Determinants of Different Industries’Capital StructureTools wu, chunling (2010) Determinants of Different Industries’Capital Structure. [Dissertation (University of Nottingham only)] (Unpublished)
AbstractThe purpose of this article is to examine the determinants of capital structure across different industries for the companies quoted on London Stock Exchange and head quataerterd in the UK. This paper employing a proprietary database which contains the financial statements of UK large size companies up to the year 2010, and investigating the determinants of capital structure of 9 industries with different characteristics in the UK. The following independent variables were used to measure the capital structure of each industry, they are profitability, firm size, growth opportunity, non-debt tax shield, tangibility, volatility, effective tax rate and liquidity, and the one-way ANOVA, pooled regression model and separate regression model were conducted to examine the relationship between capital structure and its positional determinants. The result of the paper demonstrates that the determinants of capital structure are depend on the industry where the companies belong to, which means the characteristic of different industries will affect the capital structure decision, and the leverage level sensitive to the explanatory variables differ between the nine industries in study.
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