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The Impact of Capital Structure on the Firms Performance - Essay Example

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The paper “The Impact of Capital Structure on the Firm’s Performance” discusses the issue that the bankruptcy risk and profitability are negatively related to leverage. Their findings support tax-bankruptcy trade-off theory and stakeholder co-investment theory…
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The Impact of Capital Structure on the Firms Performance
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The Impact of Capital Structure on the Firms Performance

Download file to see previous pages... The authors of this paper are professors Murray Frank and Vidnan Goyal. Frank is one of the faculties of commerce in the University of British Columbia, Canada. While Goyal is in the department of finance in Hong Kong University of Science and Technology. They empirically tested 39 factors that affect leverage decisions of publicly traded companies in the U.S. One of the major findings is that the bankruptcy risk and profitability are negatively related to leverage. Their findings support tax-bankruptcy trade-off theory and stakeholder co-investment theory. On the other hand, it conflicts with the studies that are based on the pecking order theory and market timing theory. The authors are reliable and present good knowledge of the topic. Although theories are conflicting with some other research this is the good scholarly source. This source contributed more than enough in research work and target audience of the source is financial institutions, professionals, students, and stockholders. Bas, T., Muradoglu, G. & Phylaktis, K. (2009). Determinants of Capital Structure in Developing Countries. Retrieved March 15, 2011, from European Financial Management Association: http://efmaefm.org/0EFMSYMPOSIUM/China-2010/papers/determinants%20of%20capital%20structure%20in%20developing%20countries.pdf The authors of this paper are the faculty of Cass Business School in London. ...
This paper is different than previous studies since it focuses on the large firms of developing countries. This paper contributed to research to some extent because it helped in understanding the fact that how different markets react differently. The audience of the paper is financial associations and foreign companies. This paper is included because it’s a scholarly and popular work and facts of the paper are well documented. Although my topic I too focused and this research is on a different topic this paper helped me to support my ideas. Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43 (1). The authors of this paper are professors at the University of California, Los Angeles. Both writers presented their research in a well-documented manner and this research is reliable and good to include when someone is working on the topic of capital structure. The study examined capital structure theories that have not tested before based on a factor analytic technique. They analyzed the data using six measures of financial leverage including short-term debt, long-term debt, and convertible debt. The study findings show that the transaction cost is one of the major determinants of capital structure choice. In fact, the results do not support the effect of volatility, collateral value or future growth. This journal is very much related to my topic although it's too broad and not scholarly enough it helped a lot to narrow down my topic. The audience of the paper is students, teachers, and people who are seeking basic knowledge about the determinants of capital structure. Sbeiti, W. (2010).  ...Download file to see next pagesRead More
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