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Determinants of Capital Structure in Various Circumstances: Could They Be Similar? 不同情况下资本结构的决定因素:它们可能相似吗?
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-10-29 DOI: 10.2139/ssrn.2682904
Ghassan Omet, Bashar Abu Khalaf
{"title":"Determinants of Capital Structure in Various Circumstances: Could They Be Similar?","authors":"Ghassan Omet, Bashar Abu Khalaf","doi":"10.2139/ssrn.2682904","DOIUrl":"https://doi.org/10.2139/ssrn.2682904","url":null,"abstract":"The financial economics literature has given the capital structure choice of firms a lot of attention. Indeed, this literature includes not only econometric analysis of the determinants of capital structure, but also surveys of Chief Financial Officers on this financial decision. This paper reports the leverage ratios of listed Saudi and Palestinian non-financial firms and examines whether the differences in the determinants of their ratios are due to firms-specific factors, or country-specific difference. Based on a total of 55 listed Saudi firms and 18 listed Palestinian firms during the period 2006-2012, and using the Seemingly Unrelated Regression, and Panel data Analysis, the results indicate that factors like asset structure and firm profitability impact the capital structure of both sets of firms. However, the differences in their impact are due to country-specific and not firm-specific factors. This result is not really surprising given that both sets of firms operated under different political and economic circumstances.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117310824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Linking Corporate Social Responsibility Reporting with Corporate Performance: Evidence from Selected Companies in India 将企业社会责任报告与企业绩效联系起来:来自印度选定公司的证据
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-10-23 DOI: 10.2139/ssrn.2678873
P. Goel, P. R
{"title":"Linking Corporate Social Responsibility Reporting with Corporate Performance: Evidence from Selected Companies in India","authors":"P. Goel, P. R","doi":"10.2139/ssrn.2678873","DOIUrl":"https://doi.org/10.2139/ssrn.2678873","url":null,"abstract":"Corporate social responsibility aims at making the process of maximizing the wealth of shareholders more effectively and fairly by taking care of the needs of the society as well. This concept has gained importance in the recent past as business could realize the benefit of CSR in the form of customer loyalty, community support and reduction in environment hazards. Companies need to identify its key stakeholders so that it can manage social and environment responsibility appropriately in response to these stakeholder’s expectations. This paper aims to compare the CSR performances of sample industries in India and develops a relationship between CSR and corporate financial performance. A sample of 120 companies has been taken from the list of ET 500, 2012 to compare the corporate social performance based on self identified parameters of social performance and further relate it with financial performance based on six financial ratios. The result of the Kruskal wallis test reveals that there is no significant difference in the Indian companies in following CSR practices and reporting them in their annual reports. Moreover, as per the correlation analysis no significant relationship was found in the corporate social and financial performance. This implies that Indian companies need to adopt a comprehensive strategy to follow CSR policy implications and take financial benefit of social performance in the long run.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"62 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134005049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Credit Default Swap Spreads and Implied Cost of Equity 信用违约互换价差与隐含权益成本
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-10-04 DOI: 10.2139/ssrn.2591562
Andreas Ita
{"title":"Credit Default Swap Spreads and Implied Cost of Equity","authors":"Andreas Ita","doi":"10.2139/ssrn.2591562","DOIUrl":"https://doi.org/10.2139/ssrn.2591562","url":null,"abstract":"I examine the relationship between credit default swap spreads and implied cost of equity. These two empirically observable measures are surrogates for the larger concepts cost of debt and cost of equity. Using a sample of quarterly observations from 2004-2012 for 93 firms contained in the Markit CDX index, I find that the relationship between CDS spreads and implied cost of equity is overall positive. The relationship is, however, less positive in situations in which incentives for asset substitution are more likely to exist, or if CDS spreads are at a high level. These findings are consistent with theoretical predictions.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133958000","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Earnings Guidance Invite Earnings Management? 盈余指引是否需要盈余管理?
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-09-20 DOI: 10.2139/ssrn.2918459
Thomas King
{"title":"Does Earnings Guidance Invite Earnings Management?","authors":"Thomas King","doi":"10.2139/ssrn.2918459","DOIUrl":"https://doi.org/10.2139/ssrn.2918459","url":null,"abstract":"In the wake of Enron-era scandals, practitioners warn that earnings guidance invites earnings management as executives scramble to achieve previously announced targets. Concurrent academic studies show that company executives manage earnings to achieve benchmark targets. This study attempts to connect these two bodies of work by developing a model of earnings management behavior. Hypothesis testing uses structural equation modeling of responses to a survey completed by 344 financial executives. The primary finding is that general guidance activities appear to constrain earnings management. However, earnings per share guidance given in the context of an active investor relations program is associated with a higher propensity to structure business transactions to manage reported income.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115299232","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Impact of the Financial Crisis on Investments in Innovative Firms 金融危机对创新型企业投资的影响
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-09-01 DOI: 10.2139/ssrn.2666595
Marek Giebel, Kornelius Kraft
{"title":"The Impact of the Financial Crisis on Investments in Innovative Firms","authors":"Marek Giebel, Kornelius Kraft","doi":"10.2139/ssrn.2666595","DOIUrl":"https://doi.org/10.2139/ssrn.2666595","url":null,"abstract":"This paper investigates the impact of the financial crisis on investment decisions in innovative versus non-innovative firms. Firms are defined as being innovative if they have introduced a new product to the market. The empirical test is based on data for the years before and after the recent financial crisis. Probit estimations show that innovative firms are more likely to suffer from the financial crisis and to reduce their investment expenditures in general. To some extent these reductions are due to problems in the acquisition of external capital. Using difference-in-differences methods, it turns out that innovative firms realize the same reduction in growth rates in turnover, but a stronger reduction in investment growth than non-innovative firms.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123185333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment? 危机后银行资本充足率如何影响企业投资?
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-06-01 DOI: 10.5089/9781513593593.001.A001
Yangfan Sun, Hui Tong
{"title":"How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?","authors":"Yangfan Sun, Hui Tong","doi":"10.5089/9781513593593.001.A001","DOIUrl":"https://doi.org/10.5089/9781513593593.001.A001","url":null,"abstract":"We examine the effect of bank capital levels on firm investment drawing on a sample of 11,106 non-financial firms from 2007 to 2013 in 16 advanced economies. We examine two measures of bank capital adequacy, the Tier 1 ratio and a simple leverage ratio, and find that firms with larger external financial needs invest relatively more when domestic financial systems have relatively high leverage ratios. This pattern is more pronounced for those firms that have sound fundamentals, suggesting that bank balance sheets and their willingness to extend credit can be an important factor in determining aggregate investment and growth outcomes. The empirical findings are robust to a range of specifications. Bank Tier 1 capital ratio does not appear to have a significant effect on corporate investment, possibly because a higher Tier 1 ratio also captures a high share of assets with low risk weights.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127988405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Current Assets Management of Small Enterprises 小企业流动资产管理
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-05-17 DOI: 10.2139/ssrn.2970189
Haitham Nobanee, J. Abraham
{"title":"Current Assets Management of Small Enterprises","authors":"Haitham Nobanee, J. Abraham","doi":"10.2139/ssrn.2970189","DOIUrl":"https://doi.org/10.2139/ssrn.2970189","url":null,"abstract":"Purpose - – The purpose of this paper is to investigate the relationship between a firm’s net trade cycle, its size and liquidity. Design/methodology/approach - – The relation between the firm’s net trade cycle and its liquidity is examined using Generalized Method of Moment Dynamic Panel-Data System Estimation with Robust Standard Errors for a sample of 5,802 US non-financial firms listed in the New York Stock Exchange, American Stock Exchange, NASDAQ Stock Market and Over the Counter Market for the period 1990-2004 (87,030 firm-year observations). The analysis is applied at the levels of the full sample and divisions of the sample by size. Findings - – The results show negative and significant relationship between net trade cycle, as a comprehensive measure of efficiency in working capital management, and liquidity for small firms. Originality/value - – Most of the existing literature focusses on the large firm’s experience of working capital management. Small firms generally face liquidity problems and have limited access to external capital, and studies on their efficiency in working capital management are scant. Thus the present study is useful in understanding the relation between the firm’s net trade cycle and liquidity of small firms.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114611298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 27
Investment in Emerging Markets We are Not in Kansas Anymore…Or are We? 投资新兴市场我们已经不在堪萨斯了，还是我们在堪萨斯?
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-04-01 DOI: 10.5089/9781475534221.001.A001
Nicolás E. Magud, S. Sosa
{"title":"Investment in Emerging Markets We are Not in Kansas Anymore…Or are We?","authors":"Nicolás E. Magud, S. Sosa","doi":"10.5089/9781475534221.001.A001","DOIUrl":"https://doi.org/10.5089/9781475534221.001.A001","url":null,"abstract":"We document that (i) although private investment growth in emerging markets has decelerated in recent years, it came down from cyclical highs and remains close to pre-crisis trends; and (ii) investment-to-output ratios generally remain close to or above historical averages. We show that investment is positively related to expect future profitability, cash flows and debt flows, and negatively associated with leverage. Critically, it is also positively related to (country-specific) commodity export prices and capital inflows. Lower commodity export prices and expected profitability, a moderation in capital inflows, and increased leverage account for the bulk of the recent investment deceleration.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115774589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 37
Testing the Modigliani-Miller Theorem of Capital Structure Irrelevance for Banks 银行资本结构不相关性的Modigliani-Miller定理检验
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-04-01 DOI: 10.2139/ssrn.2594025
W. Cline
{"title":"Testing the Modigliani-Miller Theorem of Capital Structure Irrelevance for Banks","authors":"W. Cline","doi":"10.2139/ssrn.2594025","DOIUrl":"https://doi.org/10.2139/ssrn.2594025","url":null,"abstract":"Some advocates of far higher capital requirements for banks invoke the Modigliani-Miller theorem as grounds for judging that associated costs would be minimal. The M&M theorem holds that the average cost of capital to the firm is independent of capital structure, because any reduction in capital cost from switching to higher leverage using lower-cost debt is exactly offset by an induced increase in the unit cost of higher-cost equity capital as a consequence of the associated rise in risk. Statistical tests for large US banks in 2002–13 find that less than half of this M&M offset attains in practice. Higher capital requirements would thus impose increases in lending costs, with associated output costs from lower capital formation. These costs to the economy would need to be compared with benefits from lower risk of banking crises to arrive at optimal levels of capital requirements.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"1941 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129120757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
Corporate Life-Cycle Dynamics of Cash Holdings 现金持有的企业生命周期动态
ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2015-03-14 DOI: 10.2139/ssrn.2578315
W. Drobetz, M. Halling, H. Schröder
{"title":"Corporate Life-Cycle Dynamics of Cash Holdings","authors":"W. Drobetz, M. Halling, H. Schröder","doi":"10.2139/ssrn.2578315","DOIUrl":"https://doi.org/10.2139/ssrn.2578315","url":null,"abstract":"This paper shows that the corporate life-cycle is an important dimension for the dynamics and valuations of cash holdings. Our results indicate that firms’ cash policies are markedly interacted with their strategy choices. While firms in early stages and post-maturity stages hold large amounts of cash, cash ratios decrease when firms move towards maturity. Much of this variation in cash holdings is attributable to a changing demand function for cash over the different life-cycle stages. Trade-off and pecking order motives are of different importance for cash policies dependent on a firm’s life-cycle stage. An additional dollar in cash is highly valuable for introduction and growth firms, while a dollar in cash adds, on average, less than a dollar in market value for firms in later life-cycle stages, most likely due to increasing agency problems. Most of the dynamics in cash holdings are observed at life-cycle transition points rather than during the different life-cycle stages. Finally, the secular trend in cash holdings seems strongly attributable to increases in cash in the introduction and the decline stage.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125857894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 31
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