Determinants of capital structure an empirical study of american companies
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Determinants of capital structure an empirical study of american companies
Tệ ồUCD DUBLINUCD Michael SmurfitGraduate Business SchoolDETERMINANTS OF CAPITAL STRUCTUREAN EMPIRICAL STUDY OF AMERICAN COMPANIESSupervisor:Dr. Corma Determinants of capital structure an empirical study of american companies ac Mac FhionnlaoichAuthor:Nguyen Thi Dieu HongAugust 31s’2016AbstractThis study investigates the factors that potentially have impact on capital structure decisions of American firms, and identify the key determinants of the capital structures of these firms. The paper also explores the capital stru Determinants of capital structure an empirical study of american companies cture theories and how they explain capital structure decisions of firms worldwide and in the U.S. The sample of includes 1.500 U.S firms, which coverDeterminants of capital structure an empirical study of american companies
s 90% publicly-traded companies in the U.S during post-financial crisis time, from 2010 to 2016. Using panel data techniques with fixed-effects model Tệ ồUCD DUBLINUCD Michael SmurfitGraduate Business SchoolDETERMINANTS OF CAPITAL STRUCTUREAN EMPIRICAL STUDY OF AMERICAN COMPANIESSupervisor:Dr. Corma Determinants of capital structure an empirical study of american companies potentially determine capital structure: business risk, profitability, firm size, growth opportunities, tangibility of assets, non-debt tax shields.This study finds that the most reliable and important factors that determine the use of debt by American listed firms are firm size (+), tangibility of Determinants of capital structure an empirical study of american companies assets (+), profitability (-). Besides, the moderately influential factors of leverage includes: business risk (+/-), non-debt tax shield (+/-) and grDeterminants of capital structure an empirical study of american companies
owth opportunities (+/-). The study finds evidences which are consistent with pecking-order theory' prediction of a positive relationship between asseTệ ồUCD DUBLINUCD Michael SmurfitGraduate Business SchoolDETERMINANTS OF CAPITAL STRUCTUREAN EMPIRICAL STUDY OF AMERICAN COMPANIESSupervisor:Dr. Corma Determinants of capital structure an empirical study of american companies ff theory's prediction of negative relationship between non-debt tax shield and leverage, business risk and leverage. The trade-off suggestion of a positive relationship between asset tangibility and financial leverage are also confirmed by this study. Finally, agency's prediction of a negative rela Determinants of capital structure an empirical study of american companies tionship between growth opportunities and leverage is moderately supported by a negative and insignificant relationship found in this study.AcknowledgDeterminants of capital structure an empirical study of american companies
ementIn the last three months, I have been lucky to receive great support from many people who have helped to make this study possible.At first, I wouTệ ồUCD DUBLINUCD Michael SmurfitGraduate Business SchoolDETERMINANTS OF CAPITAL STRUCTUREAN EMPIRICAL STUDY OF AMERICAN COMPANIESSupervisor:Dr. Corma Determinants of capital structure an empirical study of american companies ing the process of conducting this research. Dr.Cormac Mac Fhionnlaoich has shown great support in guiding me through this project, providing detailed comments and thoughtful suggestions in my completion of the project.Furthermore. I would like to send my appreciation to Irish Aid, The UCD Michael S Determinants of capital structure an empirical study of american companies murfit Graduate Business School staff and lectures, and ICOS for giving the scholarship and support me during my academic year in Ireland.I also wouldDeterminants of capital structure an empirical study of american companies
like to place on the record my sincere gratitude to my IDEAS Fellows, in particular, Pham Khanh Linh, for his guide on data solving and Nguyen Thi PhTệ ồUCD DUBLINUCD Michael SmurfitGraduate Business SchoolDETERMINANTS OF CAPITAL STRUCTUREAN EMPIRICAL STUDY OF AMERICAN COMPANIESSupervisor:Dr. Corma Determinants of capital structure an empirical study of american companies nstant care for me on the W'ay to my completion of the master program.Contentso1INTRODUCTION.......................................................12LITERATURE REVIEWS................................................32.1.Modigliani-Miller theorem......................................32.2Tradeoff theo Determinants of capital structure an empirical study of american companies ry................................................32.3.Pecking order theory...........................................72.5. Determinants of capital stDeterminants of capital structure an empirical study of american companies
ructure..............................82.5.1.Size.......................................................82.5.2.Tangible assets.........................Tệ ồUCD DUBLINUCD Michael SmurfitGraduate Business SchoolDETERMINANTS OF CAPITAL STRUCTUREAN EMPIRICAL STUDY OF AMERICAN COMPANIESSupervisor:Dr. Corma Determinants of capital structure an empirical study of american companies 102.5.5.Non-debt taxed shield.....................................112.5.6.Risk......................................................123DATA AND METHOLOGY...............................................153.1Data Description..............................................153.2Panel data regression model. Determinants of capital structure an empirical study of american companies ..................................15Tệ ồUCD DUBLINUCD Michael SmurfitGraduate Business SchoolDETERMINANTS OF CAPITAL STRUCTUREAN EMPIRICAL STUDY OF AMERICAN COMPANIESSupervisor:Dr. CormaTệ ồUCD DUBLINUCD Michael SmurfitGraduate Business SchoolDETERMINANTS OF CAPITAL STRUCTUREAN EMPIRICAL STUDY OF AMERICAN COMPANIESSupervisor:Dr. CormaGọi ngay
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