University of Twente Student Theses
The impact of corporate life cycle on the capital structure of German listed companies
Ambalavanar, Nirojan (2019) The impact of corporate life cycle on the capital structure of German listed companies.
|
PDF
2MB |
| Abstract: | In this research, the relationship between corporate life cycle and capital structure of German listed non-financial companies is examined. The corporate life cycle is divided into Growth, Maturity and Decline life cycle stages. Both ordinary least squares (OLS) and fixed effects regressions are conducted in order to examine the direct impact of the corporate life cycle stages on the capital structure of the German listed non-financial companies in the period of 2009 until 2017. The final sample of this research consists of 361 listed German non-financial companies. The main findings of this research support partially the predictions that the leverage ratios will follow a U-shaped (high-low-high) pattern along the corporate life cycle of the sample companies. Therefore, this research extends the life cycle literature by directly examining the role of corporate life cycle in influencing the capital structure. There is namely little research conducted with a focus on the direct impact of the corporate life cycle stages on the capital structure of the companies. |
| Item Type: | Essay (Master) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 85 business administration, organizational science |
| Programme: | Business Administration MSc (60644) |
| Keywords: | Corporate life cycle, Corporate life cycle stages, Capital structure, Leverage, Germany, Llisted companies, Non-financial companies, After crisis |
| Link to this item: | https://purl.utwente.nl/essays/78645 |
| Export this item as: | BibTeX EndNote HTML Citation Reference Manager |
Show download statistics for this publication
Show download statistics for this publicationRepository Staff Only: item control page