Determinants of capital structure: An empirical analysis of firms listed in the Philippine Stock exchange index
Date of Publication
Bachelor of Science in Management of Financial Institutions
Finance and Financial Management
Ramon V. Del Rosario College of Business
Financial Management Department
Ray Anthony Almonares
Defense Panel Chair
Defense Panel Member
Kristine Mae Lagdameo
Mar Adriel Umali
This paper examines how firms in the Philippines utilize financing decisions through their capital structure. The researchers examined the effect of profitability, firm size, liquidity, tangibility, growth opportunities, and non-debt tax shield to capital structure on firms. The sample for this study includes 24 listed firms in the Philippine Stock Exchange index. Financial data from years 2007-2016 was obtained through Compustat IQ with Bloomberg as supplementary database. Panel data model was used for statistical analysis with the help of statistical software, Stata 13. The results of this study showed that profitability, firm size and liquidity have a significant relationship in leverage. The mentioned variables are also related to capital structure theories, namely, trade-off theory and pecking order theory. The researchers suggest that future studies may include a wider sample with more macroeconomic and other firm-specific variables to further improve the study.
Archives, The Learning Commons, 12F, Henry Sy Sr. Hall
iv, 63, 4 leaves : illustrations ; 28 cm.
Corporations--Finance; Capital investments
Canlas, A., Dalomias, L., Go, J., & Lacandili, G. (2017). Determinants of capital structure: An empirical analysis of firms listed in the Philippine Stock exchange index. Retrieved from https://animorepository.dlsu.edu.ph/etd_bachelors/6813