A Dynamic Panel Model Of Capital Structure And Agency Cost In Nigerian Listed Companies
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Author | : Dauda Mohammed |
Publisher | : |
Total Pages | : 12 |
Release | : 2014 |
Genre | : |
ISBN | : |
This study examines the impact of agency costs on capital structure of Nigeria listed companies for the period of 2000-2006. Using a dynamic panel model, the study demonstrates the extent to which asset utilization helps explain the financing structure of Nigerian firms. The main finding shows an inverse relationship between capital structure and agency costs of Nigerian firms. Thus, the negative coefficient on the agency cost variable indicates that, on average, the management of Nigerian firms chose either to use retained earnings or to issue new equity offer. Studies have shown that managers have a natural tendency to be cautious about borrowing, given that they have more to lose if the firm goes into liquidation, compared to shareholders with a diversified asset portfolio. Hence, a rise in the ratio of total sales to total assets (agency cost) would mean that the management team is efficient in using the company's assets to generate wealth for their shareholders.
Author | : I. M. Pandey |
Publisher | : |
Total Pages | : |
Release | : 2000 |
Genre | : |
ISBN | : 9781283190725 |
Author | : John D. Martin |
Publisher | : Harcourt Brace College Publishers |
Total Pages | : 746 |
Release | : 1988 |
Genre | : Business & Economics |
ISBN | : |
Author | : Ronald W. Masulis |
Publisher | : |
Total Pages | : 168 |
Release | : 1988 |
Genre | : Business & Economics |
ISBN | : |
Author | : Krishna Dayal Pandey |
Publisher | : Taylor & Francis |
Total Pages | : 135 |
Release | : 2023-08-16 |
Genre | : Business & Economics |
ISBN | : 1000924971 |
This book provides empirical insights into the relationship between capital and equity-ownership structure of Indian manufacturing companies and their financial performance. It discusses and analyses the basic theories and concepts associated with capital structure, debt financing, levered and unlevered firms, the various forms of ownership, agency problem and its kind and the exploitation of minority owners by the large and largest owners. The study employs a set of the most reliable and suitable econometric estimation techniques to draw meaningful inferences on the Indian manufacturing sector. The novelty of this book lies in three particular aspects: the depth and dimension with which the topic is addressed; the robust empirical evidence that it has produced and the simple and intelligible approach with which it is authored. It communicates the crucial relevance of corporate capital structure and equity-ownership to the moderation of agency relationship and shaping the internal governance mechanism, which ultimately results in increased or decreased operational efficiency and financial performance. It will enable readers to understand whether an increased amount of debt capital would bring about positive results for firms or create an extra burden on the management of their finances, preventing them from taking productive investment decisions due to the threat of liquidation. The book will find an audience among advanced students, scholars and researchers who are interested in understanding the corporate finance practices and governance mechanism of Indian organizations.
Author | : Ahmed Riahi-Belkaoui |
Publisher | : Praeger |
Total Pages | : 238 |
Release | : 1999-02-28 |
Genre | : Business & Economics |
ISBN | : |
This text uses theoretical and contingency approaches to examine the question of whether capital structure can be determined. Using a bond rating model it looks at the evaluation of capital structure, the resolution of issues pertaining to equity and liabilities, and their contribution to reports
Author | : Dan Remenyi |
Publisher | : SAGE |
Total Pages | : 320 |
Release | : 1998-09-14 |
Genre | : Business & Economics |
ISBN | : 9780761959502 |
Doing Research in Business and Management has been written to help students obtain a thorough understanding of the main methodological issues and options that are available to them as business and management researchers undertaking a masters or doctoral degree. Doing Research in Business and Management takes the reader through all of the important issues that need to be understood if a competent piece of research is to be produced at the masters or doctoral level in the business and management studies. The authors explain the interrelationship between the theoretical and empirical research as well as the differences between positivism and phenomenology. Not only do they put these concepts in context for the business and management student, but they go on to discuss how these different approaches are used in practice. Furthermore, the authors discuss the implications of quantitative and qualitative approaches to research. The book offers high-level advice on different numerical techniques available to researchers as well as different software packages that may be used for analyzing qualitative data. The book also discusses the use of the Internet to support research in masters and doctoral programs.
Author | : Benjamin M. Friedman |
Publisher | : University of Chicago Press |
Total Pages | : 404 |
Release | : 2009-05-15 |
Genre | : Business & Economics |
ISBN | : 0226264238 |
The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
Author | : David Hillier |
Publisher | : McGraw-Hill Education |
Total Pages | : 0 |
Release | : 2011-10 |
Genre | : Business & Economics |
ISBN | : 9780077129422 |
The second European edition of Financial Markets and Corporate Strategy provides comprehensive coverage of financial markets and corporate finance, brought to life by real world examples, cases and insights. Placed in a truly international context, this new and updated edition takes an academic and practical view-point to guide students through the challenges of studying and practicing finance. Aimed specifically at an international audience, this edition boasts hundreds of references to new and relevant non-US research papers from top finance journals. Whilst retaining the well respected structure of the successful US text, Professor David Hillier has also made a number of additions which include: Fully updated research, data and examples in every chapter. Coverage of the global financial crisis, the impact it made on the financial markets and the lessons being learnt by the finance industry. A stronger emphasis on corporate governance and agency theory. Updates on accounting standards, bankruptcy laws, tax rules and tax systems.
Author | : Warren Peterson |
Publisher | : Isnar International Service for National Agricultural |
Total Pages | : 88 |
Release | : 2003 |
Genre | : Agriculture |
ISBN | : |