Questo sito utilizza cookie di terze parti per inviarti pubblicità in linea con le tue preferenze. Se vuoi saperne di più clicca QUI 
Chiudendo questo banner, scorrendo questa pagina, cliccando su un link o proseguendo la navigazione in altra maniera, acconsenti all'uso dei cookie. OK

The Determinants of Capital Structure and its Effects on Corporate Performance:an Econometric Analysis Based on 7,440 US Companies

L'anteprima di questa tesi è scaricabile in PDF gratuitamente.
Per scaricare il file PDF è necessario essere iscritto a Tesionline.
L'iscrizione non comporta alcun costo. Mostra/Nascondi contenuto.

3 and governance. However, the studies and empirical findings of the last decades have at least demonstrated that capital structure has more importance than in the simple Miller- Modigliani model. Probably we are far from reaching a consensus on the perfect combination between equity and debt, but the efforts of fifty years of studies have provided the evidence that capital structure does affect firm value, does affect executives’ behaviour, and does affect future company performance. After a brief summary of the theoretical literature on the different theories developed on the capital structure issue, this paper will provide empirical evidence on the main determinants of capital structure and on how capital structure affects firm’s performance. The analysis is conducted on 7,440 US companies listed on the NYSE, AMEX and NASDAQ whose data were averaged and divided into 100 main industries. The determinants of leverage will be investigated by using panel data and the estimation methods will consist of descriptive statistics, correlations, and panel regressions supported by various diagnostic tests. The paper is organized as follows: Section II consists of brief summary of the literature available on the different theories developed on capital structure. Section III describes the sample and the data used for the estimation of the equations. Section IV and V present respectively the model used to analyse the determinants of capital structure and the empirical results. On the other hand, section VI presents the second analysis, which investigates the effect of financing decision on corporate profits. The results are provided and explained in section VII. Finally, section VIII summarises the main findings of the current study and concludes.

Anteprima della Tesi di Massimiliano Neri

Anteprima della tesi: The Determinants of Capital Structure and its Effects on Corporate Performance:an Econometric Analysis Based on 7,440 US Companies, Pagina 3

Tesi di Laurea

Facoltà: Scienze Economiche e Aziendali

Autore: Massimiliano Neri Contatta »

Composta da 63 pagine.

 

Questa tesi ha raggiunto 1807 click dal 20/03/2004.

 

Consultata integralmente 12 volte.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.