Relationship between capital structure and firm performance : a comparative study
Doctoral Thesis
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| Định dạng: | Dissertation |
| Ngôn ngữ: | English |
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Europa-Universitat Flensburg
2023
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| Truy cập trực tuyến: | https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/116212 |
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| Thư viện lưu trữ: | Thư viện Trường Đại học Đà Lạt |
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oai:scholar.dlu.edu.vn:DLU123456789-1162122023-10-05T16:57:45Z Relationship between capital structure and firm performance : a comparative study Đỗ, Trọng Hoài Hinz, Holger Menges, Roland Capital structure Firm performance Doctoral Thesis This research examines the relationship between capital structure and firm performance in both directions: the effect of capital structure on firm performance and the influence of firm performance on capital structure in the context of Singaporean, Thai, and Vietnamese listed firms. Besides, this thesis also investigates the effects of some firm-specific factors that are common in corporate finance studies on firm performance and firm leverage level. Furthermore, some country-level variables are checked whether they have any impacts on the financing choices of firms. When analyzing how the capital structure of firms is affected by firm-specific and country-level factors, via using autoregressive models, this study also attempts to identify the adjustment speed of firm financial leverage. This thesis employs the system generalized method of moments estimation and an eight-year sample, including 574 publicly listed firms (4592 firm-year observations) in Singapore, Thailand, and Vietnam to inspect the relationships mentioned above. The results show that there is no effect of capital structure on firm performance that would be explained by the “substitute hypothesis” between leverage and corporate governance. It may also be explained that the two opposite effects of using debt on firm performance (including financial distress costs and the disciplinary role of debt) are equal in the context of the three countries. A similar result is found in the opposite direction of the relationship between capital structure and firm performance. Particularly, although firm performance is theoretically expected to be related to capital structure, the findings in this study indicate that firm performance has no effect on financial leverage level. In the setting of Singaporean, Thai, and Vietnamese listed firms, it is possible that the “substitute effect” of the efficiencyrisk hypothesis and the “income effect” from the franchise-value hypothesis equal to each other in terms of their magnitude. Since the “substitute effect” and “income effect” on capital structure are opposite, the “net” effect is equal to zero. Consequently, the effect of firm performance on capital structure is eliminated. 2023-08-11T05:58:42Z 2023-08-11T05:58:42Z 2020 Dissertation https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/116212 en application/pdf Europa-Universitat Flensburg |
| institution |
Thư viện Trường Đại học Đà Lạt |
| collection |
Thư viện số |
| language |
English |
| topic |
Capital structure Firm performance |
| spellingShingle |
Capital structure Firm performance Đỗ, Trọng Hoài Relationship between capital structure and firm performance : a comparative study |
| description |
Doctoral Thesis |
| author2 |
Hinz, Holger |
| author_facet |
Hinz, Holger Đỗ, Trọng Hoài |
| format |
Dissertation |
| author |
Đỗ, Trọng Hoài |
| author_sort |
Đỗ, Trọng Hoài |
| title |
Relationship between capital structure and firm performance : a comparative study |
| title_short |
Relationship between capital structure and firm performance : a comparative study |
| title_full |
Relationship between capital structure and firm performance : a comparative study |
| title_fullStr |
Relationship between capital structure and firm performance : a comparative study |
| title_full_unstemmed |
Relationship between capital structure and firm performance : a comparative study |
| title_sort |
relationship between capital structure and firm performance : a comparative study |
| publisher |
Europa-Universitat Flensburg |
| publishDate |
2023 |
| url |
https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/116212 |
| _version_ |
1779415665945346048 |