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Determinants of Corporate Borrowing a Comparative Study of Developed, Emerging and Developing Countries

Thesis Info

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Author

Khan, Basharat

Program

PhD

Institute

Capital University of Science & Technology

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11811/1/Basharat%20Khan%20Mngt%20Sc.%202019%20cust%20isb%20prr.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724597299

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Previous literature suggests that some predictions of the capital structure theory are portable across countries. But still there are persistent discrepancies and crossectional variations regarding choice of debt. Therefore not only firm specific, but country specific factors are also influencing firms’ choice of debt. The basic purpose of this dissertation is to investigate exactly which predictions of the theory are portable across and how debt choice is influenced by institutional features in developed, emerging and developing economies. This particular study analyzes and compares the determinants of debt ratios using firm specific data from 2006 to 2016 for a sample comprised of 9536 non financial firms from 27 countries. Our sample of countries includes 10 each from developed and emerging and 07 from developing economic block. Panel data models have been used to test the impact of 09 firm specific attributes on debt ratios in indi vidual countries. Comparison of results suggest that profitability and size of firm are two widely validated firm specific determinants of long term debt ratios across all countries irrespective of economic blocks they belong. Similarly assets struc ture and liquidity are consistent and most validated firms’ specific determinants of short term debt across all countries. Negative slopes of profitability, asset struc ture and liquidity are in line with pecking order hypothesis, while positive slope of size is in accordance with trade-off theory. Apart from profitability, size, asset structure and liquidity rest of regressors have different impact on leverage ratios in different countries. Thus we say that it is difficult to reconcile all firm specific factors under a single theoretical frame work. However theoretical predictions of pecking order theory are widely validated. We also examine the impact of 06, country specific attributes on average long term debt ratios in each economic block using panel data models. Regression outputs show that countries characteristics differently influence average long term debt ratios in the three economic blocks. Bond market development in advanced countries is the only positive significant factor that affects average long term debt in developed countries. Results of emerging block show that both legal integrity and bond market development significantly influence firm’s choice to employ debt. In contrast to emerging countries, our results suggest that improvement in legal enforcement and integrity actually encourages firms in the developing countries to borrow more in long run.
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عمل سے زندگی بنتی ہے جنت بھی جہنم بھی

عمل سے زندگی بنتی ہے جنت بھی جہنم بھی
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
والعصر ان الانسان لفی خسر . الا الذین امنو وعملو الصلحت ط
صدر ِذی وقار اور میرے ہم مکتب ساتھیو!
آج مجھے جس موضوع پر لب کشائی کا موقع ملا ہے وہ ہے ڈاکٹر علا مہ محمد اقبال رحمۃ اللہ علیہ کے شعر کا مصرع:’’عمل سے زندگی بنتی ہے جنت بھی جہنم بھی‘‘
جنابِ صدر!
اگرچہ پڑھنے میں قاری کو ایک مصرع نظر آتا ہے۔ لیکن اپنے اندر مفا ہیم اور مطالب کا ایک جہان آباد کے ہوئے ہے۔ علامہ اقبال رحمۃ اللہ علیہ قوم کو خواب غفلت سے بیدار کرتے ہوئے فرماتے ہیں کہ عمل کے بغیر تصور زیست ممکن ہی نہیں، زندگی حرکت وعمل کا دوسرا نام ہے۔ اوربے عملی یا جمود کا دوسرا نام موت ہے، عمل سے ہی زندگی کا بگاڑ ہے، اورعمل سے ہی زندگی کا نکھار ہے۔ جام زندگی کے دوام کا راز گردش پیہم میں پوشیدہ ہے۔ بے عملی نہ صرف انسان کو کاہل ، سست اور کمزور بناتی ہے بلکہ بے یقین اور بزدل بھی بناتی ہے، اس کے برعکس عمل انسان کومستعد ،معتمد اور معزز بناتا ہے۔ اقبال کے الفاظ ہیں :
چلنے والے نکل گئے ہیں
جو ٹھہرے ذرا کچل گئے ہیں
کلام پاک میں یہ بات قسم اُٹھا کر بتائی جارہی ہے کہ انسان نقصان میں ہے لیکن جو لوگ ایمان لائے اور نیک کام کرتے ہیں وہ نقصان میں نہیں ۔معلوم ہوا کہ انسان کا انسانیت کی معراج پر فائز ہونابغیر عمل کے ممکن نہیں۔ بقول شاعر:۔
خود عمل تیرا ہے صورت گر تری تقدیر کا
شکوہ کرنا ہو تو اپنا کر مقدر کا نہ کر
جو انسان صاحب عمل ہوتا ہے وہ اپنے کسی کام...

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Life of Iqbal is the source of many virtues. This article focuses on some of the sources and motivations that influenced Iqbal's personality. Home environment was the first school of training for Iqbal. Parent's training made him a person of outstanding qualities from the time of childhood. The teachers polished more. Iqbal was also influenced by Sir Syed's movement. This article will give you a glimpse of the research and critique of many new aspects. We must consider the motives of Iqbal's knowledge and wisdom. By the study of these motives, we can examine the mental evolution of Iqbal. Therefore, everything should come to light. Iqbal also expressed his love for nature but within limits. Otherwise, people would make nature an idol and start worshiping it. Authoritative quotes from experts are the part of this research article. These references will provide assistance in the topics of Iqbal Studies.

Impact of Capital Structure and Working Capital Management on the Financial Performance of Selected Non-Financial Firms in Pakistan

Capital structure is the proportions of debt instruments, preferred stock and common stock on company's balance sheet. Business entities choose different combinations of equity, debts and other options for the purpose of financing their assets. Some businesses choose more financing from the equity and less from debts, while others rely more on debts and less on equity financing depending upon nature of their business, industry and risk. Firms mostly go for that combination of debt and equity that optimizes their cost of capital and risk. Perfect combination of capital structure and working capital enhance the profitability and financial performance of the firms. This study is conducted to examine the impact of capital structure and working capital management on the financial performance of selected non-financial firms in Pakistan. For this purpose 78 non-financial firms listed on Karachi Stock Exchange (KSE) have been selected for the period of seven years from 2005 to 2011. The data is obtained from the financial statements analysis published by the statistics department of State Bank of Pakistan. For the purpose of analysis, descriptive, correlation and panel data analysis are used in this research. Twelve panel data (regression) models have been used to investigate the impact of capital structure and working capital management on financial performance of the firms. In these models three proxies are used as independent variables to measure the capital structure i.e. total liabilities to total assets, long-term liabilities to total assets and short-term liabilities to total assets. Three proxies are used as independent variables to measure the management of working capital i.e. receivable conversion ratio, inventory conversion ratio and current ratio while the natural logarithm of sales is used as control variable to measure the size of the firms. In these panel data (regression) models return on total assets, net profitability, return on shareholders' equity and earnings per share are used as dependent variables to quantify the financial performance of the firms listed on Karachi Stock Exchange. The results of the analysis showed that debts lead to decrease the financial performance of the firms while all the measures of working capital management have positive impact on firms' performance. The results also revealed that good combination of capital structure and working capital has significant impact on financial performance of non-financial firms listed on KSE. So these firms have to give due consideration to the financing options and management of working capital to increase their financial performance.