Mohammad Reza Karimi; Mohammad Reza Abdoli; Mehdi Eskandari
Volume 4, Issue 3 , March 2017, , Pages 252-269
Abstract
Capital structure discusses the composition of company financing sources including short-term debts, bonds, long-term debt, preferred stock, and common stock. Some firms define no predetermined plan for capital structure; rather, the capital structure is determined respecting to financial decisions taken ...
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Capital structure discusses the composition of company financing sources including short-term debts, bonds, long-term debt, preferred stock, and common stock. Some firms define no predetermined plan for capital structure; rather, the capital structure is determined respecting to financial decisions taken by financial management lacking any specific plan. Despite these firms may succeed in short-term, finally they face major problems for required financing activities. The main objective of the present research is to study the relationship between ownership structure and debt cost focusing on the role of financial crisis in companies listed in Tehran Stock Exchange within 2011-2015 (a five-year period). The results show that there is no significant relationship between the type of ownership and debt cost; in addition, financial crisis may not mediate the relationship between ownership and debt cost. On the other hand, the results also indicate that there is no significant relationship between the proportion of institutional owners and debt cost; further, financial crisis shows no mediating role.
Dalia Kaupelytė; Deimantė Kairytė
Volume 3, Issue 6 , June 2016, , Pages 367-377
Abstract
The purpose of the study is to analyze the impact of intellectual capital efficiency impact on the European listed banks performance. In this paper concept of intellectual capital and its components is analyzed and empirical research is performed testing the impact of intellectual capital efficiency ...
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The purpose of the study is to analyze the impact of intellectual capital efficiency impact on the European listed banks performance. In this paper concept of intellectual capital and its components is analyzed and empirical research is performed testing the impact of intellectual capital efficiency on European small and large listed banks financial performance. Data of the research cover period from 2005 -2014. Intellectual capital efficiency impact on banks financial performance is measured for the sample of 118 (52 small and 66 large banks) listed European banks according to their value of total assets. The intellectual capital is calculated by using Value Added Intellectual Capital Coefficient (VAIC) method. For measuring banks financial performance banks profitability, productivity and risk ratios are used. Results of the research support hypothesis that banks intellectual capital has an impact on the financial performance and differences are evident in large and small European listed banks. Authors conclude that intellectual capital had negative impact on large banks financial performance after the financial crisis and negative impact on small banks financial performance before the financial crisis.
