Capital structures of listed firms in ASEAN
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2014
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2557
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eng
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157 leaves
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ba186200
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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National Institute of Development Administration. Library and Information Center
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Pornpen Thippayana (2014). Capital structures of listed firms in ASEAN. Retrieved from: http://repository.nida.ac.th/handle/662723737/3346.
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Capital structures of listed firms in ASEAN
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Abstract
The objective of this dissertation is to study the firm-, industry-, and countrylevel
factors influencing the capital structures of the listed firms in ASEAN. The
3,750 samples are collected annually for 12 years from 2000 to 2011, resulting in
45,000 firm-year observations. The pooled ordinary least squared regression is used in
the analysis for all combined three-level features. The leverage measures cover
various proxies of capital structures. The evidence shows that firm size and tangibility
are significantly and positively related to leverage, while profitability, growth
opportunity, non-debt tax shield, liquidity, and interest rate are significantly and
negatively related to leverage, consistent with theories and prior studies. However,
business risk is insignificantly related to leverage. Munificence as an industry-specific
factor is significantly and negatively related to market-based leverage ratios, while
dynamism of an industry is significantly and negatively related to long-term debt
book leverage. However, the Herfindahl-Hirschman index is significantly and
negatively related to seven of eight leverage ratios, consistent with prior study. All
five country-specific factors are significantly related to total debt book leverage and
long-term liabilities market leverage. Only inflation rate as a country-specific attribute
is significantly and positively related to all leverage ratios. Moreover, there are
differences in the leverage across industries and countries. Overall, the impact of
firm-specific factors on leverage ratios plays important role.
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Dissertations (Ph.D.(Finance)--National Institute of Development Administration, 2014