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Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence

Issues on inconclusive results in capital structure studies are still unresolved todate. Various perhaps and justifications being put forward by researchers past and present to rationalize their inconsistent findings. Different leverage definitions used in the studies is identified as one of the mai...

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Main Authors: Haron, Razali, Ibrahim, Khairunisah, Mat Nor, Fauzias, Ibrahim , Izani
Format: Conference or Workshop Item
Language:English
English
English
Published: 2012
Subjects:
HG4001 Financial management. Business finance. Corporation finance.
Online Access:http://irep.iium.edu.my/24937/7/hrazali_mfac2012-full-program-18May2012__new.pdf
http://irep.iium.edu.my/24937/8/Is_capital_Structure_Study_Still_A_Puzzle.pdf
http://irep.iium.edu.my/24937/9/hrazali_MFA14_Proceedings_Cover_page_and_TOC.pdf
http://irep.iium.edu.my/24937/
http://www.gsb.usm.my/mfac2012/programmes.htm
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spelling my.iium.irep.249372015-10-12T16:45:26Z http://irep.iium.edu.my/24937/ Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence Haron, Razali Ibrahim, Khairunisah Mat Nor, Fauzias Ibrahim , Izani HG4001 Financial management. Business finance. Corporation finance. Issues on inconclusive results in capital structure studies are still unresolved todate. Various perhaps and justifications being put forward by researchers past and present to rationalize their inconsistent findings. Different leverage definitions used in the studies is identified as one of the main factors that lead to inconsistent results recorded in the literature. Different leverage definition serves differently according to the needs of the study thus produces inconclusive findings. Different models employed also play a significant role in this issue of inconsistencies. Different natures of models employed influence greatly the results in capital structure studies throughout. The three countries selected for this study, Malaysia, Thailand and Singapore prove that inconsistent results reported within each country are due to the different definitions of leverage (six leverage measures used) as well as the different models (the static and dynamic models) employed. Inconsistencies are more rampant in the use of different leverage definitions with the same model as compared to different models with the same leverage definition. The Fixed Effect Model and Partial Adjustment Model are employed representing the static and dynamic models respectively. Therefore, the capital structure studies are still craving for one universally accepted leverage definition and also one appropriate model to satisfy the needs of in depth understanding of the relationship between capital structure decisions and value of a firm. 2012 Conference or Workshop Item REM application/pdf en http://irep.iium.edu.my/24937/7/hrazali_mfac2012-full-program-18May2012__new.pdf application/pdf en http://irep.iium.edu.my/24937/8/Is_capital_Structure_Study_Still_A_Puzzle.pdf application/pdf en http://irep.iium.edu.my/24937/9/hrazali_MFA14_Proceedings_Cover_page_and_TOC.pdf Haron, Razali and Ibrahim, Khairunisah and Mat Nor, Fauzias and Ibrahim , Izani (2012) Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence. In: 14th Malaysian Finance Association Conference 2012, 1-3 June 2012, Penang. http://www.gsb.usm.my/mfac2012/programmes.htm
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
English
topic HG4001 Financial management. Business finance. Corporation finance.
spellingShingle HG4001 Financial management. Business finance. Corporation finance.
Haron, Razali
Ibrahim, Khairunisah
Mat Nor, Fauzias
Ibrahim , Izani
Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence
description Issues on inconclusive results in capital structure studies are still unresolved todate. Various perhaps and justifications being put forward by researchers past and present to rationalize their inconsistent findings. Different leverage definitions used in the studies is identified as one of the main factors that lead to inconsistent results recorded in the literature. Different leverage definition serves differently according to the needs of the study thus produces inconclusive findings. Different models employed also play a significant role in this issue of inconsistencies. Different natures of models employed influence greatly the results in capital structure studies throughout. The three countries selected for this study, Malaysia, Thailand and Singapore prove that inconsistent results reported within each country are due to the different definitions of leverage (six leverage measures used) as well as the different models (the static and dynamic models) employed. Inconsistencies are more rampant in the use of different leverage definitions with the same model as compared to different models with the same leverage definition. The Fixed Effect Model and Partial Adjustment Model are employed representing the static and dynamic models respectively. Therefore, the capital structure studies are still craving for one universally accepted leverage definition and also one appropriate model to satisfy the needs of in depth understanding of the relationship between capital structure decisions and value of a firm.
format Conference or Workshop Item
author Haron, Razali
Ibrahim, Khairunisah
Mat Nor, Fauzias
Ibrahim , Izani
author_facet Haron, Razali
Ibrahim, Khairunisah
Mat Nor, Fauzias
Ibrahim , Izani
author_sort Haron, Razali
title Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence
title_short Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence
title_full Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence
title_fullStr Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence
title_full_unstemmed Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence
title_sort is capital structure study still a puzzle? southeast asian panel data evidence
publishDate 2012
url http://irep.iium.edu.my/24937/7/hrazali_mfac2012-full-program-18May2012__new.pdf
http://irep.iium.edu.my/24937/8/Is_capital_Structure_Study_Still_A_Puzzle.pdf
http://irep.iium.edu.my/24937/9/hrazali_MFA14_Proceedings_Cover_page_and_TOC.pdf
http://irep.iium.edu.my/24937/
http://www.gsb.usm.my/mfac2012/programmes.htm
_version_ 1643608842696654848
score 13.211869

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