This study investigates what kind of impact different leverage ratios have on firm performance measurements Return on Assets, Return on Equity and Tobin’s Q in selected firms listed on Nikkei 225 stock market (excluding Finance & Technology Sector). Furthermore, the influence of sector specific and possible control variables on capital structure (using long- & short-debt ratios) as well as firm performance will be analysed. The sample derive from 165 firms during the time period from 2014 to 2019 and analysed by using various Models multiple regression analysis.
Control variables Size and Growth show a clear positive effect on firm performance. In contrast, Tangibility has a negative impact on the model in which all companies are included, but has more positive coefficients in the model in which companies are divided into their industries. Additionally, this study suggests that the effect of leverage on firm performance differs among industries. Short- and long-term debt has positive impacts on different firm performance measurements by the Materials, Reals Estate, Energy and Communication Services Sector.
Table of Contents
Acknowledgements
Table of Contents
List of Figures
List of Tables
List of Abbreviations
Abstract
1. Introduction
2. Literature Review
2.1 Capital Structure Finance Theories
2.1.1 Trade-Off Theory
2.1.2 Pecking-Order Theory
2.1.3 Agency-Cost Theory
2.2 Effects of the Capital Structure on Firm Performance
2.2.1 Impact of Trade-Off Theory
2.2.2 Impact of Pecking-Order Theory
2.2.3 Impact of Agency-Cost Theory
2.3 Empirical Studies on the Influence of Leverage on Firm Performance
2.3.1 Negative Impact of Leverage on Firm Performance
2.3.2 Positive Impact of Leverage on Firm Performance
2.4 Other Influencing Factors on Capital Structure
3. Research Design
3.1 Research Gap
3.2 Research Objectives
3.3 Research Questions
4. Research Methodology
4.1 Research Philosophy
4.2 Data Collection
4.3 Data Analysis: Regression Models and Practical Implementation
5. Empirical Findings and Analysis
5.1 Descriptive Statistics of Data Set
5.2 Correlation Results Independent Variables
5.3 Regression Results
5.3.1 Regression Results by Leverage Models
5.3.2 Regression Results by Industry
6. Discussion
7. Conclusions
8. References
Appendix A
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