The determinants of financial flexibility and their implications on the non-financial and non-heavily regulated industries in the Philippines: 1999-2010

Added Title

Determinants and imlications of financial flexibility, 1999-2010

Date of Publication

2012

Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Commerce Major in Management of Financial Institutions

Subject Categories

Finance and Financial Management

College

Ramon V. Del Rosario College of Business

Department/Unit

Financial Management

Thesis Adviser

Neriza M. Delfino

Defense Panel Chair

Ruben Carlo O. Asuncion

Defense Panel Member

Catherine Almonte
Rica Sauler

Abstract/Summary

This paper intends to identify the determinants of financial flexibility by utilizing the 1999 to 2010 financial data of non-financial and non-heavily regulated publicly listed firms in the Philippines. The generalized method of moments (GMM) was used to discover the significance of the variables determining financial flexibility and the partial adjustment model was used to determine the speed of adjustment of firms in the presence of financial flexibility. The sample consists of 1,188 observations divided into four sectors, which are holding firms, industrials, properties and services. The findings showed that the overall data produced different results as compared to each sector. The most common variables affecting financial flexibility are asset tangibility and firm size. Moreover, as a measurement of financial flexibility, the average speed of adjustment of Philippine firms to achieve their target leverage ratios is about a year.

Abstract Format

html

Language

English

Format

Print

Accession Number

TU21636

Shelf Location

Archives, The Learning Commons, 12F, Henry Sy Sr. Hall

Physical Description

vi, 160 leaves : illustrations (some color)

Keywords

Financial institutions--Philippines

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