SEEU Review vol. 5 Nr. 2 (pdf) - South East European University

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Fitim Deari, MBA and Media Deari Hypothesis In this section we formulate three capital structure respective hypotheses, in light of Agency cost theory, Static Trade-Off theory and Pecking Order theory. First hypothesis is formulated for Agency cost theory. Second hypothesis is formulated for Static Trade-Off theory. Third hypothesis is formulated for Pecking Order theory. We test these hypotheses to find which of those theories are relevant for Macedonian and Slovenian companies. Null hypothesis (Ho) is rejected if result is significant at 1 percent or 5 percent, otherwise alternative hypothesis (Hi) is accepted. Hypothesis 1 Hi: There is positive relationship between leverage and size. Ho: There is negative relationship between leverage and size. Hypothesis 2 H2a Hi: There is positive relationship between leverage and size. Ho: There is negative relationship between leverage and size. H2b Hi: There is positive relationship between leverage and value of tangible assets. Ho: There is negative relationship between leverage and value of tangible assets. H2c Hi: There is positive relationship between leverage and non-debt tax shield. Ho: There is negative relationship between leverage and non-debt tax shield. 76 Hypothesis 3 H3a Hi: There is positive relationship between leverage and growth. Ho: There is negative relationship between leverage and growth. H3b Hi: There is negative relationship between leverage and profitability. Ho: There is positive relationship between leverage and profitability.
<strong>SEEU</strong> <strong>Review</strong> Volume 5, No. 2, 2009 H3c Hi: There is negative relationship between leverage and value of tangible assets. Ho: There is positive relationship between leverage and value of tangible assets. Analysis and discussion of results This section describes descriptive the statistics summary, testing hypothesis, regression tests and discussion of results. The determinants of capital structure for Macedonian and Slovenian listed companies are studied separately. Descriptive statistics and analysis Descriptive statistics includes the mean, standard deviation, minimum and maximum values for the period 2005-2007. The data contain the 32 Macedonian listed companies, respectively 18 Slovenian listed companies. Table 1 shows that there is negative value at minimums values, i.e. some Macedonian listed companies have operated with losses during the period 2005-2007. Table 1: Descriptive statistics of 32 Macedonian listed companies Variable Mean Std. Dev. Min Max Lev .4169926 .2627791 .03723 1.86611 Tang .4876893 .2087219 .10442 .87425 Profit -.009362 .173898 -1.07935 .15423 Size 5.847029 .6056435 4.19712 7.29599 Nondebtax .0333247 .0197036 .0087 .13181 Growth 5.139136 19.29243 -44.21245 104.3237 77
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UNIVERSITETI I EVROPËS JUGLINDORE
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Contents Foreword by the Editor in
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Iranda Bajrami, MA kanë qenë të
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