The thesis begins by defining the research problem and questions, and providing a justification for the research study. This missing link, financial flexibility, is identified by practitioners and used in this thesis to fill the missing gap between. These studies were trying to reach a conclusion about the impact of capital structure on firms performance. Financial management and profitability of small and medium. Financial flexibility is the most important practical determinant to managers when they make financing decisions. Dissertation capital structure and firm performance. The study adopts bourdieus theory of practice as its. This thesis examines the impact of capital structure on firms financial performance. Starting with the seminal work by modigliani and miller, much attention has. Optimal corporate investments and capital structure. This thesis aims to add empirical evidence to the corporate finance literature by looking at two main financing issues, namely firms payout policies and capital structure decisions, in the context of emerging markets. The thesis examines the dynamic impact of capital structure on firm performance in nigeria. This thesis provides three empirical studies on the capital structure of us multinational corporations compared to purely domestic corporations. Dynamic analysis of the impact of capital structure on.
Sasso, lorenzo 2012 capital structure and corporate governance. Cash holdings, capital structure and financial flexibility. This study makes several important contributions to the existing studies of capital structure. In this study, the mainly discussion focuses on these two theories and find out the determinants factors of capital structure choice by using japanese firms. Optimal corporate investments and capital structure martin schultznielsen a dissertation submitted to the school of business and social sciences, aarhus university.
The title of this thesis, investment and finance under fundamental uncertainty alludes to the common ground with real options theory on the importance of irreversibility, but also to the material divergence resulting from two. Using a sample of the european economic areas listed. This thesis studies behavioral characteristics of human beings and how they influence the risk taking decisions of individuals in financial markets. I consider hybrids any financial instrument that presents a mix of equity and debt characteristics. Review of the traditional theories phd theses this section collects phd theses in the fields on social capital, the pdf file of the thesis with useful examples on how to structure and write a phd thesis. In a broad sense, any human action involves consequences, which are typically uncertain, and so we are constantly assuming risks. There is also significant theory on the capital structure of firms and its determinants. Social capital dissertation example, writing a thesis on. The influence of social network structure on the chance of success of open source software project communities. In my thesis i am focusing on the analysis of the investment decisionmaking process of venture capital firms, with various ownership backgrounds and company life cycle focus, interested in hungarian investments projects, as well. Naeem, shammyla 2012 financial structure of uk firms.
Despite a vast literature on the capital structure of the firm there still is a big gap between theory and practice. This thesis consists of three empirical essays on contemporary issues related to the banking and financial sector, particularly banks capital, performance, and financial inclusion. Given the plethora of forces and issues that capital structure. The value of an enterprise depends on expected earnings and cost of capital. To determine the determinants of a capital structure 5. Com, mba, ms submitted in fulfilment of the requirements for the degree of doctor of philosophy in finance business school college of social sciences university of. This thesis examines the prospective value of social capital for developmental purposes. The capital structure theory was pioneered by modigliani and miller 1958. The survey would then proceed to document the answers available in the litera ture.
Capital structure study attempts to explain the mix of securities and financing sources used by companies to finance investments myers,2001. Despite ample research on corporate financing decisions, there is a growing interest in deepening our understanding of how firms structure their financing needs. Since early 2002, our academic specialists on subjects related to social capital have helped phd grad students, undergraduates, and alevel undergrads worldwide by offering the most comprehensive research service on the internet for social. Because academic thesis on career development writing is a tough business learn from a model proposal that our service provides or collaborate with your academic, either way, our thesis on carbon nanotubes service takes the worry out of your. More specifically, the first empirical chapter in this thesis chapter 5 aims to give an answer to the puzzling lower leverage ratio of us multinational firms relative to their domestic counterparts. Clarity is paramount when determining the structure layout of your dissertation. This thesis consists of a study of english and us corporate finance law and, in particular, the law in relation to hybrid financial instruments.
Com, mba, ms submitted in fulfilment of the requirements for the degree of doctor of philosophy in finance business school college of social sciences university of glasgow may 2012. It contends that the role that social relationships play in poor actors efforts to cope with and move out of poverty needs to be assessed under a dual understanding of social structure, as both the medium and outcome of social action. Trade off theory concluded that in these cases the companies set an optimal capital structure. This thesis is structured into two main parts to investigate the role of financial flexibility in firms liquidity and financing management. Empirical study on the impact of managerial power on corporate. Chapter three compares the capital structures of large, quoted firms and smes in ghana. Social capital do you require assistance with a master dissertation, a thesis, or a ph. Research on financing problems of private enterprises in anhui province,f276. Study on infrastructure project financing and capital. Msc program business information management, business administration.
The theory of capital structure and its relationship with a firms value and. Therefore this thesis excludes from examination all the derivative instruments, while it focuses on two main types of hybrid. Much of the research since the seminal work of modigliani and miller 1958 has focused on testing the implications of two traditional views of capital structure. Nevertheless, this thesis will be investigating the impact of capital structure on firm performance, which, to my best knowledge, has not done before for dutch smes. Credit ratings have become a widely accepted measure of firms creditworthiness in financial markets. International literature widely discusses the decision. University rsm erasmus university, rotterdam, the netherlands. Chapter iii concepts and theories of capital structure and profitability. The thesis entitled, the impact of working capital management on firms performance. The capital structure of multinational and domestic. There is a negative relationship between capital structure and financial performance.
The thesis consists of seven chapters, including five main standalone research papers. The multiobjectives model is built based on the method of grey evaluation and ahp to carry on the optimal evaluation for financing structure of railway project, at the same time prove the practical and validity of the model using the case, in order to provide a viable capital structure optimal evaluation model for the railway project financing. More than an alternative way to approach financial problems. A retail store business plan can help you thesis on capital structure and firm performance improve your chance for success. Three essays on bank capital structure, performance, and. Chapter 3 develops a model where capital structure decisions are centered around the firms liquidity needs, while still accounting for tax benefits, the cost of financial distress and collateral. Chen, zhanquan 20 the determinants of capital structure. The idea of relating companys capital structure and its value started since the establishment of irrelevancy theory of capital structure by modigliani and miller in 1958.
It has been long debated whether capital structures are influential on costs of capital and firm values. This research led to the development of a model of capital structure. The structure of the thesis the structure of the thesis is as follows. Capital structure theories introduction capital structure decision is a significant decision in financial management.
Three essays on capital structure phd thesis constantinos v. In that respect, the thesis bychapter format may be advantageous, particularly for students pursuing a phd in the natural sciences, where the research content of a thesis consists of many discrete experiments. This first chapter of thesis intends to introduce the background, the knowledge we intend to. Phd thesis on capital structure pdf world currency. In this dissertation, we build upon previous work on capital structure by examining the impact of firmspecific and macroeconomic risks on the capital structure of uk manufacturing firms. Many previous empirical studies were studying the same topic by using different countries. Capital structure decisions are among the most significant finance decisions companies encounter. Thesis of doctoral phd dissertation investment decision. Impact of working capital management on firms performance. Some key metrics and definitions are defined in this chapter, which are crucial for the research section of the thesis.
A thesis submitted in fulfilment of the requirements for the award of phd degree. This thesis is made of standalone essays on the capital structure and financing of small and medium enterprises smes in ghana and south africa. The capital structure has significant impact on financial performance. A thesis submitted in fulfilment of the requirements for the award of. By investment they mean capital formation, the production of new capital assets, including intangible assets such as education. Riku siljander capital structure theory and determinants with reference to. This is unlike previous studies in the capital structure literature that have used static analysis. Firms that incur external financing costs face a complex decision when they optimize the capital structure. The modern theory of capital structure began with the celebrated paper of modigliani and miller 1958. The theory of capital structure wiley online library.
Clarity is paramount when determining the structurelayout of your dissertation. The first essay investigates the determinants of bank capital structure taking into account the impact of the crisis, banks systemic size and risks. The impact of capital structure on firm performance. Lambrinoudakis submitted in fulfillment of the requirements for the degree of doctor of philosophy department of banking and financial management university of piraeus piraeus 2012. In terms of structure, the thesis has six chapters. Phd thesis in capital structure, best dissertation writing service uk wiki, resume writing services top rated, what is your goal in life essay. Effects of working capital management on company profitability. Since early 2002, our academic specialists on subjects related to social capital have helped phd grad students, undergraduates, and alevel undergrads worldwide by offering the most comprehensive research service on the internet for social capital. Phd thesis, the london school of economics and political science. Capital structure is the way in which a firm finances its operations which can either, be through debt or equity capital or a combination of both, brigham, 2004. Therefore, proper care and attention need to be given while determining capital structure decision. Since then, many economists have followed the path they mapped.
Theoretical guidelines on concept of bank capital 1. The influence of capital structure on firm performance. It is the employment of an asset source of finance for which. Each dissertation is custom written by our experienced phd writers qualified in discipline of the dissertation you ordered. Project financing in tourism resources development application,f283. Structure of thesis list of abbreviations and acronyms list of figures list of tables introduction chapter 1 conceptual approaches on bank capital 1. Dynamic analysis of the impact of capital structure on firm.
Top quality custom dissertation writing services for phd. In that respect, the thesisbychapter format may be advantageous, particularly for students pursuing a phd in the natural sciences, where the research content of a thesis consists of many discrete experiments. Please suggest me a nice topic for phd thesis in finance. Trends of capital structure of companies in hanoi stock market are identified and discovered.
The lack of consensus among the theories that try to explain the capital structure of a firm has led to many empirical studies in capital structure of the firm. This decision in a private enterprise is directed towards the achievement of maximization of the shareholders wealth or value of the firm. Despite the significant growth of rating agencies, with a continuous reliance on credit ratings by regulators, investors and firms, prior academic literature generally tends to underestimate the relevance of credit ratings in firms financial decisionmaking. Optimal corporate investments and capital structure 20142 martin schultznielsen phd thesis department of economics and business aarhus university denmark. In their study, modigliani and miller 1958 argued that capital structure was irrelevant to firm value. I am interested in financial economics but you can suggest me otherwise in finance as well. Instead, the aim of this paper is to test whether capital structure affects firm performance in ukraine. Hypotheses the following hypothesis is formulated for the study h 0. Submitted in fulfillment of the requirements for the degree of doctor of. This thesis is submitted in partial fulfilment for the. Optimal corporate investments and capital structure martin schultznielsen a dissertation submitted to the. Due to the homogeneous accounting standard, singlecountry study is preferable over multicountry studies. Thesis for the master of management in finance and.
They mm pointed the direction that such theories must take by showing under what conditions capital structure is irrelevant. The research on relationship between capital structure and enterprise value in listed companies of construction industry,f426. Financial performance is a measure of how a company can use their activities in the heart of the business to generate revenue. The influence of capital structure on firm performance a quantitative study of swedish listed firms authors. In this thesis, the researcher will enhance understanding in the area of capital structure. Economists have always debated the relationship between these two, investment and finance, and the controversy over its nature remains unresolved.
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