Trường DC | Giá trị | Ngôn ngữ |
---|---|---|
dc.contributor.author | Dao, Thi Thanh Binh | |
dc.contributor.other | Ta, Dieu Ngoc Tram | |
dc.date.accessioned | 2023-11-01T10:24:22Z | - |
dc.date.available | 2023-11-01T10:24:22Z | - |
dc.date.issued | 2019 | |
dc.identifier.isbn | 1967-0020 | |
dc.identifier.uri | https://dlib.neu.edu.vn/handle/NEU/58701 | - |
dc.description | Economic Investment | |
dc.description.abstract | Purpose – The paper aims at providing insights on the relationship between capital structure and performance of the firm by employing meta-analytical approach to obtain a synthesized result out of controversial studies as well as the sources for such inconsistency. Design/methodology/approach – Using secondary data, the analysis is divided into two main parts with concerns to the overall strength of the relationship, the effect size and the potential paper-specific characteristics influencing the magnitude of impacts between leverage and firm performance (moderators of the relationship). Overall, a total number of 32 journals, reviews and school presses were selected besides online libraries and publishing platforms. There were 50 papers with 340 studies chosen from 2004 to 2019, of which data range from 1998 to 2017. Findings – U sing H edges etal. (1985,1988), descriptive and quantitative analysis have been conducted to confirm that corporate performance is negatively related to capital decisions, which inclines toward trade-off model with agency costs and pecking order theory. The estimation induces rather small effect size that implies sufficiently large sample size to be effectively investigated. In terms of moderator analysis, random-effects meta-regression models of three different techniques are used to increase the robustness in research findings, showing statistically significant elements as publication status, factor of industry and proxy of firm performance. Originality/value – This paper is one of the first papers presenting meta-analysis in capital structure and performance for two languages, Vietnamese and English, providing a consistent result with previous worldwide papers. | |
dc.description.tableofcontents | 1. Introduction; 2. Literature review; 3. Research methodology; 4. Descriptive analysis; 5. Quantitative analysis: overall effect size; 6. Moderator analysis; 7. Conclusion | |
dc.format.extent | Khổ 21 x 29.7 | |
dc.language.iso | en | |
dc.publisher | Kinh Tế Quốc Dân | |
dc.subject | Capital structure | |
dc.subject | Firm performance | |
dc.subject | Meta-analysis | |
dc.subject | Moderators | |
dc.title | A meta-analysis: capital structure and firm performance | |
dc.type | Journal of Economics and Development | |
dc.identifier.barcode | 10-1108_JED-12-2019-0072 | |
dc.relation.reference | Afza, T. and Ahmed, N. (2017), “Capital structure, business strategy and firm’s performance in Pakistan”, European Journal of Natural and Social Sciences, Vol. 6 No. 2, pp. 302-328. Avci, E. (2016), “Capital structure and Firm performance: an application on manufacturing industry”, Marmara University Journal of Economics and Administrative Sciences, pp. 15-30. Baker, H. and Martin, G. (2011), Capital Structure and Corporate Financing Decisions: Theory, Evidence, and Practice, John Wiley and Sons. Borenstein, M., Hedges, L.V., Higgins, J.P. and Rothstein, H.R. (2011), Introduction to Meta-Analysis, John Wiley and Sons. Chadha, S. and Sharma, A.K. (2016), “Capital structure and firm performance: empirical evidence from India”, Vision, Vol. 19 No. 4, pp. 295-302. Chung, Y., Rabe-Hesketh, S. and Choi, I.-H. (2013), “Avoiding zero between-study variance estimates in random-effects meta-analysis”, Statistics in Medicine, pp. 4071-4089. Cohen, J. (1977), Statistical Power Analysis for the Behavioral Sciences, Academic Press, New York, NY. Cooper, H. and Hedges, L. (1994), The Handbook of Research Synthesis, Russell Sage Foundation, New York, NY. DerSimonian, R. and Laird, N. (1986), “Meta-analysis in clinical trials”, Controlled Clinical Trials, pp. 177-188. Field, A.P. and Gillett, R. (2010), “How to do a meta-analysis”, British Journal of Mathematical and Statistical Psychology, pp. 665-694. Fosu, S. (2013), “Capital structure, product market competition and firm performance: evidence form South Africa”, The Quartely Review of Economics and Finance, pp. 140-151. Glass, G.V. (1976), “Primary, secondary and meta-analysis of research”, Educational Researcher, pp. 3-8. Hang, M., Geyer-Klingeberg, J., Rathgeber, A. and St€ockl, S. (2018), “A meta-study of the determinants of corporate capital structure”, Quarterly Review of Economics and Finance, Vol. 68, pp. 211-225. Harbord, R. (2010), “Investigating heterogeneity: subgroup analysis and meta-regression”, Cochrane Statistical Methods Group Training Course, University of Bristol, Cardiff. Harbord, R.M. and Higgins, J.P. (2008), “Meta-regression in stata”, The Stata Journal, pp. 493-519. Hedges, L. and Olkin, I. (1985), Statistical Methods for Meta-Analysis, Academic Press, FL. Hedges, L. and Vevea, J. (1998), “Fixed- and random-effects models in meta-analysis”, Psychological Methods, pp. 486-504. Higgins, J.P. and Green, S. (2011), Cochrane Handbook for Systematic Reviews of Interventions, The Cochrane Collaboration. Hoang, T.T. (2015), “The effect of capital structure on corporate performance: evidence in Vietnam”, Proceeding GSTAR, Global Illuminators Publishing, pp. 140-155. Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, pp. 305-360. Jiahui, M.A. (2015), “Relationship between capital structure and firm performance: evidence from growing enterprise market in China”, Management Science and Engineering, pp. 45-49. Kraus, W. and Litzenberger, R. (1973), “A state-preference model of optimal financial leverage”, Mehmood, R., Hunjra, A.I. and Chani, M.I. (2019), “ The impact of corporate diversification and financial structure on firm performance: evidence from South Asian countries” , Journal of Risk and Financial Management. Miller, M. and Modigliani, F. (1963), “Taxes and the cost of capital: a correction”, American Economic Review, pp. 433-443. Modigliani, F. and Miller, M. (1958), “The cost of capital, corporate finance and the theory of investment”, American Economic Review, pp. 261-297. Myers, S. (1984), “The capital structure puzzle”, Journal of Finance, pp. 575-592. Myers, S.C. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, pp. 147-175. Myers, S. and Majluf, N. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, pp. 31-49. Nguyen, T.M. and Dang, T.L. (2017), “Impact of ownership structure on the performance of Vietnam’s listed companies on stock exchange”, VNU Journal of Science: Economics and Business, pp. 23-33. Olajide, O.S., Funmi, S.R. and Olayemi, S.O. (2017), “Capital structure - firm performance relationship: EMpirical evidence from African countries”, Journal of Emerging Trends in Economics and Management Sciences, pp. 82-95. Phan, T.H. (2016), “Impact of capital structure on firm performance”, Tạp Ch ı T ai Ch ınh- Journal of Finance. Pigott and Terri, D. (2012), Advances in Meta-Analysis, 1st ed., Springer-Verlag New York, NY. Rocca, M.L. (2010), Is Ownership a Complement to Debt in Affecting Firm’s Value? A Meta-Analysis, University of Calabria. Rosenthal, R. (1991), Meta-analytic Procedures for Social Research, Sage, Newbury Park. Ross, S.A. (1977), “The determination of financial structure: the incentive-signalling approach”, The Bell Journal of Economics, pp. 23-40. Ross, S.A., Westerfield, R.W. and Jaffe, J.F. (2013), Corporate Finance, 10th ed., McGraw-Hill Irwin, New York, NY. S anchez-Ballesta, J. and Garc ıa-Meca, E. (2007), “A meta-analytic vision of the effect of ownership structure on firm performance”, Corporate Governance: An International Review, Vol. 15 No. 5, pp. 879-892. Silver, N. and Dunlap, W. (1987), “Averaging correlation coefficients: should Fisher’s Z transformation be used?”, Journal of Applied Psychology, pp. 146-148. Thompson, S. and Higgins, J. (2002), “How should meta-regression analyses be undertaken and interpreted?”, Statistics in Medicine, pp. 1559-1573. Thompson, S. and Sharp, S. (1999), “Explaining heterogeneity in meta-analysis: a comparison of methods”, Statistics in Medicine, pp. 2693-2708. Tran, T.B., Nguyen, V.Ð. and Pham, H.C. (2017), “Analyzing the impact of capital structure on the performance of joint stock companies in Thua Thien Hue province”, Journal of Management Science and Economics. Viechtbauer, W. (2005), “Bias and efficiency of meta-analytic variance estimators in the randomeffects model”, Journal of Educational and Behavioral Statistics, pp. 261-293. Vijayakumaran, R. (2017), “Capital structure decisions and corporate performance: evidence from Chinese listed industrial firms”, International Journal of Accounting and Financial Reporting, Vol. 7 No. 2, pp. 562-576. Vo, M.L. (2016), “Impact of capital structure on the value of non-financial companies”, Journal of Finance. Vuong, B.N., Vu, T.Q. and Mitra, P. (2017), “Impact of capital structure on firm’s financial performance”, Journal of Finance and Economics Research, Vol. 2 No. 1, pp. 18-31. Vuong, Q.D. (2017), “ The impact of capital structure on performance of industrial commodity and services firms llisted on Vietnamese stock exchange” , International Journal of Environment, Agriculture and Biotechnology, Vol. 2 No. 3, pp. 1162-1168. Wolf, S. (1986), Meta-analysis, Sage, Newbury Park, CA | |
Bộ sưu tập | 02. Tạp chí (Tiếng Anh) |
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Trường DC | Giá trị | Ngôn ngữ |
---|---|---|
dc.contributor.author | Dao, Thi Thanh Binh | |
dc.contributor.other | Ta, Dieu Ngoc Tram | |
dc.date.accessioned | 2023-11-01T10:24:22Z | - |
dc.date.available | 2023-11-01T10:24:22Z | - |
dc.date.issued | 2019 | |
dc.identifier.isbn | 1967-0020 | |
dc.identifier.uri | https://dlib.neu.edu.vn/handle/NEU/58701 | - |
dc.description | Economic Investment | |
dc.description.abstract | Purpose – The paper aims at providing insights on the relationship between capital structure and performance of the firm by employing meta-analytical approach to obtain a synthesized result out of controversial studies as well as the sources for such inconsistency. Design/methodology/approach – Using secondary data, the analysis is divided into two main parts with concerns to the overall strength of the relationship, the effect size and the potential paper-specific characteristics influencing the magnitude of impacts between leverage and firm performance (moderators of the relationship). Overall, a total number of 32 journals, reviews and school presses were selected besides online libraries and publishing platforms. There were 50 papers with 340 studies chosen from 2004 to 2019, of which data range from 1998 to 2017. Findings – U sing H edges etal. (1985,1988), descriptive and quantitative analysis have been conducted to confirm that corporate performance is negatively related to capital decisions, which inclines toward trade-off model with agency costs and pecking order theory. The estimation induces rather small effect size that implies sufficiently large sample size to be effectively investigated. In terms of moderator analysis, random-effects meta-regression models of three different techniques are used to increase the robustness in research findings, showing statistically significant elements as publication status, factor of industry and proxy of firm performance. Originality/value – This paper is one of the first papers presenting meta-analysis in capital structure and performance for two languages, Vietnamese and English, providing a consistent result with previous worldwide papers. | |
dc.description.tableofcontents | 1. Introduction; 2. Literature review; 3. Research methodology; 4. Descriptive analysis; 5. Quantitative analysis: overall effect size; 6. Moderator analysis; 7. Conclusion | |
dc.format.extent | Khổ 21 x 29.7 | |
dc.language.iso | en | |
dc.publisher | Kinh Tế Quốc Dân | |
dc.subject | Capital structure | |
dc.subject | Firm performance | |
dc.subject | Meta-analysis | |
dc.subject | Moderators | |
dc.title | A meta-analysis: capital structure and firm performance | |
dc.type | Journal of Economics and Development | |
dc.identifier.barcode | 10-1108_JED-12-2019-0072 | |
dc.relation.reference | Afza, T. and Ahmed, N. (2017), “Capital structure, business strategy and firm’s performance in Pakistan”, European Journal of Natural and Social Sciences, Vol. 6 No. 2, pp. 302-328. Avci, E. (2016), “Capital structure and Firm performance: an application on manufacturing industry”, Marmara University Journal of Economics and Administrative Sciences, pp. 15-30. Baker, H. and Martin, G. (2011), Capital Structure and Corporate Financing Decisions: Theory, Evidence, and Practice, John Wiley and Sons. Borenstein, M., Hedges, L.V., Higgins, J.P. and Rothstein, H.R. (2011), Introduction to Meta-Analysis, John Wiley and Sons. Chadha, S. and Sharma, A.K. (2016), “Capital structure and firm performance: empirical evidence from India”, Vision, Vol. 19 No. 4, pp. 295-302. Chung, Y., Rabe-Hesketh, S. and Choi, I.-H. (2013), “Avoiding zero between-study variance estimates in random-effects meta-analysis”, Statistics in Medicine, pp. 4071-4089. Cohen, J. (1977), Statistical Power Analysis for the Behavioral Sciences, Academic Press, New York, NY. Cooper, H. and Hedges, L. (1994), The Handbook of Research Synthesis, Russell Sage Foundation, New York, NY. DerSimonian, R. and Laird, N. (1986), “Meta-analysis in clinical trials”, Controlled Clinical Trials, pp. 177-188. Field, A.P. and Gillett, R. (2010), “How to do a meta-analysis”, British Journal of Mathematical and Statistical Psychology, pp. 665-694. Fosu, S. (2013), “Capital structure, product market competition and firm performance: evidence form South Africa”, The Quartely Review of Economics and Finance, pp. 140-151. Glass, G.V. (1976), “Primary, secondary and meta-analysis of research”, Educational Researcher, pp. 3-8. Hang, M., Geyer-Klingeberg, J., Rathgeber, A. and St€ockl, S. (2018), “A meta-study of the determinants of corporate capital structure”, Quarterly Review of Economics and Finance, Vol. 68, pp. 211-225. Harbord, R. (2010), “Investigating heterogeneity: subgroup analysis and meta-regression”, Cochrane Statistical Methods Group Training Course, University of Bristol, Cardiff. Harbord, R.M. and Higgins, J.P. (2008), “Meta-regression in stata”, The Stata Journal, pp. 493-519. Hedges, L. and Olkin, I. (1985), Statistical Methods for Meta-Analysis, Academic Press, FL. Hedges, L. and Vevea, J. (1998), “Fixed- and random-effects models in meta-analysis”, Psychological Methods, pp. 486-504. Higgins, J.P. and Green, S. (2011), Cochrane Handbook for Systematic Reviews of Interventions, The Cochrane Collaboration. Hoang, T.T. (2015), “The effect of capital structure on corporate performance: evidence in Vietnam”, Proceeding GSTAR, Global Illuminators Publishing, pp. 140-155. Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, pp. 305-360. Jiahui, M.A. (2015), “Relationship between capital structure and firm performance: evidence from growing enterprise market in China”, Management Science and Engineering, pp. 45-49. Kraus, W. and Litzenberger, R. (1973), “A state-preference model of optimal financial leverage”, Mehmood, R., Hunjra, A.I. and Chani, M.I. (2019), “ The impact of corporate diversification and financial structure on firm performance: evidence from South Asian countries” , Journal of Risk and Financial Management. Miller, M. and Modigliani, F. (1963), “Taxes and the cost of capital: a correction”, American Economic Review, pp. 433-443. Modigliani, F. and Miller, M. (1958), “The cost of capital, corporate finance and the theory of investment”, American Economic Review, pp. 261-297. Myers, S. (1984), “The capital structure puzzle”, Journal of Finance, pp. 575-592. Myers, S.C. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, pp. 147-175. Myers, S. and Majluf, N. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, pp. 31-49. Nguyen, T.M. and Dang, T.L. (2017), “Impact of ownership structure on the performance of Vietnam’s listed companies on stock exchange”, VNU Journal of Science: Economics and Business, pp. 23-33. Olajide, O.S., Funmi, S.R. and Olayemi, S.O. (2017), “Capital structure - firm performance relationship: EMpirical evidence from African countries”, Journal of Emerging Trends in Economics and Management Sciences, pp. 82-95. Phan, T.H. (2016), “Impact of capital structure on firm performance”, Tạp Ch ı T ai Ch ınh- Journal of Finance. Pigott and Terri, D. (2012), Advances in Meta-Analysis, 1st ed., Springer-Verlag New York, NY. Rocca, M.L. (2010), Is Ownership a Complement to Debt in Affecting Firm’s Value? A Meta-Analysis, University of Calabria. Rosenthal, R. (1991), Meta-analytic Procedures for Social Research, Sage, Newbury Park. Ross, S.A. (1977), “The determination of financial structure: the incentive-signalling approach”, The Bell Journal of Economics, pp. 23-40. Ross, S.A., Westerfield, R.W. and Jaffe, J.F. (2013), Corporate Finance, 10th ed., McGraw-Hill Irwin, New York, NY. S anchez-Ballesta, J. and Garc ıa-Meca, E. (2007), “A meta-analytic vision of the effect of ownership structure on firm performance”, Corporate Governance: An International Review, Vol. 15 No. 5, pp. 879-892. Silver, N. and Dunlap, W. (1987), “Averaging correlation coefficients: should Fisher’s Z transformation be used?”, Journal of Applied Psychology, pp. 146-148. Thompson, S. and Higgins, J. (2002), “How should meta-regression analyses be undertaken and interpreted?”, Statistics in Medicine, pp. 1559-1573. Thompson, S. and Sharp, S. (1999), “Explaining heterogeneity in meta-analysis: a comparison of methods”, Statistics in Medicine, pp. 2693-2708. Tran, T.B., Nguyen, V.Ð. and Pham, H.C. (2017), “Analyzing the impact of capital structure on the performance of joint stock companies in Thua Thien Hue province”, Journal of Management Science and Economics. Viechtbauer, W. (2005), “Bias and efficiency of meta-analytic variance estimators in the randomeffects model”, Journal of Educational and Behavioral Statistics, pp. 261-293. Vijayakumaran, R. (2017), “Capital structure decisions and corporate performance: evidence from Chinese listed industrial firms”, International Journal of Accounting and Financial Reporting, Vol. 7 No. 2, pp. 562-576. Vo, M.L. (2016), “Impact of capital structure on the value of non-financial companies”, Journal of Finance. Vuong, B.N., Vu, T.Q. and Mitra, P. (2017), “Impact of capital structure on firm’s financial performance”, Journal of Finance and Economics Research, Vol. 2 No. 1, pp. 18-31. Vuong, Q.D. (2017), “ The impact of capital structure on performance of industrial commodity and services firms llisted on Vietnamese stock exchange” , International Journal of Environment, Agriculture and Biotechnology, Vol. 2 No. 3, pp. 1162-1168. Wolf, S. (1986), Meta-analysis, Sage, Newbury Park, CA | |
Bộ sưu tập | 02. Tạp chí (Tiếng Anh) |