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Ajmera, Butalal
- An Empirical Study on Effect of Capital Structure on Financial Performance of Paper Manufacturing Companies in India: Penal Data Analysis
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Authors
Affiliations
1 Department of Commerce, M.K. Bhavnagar University, Bhavnagar, Gujarat, IN
1 Department of Commerce, M.K. Bhavnagar University, Bhavnagar, Gujarat, IN
Source
International Journal of Financial Management, Vol 9, No 3 (2019), Pagination: 18-25Abstract
In this research paper, the researcher has attempted to study the effect of capital structure on the financial performance of selected paper manufacturing firms in India. Secondary data have been used. The study period was of five years from 20014-2015 to 2018-2019. Accounting ratio and statistical tools like descriptive statistics, correlation matrix, and penal data analysis have been used. The result of the descriptive statistics shows that ROA, ROCE, EPS and valuation indicate good financial performance. While the debt-equity ratio shows debt is more than equity in the capital structure. The researcher identified four financial indicators, namely ROA, ROCE, EPS and Valuation. The researcher has also identified debt-equity ratio, long term debt-equity ratio, a log of debt, firm size and interest coverage ratio as dependent variables. Model-1 indicates that ROS is significantly affected by the interest coverage ratio, wherein fixed-effect model ROA is also affected by the interest coverage ratio. Model-2 shows that there is a significant effect of debt-equity ratio long term debt-equity ratio and interest coverage ratio on RCOE. The fixed-effect model shows that only firm size and interest coverage have a significant effect on ROCE. Model-3 shows that the debt-equity ratio, long term debt-equity ratio, firm size, a log of debt and interest coverage ratio is insignificant to EPS. Wherein firm size is significant to EPS in fixed effect mode. Another variable like the debt-equity ratio, long term debt-equity ratio, a log of debt and interest coverage ratio is insignificant to EPS. Model-4 indicates that firm size is significant to the valuation. The fixed-effect model shows that all independent variables are insignificant to valuation.Keywords
Capital Structure, Financial Performance and Cement Companies.References
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- Dividend Policy Decision:Panel Data Analysis for Selected Cement Companies in India
Abstract Views :154 |
PDF Views:1
Authors
Affiliations
1 Professor and Head, Former Dean, Department of Business Management, M.B.A. Programme, Saurashtra University, Rajkot, Gujarat, IN
2 Associate Professor, Department of Commerce, M.K. Bhavnagar University, Gujarat, IN
1 Professor and Head, Former Dean, Department of Business Management, M.B.A. Programme, Saurashtra University, Rajkot, Gujarat, IN
2 Associate Professor, Department of Commerce, M.K. Bhavnagar University, Gujarat, IN
Source
Journal of Commerce and Accounting Research, Vol 8, No 4 (2019), Pagination: 79-85Abstract
In this paper researcher has tried to study the dividend policy decision of selected cement companies in India. Secondary data have been used. Study period was of five year from 2014 -2015to 2018-2019. Researcher identified important variables like DPR, EPS, DPS, CR, QR and Firm size for dividend policy. Multiple correlation matrix and penal data analysis techniques have been used to study determinates of dividend policy. Hausman test has also been used to select between random effect model and fixed effect model. Hausman test suggested that random effect mode is appropriate. Result of correlation matrix suggested that DPR is insignificantly correlated with CR, QR and firm size. Result of Pooled Ordinary Least Square Model indicates that EPS, DPS, CR, QR and Firm size are insignificant to DPR. The result of Random effect model shows that EPS, DPS, CR, QR and Firm size have also been insignificant to DPR.Keywords
Dividend Policy, Earning, Liquidity and Firm Size.References
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