Capital structure determinants and firms’ performance : empirical evidence from Thailand, Indonesia and Malaysia

• Autorzy: Mursalim , Mallisa M. , Kusuma H.

Identyfikatory

DOI

10.17512/pjms.2017.16.1.13

Warianty tytułu

PL

Determinanty struktury kapitałowej a wydajność firmy : wyniki badań empirycznych z Tajlandii, Indonezji i Malezji

• Języki publikacji: EN

Abstrakty

EN

Financing decision of the firms can be a difficult decision in corporate finance. Many factors may affect these decisions. These choices may also influence capital structure and can improve firm performance. The objective of this study is to investigate the capital structure determinants of the firms in Indonesia, Malaysia, and Thailand. In this study, the investigated variables are profitability, firm size, growth opportunity, volatility, gross domestic product (GDP rate), inflation rate, and corporate governance. Using path analysis of two-multiple regressions, the leverage behavior is examined for the firm samples consisting of 94 Indonesian firms, 153 Malaysian firms, and 74 Thailand firms for the period 2008-2012. The results show that company’s profitability, firm size and volatility have dominant and consistent roles in explaining the variation of the capital structure. The variables of growth opportunity, gross domestic product, inflation rate and corporate governance in general influence the variation of the capital structure. Furthermore, the capital structure of firms was significantly related to the firm performance.

PL

Decyzja dotycząca finansowania firm może być trudną kwestią w zakresie finansów korporacyjnych. Na takie decyzje może wpływać wiele czynników. Dokonywane wybory mogą również wpływać na strukturę kapitału i mogą poprawić wydajność firmy. Celem tego badania jest zbadanie determinant struktury kapitałowej firm w Indonezji, Malezji i Tajlandii. W badaniu tym badane zmienne to: rentowność, wielkość firmy, możliwości wzrostu, zmienność, produkt krajowy brutto (stopa PKB), stopa inflacji i ład korporacyjny. Wykorzystując analizę ścieżek regresji, zachowanie dźwigni zbadano na podstawie firmowych próbek składających się z 94 indonezyjskich, 153 malezyjskich i 74 tajlandzkich firm w latach 2008-2012. Wyniki pokazują, że rentowność, wielkość i zmienność firmy pełnią dominujące i stałe role w wyjaśnianiu zmienności struktury kapitału. Zmienne dotyczące możliwości wzrostu, produktu krajowego brutto, stopy inflacji i ładu korporacyjnego, wpływają na zmienność struktury kapitału. Ponadto struktura kapitałowa firm była istotnie powiązana z wynikami firmy.

Słowa kluczowe

EN

capital structure; firms performance; pecking order; trade-off

PL

struktura kapitału; wydajność firm; kompromis

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2017
• Tom: Vol. 16, No. 1
• Strony: 154--164
• Opis fizyczny: Bibliogr. 27 poz., tab.

Twórcy

autor

Mursalim

• Department of Accounting, Muslim University of Indonesia, Indonesia

autor

Mallisa M.

• Doctoral Program, Muslim University of Indonesia, Indonesia

autor

Kusuma H.

• Department of Accounting, Islamic University of Indonesia, Indonesia

Bibliografia

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Uwagi

Opracowanie ze środków MNiSW w ramach umowy 812/P-DUN/2016 na działalność upowszechniającą naukę (zadania 2017).