Views
3 years ago

THE DETERMINANTS OF CAPITAL STRUCTURE ... - Ceres

THE DETERMINANTS OF CAPITAL STRUCTURE ... - Ceres

Table 2: OLS´s

Table 2: OLS´s estimations of the determinants of Leverage Determinant Definition Expected Sign Debt/Assets ξ Size Log(Assets) + -0,003 (-0,23) Tangibility Fixed Assets+Inventories/Assets + -0,03 (-0,55) Intangibles/Assets - 1,47 (4,71)** Profitability Op. Result/Assets +/- -0,64 (-4,06)** Non Debt Tax Shield. Depreciation/Assets - 0,55 (0,70) Mark-up Sales/Op. Cost +/- -0,04 (-1,73)* R 2 0,09 F-Statistic 7,3288** ξ Variable to be explained by the model Estimation of Covariance matrix by White T-statistic in parenthesis *(**) denotes significance at 90%(95%) Jarque-Bera 0,27 Probability 0,87 Table 3: TOBIT´s estimations of the determinants of Long-Term Debt Determinant Definition Expected Sign Long Term Debt/Assets ξ Long Term Debt/Liabilities ξ Size Log (Assets) + 0,06 0,08 (4,67)** (4,90)** Tangibility Fixed Assets+Inventories/Assets + 0,17 0,27 (2,26)* (2,45)** Intangibles/Assets - 0,90 0,79 (1,47) (0,97) Profitability Op. Result/Assets - 0,20 0,33 (1,32) (1,46) Maturity of Assets Non-Curr. Assets/Assets + 0,31 0,48 (4,46)** (4,71)** Wald Test F-Statistic 14,02** 17,71** - Whole model signification - Chi-square 70,10** 88,54** ξ Variable to be explained by the model Censored observations: 267 Estimation of covariance matrix by Huber/White. Non-censored observations: 188 Z-statistic in parenthesiss *(**) denotes significance at 90%(95%) 32

Table 4: TOBIT´s estimations of the determinants of Bank Debt Determinant Definition Expected Sign Bank Debt/Assets ξ Bank Debt/Liabilities ξ Size Log (Assets) + 0,02 0,04 (1,96)** (2,19)** Tangibility Fixed Assets+Inventories/Assets + 0,18 0,30 (3,51)** (3,68)** Intangibles/Assets + 1,39 1,51 (2,81)** (2,21)** Profitability Op. Result/Assets ¿? 1,36 0,37 (3,34)** (1,85)* Cash Flow Cash Flow/Assets ¿? -1,05 (-2,68)** Mark-up Sales/Op. Cost ¿? -0,03 (-0,96) Export Profile Exports/Sales + 0,32 0,39 (2,41)** (1,84)* Net Worth Net Worth/Assets ¿? -0,31 -0,21 (-6,56)* (-2,78)** Wald Test F-Statistic 10,01** 5,64** - Whole model signification - Chi-square 80,09** 33,83** ξ Variable to be explained by the model Censored observations: 172 Estimation of covariance matrix by Huber/White. Non-censored observations: 262 Z-statistic in parenthesiss *(**) denotes significance at 90%(95%) 33

ABL / High Risk Capital
what determines the access to finance of smes? - Economic ...
03 - VIII.A. Finance and Capital Structure (REDACTED)_Redacted FINAL
Single-crystal structure determination of (Mg,Fe)SiO3 postperovskite
One way of protein structure representation for determining protein ...
Computational methods for protein crystal structure determination
Capital and Its Structure - Ludwig von Mises Institute
Determinates of Vacant Land Values and Implications for Appraisers
Determinants of Credit Union and Commercial Bank Failures ...
Structuring Co-operative Capital Units –Symposium Findings - CEMI
Bruker AXS Fast Intuitive Structure Determination I Crystal Mounting ...
[+][PDF] TOP TREND Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (Wiley Finance) [FULL]
Determinants of Capital Structure: Evidence from Libya - CiteSeerX
Capital Structure Decisions and Determinants - International ...
Determinants of Corporate Capital Structure: Evidence from ...
Determinants of Capital Structure: Evidence from Pakistani Panel Data
The Determinants of Capital Structure - Qurtuba University of ...
The Determinants of Dutch Capital Structure Choice
the determinants of corporate capital structure: evidence from ...
Determinants of Capital Structure of A-REITs and the ... - PRRES
Determinants of Capital Structure - journal-archieves15 - Webs
Determinants of capital structure in Irish SMEs Abstract This paper ...
What can be the Determinants of Capital Structure of Banking Sector ...
Determinants of Capital Structure for Turkish Firms: A Panel Data ...
The Determinants of Capital Structure Choice Sheridan Titman ...
Non-Linearity in the Determinants of Capital Structure - Centre for ...
Determinants of Target Capital Structure: Evidence on ... - Wbiaus.org
determinants of capital structure in the nigerian listed ... - Garph.co.uk