The Capital Structure of Swiss Companies: An Empirical Analysis using Dynamic Panel Data

Capital structure and performance of Middle East and North Africa (MENA) banks: an assessment of credit rating

“…They are easier to access the credit market and borrow at more favorable interest rates (Ferri and Jones, 1979 Dasilas and Papasyriopoulos (2015) found that the relation between size and debt will depend on the proxy used to measure the leverage (short-term debt, long-term debt and total debt). Size of the bank will be measured as the natural logarithm of total assets, same measure used by Homaifar et al (1994 Also firms' accumulation of cash during periods of stable earnings increases, in order to be able to operate in periods of low earnings, and meet the unexpected conditions (Gaud et al, 2005). Operating risk will be measured by using the standard deviation of total operating income for the bank of the last three years divided by the mean of operating income for those three years.…”

An empirical investigation of picking order theory on hybrid securities: Evidence from Islamic capital market of Malaysia

“…Natural logarithm of total assets (Warner, 1977;Titman and Wessel, 1988;Rajan and Zingales, 1995;Gaud et al, 2005): The issuing of capital is based on the size of the company. The established firm is more preferable to issue debt in line with trade off theory (Titman and Wessel, 1988).…”

“…Earnings before interest and Tax divided by total assets (Rajan and Zingales, 1995;Gaud et al, 2005). The calculation of earnings before interest and Tax divided by total assets for ratio of profitability is widely used by many studies.…”

Banking liberalization and firms' debt structure: International evidence

“…Small firms are characterized by larger informational asymmetries (Rajan and Zingales, 1995;Fama and French, 2002;Frank and Goyal, 2003;Gaud et al, 2005;Flannery and Rangan, 2006) and greater dependence on bank financing for their investments. Large firms, on the contrary, have better access to domestic and international markets and are usually less dependent on domestic bank markets.…”

“…The presence of higher informational asymmetries in developing countries may mean that banking liberalization has more negative consequences on credit access for these countries because lending relationships are destroyed. Moreover, the literature on capital structure suggests that informational asymmetries are more relevant in long-term than in short-term debt and in small than in large firms (Rajan and Zingales, 1995;Fama and French, 2002;Frank and Goyal, 2003;Gaud et al, 2005;Flannery and Rangan, 2006). …”