Firm characteristics and capital structure: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam-- for the periods 2003-2007 and 2008-2012

• Main Authors: Miguel, Issa Czarina, Phin, Pou Sonida, Santiago, Jasmin
• Format: text
• Language: English
• Published: Animo Repository 2014
• Subjects: Financial institutions > Management
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/7680
• Institution: De La Salle University

Capital structure is an essential choice in the corporate world and is the subject of exhaustive literatures in the academe. Hence, this research gives focus on ASEAN listed companies and sees what affects their leverage decision in the past decade. Grounded on Modigliani ad Miller's theory of capital structure are the Pecking order theory and static tradeoff theory that explains the relationships of earnings volatility, tangible fixed assets, nondebt tax shield, profitability, firm size, and sales growth to the firms' debt ratio. Utilizing the data obtained from Osiris database, the study employs OLS and Tobit regression analysis. The researchers validate the significance of established firm characteristics to capital structure and take into account the impact of the 2008 financial crisis.