The Impact of Capital Structure on Firm Performance: Evidence from Pakistan
(주)코리아스칼라
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- 2016.04.02
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서지정보
ㆍ발행기관 : 한국유통과학회
ㆍ수록지정보 : The Journal of Industrial Distribution & Business / 5권 / 2호
ㆍ저자명 : Hussain Muhammad, Bahadar Shah, Zia ul Islam
영어 초록
Purpose The purpose of this – study is to empirically investigate the impact of capital structure on firm performance. Research design, data, and methodology – This study examined the impact of capital structure on the performance of cement companies listed on the Karachi Stock Exchange during the period 2009-2013. The authors hypothesize that there is a negative relationship between capital structure and firm performance. To examine the association, the authors run a Pearson correlation and multiple regression analysis. Results – Results reveal a strong negative relationship between debt to asset and firm performance variables (GPM, NPM, ROA, and ROE). Further, there is a positive relationship between debt to equity and firm performance variables (GPM and NPM), anda negative relationship between debt to equity and firm performance variables (ROA and ROE). Moreover, capital structure variables significantly impact firm performance. Conclusions – This study concluded that financial analysts and managers should emphasize on the optimal level of capital structure and efficient utilization and allocation of resources to achieve the targeted level of productive efficiency in business
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