Determinants of Capital Structure on UK Quoted Companies
Vo, Hai Tuan (2012) Determinants of Capital Structure on UK Quoted Companies. [Dissertation (University of Nottingham only)] (Unpublished)
The dissertation aims to examine the determinants influencing the capital structure decisions on UK listed firms and identify which theory is the most relevant one toward UK companies. A panel data set of 234 firms from 9 different industries on FTSE 350 was recorded from 2002-2012 to analyze the factors affecting capital structure. The one-way ANOVA is employed to validate whether the industry effects importantly seize any influence in explaining firms’ debt ratios. Moreover, statistical tests are adopted to carefully determine the most applicable approach to model the relationships between capital structure’s determinant and debt ratio. Each test is conducted on the book value of long-term & short-term debt ratios as dependent variables. The explanatory variables such as profitability, size, growth opportunity, tangibility, non-debt tax shield, and effective tax rate and industry classification are thoroughly examined.
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