The impact of firm size and industry on capital structure decisions

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dc.contributor.advisorDe Jager, Phillipen_ZA
dc.contributor.authorStallkamp, Philip Roberten_ZA
dc.date.accessioned2016-02-05T07:27:31Z
dc.date.available2016-02-05T07:27:31Z
dc.date.issued2015en_ZA
dc.descriptionIncludes bibliographical referencesen_ZA
dc.description.abstractThis paper investigates the impact of firm size and industry on the capital structure of listed South African firms. It uses data obtained from firms listed on the Johannesburg Stock Exchange and tests trade-off theory and pecking order theory for firms of various sizes, firms in different industries and also tests for differences between debt maturities. Multiple fixed effect models are used to firstly test for the main factors that impact capital structure and secondly to test which sources of capital are preferred to finance a change in assets. The analysis shows that firms of different sizes and firms that operate in different industries choose their capital structure in various ways. Larger firms are more highly geared debt more than small firms and smaller firms prefer to use internally generated funds. The two main capital structure theories, trade-off and pecking order, do not explain the difference in behaviour adequately. The paper also finds that similar factors impact both long-term and short-term debt.en_ZA
dc.identifier.apacitationStallkamp, P. R. (2015). <i>The impact of firm size and industry on capital structure decisions</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/16796en_ZA
dc.identifier.chicagocitationStallkamp, Philip Robert. <i>"The impact of firm size and industry on capital structure decisions."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2015. http://hdl.handle.net/11427/16796en_ZA
dc.identifier.citationStallkamp, P. 2015. The impact of firm size and industry on capital structure decisions. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Stallkamp, Philip Robert AB - This paper investigates the impact of firm size and industry on the capital structure of listed South African firms. It uses data obtained from firms listed on the Johannesburg Stock Exchange and tests trade-off theory and pecking order theory for firms of various sizes, firms in different industries and also tests for differences between debt maturities. Multiple fixed effect models are used to firstly test for the main factors that impact capital structure and secondly to test which sources of capital are preferred to finance a change in assets. The analysis shows that firms of different sizes and firms that operate in different industries choose their capital structure in various ways. Larger firms are more highly geared debt more than small firms and smaller firms prefer to use internally generated funds. The two main capital structure theories, trade-off and pecking order, do not explain the difference in behaviour adequately. The paper also finds that similar factors impact both long-term and short-term debt. DA - 2015 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2015 T1 - The impact of firm size and industry on capital structure decisions TI - The impact of firm size and industry on capital structure decisions UR - http://hdl.handle.net/11427/16796 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/16796
dc.identifier.vancouvercitationStallkamp PR. The impact of firm size and industry on capital structure decisions. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2015 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/16796en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherFinancial Managementen_ZA
dc.subject.othercapital structureen_ZA
dc.subject.otherfirm sizeen_ZA
dc.subject.otherfixed effectsen_ZA
dc.titleThe impact of firm size and industry on capital structure decisionsen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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