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Revisit to the determinants of capital structure: A comparison between lodging and software firms
The paper examines the influence of the key determinants of success in hotel industry in the Republic of Serbia. The research was conducted for the period from 2015 to 2020 on a sample of 23 hotels. The chosen length of the observation period covers a sufficient time interval to cover all heterogeneities in the structure of the observation units, as well as their changes over time, using the dynamic panel analysis model. The adequate sample size was determined by considering the size of the population, the desired level of confidence, and the value of the allowable sampling error. The results of the research have shown that determinants such as business success from the previous period, efficiency of use of total business assets, belonging to a hotel chain, size and increasing hotel concentration index have a positive impact on success in hotel industry. On the other hand, determinants such as hotel indebtedness, operating leverage and hotel age have a negative impact on business success. Determinants such as the quality of environmental protection management and socially responsible hotel business do not have a significant impact on success in hotel industry in the Republic of Serbia.
This study investigates the relationships between the governance of SMEs and financial behaviour in an emergent economy. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This study investigates the relationships between the governance of family SMEs and the financial behaviour in an emergent economy. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This study investigates the relationships between the governance of SMEs and the financial behaviour in an emergent economy. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This study investigates the relationships between the governance of family SMEs and the financial behaviour in an emergent economy. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This paper studies the relationship between capital structure and corporate governance structure. We used a fixed-effects and random-effects regression analysis model based on a unique data set to test hypotheses. The findings suggest that capital structure positively influences board size, ownership concentration, and firm size. Furthermore, the results suggest to investors the possibility of defining detailed expectations on the behaviour of the firms' capital structure. Future research could investigate the capital structure using different arrangements and face-to-face meetings with the company's directors and shareholders. The results of this paper contribute to the current literature on capital structure and corporate governance, proposing new evidence on the effect of the board structure and ownership structures on the capital structure.
This study investigates the relationships between the governance of family SMEs and the financial behaviour in an emergent economy. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This study investigates the relationships between the governance of family SMEs and the financial behaviour in an emergent economy. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This study investigates the relationships between the governance of family SMEs and the financial behaviour in an emergent economy. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This paper studies the relationship between capital structure and corporate governance structure. We used a fixed-effects and random-effects regression analysis model based on a unique data set to test hypotheses. The findings suggest that capital structure positively influences board size, ownership concentration, and firm size. Furthermore, the results suggest to investors the possibility of defining detailed expectations on the behaviour of the firms' capital structure. Future research could investigate the capital structure using different arrangements and face-to-face meetings with the company's directors and shareholders. The results of this paper contribute to the current literature on capital structure and corporate governance, proposing new evidence on the effect of the board structure and ownership structures on the capital structure.
This paper studies the relationship between capital structure and corporate governance structure. We used a fixed-effects and random-effects regression analysis model based on a unique data set to test hypotheses. The findings suggest that capital structure positively influences board size, ownership concentration, and firm size. Furthermore, the results suggest to investors the possibility of defining detailed expectations on the behaviour of the firms' capital structure. Future research could investigate the capital structure using different arrangements and face-to-face meetings with the company's directors and shareholders. The results of this paper contribute to the current literature on capital structure and corporate governance, proposing new evidence on the effect of the board structure and ownership structures on the capital structure.
This paper studies the relationship between capital structure and corporate governance structure. We used a fixed-effects and random-effects regression analysis model based on a unique data set to test hypotheses. The findings suggest that capital structure positively influences board size, ownership concentration, and firm size. Furthermore, the results suggest to investors the possibility of defining detailed expectations on the behaviour of the firms' capital structure. Future research could investigate the capital structure using different arrangements and face-to-face meetings with the company's directors and shareholders. The results of this paper contribute to the current literature on capital structure and corporate governance, proposing new evidence on the effect of the board structure and ownership structures on the capital structure.
This paper studies the relationship between capital structure and corporate governance structure. We used a fixed-effects and random-effects regression analysis model based on a unique data set to test hypotheses. The findings suggest that capital structure positively influences board size, ownership concentration, and firm size. Furthermore, the results suggest to investors the possibility of defining detailed expectations on the behaviour of the firms' capital structure. Future research could investigate the capital structure using different arrangements and face-to-face meetings with the company's directors and shareholders. The results of this paper contribute to the current literature on capital structure and corporate governance, proposing new evidence on the effect of the board structure and ownership structures on the capital structure.
This paper focuses on the relationships between ownership concentration, management style and capital structure of manufacturing firms. The research hypotheses were tested using a fixed-effects and random-effects regression analysis model. The parameters used are quantitative only. The results suggest that the capital structure is positively correlated with the concentration of ownership and the firm's management style. Furthermore, the empirical evidence suggests the greater significance of some income indicators compared to others of an equity and financial nature. Future research should also consider qualitative parameters to better focus on the structural and functional characteristics of the investigated companies.
This paper examines the relationship between corporate governance and the capital structure of companies in an emerging stock market. The study covers the period from 2012 to 2016, analysing enterprise-level data for 46 randomly selected non-financial companies. We used multivariate regression analysis with the fixed effects model approach to analyse the sample of firms. In addition, we also investigated the influence of controlled variables such as firm size and profitability on firms' financing mechanisms. The results reveal that board size significantly correlates negatively with debt/equity ratio. However, the company's financial behaviour is not significantly influenced by the CEO / Chairman dualism. Finally, the results suggest that corporate governance variables such as size and ownership structure and management participation play an essential role in determining the financial mix of firms.
The environment in which financial statements auditing is implemented, is complex and built upon inherently fragile foundations. On the one hand, auditor’ independence is one of the most important characteristics of providing independent audit services, and on the other hand, failure to adhere to it, is among the most important threats to independent audit profession. Many researchers have noted that the most important obstacles to auditors’ independence arise from financial issues. Fear of losing a client who pays for audit or non-audit service fees has a significant impact on an auditor's judgment. However, independence is, in fact, an abstract concept that cannot be observable directly and is often described as a mental state that is related to concepts such as impartiality, honesty, trust, and personality. On the other hand, "fear" has understandable concepts and meanings in the dictionary. However, while investigating the problem that many working auditors acknowledge it, using the information of financial statements and market and through identifying factors related to fear of losing a client, an empirical model has been proposed to measure it. For this purpose, the viewpoints of 14 academics and profession experts, the data from132 listed firms in Tehran Stock Exchange over the years 2005 to 2014, multivariate regression, factor analysis and two-sample t test were used. The investigations and reviews resulted in presenting a 17-variable model whose power was confirmed in supplementary studies. Presenting this model will lead to increased empirical research in the field of auditor’s independence, and subsequently, increased knowledge in the field. Also, this model can be used by audit profession to explain the determinants of fear of losing clients. Moreover, this model could help develop the literature on auditing in general, and could contribute to auditors’ quality, independence, and transfer in particular.
This paper investigates the capital structure of manufacturing firms in an emerging economy. In line with the prevailing literature, the financial behaviour of firms was analysed through its main determinants. The companies were selected based on a stratified random sampling technique mediated by economic and geographical parameters. This approach made it possible to represent the structural characteristics of the economy. The time horizon is ten years and concerns 90 SMEs. The research hypotheses were tested using a static, fixed effects (FE) model. The data were collected through a structured questionnaire based exclusively on quantitative indicators. The findings contribute to the existing literature, providing further empirical evidence of an emerging economy.
This research paper investigates the impact of firms' financial choices on performance, focusing on industrial firms over a 10-year time horizon. We used a random sampling method based on an economic and a geographical criterion to better represent the economic and industrial structure of the country. Firms that still needed complete data availability were eliminated and replaced with other firms, always chosen based on the same sampling technique. The indicators reflect the prevailing literature's evolution on companies' capital structure and financial behaviour. The model is based on statistical regression tools. The regression results indicate that leverage negatively affects the performance of the companies analysed.
This paper studies the relationships between family businesses' ownership structure characteristics and manufacturing firms' financial behaviour manufacturing firms. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This paper examines the relationship between corporate governance and the capital structure of companies in an emerging stock market. The study covers the period from 2012 to 2016, examining enterprise-level data for 46 randomly selected non-financial companies. We used multivariate regression analysis with the fixed effects model approach to analyse the sample of firms. In addition, we also investigated the influence of controlled variables such as firm size and profitability on firms' financing mechanisms. The results reveal that board size significantly correlates negatively with debt/equity ratio. However, the company's financial behaviour is not significantly influenced by the CEO / Chairman dualism. Finally, the results suggest that corporate governance variables such as size and ownership structure and management participation play an essential role in determining the financial mix of firms.
This paper investigates the impact of corporate governance characteristics on firms' capital structure. The survey was carried out on a sample of 50 non-financial companies. The research hypotheses were tested using multiple regressions. The results showed that ownership concentration significantly and negatively affects leverage, while firms with more fractional ownership use leverage more. Furthermore, the business sector, used as a control variable, does not impact the capital structure.
From the agency theory perspective, there are various control mechanisms to attenuate information asymmetries and information risk and to enable better supervision of managerial activity that mitigates the opportunistic behavior of managers, such as financial reporting quality and disclosure. Several studies have analyzed some of information asymmetries and information risk attenuate effects, such as the reduction of the cost of capital and cost of debt and access to the debt market and the effect on its conditions, i.e., lower cost, higher debt maturity and lower guarantees in bank financing. This study, examines the impact of financial reporting quality and growth opportunities on the capital intensity. The sample of this study, includes 134 companies listed in the Tehran Stock Exchange during the period 1392-1396 and for processing and testing hypotheses, panel data methodology is used. The results show that financial reporting quality has negative impact on the capital intensity. Also, it shows that growth opportunity decreases negative impact of financial reporting quality on capital intensity. Therefore designed conceptual model is confirmed.
The main objective of this paper is to verify the relevance of different financing theories to explain the choice of capital structure in the sector of small and medium-sized enterprises (SMEs). After exploring the most relevant ideas on capital structure, an empirical analysis was carried out on a sample of panel data of 40 companies from 2006-2014, using quantitative analysis. The panel data methodology tests empirical hypotheses, controls for constant heteroskedasticity, and corrects the variables' autocorrelation. The results show that some theories need to be in line as such with the results obtained from the analysis. However, some capital structure theories are considered important in determining the leverage of SMEs, such as the agency costs involved, information asymmetry problems, and liquidity and cash flow problems.
This study investigates the relationships between the governance of family SMEs and the financial behaviour in an emergent economy. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases .
This paper studies the relationships between family businesses' cownership structure characteristics and manufacturing firms' financial behaviourf manufacturing firms. The companies analysed were selected with a random sampling method. The research hypotheses were tested using a fixed effects regression analysis model, and the reliability parameters of the estimates were then checked. The data were collected through a questionnaire that covered qualitative and quantitative aspects. The results suggest that the financial behaviour of firms is significantly influenced by the economic structure, highlighting that the firms analysed prefer to use their resources to finance the firm. This preference is reduced as the size of the firm increases.
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