Capital structure and company performance: The case of free zone companies in Ghana

Analysis of Factors Affecting Capital Structure in Food and Beverage Manufacturing Company

“…Some previous studies also revealed that growth opportunities have a positive effect on capital structure [8], [14], [16], [18], [21], [29], but others indicated negative effect [15], [22], [30]. It is revealed by some studies that there is a positive relationship between tangible assets and capital structure [8], [19], [21], [22].Conversely, some other studies revealed that there is a negative relationship between tangible assets and capital structure [15], [26], [27], [29], [31].It is investigated by some studies that there is a positive relationship between business risk and capital structure [13], [17], [30], [32]. However, some other studies found a negative relationship between business risk and capital structure [16], [20], [26].In accordance with empirical investigation, it is revealed thatmost of the firm-specific factors affecting capital structure are firm size, liquidity, growth opportunities, tangibility assets, and business risk [7], [8], [24] Hence, the objective of the paper is to examine the influences of the selected variables that relate the capital structure theories in Indonesia and Vietnam listed companies.…”