Investigating the determinants of capital structure: Evidence from the Philippine property industry
Date of Publication
2011
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
Alfredo M. Santoyo
Defense Panel Member
Kashmirr Ibañez
Dan Roces
Abstract/Summary
There are three major theories of capital structure under this study-- static trade-off theory, pecking order theory and agency cost framework. This study regress six common determinants of capital structure plus a diversification measure, seven factors in all, on leverage in order to determine which particular theory the property industry falls into. Empirical results show that the property industry of the Philippines falls under the static trade-off theory. This study also incorporates a diversification measure called caves index. Both of these extensions have not been extensively highlighted in other researchers and are considered as departures from the existing literature. Results show that all but earnings volatility were significant. Data utilized are from selected publicly listed property firms. Data is mainly sourced from the Osiris database dated 2005 to 2009 and the selected individual firm's annual report.
Abstract Format
html
Language
English
Format
Accession Number
TU17183
Shelf Location
Archives, The Learning Commons, 12F, Henry Sy Sr. Hall
Physical Description
105 leaves : illustrations (some color)
Keywords
Finance; Debt; Diversification in industry
Recommended Citation
Cortez, L. R., Dy, A., Fernandez, J., & Soliven, A. (2011). Investigating the determinants of capital structure: Evidence from the Philippine property industry. Retrieved from https://animorepository.dlsu.edu.ph/etd_bachelors/18517