ROLE OF CAPITAL STRUCTURE IN FINANCIAL PERFORMANCE OF NONFINANCIAL SECTOR FIRMS EVIDENCE FROM PAKISTAN STOCK EXCHANGE

http://dx.doi.org/10.31703/ger.2020(V-II).01      10.31703/ger.2020(V-II).01      Published : Jun 2
Authored by : Hafiz AbdurRashid , Ahmed RazaBilal

01 Pages : 1-16

References

  • Abbas, A., Bashir, Z., Manzoor, S., & Akram, M. N. (2013). Determinants of firm's financial performance: An empirical study on textile sector of Pakistan. Business and Economic Research, 3(2), 76-86. https://doi.org/10.5296/ber.v3i2.3958
  • Abdullah, H., & Tursoy, T. (2019). Capital structure and firm performance: Evidence of Germany under IFRS adoption. Review of Managerial Science. Advance Online Publication. https://doi.org/10.1007/s11846-019-00344-5
  • Abeywardhana, D. K. Y. (2016). Impact of capital structure on firm performance: Evidence from manufacturing sector SMEs in UK. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2816499
  • Ahmed, F., & Siddiqui, D. A. (2019). Impact of debt financing on performance: Evidence from textile sector of Pakistan. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3384213
  • Akhtar, A., Bakhsh, A., Ali, M., & Kousar, S. (2019). Impact of capital structure on the performance of textile sector in Pakistan: Examining the moderating effect of liquidity. Journal of Accounting and Finance in Emerging Economies, 5(1), 1- 12. https://doi.org/10.26710/jafee.v5i1.718
  • Asad, M., Iftikhar, M. K., & Jafary, A. Y. (2019). Relationship between capital structure and financial performance of textile sector companies. Kashmir Economic Review, 28(1), 39-52.
  • Avcı, E. (2016). Capital structure and firm performance: An application on manufacturing industry. Ä°ktisadi ve Ä°dari Bilimler Dergisi, 38(1), 15-30. https://doi.org/10.14780/iibd.81334
  • Basit, A., & Hassan, Z. (2017). Impact of capital structure on firm's performance: A study on Karachi Stock Exchange (KSE) listed firms in Pakistan. 4(2), 118-135.
  • Berger, A. N., & di Patti, E. B. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30, 1065-1102.
  • Chinaemerem, O. C., & Anthony, O. (2012). Impact of capital structure on the financial performance of Nigerian Firms. Oman Chapter of Arabian Journal of Business and Management Review, 1(12), 43-61. https://doi.org/10.12816/0002231
  • Dada, A. O., & Ghazali, Z. B. (2016). The impact of capital structure on firm performance: Empirical evidence from Nigeria. IOSR Journal of Economics and Finance, 7(4), 23-30. https://doi.org/10.9790/5933-0704032330
  • Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689-709. https://doi.org/10.1016/j.ribaf.2017.07.011
  • Fosu, S. (2013). Capital structure, product market competition and firm performance: Evidence from South Africa. The Quarterly Review of Economics and Finance, 53(2), 140-151. https://doi.org/10.1016/j.qref.2013.02.004
  • Hossain, A., Khan, A. A. Y., & Khalid, M. S. (2019). An empirical analysis of capital structure and firm's financial performance in a developing country. Global Journal of Management and Business Research, 19(3), 9-16.
  • Kanwal, M., Shahzad, S. J. H., Rehman, M. U, & Zakaria, M. (2017). Impact of capital structure on performance of non-financial listed companies in pakistan. Pakistan Business Review, 19(2), 339-353.
  • Khan, A. G. (2012). The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan. International Journal of Accounting and Financial Reporting, 2(1), 245.
  • Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621-632. https://doi.org/10.1016/j.jbankfin.2009.08.023
  • Meah, M. R., Chaudhory, N. U., & Khalil, Md. I. (2020). Does capital structure affect the profitability of listed family and non-family firms? Evidence from Bangladesh. International Journal of Business, Economics and Management, 7(3), 131-145. https://doi.org/10.18488/journal.62.2020.73.131.145
  • Miko, N. U., & Para, I. (2019). Capital structure and profitability of listed manufacturing firms in Nigeria. Journal of Accounting and Management, 2(2), 134-140.
  • Mujwahuzi, G. V., & Mbogo, C. J. (2020). Effects of capital structure on business profitability of processing enterprises listed on the Dar es Salaam Stock Exchange, Tanzania. Journal of Finance and Accounting, 8(4), 165-171.
  • Nawaz, A., Ali, R., & Naseem, M. A. (2011). Relationship between Capital Structure and Firms Performance: A Case of Textile Sector in Pakistan. Global Business and Management Research: An International Journal, 3, 270-278.
  • Nenu, E., Vintilă, G., & Gherghina, Ş. (2018). The impact of capital structure on risk and firm performance: Empirical evidence for the Bucharest Stock Exchange listed companies. International Journal of Financial Studies, 6(2), 1-29. https://doi.org/10.3390/ijfs6020041--
  • Nguyen, V. C. (2020). Human capital, capital structure choice and firm profitability in developing countries: An empirical study in Vietnam. Accounting, 6, 127-136. https://doi.org/10.5267/j.ac.2019.11.003
  • Nguyen, T. H., & Nguyen, H. A. (2020). Capital structure and firm performance of nonfinancial listed companies: Cross-sector empirical evidences from Vietnam. Accounting, 6, 137-150. https://doi.org/10.5267/j.ac.2019.11.002
  • Pandey, K. D., & Sahu, T. N. (2017). An empirical analysis on capital structure, ownership structure and firm performance: Evidence from India. Indian Journal of Commerce & Management Studies, 8(2), 63-72. https://doi.org/10.18843/ijcms/v8i2/09
  • Sachdeva, N. (2019). Factors affecting the profitability of selected public limited textile mills - A study of textile hub of India (Surat). International Journal of Research in Engineering, Science and Management, 2(12), 586-591.
  • Saeed, R. B. A., & Badar, R. (2013). Impact of capital structure on performance empirical evidence from sugar sector of Pakistan. European Journal of Business and Management, 5(5), 78-86.
  • Salim, M., & Yadav, R. (2012). Capital structure and firm performance: Evidence from Malaysian listed companies. Procedia - Social and Behavioral Sciences, 65, 156- 166. https://doi.org/10.1016/j.sbspro.2012.11.105
  • Saputra, T., Achsani, N. A., & Anggraeni, L. (2015). The effect of capital structure on firm performance: Empirical evidence from the Indonesian financial industry. International Journal of Business and Management Invention, 4(8), 57-66.
  • Sattar, A. R. (2020). Impact of liquidity on profitability: A case of comparison in textile sector in Pakistan between 2014 and 2015. European Online Journal of Natural and Social Sciences, 9(1), 13-19.
  • Spitsin, V., Vukovic, D., Anokhin, S., & Spitsina, L. (2020). Company performance and optimal capital structure: Evidence of transition economy (Russia). Journal of Economic Studies, Advance Online Publication. https://doi.org/10.1108/JES-09- 2019-0444
  • Sutomo, S., Wahyudi, S., Rini Demi Pangestuti, I., & Muharam, H. (2020). The determinants of capital structure in coal mining industry on the Indonesia Stock Exchange. Investment Management and Financial Innovations, 17(1), 165-174. https://doi.org/10.21511/imfi.17(1).2020.15
  • Zaheer, Z., Saeed, A., & Mir, A. S. (2011). Determinants of capital structure: international journal of academic research, 3(5), 38-43.

References

  • Abbas, A., Bashir, Z., Manzoor, S., & Akram, M. N. (2013). Determinants of firm's financial performance: An empirical study on textile sector of Pakistan. Business and Economic Research, 3(2), 76-86. https://doi.org/10.5296/ber.v3i2.3958
  • Abdullah, H., & Tursoy, T. (2019). Capital structure and firm performance: Evidence of Germany under IFRS adoption. Review of Managerial Science. Advance Online Publication. https://doi.org/10.1007/s11846-019-00344-5
  • Abeywardhana, D. K. Y. (2016). Impact of capital structure on firm performance: Evidence from manufacturing sector SMEs in UK. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2816499
  • Ahmed, F., & Siddiqui, D. A. (2019). Impact of debt financing on performance: Evidence from textile sector of Pakistan. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3384213
  • Akhtar, A., Bakhsh, A., Ali, M., & Kousar, S. (2019). Impact of capital structure on the performance of textile sector in Pakistan: Examining the moderating effect of liquidity. Journal of Accounting and Finance in Emerging Economies, 5(1), 1- 12. https://doi.org/10.26710/jafee.v5i1.718
  • Asad, M., Iftikhar, M. K., & Jafary, A. Y. (2019). Relationship between capital structure and financial performance of textile sector companies. Kashmir Economic Review, 28(1), 39-52.
  • Avcı, E. (2016). Capital structure and firm performance: An application on manufacturing industry. Ä°ktisadi ve Ä°dari Bilimler Dergisi, 38(1), 15-30. https://doi.org/10.14780/iibd.81334
  • Basit, A., & Hassan, Z. (2017). Impact of capital structure on firm's performance: A study on Karachi Stock Exchange (KSE) listed firms in Pakistan. 4(2), 118-135.
  • Berger, A. N., & di Patti, E. B. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30, 1065-1102.
  • Chinaemerem, O. C., & Anthony, O. (2012). Impact of capital structure on the financial performance of Nigerian Firms. Oman Chapter of Arabian Journal of Business and Management Review, 1(12), 43-61. https://doi.org/10.12816/0002231
  • Dada, A. O., & Ghazali, Z. B. (2016). The impact of capital structure on firm performance: Empirical evidence from Nigeria. IOSR Journal of Economics and Finance, 7(4), 23-30. https://doi.org/10.9790/5933-0704032330
  • Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689-709. https://doi.org/10.1016/j.ribaf.2017.07.011
  • Fosu, S. (2013). Capital structure, product market competition and firm performance: Evidence from South Africa. The Quarterly Review of Economics and Finance, 53(2), 140-151. https://doi.org/10.1016/j.qref.2013.02.004
  • Hossain, A., Khan, A. A. Y., & Khalid, M. S. (2019). An empirical analysis of capital structure and firm's financial performance in a developing country. Global Journal of Management and Business Research, 19(3), 9-16.
  • Kanwal, M., Shahzad, S. J. H., Rehman, M. U, & Zakaria, M. (2017). Impact of capital structure on performance of non-financial listed companies in pakistan. Pakistan Business Review, 19(2), 339-353.
  • Khan, A. G. (2012). The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan. International Journal of Accounting and Financial Reporting, 2(1), 245.
  • Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621-632. https://doi.org/10.1016/j.jbankfin.2009.08.023
  • Meah, M. R., Chaudhory, N. U., & Khalil, Md. I. (2020). Does capital structure affect the profitability of listed family and non-family firms? Evidence from Bangladesh. International Journal of Business, Economics and Management, 7(3), 131-145. https://doi.org/10.18488/journal.62.2020.73.131.145
  • Miko, N. U., & Para, I. (2019). Capital structure and profitability of listed manufacturing firms in Nigeria. Journal of Accounting and Management, 2(2), 134-140.
  • Mujwahuzi, G. V., & Mbogo, C. J. (2020). Effects of capital structure on business profitability of processing enterprises listed on the Dar es Salaam Stock Exchange, Tanzania. Journal of Finance and Accounting, 8(4), 165-171.
  • Nawaz, A., Ali, R., & Naseem, M. A. (2011). Relationship between Capital Structure and Firms Performance: A Case of Textile Sector in Pakistan. Global Business and Management Research: An International Journal, 3, 270-278.
  • Nenu, E., Vintilă, G., & Gherghina, Ş. (2018). The impact of capital structure on risk and firm performance: Empirical evidence for the Bucharest Stock Exchange listed companies. International Journal of Financial Studies, 6(2), 1-29. https://doi.org/10.3390/ijfs6020041--
  • Nguyen, V. C. (2020). Human capital, capital structure choice and firm profitability in developing countries: An empirical study in Vietnam. Accounting, 6, 127-136. https://doi.org/10.5267/j.ac.2019.11.003
  • Nguyen, T. H., & Nguyen, H. A. (2020). Capital structure and firm performance of nonfinancial listed companies: Cross-sector empirical evidences from Vietnam. Accounting, 6, 137-150. https://doi.org/10.5267/j.ac.2019.11.002
  • Pandey, K. D., & Sahu, T. N. (2017). An empirical analysis on capital structure, ownership structure and firm performance: Evidence from India. Indian Journal of Commerce & Management Studies, 8(2), 63-72. https://doi.org/10.18843/ijcms/v8i2/09
  • Sachdeva, N. (2019). Factors affecting the profitability of selected public limited textile mills - A study of textile hub of India (Surat). International Journal of Research in Engineering, Science and Management, 2(12), 586-591.
  • Saeed, R. B. A., & Badar, R. (2013). Impact of capital structure on performance empirical evidence from sugar sector of Pakistan. European Journal of Business and Management, 5(5), 78-86.
  • Salim, M., & Yadav, R. (2012). Capital structure and firm performance: Evidence from Malaysian listed companies. Procedia - Social and Behavioral Sciences, 65, 156- 166. https://doi.org/10.1016/j.sbspro.2012.11.105
  • Saputra, T., Achsani, N. A., & Anggraeni, L. (2015). The effect of capital structure on firm performance: Empirical evidence from the Indonesian financial industry. International Journal of Business and Management Invention, 4(8), 57-66.
  • Sattar, A. R. (2020). Impact of liquidity on profitability: A case of comparison in textile sector in Pakistan between 2014 and 2015. European Online Journal of Natural and Social Sciences, 9(1), 13-19.
  • Spitsin, V., Vukovic, D., Anokhin, S., & Spitsina, L. (2020). Company performance and optimal capital structure: Evidence of transition economy (Russia). Journal of Economic Studies, Advance Online Publication. https://doi.org/10.1108/JES-09- 2019-0444
  • Sutomo, S., Wahyudi, S., Rini Demi Pangestuti, I., & Muharam, H. (2020). The determinants of capital structure in coal mining industry on the Indonesia Stock Exchange. Investment Management and Financial Innovations, 17(1), 165-174. https://doi.org/10.21511/imfi.17(1).2020.15
  • Zaheer, Z., Saeed, A., & Mir, A. S. (2011). Determinants of capital structure: international journal of academic research, 3(5), 38-43.

Cite this article

APA

    APA : Rashid, H. A., & Bilal, A. R. (2020). Role of Capital structure in financial performance of non-financial sector firms: Evidence from Pakistan Stock Exchange. Global Economics Review, V(II), 1-16. https://doi.org/10.31703/ger.2020(V-II).01

CHICAGO

    CHICAGO : Rashid, Hafiz Abdur, and Ahmed Raza Bilal. 2020. "Role of Capital structure in financial performance of non-financial sector firms: Evidence from Pakistan Stock Exchange." Global Economics Review, V (II): 1-16 doi: 10.31703/ger.2020(V-II).01

HARVARD

    HARVARD : RASHID, H. A. & BILAL, A. R. 2020. Role of Capital structure in financial performance of non-financial sector firms: Evidence from Pakistan Stock Exchange. Global Economics Review, V, 1-16.

MHRA

    MHRA : Rashid, Hafiz Abdur, and Ahmed Raza Bilal. 2020. "Role of Capital structure in financial performance of non-financial sector firms: Evidence from Pakistan Stock Exchange." Global Economics Review, V: 1-16

MLA

    MLA : Rashid, Hafiz Abdur, and Ahmed Raza Bilal. "Role of Capital structure in financial performance of non-financial sector firms: Evidence from Pakistan Stock Exchange." Global Economics Review, V.II (2020): 1-16 Print.

OXFORD

    OXFORD : Rashid, Hafiz Abdur and Bilal, Ahmed Raza (2020), "Role of Capital structure in financial performance of non-financial sector firms: Evidence from Pakistan Stock Exchange", Global Economics Review, V (II), 1-16

TURABIAN

    TURABIAN : Rashid, Hafiz Abdur, and Ahmed Raza Bilal. "Role of Capital structure in financial performance of non-financial sector firms: Evidence from Pakistan Stock Exchange." Global Economics Review V, no. II (2020): 1-16. https://doi.org/10.31703/ger.2020(V-II).01