[PDF] Top 20 The Determinants of Capital Structure: Evidence from Non-financial Listed German Companies

... analyze the determinants of the leverage choice of German firms and analyze which financial theory better explains the leverage ratio, more specifically the ... See full document

... consist of Portuguese non-financial companies listed on the Euronext Lisbon stock Exchange from 2005 through ...2015. The final sample consists of 533 firm-years ... See full document

... by the sum of total debt and market capitalization; LTDT (long-term debt to total debt) is defined as long-term debt divided by total debt; STDT (short-term debt to total debt) is defined as short-term debt ... See full document

... that the target debt ratio depends on a firm´s ...optimal capital structure that maximizes the advantages of debt tax-shields and minimizes bankruptcy costs (Shyam-Sunder & Myers, ... See full document

... to non-debt tax shields, we infer from Table 4, 5 and 6 that the expected relation is not verified in Portugal or in Spain in some of the ...for the overall period, contrary to ... See full document

... on evidence in 5 countries of the European Union, Portugal, Italy, Ireland, Greece and Spain (PIIGS), namely the country members that were most affected by the global financial ... See full document

... The financial structure of firms is ultimately understood by outside investors as they see insiders taking decisions (Harris and Raviv, ...on the Pecking Order theory as long as ... See full document

... study, the present one has a number of limitations which are to be ...that the data cannot be 100% ...used. The second limitation pertains the fact that while the field of ... See full document

... During the year of 2005, within our sample time period, a mandatory transition from local account rules (Local GAAP) to International Accounting Standards/International Financial Reporting ... See full document

... sample of this study is represented by the 500 largest Portuguese companies in the information technology industry with reference to the criterion dimension ...turnover. Of ... See full document

... analyses the influence of a number of firm characteristic determinants on SMEs capital structure ...set of 277 exporter SMEs in Portugal, covering a period from ... See full document

... examine the Portuguese outlook. The Reuters Breaking Views columnist Robert Cole’s feeling: “Share repurchases are creeping back into fashion, and they are easier to fall for when markets are on their ... See full document

... that the agency cost variable STOCK is not sig- nificantly different from zero, indicating that ownership dispersion does not appear to influence dividend policy in listed African ...at the 1 ... See full document

... pertinence of this study derives from the fact that, as stated in paragraph 13 of the Conceptual Framework of the SNC (2009), financial statements do not provide ... See full document

... in the cash holdings for US firms ...on the determinants of corporate cash ...Swiss non-financial firms; García- Teruel and Martinez Solano 2008– Spanish firms); EU firms ... See full document

... assess the existence of confirmatory variables of conservatism based on the disclosures made in the financial ...collected from the annual accounts for 2013 and ... See full document

... reports, the severity of the violations ...as the use of multiple scales and baselines and the absence of a financial variable axis are more likely to affect ... See full document

... with the core of the business. On the other side, negative cash flows can be viewed as a serious potential indicator of weakness (possibly long-term bankruptcy) or the need for ... See full document

... its financial reports instead of IAS / IFRS, and thus is excluded from the final sample because of comparability ...other companies in the sport related institutions (SAD) ... See full document

... observe the relation between bank debt and cash holdings using a sample of Japanese firms for the period 1974-1995, a sample of German firms for the period 1984-1994 and a sample ... See full document