Capital structure inconclusiveness: evidence from Malaysia

The objective of this study is to examine the possible factors contributing to the issue of inconclusiveness in capital structure studies. This study also attempts to provide logical explanations to the unresolved issue of inconsistencies in the relationship between factors identified and leverage i...

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Main Author:	Haron, Razali
Format:	Conference or Workshop Item
Language:	English
Published:	2013
Subjects:	HG4001 Financial management. Business finance. Corporation finance.
Online Access:	http://irep.iium.edu.my/31138/ http://irep.iium.edu.my/31138/1/Capital_Structure_Inconclusiveness._Evidence_from_Malaysia.pdf

id	iium-31138
recordtype	eprints
spelling	iium-311382013-08-22T06:48:39Z http://irep.iium.edu.my/31138/ Capital structure inconclusiveness: evidence from Malaysia Haron, Razali HG4001 Financial management. Business finance. Corporation finance. The objective of this study is to examine the possible factors contributing to the issue of inconclusiveness in capital structure studies. This study also attempts to provide logical explanations to the unresolved issue of inconsistencies in the relationship between factors identified and leverage in capital structure studies. Comparisons are also made between the Malaysia and the developed market to see whether the findings are consistent with both market landscapes. This study employs two models in its methodology which are static and dynamic models to examine the effects of using different models in the study. The Fixed Effect model and Partial Adjustment model represent the static and dynamic models respectively. The dynamic model is estimated using Generalised Method of Moments. This study also uses six definitions of leverage to examine the impact of using different leverage definition in capital structure studies. To test the robustness of the findings comparison were made with past studies done by other researchers on developed markets. This study found that the use of different models (with the same leverage definition) and different leverage definitions (using the same model) give different results including signs. Inconsistencies are more obvious in the different leverage definitions (using the same model) compared to the use of different models (with the same leverage definition). There is also evidence that the findings in Malaysia are consistent with both the emerging and the developed markets as other studies on developed markets also report inconsistent results when using different models and different leverage definitions. 2013-07-02 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/31138/1/Capital_Structure_Inconclusiveness._Evidence_from_Malaysia.pdf Haron, Razali (2013) Capital structure inconclusiveness: evidence from Malaysia. In: Seminar Hasil Penyelidikan Sektor Pengajian Tinggi Kementerian Pendidikan Malaysia, Ke-3 2013, 2 & 3 July 2013, EDC Hotel, Universiti Utara Malaysia, Kedah.
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG4001 Financial management. Business finance. Corporation finance.
spellingShingle	HG4001 Financial management. Business finance. Corporation finance. Haron, Razali Capital structure inconclusiveness: evidence from Malaysia
description	The objective of this study is to examine the possible factors contributing to the issue of inconclusiveness in capital structure studies. This study also attempts to provide logical explanations to the unresolved issue of inconsistencies in the relationship between factors identified and leverage in capital structure studies. Comparisons are also made between the Malaysia and the developed market to see whether the findings are consistent with both market landscapes. This study employs two models in its methodology which are static and dynamic models to examine the effects of using different models in the study. The Fixed Effect model and Partial Adjustment model represent the static and dynamic models respectively. The dynamic model is estimated using Generalised Method of Moments. This study also uses six definitions of leverage to examine the impact of using different leverage definition in capital structure studies. To test the robustness of the findings comparison were made with past studies done by other researchers on developed markets. This study found that the use of different models (with the same leverage definition) and different leverage definitions (using the same model) give different results including signs. Inconsistencies are more obvious in the different leverage definitions (using the same model) compared to the use of different models (with the same leverage definition). There is also evidence that the findings in Malaysia are consistent with both the emerging and the developed markets as other studies on developed markets also report inconsistent results when using different models and different leverage definitions.
format	Conference or Workshop Item
author	Haron, Razali
author_facet	Haron, Razali
author_sort	Haron, Razali
title	Capital structure inconclusiveness: evidence from Malaysia
title_short	Capital structure inconclusiveness: evidence from Malaysia
title_full	Capital structure inconclusiveness: evidence from Malaysia
title_fullStr	Capital structure inconclusiveness: evidence from Malaysia
title_full_unstemmed	Capital structure inconclusiveness: evidence from Malaysia
title_sort	capital structure inconclusiveness: evidence from malaysia
publishDate	2013
url	http://irep.iium.edu.my/31138/ http://irep.iium.edu.my/31138/1/Capital_Structure_Inconclusiveness._Evidence_from_Malaysia.pdf
first_indexed	2023-09-18T20:45:23Z
last_indexed	2023-09-18T20:45:23Z
_version_	1777409640165801984

Capital structure inconclusiveness: evidence from Malaysia

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