The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry
The paper investigates how financial service companies in United Kingdom (UK) determine their capital structure from 2004 to 2013. Using dynamic panel data analysis and two-step system Generalized Method of Moment (GMM), unobserved firm-specific effects and the endogeneity problems are mitigated. Th...
| Main Author: | |
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2014
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| Online Access: | https://eprints.nottingham.ac.uk/27492/ |
| _version_ | 1848793381819383808 |
|---|---|
| author | Chen, Xing |
| author_facet | Chen, Xing |
| author_sort | Chen, Xing |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | The paper investigates how financial service companies in United Kingdom (UK) determine their capital structure from 2004 to 2013. Using dynamic panel data analysis and two-step system Generalized Method of Moment (GMM), unobserved firm-specific effects and the endogeneity problems are mitigated. The findings of this paper suggest that the capital structure (leverage) is positively affected by size of firm, asset tangibility, growth probability, dividend and non-debt tax shield. But it is negatively affected by profitability of the company. In addition, size, profitability, growth probability and dividend exert significant effects on the capital structure of the UK financial service companies. |
| first_indexed | 2025-11-14T18:59:24Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-27492 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T18:59:24Z |
| publishDate | 2014 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-274922017-10-19T14:00:41Z https://eprints.nottingham.ac.uk/27492/ The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry Chen, Xing The paper investigates how financial service companies in United Kingdom (UK) determine their capital structure from 2004 to 2013. Using dynamic panel data analysis and two-step system Generalized Method of Moment (GMM), unobserved firm-specific effects and the endogeneity problems are mitigated. The findings of this paper suggest that the capital structure (leverage) is positively affected by size of firm, asset tangibility, growth probability, dividend and non-debt tax shield. But it is negatively affected by profitability of the company. In addition, size, profitability, growth probability and dividend exert significant effects on the capital structure of the UK financial service companies. 2014-09-18 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/27492/1/4197842_FINAL_DT_F%26I_0918.pdf Chen, Xing (2014) The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry. [Dissertation (University of Nottingham only)] (Unpublished) |
| spellingShingle | Chen, Xing The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry |
| title | The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry |
| title_full | The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry |
| title_fullStr | The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry |
| title_full_unstemmed | The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry |
| title_short | The Study of Determinants of Capital Structure in the United Kingdom Financial Service Industry |
| title_sort | study of determinants of capital structure in the united kingdom financial service industry |
| url | https://eprints.nottingham.ac.uk/27492/ |