims are met prior to shareholders' claims.
Methodological approach of research papers on capital structure determinants. Through Figure 3, it is clear that most papers (97%) on capital structure determinants are . quantitative.
Capital structure is a vital component of any business entity. ... For those firms which prefer mixing the two approaches, what would be the best portion for the two approaches? This paper critically reviews the capital structure theories, which include Franco Modigliani and Merton Miller theorem, Trade-off theory of capital structure and taxes ...
In this paper, the concept of capital structure, components of capital structure, and cost of each ... Also, the research will present the capital structure theories and the factors that may influence a firm's capital structure decision. Following that, the research will discuss financial performance and its interplay with capital structure.
Summary This chapter contains sections titled: Introduction Capital Structure Theories Survey Evidence A More Structured Approach: Defining Capital Structure Factors Empirical Issues Summary and Co...
This paper explores the factors that affect the capital structure of Indian firms using panel data procedures and two theories: pecking order and trade-off. The results suggest that profitability, size, liquidity, risk and tax rate are important determinants of capital structure.
The capital structure is proxied by debt-equity ratio, whereas return on equity (ROE) and return on assets (ROA) are used as firm performance indicators. Apart from these, some control variables such as firm size, liquidity, tangibility and growth are also included in the study.
T hirty seven years and hundreds of papers after Modigliani and Miller's seminal work, what do we really know about corporate capital structure choice? Theory has clearly made some progress on the subject. We now understand the most important departures from the Modigliani and Miller assumptions that make capital structure relevant to a firm's value.
capital structure on profits of Indian automobile companies by using variables like Return on Capital Employed, Return on Long Term Funds, Return on Net Worth, Gross Profit ... research papers. This paper adds to the existing literature on the relationship between the firm specific factors and leverage (Suresh Babu, 2016). This study ...
This paper surveys literatures on five theories of capital structure theories from Modigliani and Miller research paper at 1958 to Halov and heider at 2004. There are two main sources of firms' financing: internal and external financing, internal ... Keywords: Capital structure, traditional trade-off theory, pecking order theory, market ...
In this research paper, an attempt is made to analyze the presence of relationship between capital composition and profitability of large companies of India. This study is based on 50 Nifty fifty companies for the period over five years i.e. 2014-2015 to 2018-2019. We have applied correlation and regression in order to study the relationship.
Original Research Paper Management KEYWORDS : capital structure, optimal capital structure Volume-6, Issue-1, January - 2017 • ISSN No 2277 - 8160 Volume : 3 | Issue : 11 | November 2014 • IIF : 3.62 | IC SSN No 2277 - 8179Value 80.26 ABSTRACT The capital structure is major decision in every rm. If this decision is appropriate than its ...
In today's competitive corporate and economic landscape, businesses strive to increase their value by acquiring additional funds or capital for expansion. These funds can be obtained internally, externally, or through loans, including international borrowing. This study specifically focuses on the factors that influence the capital structure of mining companies listed on the Nairobi Securities ...
This study investigates the influence of capital structure on the financial performance of banks in India. The study used a dataset consisting of 57 institutions to examine the correlation between ...
The FDIC is a preeminent banking research institution. The FDIC established the Center for Financial Research to promote research on topics important to the FDIC's mission including deposit insurance, bank supervision, making large and complex financial institutions resolvable, and resolution of failed financial institutions.
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 ...