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The primary objective is to find out the effect of capital structure on the financial performance of firms listed at BSE.
We estimate the relationship between Capital structure and Value of Firms of Indian listed Companies by Two dynamic panel estimation methods, viz. The study uses GMM to control unobserved firm-specific effects and the endogeneity problem. Further panel unit root and panel cointegration analyses used to conclude that weather there is fairly strong evidence in favour of the hypothesis that the Capital Structure of Indian firms has a long- run equilibrium relationship.
Panel Data has been used for 56 companies from out of companies registered with BSE has been used. The company selection is made depending on data availability for the last 18 years.
More profitable firms are generally better managed and thus are expected to be more efficient Abor, ; Saeedi and Mahmoodi, , Tripathy and Pradhan, On the other hand, capital structure The Empirical Economics Letters, 17 11 : November measured by long-term debt to stockholders' equity has been considered as the dependent variable.
The Debt-Equity ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders' equity Abor, ; Erenburg et al. Larger firms may also enjoy economies of scale in monitoring top management Devereux, et.
Asset growth rate AGR retains large explanatory power for future stock returns after accounting for firm size, book-to- market ratio, and momentum Sukhtankar, It is likely to have a positive effect on firm performance Chung et al. A company with a high degree of operating leverage has high fixed costs relative to its variable costs.
If the degree of operating leverage is high, the EBIT experiences volatility with respect to a percentage change in sales, all else remaining the same, and vice versa. Tangibility TAN is measured as the ratio of fixed tangible assets divided by the total assets of the firm.
Tangibles are easily monitored and provide good collateral and thus they tend to mitigate agency conflicts Sukhtankar, Two dynamic panel estimation methods are used in this present study viz.
Further, some necessary tests like Unit root test for checking stationarity of data, Co-integration test in panel framework has been used in the present study. The major scope of the present study will be to understand the general practices of capital structure in India including the sensitivity of Capital Structure on performance of firm; and it will act as a guide for the financial managers to design their optimum capital structure to The Empirical Economics Letters, 17 11 : November maximize the market value of the firm and minimize the agency cost.
Further, this research would educate readers on the effect of capital structure on firm performance for listed firms in BSE, and it will also enable managers to understand how equity, debt long and short affects the firm performance and will then adopt a cheaper source of financing. This research would actually improve the financing of most organizations in developing world countries like India, and hence provide a base for development.
Also, it will be useful to academicians as a source of knowledge for further research. Results and Discussion The quantitative data obtained were analysed using both descriptive means, standard deviations, frequencies, and illustrations and inferential statistics FMOLS and GMM used for testing significantly in determining relationships.
Descriptive Statistics Descriptive statistics provides the means and standard deviations of the scores relating to each of the variables used.
Descriptive statistics show the mean, median, minimum, maximum, standard deviation, skewness and kurtosis. Among all the independent variables LTD has a mean value of 0.
This confirms that they are in a less risky condition and something needs to encourage companies to enhance their business by getting more of debt to have an increase in their value. The Empirical Economics Letters, 17 11 : November 3. Correlation Analysis The correlations between variables are presented in Table 2. It may be observed that all independent variables are positively associated except Operating leverage has a negative impact on debt, sales growth rate and Tangibility.
Moreover, debt and size have a little more correlation correlation coefficient is 0. To check if these correlation coefficients among all independent variables would create a serious problem of multicollinearity, the test for variance inflation factor VIF has been conducted.
Results of Collinearity Measuring the level of collinearity between the regressors in an equation can be checked by Variance Inflation Factors. A VIF test has been conducted to examine whether multicollinearity exists amongst independent variables.
According to Table 3, the highest variance inflation factor VIF is 3. Results of Panel Unit Root Table 4 reports the results of unit root tests. The panel unit root tests on the first difference of all the variables are expected and all the tests unanimously reject the null hypotheses of unit roots of the variables on their first difference. Therefore it is argued that all the variables are integrated of order one, i.
Cointegration Tests Results As the series are stationary at first difference, to draw a conclusion on the long-run relationship between the variables, panel cointegration tests are required. Among the different panel cointegration tests available, the tests by Kao and Pedroni are considered in this study, both of which are Engle-Granger two-stepresidual-based cointegration tests.
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Table 5 represents the results of cointegration test developed by Kao. Thus, following Pedroni cointegration tests, it can be concluded that all the models are cointegrated. Two different estimation techniques, viz. The major advantage of this method is that it checks both the problems of non-stationary regressors and simultaneity bias. The FMOLS estimator corrects the dependent variable using the long-run covariance matrices and then applies a simple OLS estimation method to the variables corrected for endogeneity Chakraborty, Fully modified OLS estimates of cointegrating relationships are reported in Table 6.
The variable profitability, measured by the ratio of EBIT to total assets, has a positive significant effect on Debt, Size, Asset growth rate, and Sales growth rate. A similar finding was reported by some earlier studies Frank and Goyal, ; Gaud et al.
This result supports the trade-off theory which postulates a positive relationship between long-term debt ratio and tangibility. The result implies that the firms with more fixed assets which can be used as collateral have a higher leverage ratio.
Error t-Statistic Prob. LTD 2. Generalized Method of Moments OLS estimation is biased in the presence of firm-specific effects, assuming that unobserved firm-specific effects are unobservable and covariance between the explanatory variables and unobserved firm-specific effects are non-zero Hsiao, In this situation, the instrumental variable estimation method results in consistent estimates if the error terms are serially uncorrelated.
Given the assumption that error terms are serially uncorrelated, the GMM, proposed by Arellano and Bond , is the most efficient method within the class of instrumental variable.
LTD 1. The Empirical Economics Letters, 17 11 : November Table 7 presents the results of the GMM estimation between profitability, debt, and other control variables.
The test reveals that the null hypothesis of instruments validity is rejected except operating leverage and tangibility which indicates that it is appropriate to treat firm-specific characteristics as exogenous.
The instrumental variable method to test the endogeneity of leverage in determining the listed companies is employed. The main condition of holding endogeneity is that the Gamma coefficient must be significantly different from zero.
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