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Journal articles on the topic 'Firm debt'

Author: Grafiati

Published: 3 June 2025

Last updated: 31 July 2025

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1

Chaleeda, Md Aminul Islam, Tunku Salha Tunku Ahmad, and Anas Najeeb Mosa Ghazalat. "The Effects of Corporate Financing Decisions on Firm Value in Bursa Malaysia." International Journal of Economics and Finance 11, no. 3 (2019): 127. http://dx.doi.org/10.5539/ijef.v11n3p127.

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The primary objective of shareholders and financial managers is generally stated to be the maximization of shareholders&rsquo; wealth by increasing the firm value. This research was undertaken to investigate the effect of corporate financing decisions on firm value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . The research has been carried out using the panel data procedure for a sample of 256 firms from 9 sectors listed on Bursa Malaysia during the period 2000-2015. The study uses Tobin&rsquo;s Q representing firm value for the dependent variable. The corporate financi

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2

Beavers, Randy. "CEO inside debt and firm debt." Corporate Governance: The International Journal of Business in Society 18, no. 4 (2018): 686–713. http://dx.doi.org/10.1108/cg-06-2017-0125.

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Purpose This paper aims to examine jointly the CEO inside debt and firm debt to further investigate the compensation incentives on risky decision-making and the resulting financial policy decisions concerning the debt structure of the firm. Design/methodology/approach Using S&P 1500 data from CRSP, Compustat, Execucomp and Capital IQ between 2006 and 2011, statistical analysis and regression models are used to determine potential correlations between the variable of interest, inside debt and debt control variables, including specialization. Findings Firms with high inside debt specialize i

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3

Pyoko, Oliver Mukweyi. "Effect of Firm Size and Profitability on Long Term Debt of Firms Listed at the Nairobi Securities Exchange, Kenya." Asian Journal of Probability and Statistics 26, no. 2 (2024): 84–90. http://dx.doi.org/10.9734/ajpas/2024/v26i2594.

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Organization expenses result from a company’s utilization of long-term debt in its capital structure. One can also characterize a firm’s size by looking at its assets. In order for a company to draw in investors, its worth increases with its size. The profitability of a business may be enhanced by including long-term obligations in its structure of capital since the interest paid on such debts is deduction for taxes. Therefore, this study aimed at examining the effect of firm size and profitability on long term debt of listed firms at the Nairobi Securities Exchange. The study was based on tra

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Manawaduge, Athula, Anura De Zoysa, Khorshed Chowdhury, and Anil Chandarakumara. "Capital structure and firm performance in emerging economies: An empirical analysis of Sri Lankan firms." Corporate Ownership and Control 8, no. 4 (2011): 253–63. http://dx.doi.org/10.22495/cocv8i4c2art2.

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This paper offers an empirical analysis of the impact of capital structure on firm performance in the context of an emerging market—Sri Lanka. The study applies both pooled and panel data regression models for a sample of 155 Sri Lankan-listed firms. The results demonstrate that most of the Sri Lankan firms finance their operations with short-term debt capital as against the long-term debt capital and provide strong evidence that the firm performance is negatively affected by the use of debt capital. The study also finds a significant negative relationship between tangibility and performance i

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Lutfi, Asep Muhammad. "Pengaruh Ukuran Perusahaan, Kebijakan Hutang dan Profitabilitas Terhadap Nilai Perusahaan Pada PT Gudang Garam Tbk Periode 2010-2021." Ekonomis: Journal of Economics and Business 6, no. 2 (2022): 814. http://dx.doi.org/10.33087/ekonomis.v6i2.624.

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This study aims to analyze the effect of the firm size ratio, debt policy ratio and profitability ratio on the firm value ratio at PT Gudang Garam Tbk. The data used in this study is secondary data from the company's financial statements from 2010–2021. The methodology used is classical assumption test, simple linear regression analysis, multiple linear regression analysis, determinant coefficient and hypothesis testing. Based on the test results, firm size and debt policy have no partial effect on firm value, profitability has a partial effect on firm value, firm size, debt policy and profita

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Tanko, Udisifan Michael, Akeem Adetunji SIYANBOLA, Paul Matudi Bako, and Olalere Victor DOTUN. "Capital Structure and Firm Financial Performance: Moderating Effect of Board Financial Literacy in Nigerian Listed Non-Financial Companies." Journal of Accounting Research, Organization and Economics 4, no. 1 (2021): 48–66. http://dx.doi.org/10.24815/jaroe.v4i1.18322.

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Objective – The study examined the moderating effect of board financial literacy on the relationship between capital structure and firm financial performance of listed non-financial companies in Nigeria. Design/methodology – Capital structure was measured by long term debts to total assets, short term debts to total assets equity to total debt ratio and board financial literacy was measured by ratio of board members that have professional and academic qualification in accounting, finance and economics. Meanwhile financial performance was measured by return on assets. Secondary data was extract

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Wong, Hoi Ying, and Yue Kuen Kwok. "Jump Diffusion Models for Risky Debts: Quality Spread Differentials." International Journal of Theoretical and Applied Finance 06, no. 06 (2003): 655–62. http://dx.doi.org/10.1142/s0219024903002158.

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The quality spread differential is defined to be the difference between the default premiums demanded for fixed rate and floating rate risky debts. The risky debt model based on Merton's firm value approach is used to examine the behaviors of the quality spread differential of fixed rate and floating rate debts. We extend earlier result by adopting Geometric Brownian diffusion process with jumps for the underlying firm value process of the debt issuer. Closed form formulas are obtained for the default premiums for risky debts. The impact of the jumps on the fixed-floating spread differential i

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Hubbansyah, Aulia Keiko, Lailah Fujianti, and Safitri Siswono. "Hutang Optimal dan Nilai Perusahaan di Indonesia: Studi Pada Perusahaan yang Listing di BEI." Optimal: Jurnal Ekonomi dan Kewirausahaan 15, no. 2 (2021): 1–14. http://dx.doi.org/10.33558/optimal.v15i2.3000.

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This study aims to identify the optimal portion of debt in the capital structure that maximizes the firm value. Using the panel threshold estimation approach and company data listed on the Indonesia Stock Exchange for 2012-2019, this study provides strong empirical evidence that there is a non-linear relationship between debt and firm value. In this case, it is found that the optimal portion of debt for companies in Indonesia ranges from 48 - 54 percent relative to its equity. As shown this level of debt is empirically proven to have the greatest positive impact on increasing the firm value. B

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Olayinka, Aminu Abdulrahim, and Rohaida Abdul Latif. "Influence of Capital Structure on Profitability: Empirical Evidence from Listed Nigerian Non-Financial Firms." Journal of Business Management and Accounting 8, no. 2 (2018): 1–16. http://dx.doi.org/10.32890/jbma2018.8.2.8802.

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Sound and effective capital structure is important for sustainable growth and development of any firm. This research work investigates the impact of capital structure on the financial performance of firms in Nigeria. A total of one hundred and six (106) non-financial firms listed on the Nigerian Stock Exchange between 2012 to 2016 were used as sample. Panel data for the selected firms were generated and analyzed using fixed effect model as a method of estimation. The dependent variable for the study is profitability which was measured as Return on Assets (ROA). The independent variables on the

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Minanari, Minanari, and Lusia Sri Arini. "Ukuran Perusahaan Memoderasi Pengaruh Kebijakan Hutang terhadap Nilai Perusahaan." Indo-Fintech Intellectuals: Journal of Economics and Business 4, no. 4 (2024): 1568–77. http://dx.doi.org/10.54373/ifijeb.v4i4.1678.

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This study analyzes the impact of debt policy on firm value, considering firm size as a moderating variable in healthcare companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2023 period. This research employs a quantitative approach. The data used include financial statements from 34 companies, analyzed using Moderated Regression Analysis (MRA) with SPSS version 25. The results show that debt policy has a significant negative effect on firm value. Firm size, measured by the logarithm of total assets, positively moderates the relationship between debt policy and firm value. T

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Sijuade, Oluwatoyin J. and Ayodeji, Emmanuel A. "Firm’s Characteristics, Capital Structure and Financial Performance of Energy Utility Companies in Nigeria." International Journal of Latest Technology in Engineering Management & Applied Science 14, no. 6 (2025): 520–34. https://doi.org/10.51583/ijltemas.2025.140600057.

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Abstract: This study examined the moderating effect of firm size and age on the relationship between debt capital and financial performance of Listed Energy utility Firms in Nigeria for the period of five years (2019-2023). Short term Debt, Long Term debt and Total debt proxied debt capital while Return on Assets proxied financial performance. Firm size and age served as moderating variable. The study adopted ex-post facto research design and inferential statistics. Robust Fixed effect Models and Drisc/Kraay Standard Error were used in analyzing the data. Primary findings revealed that short-t

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Oktabrina, Sheyla Salima, and Komala Inggarwati. "Pengaruh Investment Opportunity Set Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Dengan Kebijakan Hutang Sebagai Variabel Intervening." Journal of Economic, Bussines and Accounting (COSTING) 5, no. 2 (2022): 1051–66. http://dx.doi.org/10.31539/costing.v5i2.2381.

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This study aims to determine the effect of Investment Opportunity Set and Managerial Ownership to Firm Value through Debt Policy as Intervening Variable at Manufacture Company. The sample in this study were 27 companies from sub-sector Industrials. Stages of testing include outer model, reliability and consistency, convergent and discriminant validity, inner model, coefficient determinations, effect size, prediction relevance, and path coefficient. The analysis used in this research is SEM-PLS. The result showed that; (1) Investment opportunity set positively influences firm value, (2) Manager

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Inelia, Ana, and Nurzi Sebrina. "Pengaruh Pembayaran Utang Pasca IPO Terhadap Pertumbuhan Perusahaan." JURNAL EKSPLORASI AKUNTANSI 1, no. 4 (2019): 1881–95. http://dx.doi.org/10.24036/jea.v1i4.183.

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This study to examine the effect of post-IPO debt payments on firm growth. Research is a causative research, the population are the companies which listed on the Indonesia Stock Exchange in 2013-2017, there are 64 companies as research samples that obtained from www.idx.co.id, method used is multiple linear regression analysis. The results showed that DER has a significant effect, which means that a high level of leverage can be proven to increase the motivation of companies to use IPO funds to pay debts and interest spread has no significant effect. It means that a high level of interest spre

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Muhammad Ahmad, Shamsuddeen, Rosni Bakar, and MD Aminul Islam. "The Effect of Debt Financing on Firm Value: A Panel Data Approach." Albukhary Social Business Journal 1, no. 2 (2020): 33–45. http://dx.doi.org/10.55862/asbjv1i2a004.

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The study examines the effect of debt financing on firm value of listed Nigerian companies using panel data analysis for the period 2008 to 2017. The population of the study consists of 300 firmyear observations. The data for this study were sourced from the annual accounts and reports of the companies within the period of the study. Using EV/EBITDA ratio as a proxy for firm value, the study found an insignificant effect of the short-term debt to total assets ratio on firm value. But, the ratio of long-term debt to total assets, total debt to total assets and total debt to total equity have po

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Agustini, Sri, Sugeng Iscahyono, and Abdul Yogi Puadudin. "Profitabilitas, Likuiditas, Pertumbuhan Penjualan, dan Ukuran Perusahaan Terhadap Kebijakan Utang pada Perusahaan Sub Sektor Makanan dan Minuman." Journal of Academia Perspectives 2, no. 1 (2022): 35–44. http://dx.doi.org/10.30998/jap.v2i1.901.

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This study aims to determine and analyze the effect of Profitability, Liquidity, Sales Growth, and Company Size on Debt Policy. For this reason, every company that has a goal to get maximum profit requires large capital, one of the sources is from external funds in the form of funds that obtained from other parties or debts. The research method used in this research is associative research method, namely research that aims to determine the influence or relationship between two or more variables. The results of the study show that for food and beverage companies listed on the Indonesia Stock Ex

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Igwe, Alex Onyeji. "Effect of Debt Financing on Firm Value of Listed ICT Firms in Nigeria Exchange Group (NGX)." International Journal of Management Technology 11, no. 2 (2024): 52–68. http://dx.doi.org/10.37745/ijmt.2013/vol11n25268.

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The study investigated effect of debt financing on the firm value of listed ICT firms in Nigeria Exchange Group (NGX). The specific objectives of the study were to examine effect of debt ratio, debt to equity ratio, and debt-to-capital ratio on firm value of listed ICT firms in Nigeria. The study adopted ex-post facto research design and secondary data were extracted from the annual reports of sampled ICT firms in Nigeria for the period 2013 – 2022. The panel regression analysis was used for data analysis. Findings showed that, the debt ratio demonstrated a statistically non-significant negati

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Joshi, Nirmala. "CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN EMPIRICAL STUDY OF INDIAN COMPANIES." KOREA REVIEW OF INTERNATIONAL STUDIES 16, no. 42 (2023): 5–19. https://doi.org/10.5281/zenodo.10441545.

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The research uses vigorous models on selected listed non-financial Indian companies of an index of National Stock Exchange (NSE) for a period of 21 years (2000-2020) to investigate the impact of capital structure on their performance. The empirical results reveal that all capital structure ratios (debt to equity, debt to market capitalization, and debt to total assets) significantly affect financial performance (return on assets, net worth, and Tobin's Q). Furthermore, age has a negative impact, total assets turnover has a positive impact and variables like cash flow, liquidity, fixed assets t

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Bandanuji, Akhmad, and Moh Khoiruddin. "The Effect of Business Risk and Firm Size on Firm Value with Debt Policy as Intervening Variable." Management Analysis Journal 9, no. 2 (2020): 200–210. http://dx.doi.org/10.15294/maj.v9i2.37812.

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This study aims to determine the effect of business risk and firm size on firm value with debt policy as intervening variable. The population used in this study are property and real estate companies listed on Indonesia Stock Exchange (BEI) during 2014-2018. Sample determination was done by purposive sampling method. Methods of data analysis using multiple linear regression analysis and path analysis. The results showed that business risk negatively affect the debt policy, while firm size has a positive effect on debt policy. Business risk negatively affects firm values while firm size and deb

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Mayangsari, Dewi, and Panca Wahyuningsih. "DETERMINAN NILAI PERUSAHAAN PADA PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA." Jurnal Ilmiah Fokus Ekonomi, Manajemen, Bisnis & Akuntansi (EMBA) 1, no. 3 (2023): 348–55. http://dx.doi.org/10.34152/emba.v1i3.636.

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This study aims to determine whether company size, debt policy, and profitability affect firm value. Sampling was carried out by purposive sampling method, which is a sampling method with certain criteria. The type of research used is quantitative. The results of this study indicate that company size has a negative and insignificant effect on firm value, debt policy has a positive and significant effect on firm value, and profitability has a negative and insignificant effect on firm value. Company size, debt policy, and profitability jointly or simultaneously have a significant effect on compa

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Hussain, Sarfraz, Abdul Quddus, Pham Phat Tien, Muhammad Rafiq, and Drahomíra Pavelková. "The moderating role of firm size and interest rate in capital structure of the firms: selected sample from sugar sector of Pakistan." Investment Management and Financial Innovations 17, no. 4 (2020): 341–55. http://dx.doi.org/10.21511/imfi.17(4).2020.29.

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The selection of financing is a top priority for businesses, particularly in short- and long-term investment decisions. Mixing debt and equity leads to decisions on the financial structure for businesses. This research analyzes the moderate position of company size and the interest rate in the capital structure over six years (2013–2018) for 29 listed Pakistani enterprises operating in the sugar market. This research employed static panel analysis and dynamic panel analysis on linear and nonlinear regression methods. The capital structure included debt to capital ratio, non-current liabilities

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Margaretha, Noviana, and Viriany Viriany. "THE IMPACT OF FIRM GROWTH, PROFITABILITY, AND FIRM AGE ON DEBT POLICY USING FIRM SIZE AS MODERATOR VARIABLE." International Journal of Application on Economics and Business 1, no. 2 (2023): 772–80. http://dx.doi.org/10.24912/v1i2.772-780.

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The focus of this study is to determine the impact of firm growth, profitability, and firm age on debt policy of manufacturing companies listed on the Indonesia Stock Exchange during the period 2018-2020, using firm size as moderator variable. Purposive sampling method was used for samples selection, and there were 39 firms that met the requirements. Research data are processed using EViews 9 application, with the help of Microsoft Excel 2010 using Moderated regression analysis techniques. The study showed that firm growth, and firm age has a positive impact on debt policy. While, profitabilit

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Margaretha, Noviana, and Viriany Viriany. "THE IMPACT OF FIRM GROWTH, PROFITABILITY, AND FIRM AGE ON DEBT POLICY USING FIRM SIZE AS MODERATOR VARIABLE." International Journal of Application on Economics and Business 1, no. 2 (2023): 772–80. http://dx.doi.org/10.24912/ijaeb.v1i2.772-780.

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The focus of this study is to determine the impact of firm growth, profitability, and firm age on debt policy of manufacturing companies listed on the Indonesia Stock Exchange during the period 2018-2020, using firm size as moderator variable. Purposive sampling method was used for samples selection, and there were 39 firms that met the requirements. Research data are processed using EViews 9 application, with the help of Microsoft Excel 2010 using Moderated regression analysis techniques. The study showed that firm growth, and firm age has a positive impact on debt policy. While, profitabilit

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Putri Dwi Yanti, Nur Mala Sari, and Dien Noviany Rahmatika. "Systematic Literature Review (SLR): Pengaruh Kebijakan Dividen, Kebijakan Utang, dan Ukuran Perusahaan terhadap Nilai Perusahaan." Jurnal Riset Ekonomi dan Akuntansi 2, no. 2 (2024): 389–401. http://dx.doi.org/10.54066/jrea-itb.v2i2.2089.

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The purpose of this study is to evaluate the impact of dividend policy, debt, and firm size on firm value.. This study uses the systematic literature review (SLR) method. In this process, researchers collect, read, analyze, and organize previous journals to find important topics related to company policy. They found 55 relevant journals, some of which were selected as samples for the study. In the end, the authors collected 50 journals related to the research topic. According to the study results, the use of debt strategy has no effect on firm value, instead the use of dividends affects it neg

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Khairunnisa, Indah, Mismiwati Mismiwati, and Bunga Mar’atush Shalihah. "PENGARUH DEBT TO EQUITY RATIO DAN FIRM SIZE TERHADAP NILAI PERUSAHAAN DENGAN RETURN ON EQUITY SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII) PERIODE 2016-2018." I-Finance: a Research Journal on Islamic Finance 6, no. 1 (2020): 15–29. http://dx.doi.org/10.19109//ifinace.v6i1.6069.

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The Study investigated the influence of Debt to Equity Ratio and Firm Size on Firm Value with Return On Equity as intervening variables in Jakarta Islamic Index (JII) in 2016-2018. This study uses two independent variables that Debt to Equity Ratio and Firm Size. The dependent variables used in this study is the Company Value with indicators of Price to Book Value. While the intervening variable used in this study is Return On Equity. The result showed that there was a positive and significant effect Debt to Equity Ratio on Return On Equity. There was a negative and not significant Firm Size o

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Khairunnisa, Indah, Mismiwati Mismiwati, and Bunga Mar’atush Shalihah. "PENGARUH DEBT TO EQUITY RATIO DAN FIRM SIZE TERHADAP NILAI PERUSAHAAN DENGAN RETURN ON EQUITY SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII) PERIODE 2016-2018." I-Finance: a Research Journal on Islamic Finance 6, no. 1 (2020): 15–29. http://dx.doi.org/10.19109/ifinance.v6i1.6069.

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The Study investigated the influence of Debt to Equity Ratio and Firm Size on Firm Value with Return On Equity as intervening variables in Jakarta Islamic Index (JII) in 2016-2018. This study uses two independent variables that Debt to Equity Ratio and Firm Size. The dependent variables used in this study is the Company Value with indicators of Price to Book Value. While the intervening variable used in this study is Return On Equity. The result showed that there was a positive and significant effect Debt to Equity Ratio on Return On Equity. There was a negative and not significant Firm Size o

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Dr., Liaqat Ali, ul Islam Zia, Arif Shah Muhammad, and Naveed Shehzad Dr. "Determinants of Debt Maturity in Non Financial Firms (Pakistan Stock Exchange)." International Journal of Management Sciences and Business Research 09, no. 10 (2020): 65–72. https://doi.org/10.5281/zenodo.4990530.

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<em>The paper has examined the determinants of debt maturity structure. The study has been carried out in the non-financial firms in Pakistan Stock Exchange. The study has collected data for listed 224 firms from 2010 to 2019. The study has used different models to estimate different determinants of debt maturity. The findings reveal that the agency cost hypotheses has been supported by the existing results. The firms always match the assets maturity with their debt maturity which saves them from the liquidity risk and also from future financial issues. The matching of assets and debts control

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Altan, Mikail, and Ferhat Arkan. "Relationship Between Firm Value And Financial Structure: A Study On Firms In ISE Industrial Index." Journal of Business & Economics Research (JBER) 9, no. 9 (2011): 61. http://dx.doi.org/10.19030/jber.v9i9.5636.

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Maximization of firm value has become the basic objective of the firms. Short-term debt, long-term debt and equity used by firms may affect firm value. Objective of the study is to investigate the effect of financial structures of firms on their values. In the study 127 firms data, that are indexed in ISE, are used. The data were analyzed using the SPSS 15.0 program. According to the results of the analysis the values of the firms were affected by financial structures of firms. For example; a 1% change in equity cause 1.183% change value of the firm, a 1% change in the short-term debt cause 0.

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Amalina, Nur, and Kharisma Aulia Insani. "Ukuran perusahaan dan leverage terhadap nilai perusahaan di Bursa Efek Indonesia: Return on equity sebagai variabel moderasi." Journal of Management and Digital Business 3, no. 1 (2023): 20–30. http://dx.doi.org/10.53088/jmdb.v3i1.616.

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This study examines the effect of firm size and leverage on firm value, with return on equity as a moderating variable. The data used in this study is secondary data from the financial reports of companies listed on the Indonesian Stock Exchange for 2015–2019, using purposive sampling. The analytical method used in this study is moderate regression analysis (MRA). The study results show that firm size, debt-to-equity ratio, and return on equity simultaneously affect firm value. Partially, firm size and the debt-to-equity ratio do not affect firm value. Return on equity has a partial effect on

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Sanil, Hishan S., Ahmad Amirul Arsyad bin Noraidi, and Suresh Ramakrishnan. "The Impact of Different Firm Sizes on Capital Structure Determinants Among Listed Consumer Product Firms In Malaysia." Journal of Economic Info 5, no. 2 (2018): 1–6. http://dx.doi.org/10.31580/jei.v5i2.104.

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This research is conducted to determine the impact of different firm sizes on the relationship between capital structure determinants and leverage among listed consumer product firms in Malaysia from year 2006 to 2015. All data was taken from annual report of the companies by using DataStream. In 2015, 130 firms were listed in Bursa Malaysia under the consumer product sector. However, only 108 firms were observed as several firms had insufficient data. This study uses the dependent variable of debt ratios i.e. short-term debt, long-term debt and total debt. The independent variables used are f

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Oranefo, Patricia Chinyere, and Chinedu Egbunike. "Debt Financing And Firm Valuation Of Quoted Non-Financial Firms In Nigeria Stock Exchange." International Journal of Financial, Accounting, and Management 4, no. 2 (2022): 199–218. http://dx.doi.org/10.35912/ijfam.v4i2.1064.

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Abstract: Purpose: This study examined the effect of debt financing on the firm valuation of quoted non-financial firms on the Nigerian Stock Exchange (NSE). The study specifically evaluated the effect of short-term debt to equity, long-term debt to equity, and total debt to assets on Tobin’s Q for the period 2011 to 2019. Methodology: The study adopts the ex post facto research design. The sampling technique utilized in the study was non-probability sampling. The final sample comprised seventy-five firms quoted non-financial firms on the Nigerian Stock Exchange (NSE). The secondary data obtai

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Ding, Qianxing, Shanshan Huang, Guohua Fu, and Bing Wang. "Investment analysis of the private firm under different financial arrangements in infrastructure projects." PLOS ONE 19, no. 2 (2024): e0287418. http://dx.doi.org/10.1371/journal.pone.0287418.

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This study investigates the impact of various financial arrangements on the investment behavior of the private firm in PPP (Public-Private Partnership) projects. The results manifest that: first, the private firm will invest in the project earlier under long-term debt financing than under short-term debt financing or all equity financing; second, the investment boundary of the private sector decreasing with the probability of obtaining long-term debt financing under short-term debt financing, while increasing with the probability of obtaining long-term debt financing under long-term debt finan

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KÖSE, Eda. "The Impact of Firm Growth and Profitability on Debt Policy." Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi 7, no. 2 (2023): 149–62. http://dx.doi.org/10.31200/makuubd.1300990.

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Debt policy is one of the decisions that a firm should consider. Managers should set a sound debt policy, taking the right risks and ratios into consideration to ensure the growth of the firm. There are factors that need to be taken into consideration when determining debt policy. These are the asset structure of the firm, firm size and profitability. The aim of this study is to determine the impact of firm growth, asset structure, and profitability on debt policy. Financial statement data of 312 firms traded on the BIST between 2012 and 2021 were used. Panel data analysis was conducted as the

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Bamidele, M. ILO, A. FOLAMI Rahmon, A. SOYEBO Yusuf, and E. OYEDOKUN Godwin. "Firm growth, Size, dividend Policy and Financing Choices of Nigerian Non-Financial Firms." AFAR Multidisciplinary Journal of Management Sciences (MJMS) Volume 4, Issue 1, March 2022 (Special) (2022): 17–38. https://doi.org/10.5281/zenodo.8054969.

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Firms financing choices has remained perpetually an object of debate in both corporate and academic discussion. This study examines the how firm growth, size and dividend policy which are rarely jointly investigated in empirical analysis of financing choices of Nigerian firms. This study also argues that firm leverage should emphasize capitalization rather than short term financing and thus measured leverage as long term debt to equity ratio. The study employed panel data obtained from the annual reports and financial statements of a sample of 20 nonfinancial firms quoted on the Nigerian Excha

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Afifa, Olga Mardianita, and Sylva Alif Rusmita. "PENGARUH UTANG JANGKA PENDEK DAN STRUKTUR KEPEMILIKAN INSTITUSIONAL TERHADAP KINERJA PERUSAHAAN YANG TERCATAT PADA INDEKS SAHAM SYARIAH PERIODE 2016-2018." Jurnal Ekonomi Syariah Teori dan Terapan 7, no. 4 (2020): 714. http://dx.doi.org/10.20473/vol7iss20204pp714-722.

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The trade-off theory by Kraus and Litzenberg (1972) indicates that debt has its effect on firm performance. As well as agency theory stated by Jensen and Meckling (1976), showing an effect between ownership structure and manager’s works, hence agency cost could be minimized and firm performance could be maximized. Therefore, this paper identifies the effect of short-term debt and institutional ownership towards firm performance partially and simultaneously, choosing 51 companies of trade, services, and investment sector of Indonesia Sharia Stock Index during 2016-2018. Three variables: short-t

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Duong, Hong Kim, Anh Duc Ngo, and Carl B. McGowan. "Industry peer effect and the maturity structure of corporate debt." Managerial Finance 41, no. 7 (2015): 714–33. http://dx.doi.org/10.1108/mf-02-2014-0050.

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Purpose – The purpose of this paper is to examine the role of industry peers in shaping firm debt maturity decisions. Design/methodology/approach – The authors use idiosyncratic equity shocks as instruments to disentangle industry fixed and peer effects. The authors also employ a three-stage least squares regression (3SLS) model to capture the correlation among thee (short, medium, and long) debt maturity decisions. Findings – The authors find that a one standard deviation change in peer short (medium, long) maturity debt leads to a 50 percent (37 percent, 23 percent) change in firm correspond

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Oliver, Mukweyi Pyoko. "FIRM AGE AND LONG TERM DEBT OF FIRMS LISTED AT THE NAIROBI SECURITIES EXCHANGE, KENYA." International Journal of Management and Commerce Innovations 11, no. 1 (2023): 438–42. https://doi.org/10.5281/zenodo.8359672.

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<strong>Abstract:</strong> Companies need more finance as they grow since increased operating expenditures are a result of this growth. Since debt obligations provide tax advantages, financing a corporation through them is regarded as being less expensive than using equity. A tax shield connected with debt financing has advantages, and debt financing has information costs that are significantly lower than those associated with the issuance of new shares. However, debt issues have plagued the majority of NSE companies. Therefore, the study sought to investigate the effect of firm age on long te

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Juwono, Hans Putra, and Eko Budi Santoso. "THE EFFECT OF DEBT CHOICE ON FIRM VALUE." Jurnal Akuntansi Kontemporer 17, no. 1 (2025): 53–66. https://doi.org/10.33508/jako.v17i1.5861.

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Research Purposes. This study aims to examine the impact of the choice of bank debt and bond debt on firm value of infrastructure sector companies. This research is important because it makes a significant contribution to the academic literature and financial practitioners, as well as being a guide for managers in making corporate financial decisions. Research Methods. Secondary data in this study were taken from 62 companies during the 2021-2022 period with total of 112 samples were tested using multiple linear regression analysis method. Research Results and Findings. The results showed that

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Umer, Iqbal, and Usman Muhammad. "Impact of Financial Leverage on Firm Performance: Textile Composite Companies of Pakistan." SEISENSE Journal of Management 1, no. 2 (2018): 70–78. https://doi.org/10.5281/zenodo.1241454.

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The aim of this research is to identify the relationship between financial leverage and the performance of Textile Composite Companies of Pakistan. Pakistan Textile Composite Companies which are listed in PSX (100-index) are selected.5-year data is collected from 2011-2015 and top 16 companies are selected as a sample. Using descriptive statistics, correlation analysis and regression model to identify the results. Results show that financial leverage has negative and significant effect on firm ROE and financial leverage has positive and significant effect on firm ROA. Further study indicates t

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Santi Dharmastri Laksmi, Ida Ayu, and I. Ketut Budiartha. "Pengaruh Kebijakan Dividen terhadap Nilai Perusahaan dengan Kebijakan Hutang sebagai Variabel Moderasi." E-Jurnal Akuntansi 30, no. 12 (2020): 3041. http://dx.doi.org/10.24843/eja.2020.v30.i12.p04.

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Firm value is defined as market value because firm value is able to provide prosperity for shareholders if the company's share price increases. The purpose of this study is to obtain empirical evidence of dividend policy on firm value and moderation of debt policy on dividend policy on firm value. The study used companies listed on the IDX for the 2016-2018 period with a sample of 37 samples. The analysis technique used is multiple linear regression analysis. Based on the research results, it is known that dividend policy has a negative effect on firm value, debt policy moderates the positive

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Gander, James P. "Firm debt structure, firm size and risk volatility in US industrial firms." Applied Financial Economics 22, no. 5 (2011): 387–93. http://dx.doi.org/10.1080/09603107.2011.613763.

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Sunandy, Jonathan Alvin, and Thio Lie Sha. "FAKTOR YANG MEMPENGARUHI KEBIJAKAN UTANG PADA PERUSAHAAN MANUFAKTUR DI BEI." Jurnal Paradigma Akuntansi 6, no. 3 (2024): 1057–67. http://dx.doi.org/10.24912/jpa.v6i3.30726.

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This study aims to obtain empirical evidence regarding the effect of structure asset, firm size, dividend policy, and profitability on the firm debt in manufacturing companies on the IDX. The technique sampling used was purposive sampling. The company data in the study were 30 companies. This study uses secondary data that is processed using Eviews version 12. The F test show that structure asset, firm size, dividend policy, and profitability have a significant effect on debt policy. The t test show that profitability has a positive significant effect on debt policy, structure asset has a nega

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Sunandy, Jonathan Alvin, and Thio Lie Sha. "FAKTOR YANG MEMPENGARUHI KEBIJAKAN UTANG PADA PERUSAHAAN MANUFAKTUR DI BEI." Jurnal Paradigma Akuntansi 6, no. 2 (2024): 951–60. http://dx.doi.org/10.24912/jpa.v6i2.29873.

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This study aims to obtain empirical evidence regarding the effect of structure asset, firm size, dividend policy, and profitability on the firm debt in manufacturing companies on the IDX. The technique sampling used was purposive sampling. The company data in the study were 30 companies. This study uses secondary data that is processed using Eviews version 12. The F test show that structure asset, firm size, dividend policy, and profitability have a significant effect on debt policy. The t test show that profitability has a positive significant effect on debt policy, structure asset has a nega

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Irene, Ehimare, Rachael E. Abusomwan, and Beauty E. Jackson-Akhigbe. "Capital Structure and Financial Performance of Quoted Oil and Gas Companies in Nigeria." Archives of Business Research 13, no. 02 (2025): 15–30. https://doi.org/10.14738/abr.1302.18264.

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This study investigates the impact of capital structure on the financial performance of quoted oil and gas companies listed on the Nigerian Exchange Group. Specifically, it examines the effects of total debt ratio, long-term debt ratio, short-term debt ratio, and equity ratio on the market value of firms, measured by Tobin's Q, over the period from 2014 to 2023. The research utilizes a longitudinal approach with a sample of eight publicly traded oil and gas companies, employing data obtained from annual reports. A random effects model, analyzed through panel least squares regression, was used

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EPENDI, ZULFAN. "The Effect of Ownership Structure on Firm Value With Debt Policy As Intervening Variable (Study on LQ45 Companies on the Indonesian Stock Exchange)." RIGGS: Journal of Artificial Intelligence and Digital Business 1, no. 1 (2022): 31–37. http://dx.doi.org/10.31004/riggs.v1i1.16.

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This study aims to determine and analyze the effect of ownership structure and debt policy on firm value. Effect of ownership structure on firm value with debt policy as an intervening variable. The population in this study were LQ45 companies in the form of financial reports downloaded from www.idx.co.id, namely 45 companies. then the companies studied were lq45 companies as many as 27 companies. The analytical method used is path analysis. The results of this study indicate that ownership structure affects firm value. Furthermore, ownership structure influences firm value with debt policy as

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Wiki Indah Larasati and Ana Susi Mulyani. "DIVIDEND POLICY AND PROFITABILITY ON COMPANY VALUE WITH DEBT POLICY AS INTERVENING VARIABLES." Management Science Research Journal 1, no. 1 (2022): 30–43. http://dx.doi.org/10.56548/msr.v1i1.10.

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This research was conducted to find out the Effect of Dividend Policy and Profitability on Firm Value with Debt Policy as an Intervening Variable Case Study in automotive sub-sector companies listed on the Indonesia Stock Exchange for the 2010-2020 period. The variables in this study are Dividend Policy which is proxied by Dividend Payout Ratio (DPR), Profitability is proxied by Return On Assets (ROA), Firm Value is proxied by Price to Book Value (PBV), and Debt Policy is proxied by Debt Equity Ratio (DER). The object of research uses research variables. The data collection method is in

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Ali, Sarmad, Adalberto Rangone, and Muhammad Farooq. "Corporate Taxation and Firm-Specific Determinants of Capital Structure: Evidence from the UK and US Multinational Firms." Journal of Risk and Financial Management 15, no. 2 (2022): 55. http://dx.doi.org/10.3390/jrfm15020055.

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This paper aims to examine whether effective tax rate and firm-specific factors (such as firm size, growth opportunities, tangibility, risk, profitability, non-debt tax shields and liquidity) impact the capital structure of multinational firms in the energy sector. We employ regression models consisting of OLS, fixed effect and random effect to test balanced panel dataset of multinational firms based in the UK and USA over the period 2011–2019. We show a positive and significant effect of tangibility, risk, profitability and non-debt tax shields on long-term and total debt measures of capital

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Okanda, Tellma Longy, Jianhua Zhang, Philip Adu Sarfo, and Ophelia Amankwah. "Exploring the Nexus between Debt Financing and Firm Performance: A Robustness Analysis Using Instrumental Variables." International Journal of Advanced Engineering Research and Science 12, no. 2 (2025): 08–22. https://doi.org/10.22161/ijaers.122.2.

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This study explores the impact of debt financing on firm performance, focusing on addressing the challenges of endogeneity and collinearity in regression models. Using a sample of firms from the CSMAR database, we investigate how different forms of debt financing short-term debt, long-term debt, and total debt affect firm performance metrics, specifically Return on Equity (ROE) and Return on Assets (ROA). To mitigate potential biases in traditional regression models, we employ Generalized Two-Stage Least Squares (G2SLS) and instrumental variable (IV) techniques. Our results show that long-term

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Mohammed Saied Makni, Mohammed Saied Makni. "Does Debt Policy for Capital Structure Matter to Saudi Listed Firms?" journal of King Abdulaziz University Economics and Administration 34, no. 1 (2020): 115–44. http://dx.doi.org/10.4197/eco.34-1.6.

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The research investigates mainly the relevance of capital structure to Saudi listed firms by assuming the endogeneity of debt, ownership structure, and firm value. The empirical results show strong evidence of no relationship between leverage and firm value, hence the irrelevance of capital structure for Saudi listed firms operating in the no tax and no tax benefit regime. Additionally, the results show the moderation effect of equity finance and family control in the relationship between debt and firm value. Moreover, it is indicative that debt is endogenous and that there is a nonlinear (cub

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Sayanth, Sudheer, and N. S. Vishnu. "Capital Structure and Firm Value: Indian IT Industry." International Journal of Innovative Science and Research Technology 7, no. 4 (2022): 1490–93. https://doi.org/10.5281/zenodo.6516317.

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This research analyses how the capital structure affects the value of the firm of IT companies listed in the Bombay Stock Exchanges. The data was collected from financial statements of 20 IT companies listed in Bombay Stock Exchange from 2012 to 2021. Quantitative research method with panel regression was used in this study. This study has used Tobin’s Q ratio as the dependent variable. This study has also used Short term debt, Long term debt, Equity, Size, Liquidity and profitability as the independent variable. The results of the analysis show that long term debt is not affecting the f

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Sutomo, Sutomo, Sugeng Wahyudi, Irene Rini Demi Pangestuti, and Harjum Muharam. "Determinants of financing decision: empirical evidence on manufacturing firms in Indonesia." Investment Management and Financial Innovations 16, no. 2 (2019): 159–70. http://dx.doi.org/10.21511/imfi.16(2).2019.14.

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This study aims to contribute to the emergence of the literature focusing on exploring the factors influencing the financing decision, as well as examining the relationship between the firm size, profitability and firm growth towards the corporate debt. Questions such as how relevant firm size, profitability and firm growth to debt are, quantitatively, had not been fully answered in the business literature. The purpose of this study is to fill this large gap by examining the role of the firm size, profitability, investment and firm growth for the corporate debt. This study tries to examine the

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