Profiling The Financing Behavior of Philippine Listed Firms  

Oleh:

Yu, Darwin

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Loyola Schools Review: John Gokongwei School of Management vol. 5 (2006), page 113-148.
Topik: Profiling The Financing

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: LL46 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

This study examines the financing behavior of Philippine listed firms from 1990 to 2001 using the framework of two popular capital structure models-the Trade-Off Model and the Pecking Order Model. Support for each model was mixed. When grouth opportunities and financing deficits were high during the 1990-95 period, firms seem to favor issuing new equity as much as debt, contrary to the prediction of the Pecking Order Model. When financing deficits and growth opportunities shrunk during 1996-2001, debt levels stayed or even increased, refuting the Trade-Off Model. Firms most likely lost control of their longterm debt during this latter period due to the Asian financial crisis. When firms were segregated into low/high profitability, size, and growth opportunities subgroups, only the Trade-Off Model prediction regarding profitability held for the 1966-2001 period, in that leverage increased when profitability increased.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali