Trade-off vs. pecking order theory: evidence from Greek firms in a period of debt crisis

Chatzinas, Georgios; Papadopoulos, Simeon

doi:10.1504/ijbaaf.2018.092133

Cited by 7 publications

(4 citation statements)

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“…It is proven by negative coefficient regression value and significant for all ratios, meaning H2b is accepted. Chatzinas and Papadopoulos (2018) said the trade-off theory suits crisis conditions. This occurred due to a decrease in sales due to social restrictions imposed by the government, which affected the company's revenue, which in turn affected the company's ability to pay all liabilities.…”

Section: Discussionmentioning

confidence: 99%

“…Additionally, as a result of the company's losses from declining sales, the value of capital also declines (Devi et al, 2020). Chatzinas and Papadopoulos (2018) argues that trade-off theory plays a role during times of crisis. This was also found by Rababah et al (2020) who found capital structure (leverage) to interfere with financial performance during COVID-19 and Fu and Shen (2020) found leverage to have a negative effect on company performance during COVID-19.…”

Section: H2a Leverage Has Negative Effect On Company Financial Perfor...mentioning

confidence: 99%

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Company Financial Performance Before and During The Covid-19 Pandemic

Putra,

Khoiriyah,

Abdurrahman

et al. 2023

MAKSIMUM

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This research aims to examine how liquidity, leverage, activity, and growth influence company financial performance before and during the COVID-19 pandemic. This research used purposive sampling with a population of manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2017-2019 for the period before the COVID-19 pandemic and in 2020 during the COVID-19 pandemic obtained 279 observations. Data were analyzed using SPSS 26. The results showed that Liquidity significantly affected the company's financial performance before the COVID-19 pandemic. In contrast, it has a significant negative effect on ROA, an insignificant negative effect on ROE and an insignificant positive effect on Tobin's q during the COVID-19 pandemic. Leverage has significant adverse effects before and during the COVID-19 pandemic. Activity had a significant positive effect before the COVID-19 pandemic, while it had a non-significant positive effect during the COVID-19 pandemic. Growth had a significant positive effect before the COVID-19 pandemic, a non-significant positive effect on ROA and ROE, and an insignificant negative effect on Tobin's q during the COVID-19 pandemic. Companies should pay attention to the leverage ratio because leverage has a significant negative influence before and during COVID-19, which means leverage can significantly reduce financial performance. For this reason, the company must regulate the capital structure following the company's capabilities.

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Section: Discussionmentioning

confidence: 99%

Section: H2a Leverage Has Negative Effect On Company Financial Perfor...mentioning

confidence: 99%

Company Financial Performance Before and During The Covid-19 Pandemic

Putra,

Khoiriyah,

Abdurrahman

et al. 2023

MAKSIMUM

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“…Penelitian ini menguji relevansi teori struktur modal de ngan konsep POT, dimana kebijakan dividen dan struktur aset mempe ngaruhi tetapi tidak menguntungkan struktur modal dan profitabilitas. (Abdulla, 2017;Ajay & Madhumathi, 2015;Bhama et al, 2018;Bonaimé et al, 2014;Chatzinas & Papadopoulos, 2018;Fama & French, 2002;Jaisinghani & Kanjilal, 2017;Köksal & Orman, 2015;Kyissima et al, 2019;Ma & Xu, 2020;Serraqueiro, 2011;Sharma, 2018;Wellalage & Locke, 2014).…”

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“…Trade off theory (TOT) menyatakan bahwa perusahaan akan menggali sumber pendanaan dari utang dengan cara menyeimbangkan terhadap tingkat tertentu (Chatzinas & Papadopoulos, 2018). Teori ini berasumsi sumber pajak yang berasal dari utang sama dengan biaya financial distress (Chaklader & Jaisinghani, 2017).…”

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Relevankah Teori Struktur Modal Di Indonesia?

Sumani

Roziq

Manurung

2020

jamal

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? Tujuan penelitian ini adalah untuk menelaah relevansi teori struktur modal pada aspek optimalisasi terjadinya risiko berdasarkan pecking order theory, trade off theory, dan teori agensi. Metode yang digunakan adalah regresi berganda pada perusahaan manufaktur terbuka di Indonesia tahun 2010-2018. Penelitian ini menemukan bahwa beberapa indikator teori struktur modal tidak relevan dengan ketiga teori tersebut. Hal ini menunjukkan bahwa perusahaan harus menekan biaya modal, peluang bangkrut, dan biaya keagenan melalui keseimbangan pendanaan antara yang diinginkan oleh agen ataupun prinsipal.

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Capital Structure Determinants of Greek Hotels: The Impact of the Greek Debt Crisis

Dimitropoulos

Koronios

2021

Springer Proceedings in Business and Economics

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Trade-off vs. pecking order theory: evidence from Greek firms in a period of debt crisis

Cited by 7 publications

References 0 publications

Company Financial Performance Before and During The Covid-19 Pandemic

Company Financial Performance Before and During The Covid-19 Pandemic

Relevankah Teori Struktur Modal Di Indonesia?

Capital Structure Determinants of Greek Hotels: The Impact of the Greek Debt Crisis

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