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1	Optimal kapitalstruktur : En undersökning tillämpad på skandinaviska och tyska företag Wallberg, Martin, La, David January 2011 (has links) This paper describes and develops a trade off model of optimal capital structure by Bradley et al. (1984). The model is then tested to examine how changes in corporate tax rates affect the optimal capital structure of firms. Based on theoretical implications of the model, four hypotheses are derived stating that firms’ optimal debt-to-value ratio is (1) negatively related to financial distress costs, (2) negatively related to non-debt tax shields, (3) negatively related to firm volatility and (4) positively related to the corporate tax rate. Based on the results of two regression models applied on 753 Scandinavian and German firms, we find empirical support for hypothesis 1 and 3 while we find no empirical support for hypothesis 2 and 4. These results can be explained by problematic empirical proxies and in the light of the pecking-order theory. Agency costs Financial distress costs Firm volatility Germany Interest tax shields Non-debt tax shields Optimal capital structure Pecking-order theory Statutory corporate tax rates Scandinavia Trade off theory
2	Does capital structure theory remain relevant under abnormal macroeconomic environment: the case of Zimbabwean manufacturing firms during the period 2009-2018 Magomo, Norma Tariro 12 1900 (has links) The main objective of this study was to test if the applicability of known capital structure theories holds water in abnormal economic environments, in particular, in Zimbabwe. Using secondary data collected for listed manufacturing firms from 2009-2018, results from a fixed effects regression model concluded that profitability, company size, non-debt tax shields, firm liquidity, inflation and GDP were significant in explaining capital structure decisions in Zimbabwe. In the context of South Africa, company size, asset tangibility, firm liquidity and inflation were found to be significant. The pecking order and trade-off theories were the only two theories that were found to be applicable in the Zimbabwean context, and the application of both theories indicated the use of internally generated funds as opposed to external finance sources, such as debt and equity. These results attribute to the abnormality and instability of the Zimbabwean economy, especially with regards to limited access to capital. / Business Management / M. Com. (Business Management) Capital structure Economic environment Manufacturing sector Zimbabwe South Africa Fixed effects regression model Profitability Company size Non-debt tax shields Firm liquidity Inflation GDP Asset tangibility Growth opportunities Earnings volatility Pecking order theory Trade-off theory

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Optimal kapitalstruktur : En undersökning tillämpad på skandinaviska och tyska företag

Does capital structure theory remain relevant under abnormal macroeconomic environment: the case of Zimbabwean manufacturing firms during the period 2009-2018