The Pricing of Seasoned Equity Offerings: Evidence from REITs

Ghosh, Chinmoy; Nag, Raja; Sirmans, C. F.

doi:10.1111/1540-6229.00805

Cited by 97 publications

(69 citation statements)

References 13 publications

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“…Other different studies such as: Ghosh et al (2000); Hadlock and James (2002); Frank and Goyal (2003), Berger and Bonaccorsi (2006), found a positive relationship between capital structure and firm's performance…”

Section: The Static Trade-off Theorymentioning

confidence: 84%

“…Roden and Lewellen (1995) used a sample of 48 U.S. firms for the period [1981][1982][1983][1984][1985][1986][1987][1988][1989][1990] and found a positive relation between profitability and capital structure. In their researches Ghosh et al (2000) and Hadlock and James (2002) concluded that highly profitable firms use high-level of debts. Margaritis and Psillaki (2010) He found a positive and significant relation between financial leverage and firm's performance.…”

Section: The Static Trade-off Theorymentioning

confidence: 99%

“…The pioneer researches in capital structure and performance have been started early with the works of Lintner (1956), Hirshleifer (1958) and Modigliani and Miller (1958). These studies have been followed by other researches which focused on corporate capital structure and its impact on firm's performance such as the works of Modigliani and Miller (1963); Jensen and Meckling (1976);Miller (1977); Myers (1977); Titman and Wessels (1988); Roden and Lewellen (1995); Champion (1999), Ghosh et al (2000); Hadlock and James (2002); Margaritis and Psillaki (2010); Salim and Yadev (2012); Tianyu (2013).…”

Section: Introductionmentioning

confidence: 99%

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The Relationship between Capital Structure and Performance in Gulf Countries Banks: A Comparative Study between Islamic Banks and Conventional Banks

Meero¹

2015

IJEF

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This paper mainly has two objectives: the first one is to identify the similarity of capital structure between Islamic and Conventional banks; Second objective is to detect the relationship between capital structure variables and performance of Islamic and Conventional Banks in Gulf Countries (GC). This investigation has been performed on a sample of 16 GC Banks (8 Islamic Banks and 8 Conventional Banks) for the period 2005-2014. ROE (return on equity) and ROA (return of asset) have been used as performance measures. Total debt to total assets, Equity to total assets, Debt to equity ratios have been used as capital structure measures. Size of the bank has been considered as dependent variable to identify its relationship with bank performance. Data collected were analyzed by using SPSS software. The results of the research indicate a similarity of capital structure of Islamic banks and Conventional banks in Gulf Countries. ROA as performance measurement has a significant negative relationship with financial leverage and a positive relationship with equity to assets ratio. This relationship is identified at Islamic banks, Conventional banks and all the banks of the sample. Bank size has a positive relationship with ROA and ROE as performance measures in Islamic and Conventional banks.

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Section: The Static Trade-off Theorymentioning

confidence: 84%

Section: The Static Trade-off Theorymentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The Relationship between Capital Structure and Performance in Gulf Countries Banks: A Comparative Study between Islamic Banks and Conventional Banks

Meero¹

2015

IJEF

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“…A number of prior studies provide empirical evidence supporting a positive relationship International Finance and Banking ISSN 2374-20892016 between capital structure and corporate financial performances like Nirajini & Priya (2013), Abu Rub (2012), San & Hang (2011), Margaritis & Psillaki (2010), Frank & Goyal (2003), Holz (2002), Hadlock & James (2002), Ghosh et al (2000), Champion (1999), Roden & Lewellen (1995), Petersen & Rajan (1994), Givoly et al (1992); Malanic et al (2013). As for this positive relationship, these studies concludes that profitable firms (either firms with higher financial performance) will tend to have a large portion of debt finance in their capital structure, there are several reasons behind this situation.…”

Section: A Significant Positive Relationship Between Capital Structurmentioning

confidence: 99%

Does Corporate Capital Structure influence Corporate Financial Performance in Developing Economies? Evidence from East African Stock Markets

Mwambuli¹

2016

IFB

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This paper examines the statistically significant influence which capital structure has had on corporate financial performance of listed non-financial companies in East African stock markets. It used panel data of 272 observations including 34 East African non-financial listed firms listed in East African stock markets such as Dar Es Salaam Stock Market (DSE), Nairobi Securities Exchange (NSE) and Uganda Securities Exchange (USE) for a period of 8 years (i.e., 2006-2013). Using the Panel Corrected Standard Errors (PCSEs) and Fixed Effect (FE), the study formulated two econometric models with return on assets (ROA) and return on equity (ROE) as dependent variables and measures of corporate financial performance respectively, three independent variables such as short term debt ratio (STDR), long term debt ratio (LTDR) and total debt ratio (TDR) as a measure of capital structure, furthermore the study used size of the firm (SIZ) as a control variable in order to control the differences in firm's operating environment. The result indicates that capital structure has a negative and statistically significant influence on East African listed firm's financial performance at 5% significance level. These results show that in average profitable listed firms in East African prefers to use internal source of financing in their capital structure as compared to external source of financing (like Debts-STDR, LTDR and TDR) and this results are supporting pecking order theory. Lastly the study recommends to corporate financial managers of East International Finance and Banking ISSN 2374-2089 2016 African non-financial listed firms should reduce financing their operations and growth by debt (STDR, LTDR and TDR) on their capital structure in order to enhance their corporate financial performance, regulatory authorities in East African region such as East African member states securities regulatory authority (EASRA) to formulate policies that will improving of financial markets in the region in order to reduce the cost of debt, further research could examine the influence (if any) of capital structure on sector wise (as per industry-like Manufacturing firms) for East African non-financial listed firms, take into account more control variables which are likely to influence financial performance such as macroeconomic variables (like gross domestic product-GDP) and consider other capital structure theories like, market timing theory, agency theory which were not considered in our study.

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“…However, the results documented were contradictory and mixed. Some studies have reported that positive relationships (Ghosh et al 2000) also support the argument. Several others have reported a negative relationship between debt and financial achievement like Fama and French (1998) and Simerly and Li (2000).…”

Section: Review Of Literaturementioning

confidence: 74%

Capital structure and company performance: The case of free zone companies in Ghana

Bonsu

2015

Proceedings of the 7th International Conference on Business and Finance

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The Pricing of Seasoned Equity Offerings: Evidence from REITs

Cited by 97 publications

References 13 publications

The Relationship between Capital Structure and Performance in Gulf Countries Banks: A Comparative Study between Islamic Banks and Conventional Banks

The Relationship between Capital Structure and Performance in Gulf Countries Banks: A Comparative Study between Islamic Banks and Conventional Banks

Does Corporate Capital Structure influence Corporate Financial Performance in Developing Economies? Evidence from East African Stock Markets

Capital structure and company performance: The case of free zone companies in Ghana

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