Notice of Retraction: Study of the relationship between IPO market timing and capital structure of Real Estate companies Econometric evidence from the Panel Data of Hong Kong Main Board Stock Market

2011 ◽  
Author(s):  
Gao Chun Li ◽  
Lan Feng
Keyword(s):  
Hong Kong ◽  
Panel Data ◽  
Real Estate ◽  
Stock Market ◽  
Capital Structure ◽  
Market Timing ◽  
Econometric Evidence ◽  
The Relationship

The determinants of capital structure of Palestine‐listed companies

2011 ◽  
Vol 12 (3) ◽  
pp. 226-241 ◽  
Author(s):  
Faris M. Abu Mouamer
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Capital Structure ◽  
Listed Companies ◽  
Economic Sectors ◽  
Accounting Data ◽  
Content Type ◽  
Significant Difference ◽  
The One ◽  
The Relationship

PurposeThe purpose of this paper is to examine the relationship between capital structure and debt lifetime among listed companies in Palestine stock market.Design/methodology/approachThis study investigates firms that have been listed on the Palestine securities exchange (PSE) over a five‐year period (2000‐2004). In total, 28 companies were listed in PSE since 1999. Only 15 firms working in different economic sectors qualified to be included in the study sample according to the availability and continuity of published financial statements during the period of 2000‐2004. Variables used for the analysis include profitability, leverage ratios (total debt (TD), short‐term debt (STD) and long‐term debt (LTD)), liquidity (LQ), age, asset structure, and firm size and sales growth are also included as control variables. The panel character of the data allows for the use of panel data methodology. Panel data involves the pooling of observations on a cross‐section of units over several times.FindingsThe study has shown that the service companies have the highest TD ratio (53.69 percent), followed by industrial companies (50.86 percent), trade companies (34.11 percent) and agriculture companies (24.02 percent). The one way analysis of variance (ANOVA) shows no significant difference in the use of debt, neither total, LTD or STD among companies in the four sectors. Adding to that, ANOVA indicates insignificant differences among the companies in the sample with respect growth opportunities, size, age, tangibility (TAN), and LQ. The correlation analysis has shown that TD is positively and significantly related to TAN, on the country, no significant relationship between the long debt and STD on the one hand and age, growth, LQ, TAN, and size on the other hand.Originality/valueThis paper is the first that employs a new database containing the market and accounting data (from 2000 to 2004). This study will contribute in examining the relationship between capital structure and debt lifetime among listed companies in the Palestine stock market.

scholarly journals Determinants of Capital Structure in Bahrain Stock Market

2016 ◽  
Vol 3 (2) ◽  
pp. 177
Author(s):  
Abdelrhman Ahmad Meero
Keyword(s):  
Regression Analysis ◽  
Correlation Analysis ◽  
Stock Market ◽  
Capital Structure ◽  
Linear Model ◽  
Significant Relationship ◽  
Correlation And Regression Analysis ◽  
Dependent Variables ◽  
The Relationship ◽  
Industrial Investment

The aim of this paper is to examine the determinants of capital structure (profitability, size, risk and growth). The sample is composed of 39 Bahraini firms listed in Bahrain Stock Market. The study covered the period 2011-2015. Correlation and regression analysis have been used to identify the relationship between the capital structure determinants and debt leverages (book leverage and market leverage). Correlation analysis aims to identify this relationship at market level and at sectorial level. Regression analysis objective is to anticipate the models characterizing the relationships between determinants and capital leverages. Results of the analysis shows negative significant relationship between profitability and dependent variables, with more significance relationship with market leverage. This relationship is demonstrated in market level and in insurance and services sectors between profitability and book leverage. When the market leverage is the dependent variable this relationship is valid in market level and in banking, hotels, insurance and services sectors. Positive significant relationship has been found between size and both leverages in market level. Similar result is detected on sectorial level in banking, industrial, investment and services when the dependent variable is book leverage. Size-market leverage relationship is positive and significant also in insurance, investment and services sectors. The relationship risk—book leverage is significant only on sectorial level in Industrial, insurance and investment sectors. In term of market leverage—risk relationship, significant relationship is detected in market level and in investment and services sectors. Regression analysis results present a significant linear model reflecting the relationship between determinants of capital structure and leverages.

WHEN THE BUBBLE IS GOING TO BURST …

1999 ◽  
Vol 02 (03) ◽  
pp. 285-292 ◽  
Author(s):  
JING CHEN
Keyword(s):  
Hong Kong ◽  
Stock Market ◽  
Stock Price ◽  
Price Change ◽  
Convertible Bond ◽  
Price Behavior ◽  
Clear Signal ◽  
Security Markets ◽  
Relationship Of ◽  
The Relationship

There has been constant debate about the predictability of the security markets. We examine the relationship between the prices of a stock and its convertible bond during the Hong Kong stock market bubble of 1997 and its subsequent crash. We find that the price behavior of the share and the convertible bond not only gave a clear signal of the market reversal, but also the minimum range of the stock price change. This example offers concrete evidence that the market becomes highly predictable at times and gives us a chance to understand the relationship of the underlying stock and its derivatives during market bubbles.

scholarly journals The Influence of Profitability on Firm Value with Capital Structure as The Mediator

2020 ◽  
Vol 16 (2) ◽  
pp. 184-199
Author(s):  
Novi Mubyarto
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Path Analysis ◽  
Direct Effect ◽  
Indirect Effect ◽  
Firm Value ◽  
Direct Influence ◽  
Analysis Method ◽  
The Relationship ◽  
Significant Direct Effect

Abstract: The purpose of this research was to determine the direct and indirect effect of profitability on firm value using capital structure as a mediator. This involves using panel data from 44 companies listed on LQ45 as of 31st December 2015-2018 and analyzed using the path analysis method including Sobel Test and Bootstrapping technique. The results showed a positive and significant direct effect of profitability on firm value while the indirect effect using capital structure as a mediator between the two variables was found to be negative and significant. Moreover, the direct influence of capital structure on firm value was discovered to be negative and significant while the introduction of profitability variables in the relationship led to a positive and significant influence. Similarly, the direct effect of profitability on firm value using capital structure as the controlling variable was also found to be positive and significant.Keywords: firm value, capital structure, profitabilityPengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Struktur Modal Sebagai MediatorAbstrak: Tujuan dari penelitian ini adalah untuk mengkaji bagaimana pengaruh langsung profitabilitas terhadap nilai perusahaan, dan pengaruh tidak langsung melalui struktur modal sebagai mediator. Menggunakan data panel dari 44 perusahaan yang tercatat di LQ45 per tanggal 31 Desember selama periode 2015 sampai 2018. Metode analisis yang digunakan adalah metode analisis jalur (Path Analysis), dengan Teknik Sobel Test dan Bootsrapping. Hasil riset membuktikan bahwa terdapat pengaruh langsung yang positif dan signifikan antara profitabilitas terhadap nilai perusahaan. Namun, jika dilihat secara tidak langsung pengaruh profitabilitas terhadap nilai perusahaan melalui struktur modal sebagai mediator adalah negatif dan signifikan. Selanjutnya, pengaruh langsung profitabilitas terhadap struktur modal adalah negatif dan signifikan. Sementara ketika dikontrol oleh variabel profitabilitas, pengaruh struktur modal terhadap nilai perusahaan positif dan signifikan. Begitu pula dengan pengaruh langsung profitabilitas terhadap nilai perusahaan dengan mengontrol variabel struktur modal juga positif dan signifikan.Kata kunci: nilai perusahaan, struktur modal, profitabilitas

scholarly journals DETERMINANTS OF BANKS’ BOTTOM LINE: EVIDENCE FROM BENCHMARKING MALAYSIAN AND HONG KONG BANK

2017 ◽  
Vol 16 (1) ◽  
Author(s):  
Michael Tinggi ◽  
Shaharudin Jakpar ◽  
Ling Ling
Keyword(s):  
Hong Kong ◽  
Panel Data ◽  
Empirical Study ◽  
Capital Structure ◽  
Banking Sector ◽  
Strong Impact ◽  
Bottom Line ◽  
Managerial Efficiency ◽  
The World ◽  
The Impact

The aftermath of 1997/1998 Asian-financial meltdown, witnessed a significant restructuring of banking sector, resulting in fewer but bigger conglomeration of banks in Malaysia. Banks are now challenged to raise profit to another level in order to be more resilient against any future financial onslaught. The need to learn from some of the world best banks should be explored. This empirical study therefore attempts to benchmark the determinants of banks’ bottom line in Malaysia vis-à-vis attributes affecting viability of the same industry in Hong Kong. The domain of the study involves gauging the impact of firm’s size, capital structure, liquidity, managerial efficiency, loans’ size on bottom line enjoyed by banking sector in Malaysia and Hong Kong. The panel data are extracted from the 11 major banks, operating from each country in Malaysia and Hong Kong for period 2002 to 2011. The fixed effect panel found that, bank size, capital structure and loans to customers have strong impact on bank bottom line in Malaysia. In contrast, managerial efficiency improves profit margin in Hong Kong banking sector.Keywords: Banking Sector; Benchmarking; Bottom Line Determinants.

scholarly journals Profit Margin And Capital Structure: An Empirical Relationship

2011 ◽  
Vol 18 (2) ◽  
Author(s):  
Nikolaos P. Eriotis ◽  
Zoe Frangouli ◽  
Zoe Ventoura-Neokosmides
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Market Power ◽  
Empirical Relationship ◽  
Font Size ◽  
Fixed Assets ◽  
Equity Ratio ◽  
Strategic Variable ◽  
Investment In Fixed Assets ◽  
The Relationship

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="mso-bidi-font-style: italic;"><span style="font-size: x-small;"><span style="font-family: Batang;">This study constitutes an attempt to investigate the relationship between debt-to equity ratio and firm&rsquo;s profitability, taking into consideration the level of firms&rsquo; investment and the degree of market power.<span style="mso-spacerun: yes;">&nbsp; </span>The study uses panel data for various industries, covering the period 1995-96.<span style="mso-spacerun: yes;">&nbsp; </span>The main conclusions of our study are: a) firms which prefer to finance their investment activities through self-finance are more profitable than firms which finance investment through borrowed capital; b) firms prefer competing with each other than cooperating; c) firms use their investment in fixed assets as a strategic variable to affect profitability. </span></span></span></p>

scholarly journals Pengaruh Profitabilitas dan Kepemilikan Institusional Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Moderasi Pada Perusahaan Property dan Real Estate di BEI Periode 2015-2018

2020 ◽  
Vol 3 (2) ◽  
pp. 35-47
Author(s):  
Tatas Ridho Nugroho ◽  
Umi Muawanah ◽  
Djuni Farhan
Keyword(s):  
Data Analysis ◽  
Real Estate ◽  
Capital Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Company Value ◽  
Data Source ◽  
The Relationship

This research aims to determine and analyze the effect of profitability and institutional ownership on firm value with capital structure as a moderating variable in Property and Real Estate Companies on the IDX for the 2015-2018 period. This research is a quantitative research. The data source used is the data source. secondary. data is obtained indirectly and through intermediary media. The type of data used in this research is external data in the form of time series data. The data in this study are in the form of annual reports obtained from the official website of the Indonesia Stock Exchange, namely www.idx.co.id. The population in this study were 48 companies. The sampling technique was done by using purposive sampling technique, the number of companies used as a sample was 25 companies and the data obtained were 100 data. Data analysis was performed through the SPSS program. The data analysis methods used were: descriptive statistical test, classical assumption test, multiple linear regression analysis, and hypothesis testing. The results showed that the profitability variable proxied using ROE (Return on Equity) has an effect on firm value, institutional ownership variable has no effect on company value, profitability and institutional ownership variables jointly affect firm value, capital structure variable can moderate and strengthening the relationship between profitability to firm value and capital structure variables are unable to moderate the relationship between institutional ownership and property and real estate company value listed on the Indonesia Stock Exchange for the period 2015-2018.

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