Capital Structure and Firm Performance of Technology Sector in Malaysia

En, Joanne Ngui Jia; Malek, Nurul Izza Abd.

doi:10.6007/ijarafms/v11-i3/10660

IJARAFMS

2021

DOI: 10.6007/ijarafms/v11-i3/10660

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Capital Structure and Firm Performance of Technology Sector in Malaysia

Joanne Ngui Jia En¹,

Nurul Izza Abd. Malek²

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2024

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Cited by 2 publications

References 21 publications

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Review of literature on capital structure: Independent and Dependent Variables

Chaudhary,

Singh,

Mittal

2024

Se. Asian Bus. Rev.

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Choosing a capital structure presents many difficulties for businesses. Choosing the right balance between debt and equity is one of the most important decisions. A poor capital structure decision has the power to completely ruin any company's success. Researchers have shown interest in analyzing the capital structure of the companies. The main objective of this paper to review these empirical studies of capital structure and to identify frequently used parameter by the researchers for last 14 years. The empirical capital structure literature is reviewed in this paper, with a focus on works released since 2010. The research paper also intends to address particular issues for further investigation while highlighting the significant gaps in the literature on the factors influencing capital structure and it compares the outcomes of practical research with theoretical expectations. This study investigates the independent factors and their dependent effects that lead companies to stray from ideal capital structures. This study primarily focuses on review of studies in the context of: (i) Capital structure in the banking and financial institutions sector; (ii) Capital structure in the metals industry; (iii) Retail industry; (iv) Software industry; and (v) Pharmaceutical industry. Only secondary data were used in this present study.

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Review of literature on capital structure: Independent and Dependent Variables

Chaudhary,

Singh,

Mittal

2024

Se. Asian Bus. Rev.

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Impact of debt structure on profitability of non-financial listed joint stock firms

Nguyen,

Pham,

Nguyen

2024

JGR

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The relationship between debt structure and profitability has drawn the attention by many researchers. One of the earliest papers which can be mentioned is the study by Modigliani and Miller (1958). In order to contribute to the literature and practical evidence to this topic, our paper investigates the impact of debt structure on the profitability of Vietnam non-financial listed joint stock companies (JSCs). By using the panel data of an eight year period for 976 JSCs, from 2013 to 2020, we get a sample of 7,808 observations. Return on assets (ROA) and return on equity (ROE) are dependent variables and are considered as profitability measures. Stata 16 software is used to test the link between profitability and the other six independent variables. The result shows that short-term debt (STDA) and growth opportunities (GRTH) have their positive and significant statistical impact on both ROA and ROE. Meanwhile, total debt (TDA) and long-term debt (LTDA) have their opposite influences. Firm size (SIZ) has different significant statistical effects on these dependent variables and net sales growth (SG) has an insignificant statistical link on profitability. Based on the findings, some recommendations are proposed to increase their profitability by optimizing debt structure in the listed firms in an emerging country and Vietnam as the case study.

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Capital Structure and Firm Performance of Technology Sector in Malaysia

Cited by 2 publications

References 21 publications

Review of literature on capital structure: Independent and Dependent Variables

Review of literature on capital structure: Independent and Dependent Variables

Impact of debt structure on profitability of non-financial listed joint stock firms

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