International Journal of Financial Management

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Capital Structure and Earnings Per Share:An Empirical Analysis of Indian Corporate Sector


Affiliations
1 Department of Commerce, Punjabi University College, Ghudda, Bathinda, Punjab, India
2 Department of Applied Management, Punjabi University, Patiala, Punjab, India
     

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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.
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  • Capital Structure and Earnings Per Share:An Empirical Analysis of Indian Corporate Sector

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Authors

Harvinder Singh Mand
Department of Commerce, Punjabi University College, Ghudda, Bathinda, Punjab, India
Manjit Singh
Department of Applied Management, Punjabi University, Patiala, Punjab, India

Abstract


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