The theory of capital structure: how theory meets practice in the German market
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Stuttgart
Ibidem
2005
|
| Schriftenreihe: | Frankfurter Schriften zu Banking and finance
2 |
| Schlagworte: | |
| Online-Zugang: | Inhaltstext Inhaltsverzeichnis |
| Beschreibung: | Literaturverz. S. 81 - 89 |
| Beschreibung: | XIV, 119 S. Ill., graph. Darst. |
| ISBN: | 3898215393 |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | LIST OF FIGURES AND TABLES
FIGURE 1: Traditional approach to capital structure theory 11
FIGURE 2: Value of firm with taxes and bankruptcy costs 25
FIGURE 3: Scatter plot of LEV vs. GROPP 58
FIGURE 4: Scatter plot of LEV vs. SIZE 58
FIGURE 5: Scatter plot standardised residuals vs. fitted values 62
FIGURE 6: Normal probability plot of the standardised residuals 63
TABLE 1: Theoretical correlations between leverage and its
explanatory variables 53
TABLE 2: Summary of empirical studies of correlations between
leverage and its explanatory variables 66
xi
CONTENTS
FOREWORD v
ABSTRACT vii
LIST OF FIGURES AND TABLES xi
CONTENTS xiii
1 Introduction 1
1.1 About the existence of an optimal capital structure 1
1.2 Aims of the book and methodology 3
2 Theoretical foundations 7
3 The theory of capital structure and the value of the
firm 11
3.1 Traditional view of capital structure theory 11
3.2 Capital structure irrelevance in perfect capital
markets 13
3.2.1 Independence of capital structure and firm value 13
3.2.2 Financial leverage and the weighted average cost
of capital 15
3.2.3 Independence of financing and investment decision 16
3.3 The value of the firm with taxes and financial
distress 18
3.3.1 Taxes and capital structure 18
3.3.2 Capital structure and financial distress 24
3.4 Additional theories and capital market
imperfections 26
3.4.1 Trade off theory and agency costs 26
3.4.2 Information costs and the pecking order theory 31
xiii
4 Empirical evidence of capital structure theory and
corporate practice . 3 7
4.1 Trade off theory and the costs and benefits of debt_ 37
4.2 Evidence of asymmetric information, signalling
and the pecking order 41
4.3 What practitioners think about capital structure
theory 44
4.4 Determinants of capital structure 46
5 An empirical investigation of determinants of capital
structure 55
5.1 Measurement of capital structure 55
5.2 Characteristics of the sample data 56
5.3 Linear regression model application and empirical
results 60
5.3.1 Linear regression model selection and interpretation 60
5.3.2 Interpretation of the regression model results 61
5.3.3 Preliminary testing of the regression model assumptions_ 62
5.4 Summary of empirical results and critique 65
5.5 Analyzing the capital structure of Schwarz
Pharma AG 69
6 Summary of investigation and conclusion 77
BIBLIOGRAPHY 81
APPENDIX 91
xiv
|
| adam_txt |
LIST OF FIGURES AND TABLES
FIGURE 1: Traditional approach to capital structure theory 11
FIGURE 2: Value of firm with taxes and bankruptcy costs 25
FIGURE 3: Scatter plot of LEV vs. GROPP 58
FIGURE 4: Scatter plot of LEV vs. SIZE 58
FIGURE 5: Scatter plot standardised residuals vs. fitted values 62
FIGURE 6: Normal probability plot of the standardised residuals 63
TABLE 1: Theoretical correlations between leverage and its
explanatory variables 53
TABLE 2: Summary of empirical studies of correlations between
leverage and its explanatory variables 66
xi
CONTENTS
FOREWORD v
ABSTRACT vii
LIST OF FIGURES AND TABLES xi
CONTENTS xiii
1 Introduction 1
1.1 About the existence of an optimal capital structure 1
1.2 Aims of the book and methodology 3
2 Theoretical foundations 7
3 The theory of capital structure and the value of the
firm 11
3.1 Traditional view of capital structure theory 11
3.2 Capital structure irrelevance in perfect capital
markets 13
3.2.1 Independence of capital structure and firm value 13
3.2.2 Financial leverage and the weighted average cost
of capital 15
3.2.3 Independence of financing and investment decision 16
3.3 The value of the firm with taxes and financial
distress 18
3.3.1 Taxes and capital structure 18
3.3.2 Capital structure and financial distress 24
3.4 Additional theories and capital market
imperfections 26
3.4.1 Trade off theory and agency costs 26
3.4.2 Information costs and the pecking order theory 31
xiii
4 Empirical evidence of capital structure theory and
corporate practice . 3 7
4.1 Trade off theory and the costs and benefits of debt_ 37
4.2 Evidence of asymmetric information, signalling
and the pecking order 41
4.3 What practitioners think about capital structure
theory 44
4.4 Determinants of capital structure 46
5 An empirical investigation of determinants of capital
structure 55
5.1 Measurement of capital structure 55
5.2 Characteristics of the sample data 56
5.3 Linear regression model application and empirical
results 60
5.3.1 Linear regression model selection and interpretation 60
5.3.2 Interpretation of the regression model results 61
5.3.3 Preliminary testing of the regression model assumptions_ 62
5.4 Summary of empirical results and critique 65
5.5 Analyzing the capital structure of Schwarz
Pharma AG 69
6 Summary of investigation and conclusion 77
BIBLIOGRAPHY 81
APPENDIX 91
xiv |
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| geographic | Deutschland (DE-588)4011882-4 gnd |
| geographic_facet | Deutschland |
| id | DE-604.BV021514308 |
| illustrated | Illustrated |
| index_date | 2024-07-02T14:19:57Z |
| indexdate | 2024-07-09T20:37:33Z |
| institution | BVB |
| isbn | 3898215393 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014730884 |
| oclc_num | 162206370 |
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| physical | XIV, 119 S. Ill., graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | Ibidem |
| record_format | marc |
| series | Frankfurter Schriften zu Banking and finance |
| series2 | Frankfurter Schriften zu Banking and finance |
| spelling | Friedrich, Benjamin 1980- Verfasser (DE-588)130563307 aut The theory of capital structure how theory meets practice in the German market Benjamin Friedrich Stuttgart Ibidem 2005 XIV, 119 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Frankfurter Schriften zu Banking and finance 2 Literaturverz. S. 81 - 89 Finanzierungstheorie (DE-588)4154418-3 gnd rswk-swf Kapitalstruktur (DE-588)4125993-2 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf Deutschland (DE-588)4011882-4 g Unternehmen (DE-588)4061963-1 s Kapitalstruktur (DE-588)4125993-2 s Finanzierungstheorie (DE-588)4154418-3 s DE-604 Frankfurter Schriften zu Banking and finance 2 (DE-604)BV021514303 2 text/html http://deposit.dnb.de/cgi-bin/dokserv?id=2670304&prov=M&dok_var=1&dok_ext=htm Inhaltstext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014730884&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Friedrich, Benjamin 1980- The theory of capital structure how theory meets practice in the German market Frankfurter Schriften zu Banking and finance Finanzierungstheorie (DE-588)4154418-3 gnd Kapitalstruktur (DE-588)4125993-2 gnd Unternehmen (DE-588)4061963-1 gnd |
| subject_GND | (DE-588)4154418-3 (DE-588)4125993-2 (DE-588)4061963-1 (DE-588)4011882-4 |
| title | The theory of capital structure how theory meets practice in the German market |
| title_auth | The theory of capital structure how theory meets practice in the German market |
| title_exact_search | The theory of capital structure how theory meets practice in the German market |
| title_exact_search_txtP | The theory of capital structure how theory meets practice in the German market |
| title_full | The theory of capital structure how theory meets practice in the German market Benjamin Friedrich |
| title_fullStr | The theory of capital structure how theory meets practice in the German market Benjamin Friedrich |
| title_full_unstemmed | The theory of capital structure how theory meets practice in the German market Benjamin Friedrich |
| title_short | The theory of capital structure |
| title_sort | the theory of capital structure how theory meets practice in the german market |
| title_sub | how theory meets practice in the German market |
| topic | Finanzierungstheorie (DE-588)4154418-3 gnd Kapitalstruktur (DE-588)4125993-2 gnd Unternehmen (DE-588)4061963-1 gnd |
| topic_facet | Finanzierungstheorie Kapitalstruktur Unternehmen Deutschland |
| url | http://deposit.dnb.de/cgi-bin/dokserv?id=2670304&prov=M&dok_var=1&dok_ext=htm http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014730884&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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