The Impact of Industry-Adjusted Profitability and S-Curve Targeted Industry on Capital Structure: Evidence from Thailand

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-06-22 DOI:10.21315/aamjaf2023.19.1.9

Sirada Nuanpradit

引用次数: 0

Abstract

This study examines the impact of industry-adjusted profitability and S-curve targeted industries under an innovation-driven economy on firms’ capital structures in Thailand. The results demonstrate that a superior degree of industry-adjusted profitability reduces the need for debt financing. Within the industry, franchise and harvest firms with sufficient earnings have a lower debt overhang than under-performing firms. Furthermore, the S-curve targeted industries, which typically use debt to finance their expensive investments, appear to use fewer loans when they feel pressured by the investment support policy to intensify research and development (R&D) activities. Overall, in the emerging market geared toward a new economic roadmap, firms’ capital structures are shaped by competitive performance as well as industry and policy forces.

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行业调整盈利能力和s曲线目标行业对资本结构的影响:来自泰国的证据

本研究考察了创新驱动经济下行业调整后的盈利能力和S曲线目标行业对泰国企业资本结构的影响。结果表明，行业调整后的盈利能力越高，对债务融资的需求就越少。在行业内，收入充足的特许经营和收获公司的债务负担低于表现不佳的公司。此外，以S曲线为目标的行业，通常使用债务为其昂贵的投资提供资金，当他们感到受到投资支持政策的压力，需要加强研发活动时，似乎使用更少的贷款。总体而言，在面向新经济路线图的新兴市场中，企业的资本结构由竞争表现以及行业和政策力量决定。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets