检索结果-南通市图书馆

The effects of managerial ability on firm performance and the mediating role of capital structure:evidence from Taiwan

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Financial Innovation 2021年第1期7卷 1995-2017页

作者： Irene Wei Kiong Ting Imen Tebourbi Wen‑Min Lu Qian Long Kweh Faculty of Industrial Management Universiti Malaysia PahangPahangMalaysia Faculty of Management Canadian University DubaiDubaiUnited Arab Emirates Department of International Business Administration Chinese Culture UniversityTaipeiTaiwan

This study utilizes mediation analysis and bootstrapping to analyze the mediating effect of capital structure on the association between managerial ability and firm *** dataset consists of 6384 firm-year observations from the Taiwan Residents electronics industry during 2005–*** results indicate that(1)low(high)levels of debt are likely observed in firms with CEOs with high(low)ability,(2)managerial ability positively affects firm performance,and(3)capital structure mediates the positive relationship between managerial ability and firm ***,the findings may have limited generalizability due to the specific sample characteristics and provide convincing support for the importance of capital structure as a mediator in the managerial ability-firm performance ***,this study highlights the need for examining the effect of managerial ability on firm performance through a mediator.

关键词： Managerial ability capital structure Firm performance Mediation analysis StoNED Taiwan

Government ownership and the capital structure of firms:Analysis of an institutional context from China

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China Journal of Accounting Research 2018年第3期11卷 171-185页

作者： Xiaohong Huang Rezaul Kabir Lingling Zhang University of Twente

Emerging economies provide interesting scenarios for examining how institutional context influences the financing behavior of firms. In this study, we examine the capital structure of Chinese listed firms following the SplitShare structure Reform of 2005. This reform allowed a reduction of government ownership by making government shares tradable. We find that the impact of government ownership on leverage is dependent on whether the government is the largest shareholder in a firm and whether the government ownership is through a parent state-owned enterprise. In addition, we document that the largest non-government shareholder positively influences ***, our results reveal that the largest controlling shareholder, either government or non-government, has a significant impact on the capital structure of Chinese firms.

关键词： capital structure Leverage Ownership Government ownership China

Performance and capital structure of IPOs in Pakistan from 2000 to 2015

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Financial Innovation 2016年第1期2卷 167-185页

作者： Attiya Yasmin Javid Henna Malik Economics Department Pakistan Institute of Development Economics(PIDE)Quaid-i-Azam UniversityP.O.Box 1091IslamabadPakistan Pakistan Institute of Development Economics(PIDE) Economics and Finance DepartmentQuaid-i-Azam UniversityP.O.Box 1091IslamabadPakistan

Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized *** study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in *** further investigates the relationship between capital structor and initial underpricing for both group of ***:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of ***:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are *** a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock *** results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to ***-day returns,market volatility and retained ownership are associated with higher five-year *** find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to *** size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership ***:Same level of underpricing in both private

关键词： Initial public offering Underpricing Aftermarket performance Private owned firms Public owned firms capital structure Pakistan

Business Life Cycle and capital structure： Evidence from Chinese Manufacturing Firms

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

China & World Economy 2015年第2期23卷 22-39页

作者： Lin Tian Liang Han Song Zhang Surrey Business School University of Surrey Guildford UK School of Economics and Management Shihezi University Shihezi Xinjiang School University of Surrey Guildford Surrey UK Lancashire Business School University of Central Lancashire Preston UK

This paper uses a panel data-fixed effect approach and data collected from Chinese public manufacturing firms between 1999 and 2011 to investigate the impacts of business life cycle stages on capital structure. We find that cash flow patterns capture more information on business life cycle stages than firm age and have a stronger impact on capital structure decision-making. We also find that the adjustment speed of capital structure varies significantly across life cycle stages and that non-sequential transitions over life cycle stages play an important role in the determination of capital structure. Our study indicates that it is important for policy-makers to ensure that products and financial markets are well-balanced.

关键词： capital structure cash flow life cycle transition

capital structure Determinants and Their Impact on Firm Value： Evidence From Indonesia

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Economics World 2016年第4期4卷 179-186页

作者： Sutrisno Universitas Islam Indonesia Yogyakarta Indonesia

This study has two main purposes, i. e., the first is to discover and analyze capital structure determinants, and the second is to discover and analyze the influence of capital structure determinants on firm value in which capital structure treated as a moderating variable. Factors suspected to be determinants of capital structure consist of company growth, profitability, asset structure, leverage, and company size. The population in this study were manufacturing companies listed in Indonesian Stock Exchange. Using purposive sampling method, 125 companies with four years" (2008-2011) observation period were collected. The analysis tool used was multiple regression. The results showed that factors which significantly determined capital structure were fixed asset structure, leverage, profitability, and size, while company growth did not influence capital structure. Meanwhile, with capital structure as a moderating variable, asset structure, leverage, and profitability significantly influence the firm value, while company growth and company size did not influence the firm value.

关键词： capital structure asset structure leverage firm value firm size

Index Analysis System of capital structure for Listed Firms

在线全文

维普期刊数据库

学校读者我要写书评

暂无评论

Systems Science and Systems Engineering 2000年第4期10卷 475-481页

作者： WANG Juan 1,\ WAN Wei\|wu 2 1.Management School, Shanghai Jiaotong University, Shanghai 200030, China 2.Management School, Xi′an Jiaotong University, Xi′an 710049, China

capital structure research usually emphasizes on corporate tax, personal tax, agency cost, bankruptcy cost, etc. These standards aren′t so easy to be quantified that it is difficult to carry out detailed capital structure analysis. This paper tries to set up an index system of capital structure to make the analysis clearer and more determined. The system includes index system of financial statements, index system of financial figures per share, and index system of risk. Finally a case study is shown in this paper.

关键词： capital structure index system capital co|

capital structure and the Firm Determinants: Evidence from Small and Medium Enterprises （SMEs） in Malaysia

维普期刊数据库

同方期刊数据库评论

在线全文

学校读者我要写书评

暂无评论

Capital Structure and the Firm Determinants: Evidence from S...

capital structure and Innovation Performance:Evidence from China

2011 International Conference on Economics,Trade and Development（ICETD 2011）

作者： Haslindar Ibrahim Tajul Ariffin Masron School of Management Universiti Sains Malaysia 11800 USM Penang Malaysia

We examine the determinants of capital structure of small and medium enterprises （SMEs） by utilizing the data of 15,323 companies only for the year 2007 covering the northern area of Peninsular Malaysia such as the state of Perak, Penang, Kedah and Perlis. By conducting cross-sectional data analysis, we found that the determinants factor such as size, profitability and tangible asset is significantly related to long term debt. Size and tangible assets have a persistent and consistent negative and significant relationship with long term debt. Further, profitability is found to be significantly and positively related to long term debt. However, the study found that the liquidity has no impact on long term debt in SMEs.

关键词： capital structure SMEs Long-term debt

来源： cnki会议评论

在线全文

cnki会议

学校读者我要写书评

暂无评论

Capital Structure and Innovation Performance:Evidence from C...

作者： JONATHAN MORDH（郭运生）北京邮电大学

学位级别：硕士

There is a significant lack of research related to the financing of innovation in the context of emerging economies such as China, and how managers choose between debt and equity financing is still largely not resolved. This paper, utilizing a data sample from Chinese Listed Companies Annual Reports of 2006 to 2011 for regression analysis, sets out to examine the relative costs for external funding (both debt and equity) for innovative firms and how a firm's choice of financing affects innovation performance. Our data set and variables allow us to explore financial slack levels combined with firm strategy and corporate governance as key moderators for the relationship between a firm's capital structure and innovation performance. Of note, leverage ratios and patents obtained do not have an inverted-U relationship as expected. Rather, we find evidence that Chinese listed companies with more innovative activities find more debt than equity to be either available or beneficial. Our analysis indicates that the degree to which a firm invests in innovative projects does very little to impact how debt or equity also influence innovation performance. Lastly, our results imply that higher salary for top management may, although not greatly, weaken the influence financial slack has on innovation, and when ownership is more concentrated, it is likely to induce less innovative activity. We conclude that theoretical assumptions surrounding leverage levels and their influence on innovation for Chinese listed firms are likely misunderstood.

关键词： capital structure Innovation Strategy Corporate Governance

Co-alignment between Environment Risk,capital structure,Growth and High-tech Firm Performance

同方学位论文库评论

在线全文

同方学位论文库

学校读者我要写书评

暂无评论

Journal of Southwest Jiaotong University(English Edition) 2007年第3期15卷 236-241页

作者：李延喜包世泽 School of Management Dalian University of Technology

To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.

关键词： Environment risk capital structure Growth Firm performance High-tech firm