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The determinants of capital structure : evidence from Dutch listed firms

Wei, Yiwen (2014) The determinants of capital structure : evidence from Dutch listed firms.

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Abstract:This study investigates the capital structure determinants of Dutch listed firms with fixed effects model. The sample contains 71 non-financial firms over year 2004-2012. As expected, the results are explained by a mixture of pecking order theory and trade-off theory. Size, free cash flow and uniqueness increases with leverage while business risk, non-debt tax shield, liquidity, profitability and tangibility decrease as leverage declines. The relevance of tax rate and growth opportunities are not significant. It is speculated that the differences of capital structure determinants compared to previous evidence reflects the recent institution development.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
Link to this item:http://purl.utwente.nl/essays/66018
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