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Using panel data for the period 2001-2006 for the Textile, Fuel and Energy and Chemical sectors from KSE a Fixed Effect model was applied in the study. It has selected six independent variables, which include Size, Profitability, and Growth, Non debt tax shield, Tangibility and earning volatility in order to measure their effect on the leverage ratio. In all the three sectors tangibility variable is highly significant, which favors the Trade-off theory. Size variable does not favor the Trade-off theory. Profitability fails to confirm the pecking order theory and Trade-off theory. Growth variable does not conform to the Agency cost theory in all the three sectors. Earning volatility does not support Bankcurpsy theory and Agency cost theory
SAMRA KIRAN. (2013) Determinants of Capital Structure: A Comparative Analysis of Textile, Chemical & Fuel and Energy Sectors of Pakistan (2001-2006), International Review of Management and Business Research, Volume 2, Issue 1.
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