The Capital Structure of Swiss Companies: an Empirical Analysis Using Dynamic Panel Data

Abstract

Based on the financial data selected from 77 companies during four quarters in 2009 in the comprehensive-class listing companies, two methods, including normal analysis and panel-data model analysis are used to analyze deeply the path of optimization in corporate asset structure. The empirical analysis comes to a memorable conclusion that path-dependence is the character of asset structure optimization. Enterprise asset structure is not only dynamic, but also depended on the balance of profitability and mobility made by managers of enterprise.

The Determinants of Capital Structure: Empirical Analysis of Oil and Gas Firms during 2000-2015

“…Our result gives more support to pecking order theory that implies that firms prefer to finance projects with internal funding. This finding is in line with many previous studies such as Rajan andZingales (1995), Ozkan (2001), and Gaud et al (2005) who state that profitability is negatively related to debt (leverage).…”

“…2-These studies use more than one model to measure Leverage. However, their result that are mentioned in this table are suitable to this study since they are resulted from applying the same model that this study applies to measure leverage which is the one that defined as the ratio of total debt to book value of total assets Asian Journal of Finance & Accounting ISSN 1946-052X 2017 ISSN 1946-052X 2017 Gaud et al (2005),  "+" Represents that the specified theory suggests a positive relationship between the explanatory variable and leverage.…”

Liquidity-Profitability Tradeoff Existence in Turkey: An Empirical Investigation Under Structural Equation Modeling

“…International evidence suggests that leverage is positively related to size (Rajan & Zingales, 1995;Schulman et al, 1996;Wiwattanakantang, 1999;Booth et al, 2001;Boateng, 2004;Padron et al, 2005;Gaud et al, 2005;Sayılgan et.al., 2006). Several reasons are depicted on the positive relation between leverage and size, such as cheaper access to outside financing, high level of collateral and etc.…”

The influence of gender on financial decisions: evidence from small start-up firms in spain

“…The control variables in relation to the debt model are the following: fi rms' returns on assets (ROA), measured as the earnings before taxes and fi nancial expenses divided by total assets [39]; the fi rm size (SIZE), calculated as the natural logarithm of total assets [33]; the tangible assets ratio (FIXED), measured as net tangible assets divided by total assets [33], [68]; the economic risk (ECRISK), computed as the square of the difference of the annual returns of a company and the annual profi tability of all businesses, multiplied by the sign of such difference [34]; and the liquidity ratio (LIQ), measured as the working capital divided by total assets [2]. In addition, we consider debt maturity (MATUR) and debt cost (COSTD) which are defi ned above.…”