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Jeroen Hinloopen - One of the best experts on this subject based on the ideXlab platform.
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preference hierarchies for internal finance bank loans bond and share issues evidence for dutch firms
Journal of Empirical Finance, 2003Co-Authors: Leo De Haan, Jeroen HinloopenAbstract:We estimate the incremental Financing Decision for a sample of some 150 Dutch companies for the years 1984 through 1997, thereby distinguishing internal finance and three types of external finance: bank borrowing, bond issues, and share issues. First, we estimate a multinomial logit model, which confirms several predictions of both the static trade-off theory and the pecking order theory as to the determinants of Financing choices. Next, we estimate all possible ordered probit models to determine which Financing hierarchy fits the data best. The results suggest that Dutch firms have a unique most preferred Financing hierarchy: (i) internal finance, (ii) bank loans, (iii) share issues, and (iv) bond issues.
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ordering the preference hierarchies for internal finance bank loans bond and share issues
Research Papers in Economics, 2002Co-Authors: Leo De Haan, Jeroen HinloopenAbstract:We estimate the incremental Financing Decision for a sample of some 150Dutch companies for the years 1984 through 1997, thereby distinguishinginternal finance and three types of external finance: bank borrowing, bondissues and share issues. First, we estimate a multinomial logit model whichconfirms several predictions of both the static trade-off theory and thepecking-order theory as to the determinants of Financing choices. Next, weuse ordered probit models to determine which Financing hierarchy fits thedata best. The results suggest that Dutch firms have a most-preferredFinancing hierarchy: (i) internal finance, (ii) bank loans, (iii) shareissues, (iv) bonds issues.
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ordering the preference hierarchy for internal finance bank loans bond and share issues evidence from dutch firms
Social Science Research Network, 2002Co-Authors: Leo De Haan, Jeroen HinloopenAbstract:We estimate the incremental Financing Decision for a sample of some 150 Dutch companies for the years 1984 through 1997, thereby distinguishing internal finance and three types of external finance: bank borrowing, bond issues and share issues. First, we estimate a multinomial logit model which confirms several predictions of both the static trade-off theory and the pecking-order theory as to the determinants of Financing choices. Next, we use ordered probit models to determine which Financing hierarchy fits the data best. The results suggest that Dutch firms have a most-preferred Financing hierarchy: (i) internal finance, (ii) bank loans, (iii) share issues, (iv) bonds issues.
Mohammad Al Mutairi - One of the best experts on this subject based on the ideXlab platform.
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the effect of corporate governance corporate Financing Decision and ownership structure on firm performance a panel data approach from kuwait stock exchange
Social Science Research Network, 2011Co-Authors: Helen Hasan, Mohammad Al MutairiAbstract:The aim of this paper is to examine the effect of corporate governance, corporate Financing Decision, and ownership structure on firm performance. The study uses panel based regression approach; the analysis is based on a sample of 80 listed Kuwait Stock Exchange Market firms, over a period of 9 years, from 2000 to 2008. Findings suggest that there is no association between ownership structure (identity, types or mix) and firm performance, using both measures of firm performance, ROA and Tobin’s Q. This study also finds that government ownership is insignificantly positively related to ROA using pool data; the result for the panel sample documents a hump-shaped curve between government ownership and Tobin’s Q. When institutional ownership is used, there is no nonlinearity related to the firm value, using both pool and panel data sample. In this study, we also apply a three-stage least square (3SLS) simultaneous equations model to study the interaction between capital structure, dividend policy, ownership structure and firm performance. We find that, to some extent, the types of shareholders influence firm value significantly. The only two ownership variables that negatively and significantly have an effect on firm value are government shareholding and individual shareholders. We also find evidence of its intermediate function, because both capital structure and dividend policy significantly and positively influence firm value. The results of simultaneous regressions also suggest that ownership structure impacts capital structure and dividend policy, which in turn affects firm value. We also show the endogeneity of capital structure and dividend policy in listed companies in Kuwait. Hence this study provides new lights on corporate governance, corporate Financing Decision, ownership structure and corporate structure issue on firms’ performance.
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the impact of corporate Financing Decision on corporate performance in the absence of taxes panel data from kuwait stock market
Social Science Research Network, 2011Co-Authors: Helen Hasan, Mohammad Al Mutairi, Elizabeth A RisikAbstract:Thi s study examines the relationship between fin ancing Decisions such as capital structure, capital budgeting techniques and dividend policy along with the fir m’s attr ibutes. We examined the impact of industrial sectors and fin ancial performance using the panel data of 80 listed companies in Kuwait. The r esults of this study suggest that, contrary to the Trade-off The ory of capital structure, there is a negative association between the level of debt and fin ancial performance. Thi s can be attr ibuted to the high cost of borrowing and the underdeveloped nature of the debt market in Kuwait. Given the unique tax environment in Kuwait, using debt does not seem to be suffic ient to outweigh the costs of using debt, including the high interest cost.
Helen Hasan - One of the best experts on this subject based on the ideXlab platform.
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the effect of corporate governance corporate Financing Decision and ownership structure on firm performance a panel data approach from kuwait stock exchange
Social Science Research Network, 2011Co-Authors: Helen Hasan, Mohammad Al MutairiAbstract:The aim of this paper is to examine the effect of corporate governance, corporate Financing Decision, and ownership structure on firm performance. The study uses panel based regression approach; the analysis is based on a sample of 80 listed Kuwait Stock Exchange Market firms, over a period of 9 years, from 2000 to 2008. Findings suggest that there is no association between ownership structure (identity, types or mix) and firm performance, using both measures of firm performance, ROA and Tobin’s Q. This study also finds that government ownership is insignificantly positively related to ROA using pool data; the result for the panel sample documents a hump-shaped curve between government ownership and Tobin’s Q. When institutional ownership is used, there is no nonlinearity related to the firm value, using both pool and panel data sample. In this study, we also apply a three-stage least square (3SLS) simultaneous equations model to study the interaction between capital structure, dividend policy, ownership structure and firm performance. We find that, to some extent, the types of shareholders influence firm value significantly. The only two ownership variables that negatively and significantly have an effect on firm value are government shareholding and individual shareholders. We also find evidence of its intermediate function, because both capital structure and dividend policy significantly and positively influence firm value. The results of simultaneous regressions also suggest that ownership structure impacts capital structure and dividend policy, which in turn affects firm value. We also show the endogeneity of capital structure and dividend policy in listed companies in Kuwait. Hence this study provides new lights on corporate governance, corporate Financing Decision, ownership structure and corporate structure issue on firms’ performance.
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the impact of corporate Financing Decision on corporate performance in the absence of taxes panel data from kuwait stock market
Social Science Research Network, 2011Co-Authors: Helen Hasan, Mohammad Al Mutairi, Elizabeth A RisikAbstract:Thi s study examines the relationship between fin ancing Decisions such as capital structure, capital budgeting techniques and dividend policy along with the fir m’s attr ibutes. We examined the impact of industrial sectors and fin ancial performance using the panel data of 80 listed companies in Kuwait. The r esults of this study suggest that, contrary to the Trade-off The ory of capital structure, there is a negative association between the level of debt and fin ancial performance. Thi s can be attr ibuted to the high cost of borrowing and the underdeveloped nature of the debt market in Kuwait. Given the unique tax environment in Kuwait, using debt does not seem to be suffic ient to outweigh the costs of using debt, including the high interest cost.
Admin, Putri B1021161102 - One of the best experts on this subject based on the ideXlab platform.
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PENGARUH PROFITABILITAS, KREDIT BERMASALAH, DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN PADA PERBANKAN UMUM YANG TERDAFTAR DI BURSA EFEK INDONESIA
Jurnal Manajemen Update, 2021Co-Authors: Admin, Putri B1021161102Abstract:NILAI PERUSAHAAN PADA PERBANKAN UMUM YANG DI TERDAFTAR BURSA EFEK INDONESIA PUTRI ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh Profitabilitas, Kredit Bermasalah , serta Likuiditas terhadap Nilai Perusahaan pada Perbankan Umum yang terdaftar di Bursa Efek Indonesia. Jumlah sampel yang digunakan dalam penelitian ini terdiri dari 45 perusahaan selama periode 2014-2018 dengan menggunakan metode non probability sampling dengan teknik purposive sampling sehingga menghasilkan 41 perusahaan. Teknik analisis data yang digunakan adalah statistik deskriptif,uji asumsi klasik, dan analisis regresi linier berganda. Pengujian dilakukan menggunakan SPSS . Berdasarkan hasil analisis ditemukan bahwa Rasio Profitabilitas ( Return On Asset )berpengaruh Positif terhadap Nilai Perusahaan (Price to Book Value), Rasio Kredit Bermaslah (Non Performing Loan ) tidak berpengaruh terhadap Nilai Perusahaan (Price to Book Value), dan Rasio Likuiditas (Loan to Deposit Ratio) berpengaruh terhadap Nilai Perusahaan (Price to Book Value).Kata kunci : Profitabilitas, Kredit Bermasalah , Likuiditas dan nilai perusahaan. “EFFECT ON PROFITABILITY, CREDIT PROBLEMS, AND LIQUIDITY TOVALUE OF COMPANIES IN PUBLIC BANKING REGISTERED IN INDONESIA STOCK EXCHANGE “ PUTRI ABSTRACTThis study aims to determine the effect of Profitability, Non-Performing Credit, and Liquidity on Firm Value in Commercial Banks listed on the Indonesia Stock Exchange. The number of samples used in this study consisted of 44 companies during the 2014-2018 period using non-probability sampling methods with purposive sampling technique, resulting in 41 companies. The data analysis technique used is descriptive statistics, classical assumption test, and multiple linear regression analysis. The test was conducted using SPSS.. Based on the results of the analysis, it was found that the profitability ratio (return on assets) had a positive effect on the firm value (price to book value), the non-performing loans had no effect on the firm value (price to book value), and the Liquidity Ratio (Loan to Deposit Ratio) affects the Firm Value (Price to Book Value).Keywords: Profitability, Non Performing Credit, Liquidity and Firm Value. DAFTAR PUSTAKAAmbarsita, L. (2013).Analisis Penanganan Kredit Macet. Jurnal Manajemen Bisnis, 3(1), 17.Anwar (2018). Kajian Kinerja Keuangan dan Corporate Social Responsbility terhadap Nilai Perusahaan pada Bank yang terdaftar di Bursa Efek Indonesia 2011-2015. Jurnal Penelitian Ipteks Vol. 3 No. 2 Juli 2018p-ISSN:2459-9921 E-ISSN:2528-0570 Ariyanti, L.E. (2010) “ Analisis Pengaruh CAR, NIM, LDR, NPL, BOPO, ROA, dan Kualitas Aktiva Produktif Terhadap Perubahan Laba pada bank umum di Indonesia tahun 2004-2008” Universita DiponegoroAyu Sri Mahatma Dewi dan Ary Wirajaya (2013), Pengaruh Struktur Modal, Profitabilitas, dan Ukuran Perusahaan pada Nilai Perusahaan. ISSN: 2302-8556 E-Jurnal Akuntansi Universitas Udayana 4.2 (2013): 358-372. Bambang Sudiyatno (2010). Analisis pengaruh dana pihak ketiga,Bopo, Car dan Ldr terhadap kinerja keuangan pada sektor perbankan yang go publik di bursa efek indonesia (BEI). Dinamika Keuangan dan Perbankan, Mei 2010, Hal: 125 - 137 Vol. 2, No.2 ISSN :1979-4878Dewi, Herawati, dan Sulindawati (2015), Pengaruh Kecukupan Modal, Risiko Kredit, Efisiensi Operasional dan Likuiditas Terhadap Profitabilitas Perusahaan Perbankan Konvensional di Indonesia. Yogyakarta: Dianingtyas, 2013, Utari, 2011. Menurut Taswan dan Nandadipa, 2010. PengaruhProfitabilitas, Kecukupan Modal dan Kredit Macet Terhadap Likuiditas Perbankan yang Terdaftar di Bursa Efek Indonesia. Universitas islam indonesia.Fahmi, Irhan (2012). Pengantar Manajemen Keuangan. Bandung: AlfabetFama, 8.F., dan K.R.French. 1998. "Taxes, Financing Decision, and Firm Value". The Joumal Of Finance;Vol.LIII. No.3, June, PP.8 l9-843. Helfert, E.A. lgg7. Teknik Analisis Keuanean. Penerjemah Herman Wibowo. Edisi Kedelapan.Jakarta: Erlangga.Leonardus Lubis (2017). Pengaruh Profitabilitas, Struktur Modal dan Likuiditas terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis dan Manajemen, Vol. 3 No. 3, September 2017. ISSN: 2528-5149 EISSN: 2460-7819.Muhammad Ali dan Chin Hong Puah (2018 ). Jurnal "The internal determinants of bank profitability and stability: An insight from banking sector of Pakistan", Management Research Review, https://doi.org/10.1108/ MRR-04-2017-0103Mamduh HM. 2004. Manajemen Keuangan.Yogyakarta: BPFEKasmir. 2013. Bank dan Lembaga Keuangan Lainnya.Ed rev 2008. Jakarta: Raja Grafindo Press.Komang Monica Cristina (2018). Pengaruh Likuiditas, Risiko Kredit, dan DanaPihak Ketiga Terhadap Profitabilitas pada Bank Perkreditan Rakyat (BPR). E- Jurnal Manajemen Unud, Vol. 7,No.6,2018:3353-3383ISSN:23028912DOI:https://doi.org/10.24843/EJMUNUD.2018.v7.i06.p 18 Keown. 2004. Manajemen Keuangan: Prinsip-prinsip dan Aplikasi Edisi Kesembilan. Jakarta : PT. Indeks.Brenda Yulinda Suyitno. Pengaruh NPL dan LDR melalui Profitabilitas sebagai variabel intervening terhadap nilai perusahaan. Jurnal Ilmu dan Riset Manajemen. Volume 6, Nomor 2, Febuari 2017. e-ISSN : 2461-0593Sundus Nur Halimah dan Euis Komariah. Pengaruh ROA, CAR, NPL, LDR, BOPO terhadap nilai perusahaan bank umum. Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis. Vol. 5 No. 1, July 2017, 14-25. E-ISSN: 2548-9836Kuncoro dan Suhardjono,2002. Analisis faktor-faktor yang mempengaruhi non performing loan. Diponegoro journal of management. Volume 4, Nomor 4, Tahun 2015, (Halaman 1-11)Riduwan, 2007. Metode dan Teknik Penyusunan Proposal Penelitian . Bandung: ALFABETA,cvRiski Agustiningrum (2011). Analisis Pengaruh Likuiditas (LDR) dan Kredit Macet (NPL) terhadap Tingkat Profitabilitas (ROA) pada PT Bank Mandiri (Persero), Tbk. Fakultas Ekonomi dan Bisnis Islam UIN Alauddin Makassar. Saputri, R. (2015). Analisis Penyelesaian Kredit Bermasalah Pada PD. BPR Samaridu Cabang Pekanbaru. Jom FISIP, 2(2), 1–10.Sartono, Agus. 2001. Manajemen Keuangan:Teori dan Aplikasi, Edisi Keempat, Cetakan Pertama, BPFE, Yogyakarta.Soliha dan Taswan, 2002. Pengaruh Kebijakan Hutang terhadap Nilai Perusahaan serta Beberapa Faktor yang Mempengaruhinya. Jurnal Bisnis dan Ekonomi, Vol. 9, no.2 Sugiyono. 2010. Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitiatif dan R&D. Bandung: AlfabetaSugiyono. (2017). Metode Penelitian Kualitatif dan R&D. Bandung :AlfabetaSri Hermuningsih (2012). Pengaruh Profitabilitas, Size terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening. Vol 16 no 2, Juli 2012 hal : 232-242.Weston, J. Fred dan Copeland, E. Thomas. 2008. Manajemen Keungan. Edisi Kesembilan, Penerbit Bina Aksara, Jakarta.Yong Tan dan Christos Floros (2012). Jurnal Bank profitability and inflation: the case of China, Journal of Economic StudiesVol. 39 No. 6, 2012 pp. 675-696.Gujarati, D. (2003). Ekonometrika Dasar. Jakarta: Erlangga.Hanafi, M. M. (2012). Dasar-Dasar Manajemen Keuangan. Jakarta: Penerbit Balai Pustaka.
Yichen Li - One of the best experts on this subject based on the ideXlab platform.
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ownership capital structure and Financing Decision evidence from the uk
British Accounting Review, 2016Co-Authors: Li Ding, Yichen LiAbstract:This paper examines whether and to what degree agency conflicts in ownership structure affect firm leverage ratios and external Financing Decisions, using a universal sample of UK firms from 1998 to 2012. We use two distinctive measures to capture ownership structure, namely, managerial share ownership (MSO) and institutional ownership. Our empirical results show a non-monotonic relation between MSO and the debt ratio, supporting two competing theories: interest alignment theory and the management entrenchment hypothesis. Nevertheless, institutional ownership is found to be positively related to firm leverage levels. Our results further suggest that firms with concentrated MSO decrease their leverage by increasing the probability of issuing equity over bonds, an effect strengthened during hot market periods.