determinants of capital flows and capital flight

... concept of capital structure; the meaning of the capital structure of the firm, influencing factors and the level of them affecting capital structure of firm; (2) theoretical background; and (3) ... of capital structure; the meaning of the capital structure of the firm, influencing factors and the level of that factors affecting capital structure of firm; (2) theoretical background; and ... to increase profits and increase the value of the enterprise The mobilization of capital on the one hand just meets the capital needs for production and business, on the other hand, enterprises

Ngày tải lên: 25/08/2022, 07:47

... research TABLE OF CONTENTS Page TITLEPAGE DECLARETION ACKNOWLEDGEMENT ABSTRACT TABLE OF CONTENTS LIST OF TABLES LIST OF FIGURE LIST OF ACRONYMS 10 Chapter INTRODUCTION 11 1.1 Background of the Study ... our class and give us every information that we need during this Course To All my dear professors from Jean Mounlin Lyon and Faculty of international training in Viet Nam University of Commerce ... Objective of the Study 12 1.3 Important of the Study 12 THEORETICAL PERSPECTIVES, LITERATURE REVIEW AND STUDIES, RESEARCH QUESTIONS AND HYPOTHESES 14 2.1 Introduction 14 2.2 Board and Women in

Ngày tải lên: 09/09/2013, 23:50

... FRAMEWORK AND DETERMINANTS OF CAPITAL STRUCTUREThis chapter presents four theories of capital structure and determinants ofcapital structure Although many researches have been conducted to analyzedeterminants ... 1: THEORETICAL FRAMEWORK AND DETERMINANTS OF CAPITAL STRUCTURE 6 1.1 Basis concepts of Capital Structure 6 1.1.1 Definition of Capital Structure 6 1.1.2 Theories of Capital Structure 6 1.1.2.1 ... need to understand capital structure’s determinants and itsimpacts on firm performance Despite many capital structure research papers gave empirical proofs regardingdeterminants of capital structure

Ngày tải lên: 11/07/2016, 15:57

... FRAMEWORK AND DETERMINANTS OF CAPITAL STRUCTUREThis chapter presents four theories of capital structure and determinants of capitalstructure Although many researches have been conducted to analyze determinants ... need to understandcapital structure’s determinants and its impacts on firm performance Despite many capital structure research papers gave empirical proofs regardingdeterminants of capital structure ... CAPITAL STRUCTURE 14 1.1 Basis concepts of Capital Structure 14 1.1.1 Definition of Capital Structure 14 1.1.2 Theories of Capital Structure 15 1.2 Determinants of Capital Structure 27 1.2.1 Firm size

Ngày tải lên: 11/07/2016, 17:22

... impact on capital structure decisions of American firms, and identify the key determinants of the capital structures of these firms The paper also explores the capital structure theories and how ... data of U.S companies between 1974 and 1982 was used to examine theoretical determinants of capital structure Following this, Rajan and Zingales (1995) investigated the determinants of capital ... idea of trade-off theory is that that firms follow an optimal capital structure to maximize value by offsetting the cost of the additional unit of debt by its benefit Baxter (1967) and Kraus and

Ngày tải lên: 14/12/2016, 09:42

... measurement of capital structures The relationship of growth and Total Debt to Book value of capital, Short-term Debt to Book value of capital is positive The relationship of growth and Total Debt ... impact on capital structure decisions of American firms, and identify the key determinants of the capital structures of these firms The paper also explores the capital structure theories and how ... idea of trade-off theory is that that firms follow an optimal capital structure to maximize value by offsetting the cost of the additional unit of debt by its benefit Baxter (1967) and Kraus and

Ngày tải lên: 18/03/2017, 02:17

... the scope of our survey Unlike GH who examine many aspects of corporate finance including capital budgeting, cost of capital, and capital structure, our survey is focused primarily on capital structure ... and optimal capital structure, Journal of Finance 32, 1-19 Shyam-Sunder, Lakshmi, and Stewart Myers, 1999, Testing static tradeoff against pecking order models of capital structure, Journal of ... Wright, and Theo Beekhuisen, 1974, A comparative international study of growth profitability, and risk as determinants of corporate debt ratios in the manufacturing sector, Journal of Financial and

Ngày tải lên: 02/07/2017, 20:27

... trade-off models understand the optimal capital structure as an optimal solution of a trade-off, for example the trade-off between a tax shield and the costs of financial distress in the case of ... volatility, and profitability are factors that may affect leverage according to different theories of capital structure Still, other authors may provide another set of potential determinants of capital ... that most of the determinants of capital structure (e.g size, profitability, growth, and more) seem to be relevant for both short-term and long-term debt ratios They also find that time and industry

Ngày tải lên: 10/01/2018, 10:01

... implication of corporate tax and its effect on cost of capital Modigliani and Miller offered a new article to the corporate finance literature ‘Corporate Income Taxes and the Cost of Capital’ Thus, ... Titman and Wessels (1988), Bennett and Donnelly (1993), Rajan and Zingales (1995), Bevan and Danbolt (2002) and Ozkan (2001) all found an inverse relationship between level of gearing and profitability ... Tradeoff Theory, including agency costs as part of the tradeoff, is still often applied and discussed in literature It seems that no perfect theory exists, and many theories explain only a part of

Ngày tải lên: 10/01/2018, 15:56

... impact of tax and cost of capital to the change of capital structure of firms The theory also can explain the relationship among of the value of company, cost of capital and leverage of firm ... risk of financial This research will find the determinants of capital structure in construction firms and consider if trade off theory and pecking order theory have explained capital structure of ... between financial leverage and its determinants and consistency with capital structure theories including trade-off, pecking order and agency cost theory The determinants of capital structure are

Ngày tải lên: 07/12/2018, 23:35

... Expected signs of five related determinants……… 14 Table 4.1: Correlation matrix of debt ratio and five related determinants… 31 Table 4.2: T-statistic of debt ratio and each of determinants……… ... the impact of determinants to capital structure with respect to 56 listed real estate companies in Vietnam from 2010 to 2013 Basing on two theories of trade-off and pecking order, capital structure, ... 1UNIVERSITY OF ECONOMICS INSTITUTE OF SOCIAL STUDIES HO CHI MINH CITY THE HAGUE VIETNAM THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS DETERMINANTS OF CAPITAL

Ngày tải lên: 10/12/2018, 23:50

... characteristics of the company such as the size of the company and the growth in assets and tax rates and the risks of the company and the age of the company and profitability and liquidity and the structure ... between the age, expected growth and tax shield of the company and capital structure Al-Qudah (2014) in the study titled (the determinants of capital structure of listed banks in Jordan: panel ... growth because of lower profits 6 Profitability: (Modigliani and Miller, 1963; Ooi, 1999) showed that high-profit firms would use more debt because of their lower risk of bankruptcy and a high tax

Ngày tải lên: 16/01/2020, 18:14

... lever-age levels of firms In fact, the potential non-linearity of the impacts of variables on capital structure decisions exists within the framework of major theories such as trade-off and peck-ing ... countries The following sessions cover literature review of widely known theories and determinants of capital structure, data and methodology, results, and finally im-plications from the research findings ... in-vestigate the determinants of the capital structure of Vietnamese listed firms Em-loying quantile regression uncovers in-sights into the non-linear relationship (if any) between the determinants and de-pendent

Ngày tải lên: 03/02/2020, 17:36

... decisions of Vietnamese construction firms The studies also used panel data of 7-year period and detailed analysis of difference between short-term and long-term debt as well DETERMINANTS OF CAPITAL ... Bevan and Danbolt, 2002) We will summarize the relationship between determinants and leverage based on the trade-off and pecking order theory as below Table 1: Relationship between each factor and ... results of years of separate decisions and tax shields have a negligible effect on the marginal tax rate for most firms To specify, tax is negatively related to book and market of total debt and

Ngày tải lên: 03/02/2020, 19:19

... impact of tax and cost of capital to the change of capital structure of firms The theory also can explain the relationship among of the value of company, cost of capital and leverage of firm ... risk of financial This research will find the determinants of capital structure in construction firms and consider if trade off theory and pecking order theory have explained capital structure of ... between financial leverage and its determinants and consistency with capital structure theories including trade-off, pecking order and agency cost theory The determinants of capital structure are

Ngày tải lên: 01/09/2020, 14:14

... implication of corporate tax and its effect on cost of capital Modigliani and Miller offered a new article to the corporate finance literature ‘Corporate Income Taxes and the Cost of Capital’ Thus, ... Titman and Wessels (1988), Bennett and Donnelly (1993), Rajan and Zingales (1995), Bevan and Danbolt (2002) and Ozkan (2001) all found an inverse relationship between level of gearing and profitability ... Tradeoff Theory, including agency costs as part of the tradeoff, is still often applied and discussed in literature It seems that no perfect theory exists, and many theories explain only a part of

Ngày tải lên: 01/09/2020, 17:08

... relationship between the size of firms and capital structure was also proved in the research of Tran and Ramachandran (2006) Based on the trade-off theory and the results of previous empirical research, ... the capital structure of listed companies of the pharmaceutical industry - an emerging industry of Vietnam recently Trang 30Therefore, with the topic "Determinants of capital structure of ... investors and creditors A right capital structure (equity-debt mix) can reduce the cost of capital and firms aim to reduce the cost of capital to create the shareholder value” Therefore, a suitable capital

Ngày tải lên: 04/09/2020, 08:38

... implication of corporate tax and its effect on cost ofcapital Modigliani and Miller offered a new article to the corporate finance literature ‘Corporate Income Taxes and the Cost of Capital’ T ... debt andprofitability Titman and Wessels (1988), Bennett and Donnelly (1993), Rajan andZingales (1995), Bevan and Danbolt (2002) and Ozkan (2001) all found an inverserelationship between level of ... Tradeoff Theory, includingagency costs as part of the tradeoff, is still often applied and discussed in literature It seems that no perfect theory exists, and many theories explain only a part of

Ngày tải lên: 15/09/2020, 12:31

... impact of tax and cost of capital to the change of capital structure of firms The theory also can explain the relationship among of the value of company, cost of capital and leverage of firm ... risk of financial This research will find the determinants of capital structure in construction firms and consider if trade off theory and pecking order theory have explained capital structure of ... between financial leverage and its determinants and consistency with capital structure theories including trade-off, pecking order and agency cost theory The determinants of capital structure are

Ngày tải lên: 17/09/2020, 07:49

... definition of regulatory capital and risk-weighted assets. The total capital ratio must be no lower than 8%. Tier 2 capital is limited to 100% of Tier 1 capital. A. Regulatory capital 41. ... the form of any of the following: revolving credits and lines of credit (including credit cards and overdrafts), personal term loans and leases (e.g. instalment loans, auto loans and leases, ... measures of risk and economic capital. Over the last decade, a number of 4 • • • • the validation of any significant change in the risk measurement process; the accuracy and completeness of...

Ngày tải lên: 15/01/2014, 16:56