Refine your search
Collections
Co-Authors
Year
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Singh, Manjit
- Capital Structure and Earnings Per Share:An Empirical Analysis of Indian Corporate Sector
Abstract Views :338 |
PDF Views:0
Authors
Affiliations
1 Department of Commerce, Punjabi University College, Ghudda, Bathinda, Punjab, IN
2 Department of Applied Management, Punjabi University, Patiala, Punjab, IN
1 Department of Commerce, Punjabi University College, Ghudda, Bathinda, Punjab, IN
2 Department of Applied Management, Punjabi University, Patiala, Punjab, IN
Source
International Journal of Financial Management, Vol 5, No 3 (2015), Pagination: 1-10Abstract
This paper intends to measure the impact of capital structure on EPS (earnings per share) in Indian corporate sector. Fifteen control variables along with capital structure have been selected to know their impact on EPS. Panel data regression has been applied to establish the relationship among dependent and independent variables. It is found from the empirical analysis that the relation of capital structure with EPS has been statistically insignificant in Indian corporate sector among all specific industries except telecommunication industry. The results are consistent with Modigliani-Miller approach.Keywords
Capital Structure, Earnings Per Share, Panel Data.
References
- Abor, J. (2005). The effect of capital structure on profitability: Empirical analysis of listed firms in Ghana. Journal of Risk Finance, 6(5), 438-45.
- Baltagi, B. H. (2005). Econometric Analysis of Panel Data (3rd edn.). John Wiley & Sons Ltd.
- Bhat, R. K. (1980). Determinants of financial leverage: Some further evidence. The Chartered Accountant, 29(6), 451-456.
- Chandrakumarmangalam, S., & Govindasamy, P. (2010). Leverage-An analysis and its impact on profitability with reference to selected cement companies in India. European Journal of Economics, Finance and Administrative Sciences, 31, 53-66.
- Chiang, Y. H., Chan, P. C. A., & Hui, C. M. E. (2002). Capital structure and profitability of the property and construction sectors in Hong Kong. Journal of Property Investment and Finance, 20(6), 434-454.
- Cuong, N. T., & Canh, N. T. (2012). The factors affecting capital structure for each group of enterprises in each debt ratio threshold: Evidence from Vietnam’s seafood processing enterprises. International Research Journal of Finance and Economics, 94, 24-37.
- Durand, D. (1959). Costs of debt and equity funds for business: Trends and problems of measurement. The Management of Corporate Capital, Ezra soloman (ed) The Free Press, 1959, 99-116.
- Gaud, P., Jani, E., Hoesli, M., & Bender, A. (2003). The capital structure of swiss companies: an empirical analysis using dynamic panel data. Research Paper No. 68, International Center for Financial Asset Management and Engineering (FAME). Retrieved from: http://ssrn.com/abstract=378120.
- Gill, A., Biger, N., & Mathur, N. (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management, 28(4), 3-15.
- Gujarati, D. N. (2004). Basic econometrics (4th edn.). Tata McGraw Hill Publishing Co. Ltd.
- Kumar, M. A. S., Kumar, N. R., Ganesh, B., & Saravanan, R. (2012). A study on capital structure with special reference to pharmaceutical industries in India. European Journal of Social Sciences, 29(3), 343-354.
- Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48, 261-97.
- Oztekin, O. (2010). Capital structure decisions around the world: Which factors are reliably important?”, Working Paper Series. Retrieved from http://ssrn. com/abstract id1464471.pdf.
- Pandey, R., Taylor, D., & Joshi, M. (2011). Governance of large family companies in traditional and new economy industries in India: effects on financial performance. The Journal of Corporate Ownership and Control, 8 (3).
- Rafiq, M., Iqbal, A., & Atiq, M. (2008). The determinants of capital structure of the chemical industry in Pakistan. The Lahore Journal of Economics, 13(1), 139-158.
- Rafique, M. (2011). Impact of profitability & financial leverage on capital structure: A case of pakistan’s automobile industry. Economics and Finance Review, 1(4), 50-58.
- Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50, 1421-60.
- Rani, T. (1997). Determinants of capital structure. Ph.D. Thesis, University Business School, Punjab University, Chandigarh.
- Rao, P. M. (1984). Impact of debt-equity ratio on profitabilityAn exploratory study of chemical industry. The Management Accountant, 19(9), 531-534.
- Rasoolpur, G. S. (2012). An empirical analysis of capital structure determinants: evidence from the Indian corporate sector. International Journal of Management & Information Technology, 1(3), 1-12.
- Salawu, R. O., & Agboola, A. A. (2008). The determinants of capital structure of large non-financial listed firms in Nigeria. The International Journal of Business and Finance Research, 2(2), 75-84.
- Saleem, Q., & Naseem, M. K. (2011). Leverage-An analysis and its impact on profitability with reference to selected oil and gas companies of Pakistan. International Journal of Management Sciences and Business Research, 1(1), 3-12.
- Saravanam, P. (2006). Ownership pattern and debt equity choice of corporates in India: An empirical extension. The ICFAI Journal of Applied Finance, 2, 29-44.
- Shubita, M. F., & Alsawalhah, J. M. (2012). The relationship between capital structure and profitability. International Journal of Business and Social Science, 3(15), 105-112.
- Singh, G. (2011). Capital structure practices of Indian corporate sector-A variable specific analysis. PCMA Journal of Business, 3(2), 13-28.
- Singh, K. (2002). Capital structure analysis of selected companies in electronics industry. Unpublished Ph.D. Thesis, Guru Nanak Dev University, Amritsar.
- Soloman, E. (1963). The theory of financial management. University Press, p 92.
- Wald, J. K. (1999). How firm characteristics affect capital structure: An international comparison. Journal of Financial Research, 22(2), 161-87.
- Wippern, R. F. (1966). Financial structure and the value of the firm. The Journal of Finance, 21(4), 615-633.