Determinants of Capital Structure: Empirical Evidence from UK Companies
Capital structure of the company is regarded as one of the most controversial topic during the past 40 years, the influencing factors are complex and the impact of each determinant on firm value is not always obvious. The purpose of the dissertation is to examine the main determinants of capital str...
| Main Author: | |
|---|---|
| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2013
|
| Online Access: | https://eprints.nottingham.ac.uk/26551/ |
| _version_ | 1848793195512594432 |
|---|---|
| author | Bian, Xiaoxuan |
| author_facet | Bian, Xiaoxuan |
| author_sort | Bian, Xiaoxuan |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | Capital structure of the company is regarded as one of the most controversial topic during the past 40 years, the influencing factors are complex and the impact of each determinant on firm value is not always obvious. The purpose of the dissertation is to examine the main determinants of capital structure in UK companies. The sample data is collected in FTSE 350 during 20 years from 1993 to 2012. A panel data regression for 237 non-financial companies from 10 industries was generated. The contribution of this paper is to provide a further insight into the capital structure within UK industries and discuss its influencing factors.
ANOVA and panel data regression are used to analyze the impact of selected influencing factors on companies’ capital structure. Specifically speaking, the long-term and short-term leverage is introduced as the dependent variables. Profitability, firm size, growth opportunity, non-debt tax shields, tangibility and the industrial factors are used as the independent variables. However, it seems that there is no single theory or principle can explain the financial decisions of the companies. Thus, the influencing factors of companies’ capital structure still remain a puzzle. |
| first_indexed | 2025-11-14T18:56:26Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-26551 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T18:56:26Z |
| publishDate | 2013 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-265512017-10-19T13:25:57Z https://eprints.nottingham.ac.uk/26551/ Determinants of Capital Structure: Empirical Evidence from UK Companies Bian, Xiaoxuan Capital structure of the company is regarded as one of the most controversial topic during the past 40 years, the influencing factors are complex and the impact of each determinant on firm value is not always obvious. The purpose of the dissertation is to examine the main determinants of capital structure in UK companies. The sample data is collected in FTSE 350 during 20 years from 1993 to 2012. A panel data regression for 237 non-financial companies from 10 industries was generated. The contribution of this paper is to provide a further insight into the capital structure within UK industries and discuss its influencing factors. ANOVA and panel data regression are used to analyze the impact of selected influencing factors on companies’ capital structure. Specifically speaking, the long-term and short-term leverage is introduced as the dependent variables. Profitability, firm size, growth opportunity, non-debt tax shields, tangibility and the industrial factors are used as the independent variables. However, it seems that there is no single theory or principle can explain the financial decisions of the companies. Thus, the influencing factors of companies’ capital structure still remain a puzzle. 2013-09-17 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/26551/1/dissertation_XIAOXUAN_BIAN.pdf Bian, Xiaoxuan (2013) Determinants of Capital Structure: Empirical Evidence from UK Companies. [Dissertation (University of Nottingham only)] (Unpublished) |
| spellingShingle | Bian, Xiaoxuan Determinants of Capital Structure: Empirical Evidence from UK Companies |
| title | Determinants of Capital Structure:
Empirical Evidence from UK Companies |
| title_full | Determinants of Capital Structure:
Empirical Evidence from UK Companies |
| title_fullStr | Determinants of Capital Structure:
Empirical Evidence from UK Companies |
| title_full_unstemmed | Determinants of Capital Structure:
Empirical Evidence from UK Companies |
| title_short | Determinants of Capital Structure:
Empirical Evidence from UK Companies |
| title_sort | determinants of capital structure:
empirical evidence from uk companies |
| url | https://eprints.nottingham.ac.uk/26551/ |