Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 16 of 16 for “"Optimal Capital Structure"”.
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Optimal capital structure for JSE listed companies
This report details a study of capital structure for JSE listed companies. The study considered historical financial information for JSE listed companies over the period 1987 to 2009 and asked two central questions, with the benefit of hindsight. Firstly, could JSE listed companies have used more …
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Optimal capital structure of deep sea foreign freight transportation companies
This thesis aims to understand the optimal leverage range for shipping companies (maritime foreign freight transportation companies - SIC 4412), through data analysis. This study confirms that in a traditional industry like shipping, the Market value-leverage curve is very similar to the …
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Optimal capital structure and share repurchases: a case study of Anglo American Plc
… provide the firm with flexibility regarding its capital structure. We investigated the capital structure of AAL for the years 2004 to 2012 from an optimal capital structure perspective. Using a CAPM approach, we find no evidence that AAL targeted or implemented a capital structure, which could be …
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The effect of South African dividend and capital gains taxes on cost of capital, firm value and capital structure
… the secondary tax on companies (STC) and capital gains tax (CGT) on investor measures of expected return and firm value, firm cost of capital and optimal capital structure. The discussion, findings and models presented in this study are entirely original in the field of South African …
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Financial crisis management: application to SMEs in Australia
… financial engineering, portfolio theory, CAPM, capital budgeting and optimal capital structure; (ii) accounting theories and practices including corporate financial distress and financial ratio analyses; and (iii) corporate management theories and principles with major emphasis on corporate …
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Does the capital structure impact the company performance: empirical research of the effect of financing decisions on a company’s profitability? Evidence from the UK Pharmaceutical and biotechnology sector
Capital structure is among the most significant subject in finance, and managers are tasked with selecting the optimal capital structure option to improve the performance of their organisations. In this thesis, we aim to analyse how capital structure choice affects the company’s performance and …
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European capital structures and the macroeconomic, corporate and taxation environments
… whether European firms exhibit firmspecific optimal capital structure solutions. If the capital structure of the firm is irrelevant then the finance manager should concentrate upon the maximisation of the returns from the firm's investment projects alone. Alternatively, if the capital …
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Capital structure theory and flotation costs: an empirical analysis of utility debt and equity decisions
This research investigates which theory -- an optimal, irrelevance, or modified pecking order -- best explains a firm's capital structure. A sample of 457 debt and equity utility offerings made from 1973-1982 is used in logit regression analysis to test the predictions of the different theories and …
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Industry characteristics, agency theory, and the interaction of capital structure and dividend policy
… modelled and tested the firm’s dividend and capital structure decisions separately. In this dissertation, a model is developed based on agency cost considerations and dividends as a means of controlling equity agency costs, which simultaneously determines the optimal capital structure and …
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Industrial revenue bonds: tests of capital structure theory and segmentation of the tax-exempt bond market
… of non-debt tax shields, a proxy for an interior optimal capital structure, or the risk of the issue. It is consistent, however, with the argument that lRBs provide a subsidy to issuing firms. Miller's [1977] equilibrium model predicts that the tax rate of the marginal buyer of debt will be equal …
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Three essays in corporate finance
… examining the joint relationships between firm capital structure choice and labor market outcomes in an economy featuring two-sided labor market search frictions. I nest a canonical asset pricing and capital structure model in the spirit of Leland (1994) into a competitive searching and …
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Essays in asset securitisation
… wealth? The role of securitisation in a bank's optimal capital structure is explored. Fourth, the thesis looks at whether there are differences in the pricing behaviour of financial firms which originate assets to finance them through securitisation, and depository institutions which use a …
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Analisis faktor-faktor yang mempengaruhi struktur modal pada industri kecil menengah (IKM) pada Sentra Bordir Bangil 2009-2013
… agar diperoleh kombinasi struktur modal yang optimal. Sehingga penelitian ini bertujuan untuk mengetahui pentingnya pengaruh faktor-faktor yang mempengaruhi struktur modal. Penelitian ini menggunakan pendekatan Kuantitatif Deskriptif, objek penelitian ini adalah IKM yang terdaftar di Sentra …
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Essays in Capital Structure
… critical roles in the determination of corporate capital structures.</p> <p>Chapter 1 estimates firm-specific marginal cost of debt functions for a large panel of companies between 1980 and 2007. The marginal cost curves are identified by exogenous variation in the marginal tax benefits of debt. …
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Faktor-faktor yang mempengaruhi struktur modal perusahaan yang terdaftar di JII periode 2011-2013
… untuk menentukan komposisi struktur modal yang optimal dimana dengan cara menghimpun dana dari dalam maupun luar perusahaan secara efisien. Penelitian ini bertujuan untuk melihat pengaruh secara simultan dan parsial variabel profitabilitas, size, keunikan, NDTS, struktur aktiva, pertumbuhan …
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Inter-relationship between the capital structure and distribution policies of companies listed on the JSE
… theory as well as agency problems to explain capital structure and distribution strategies independently. However, the theories of the signalling, pecking-order, trade-off and agency cost suggest that a company’s capital structure and distribution strategies are interrelated not only through …