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001-es BibID:BIBFORM096291
035-os BibID:(cikkazonosító)428
Első szerző:Liaqat, Idrees
Cím:Industry, Firm, and Country Level Dynamics of Capital Structure: A Case of Pakistani Firms / Idrees Liaqat, Muhammad Asif Khan, József Popp, Judit Oláh
Dátum:2021
ISSN:1911-8074
Megjegyzések:The capital structure appears to be one of the most researched and the most controversial areas in modern corporate finance. Prior literature on determinants of capital structure has concentrated on firm and country level factors by employing static modeling. Static modeling has certain limitations, which do not allow companies to establish an optimum capital structure in line with economic uncertainty. This study makes a worthy contribution to the existing body of knowledge by filling the gap in the evolution of capital structure by employing a dynamic framework of the financial sector of Pakistan. In addition, the study brings into focus sectors' importance in determining the firm's financial behavior. Based on secondary financial sector data from 2006?2019, the article addresses the issues by employing two-step system generalized method of moments (GMM). The findings of the study validated the existence of dynamic capital structure across the financial sector of Pakistan and reinforced the substantial impact of sectors' unique environment on leverage mechanism. The results are robust under alternative estimation approaches and offer useful policy implications.
Tárgyszavak:Társadalomtudományok Gazdálkodás- és szervezéstudományok idegen nyelvű folyóiratközlemény külföldi lapban
folyóiratcikk
Megjelenés:Journal of Risk and Financial Management. - 14 : 9 (2021), p. 1-17. -
További szerzők:Khan, Muhammad Asif (1976-) (közgazdász) Popp József (1955-) (közgazdász) Oláh Judit (1973-) (agrárközgazdász, logisztika)
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001-es BibID:BIBFORM093763
035-os BibID:(cikkazonosító)190 (WoS)000654128600001 (Scopus)85122175891
Első szerző:Naseer, Mirza Muhammad
Cím:Firm, Industry and Macroeconomics Dynamics of Stock Returns: A Case of Pakistan Non-Financial Sector / Mirza Muhammad Naseer, Muhammad Asif Khan, József Popp, Judit Oláh
Dátum:2021
ISSN:1911-8074
Megjegyzések:The available research literature on stock performance has primarily stressed the importance of asset price theories, macroeconomic and microeconomic, and institutional differences. However, there is still an open question: Are there any other factors those influence stock performance? This research aims to answer this question by providing new insights into industry factors along with country-level and firm-specific factors in conjunction with the stock performance of the non-financial sector firms listed at the Pakistan Stock Exchange. The study provides new insights into the prevailing research literature by considering an emerging economy, Pakistan. We find that non-financial sector firms are heterogeneous, suggesting applying a fixed effect approach for reliable estimation. To investigate the issue, data from 80 companies spanning 17 years (2004-2020) were analyzed with a fixed-effect model. Our study results revealed that firm tangibility, munificence, gross domestic product, inflation and money supply have negative, while size, growth, dynamism, Herfindahl-Hirschman index, exchange rate and oil prices have a positive relationship with financial performance. The results are robust under alternative estimation approaches and offer useful policy implications.
Tárgyszavak:Társadalomtudományok Gazdálkodás- és szervezéstudományok idegen nyelvű folyóiratközlemény külföldi lapban
folyóiratcikk
stock returns
growth
industry
macroeconomics dynamics
non-financial sector
Megjelenés:Journal of Risk and Financial Management. - 14 : 5 (2021), p. 1-18. -
További szerzők:Khan, Muhammad Asif (1976-) (közgazdász) Popp József (1955-) (közgazdász) Oláh Judit (1973-) (agrárközgazdász, logisztika)
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DOI
Intézményi repozitóriumban (DEA) tárolt változat
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