Non-linear Panel Data Analysis for Capital Structure and Its Impact on Profitability

Sorana Vatavu



[1] Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. Journal of Risk Finance, 6(5), 438-447.

[2] Akintoye, I.R. (2008). Sensitivity of Performance to Capital Structure, European Journal of Social Sciences. 7(1), 1-9.

[3] Arellano, M. and Bover, O. (1995). Another Look at the Instrumental-Variable Estimation of Error-Components Models. Journal of Econometrics, 68, 29-52.

[4] Blundell, R. and Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.

[5] Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295-314.

[6] Ebaid, E.I. (2009). The impact of capital structure choice on firm performance: empirical evidence from Egypt. The Journal of Risk Finance, 10(5), 477-487.

[7] Huang, S. and Song, F. (2006). The determinants of capital structure: evidence from China. China Economic Review, 17(1), 14-36.

[8] Lemmon, M.L., Roberts, M.R., and Zender, J.F. (2008). Back to the beginning: Persistence and the crosssection of corporate capital structure. Journal of Finance, 63, 1575-1608.

[9] MacKay, P.G. and Phillips, G.M. (2005). How does industry affect firm financial structure? Review of Financial Studies, 18, 1432-1466.

[10] Margaritis, D. and Psillaki, M. (2007). Capital Structure and Firm Efficiency. Journal of Business Finance & Accounting, 34, 1447-1469.

[11] Margaritis, D. and Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34, 621- 632.

[12] Modigliani, F. and Miller, M.H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261—97.

[13] Nucci, F., Pozzolo, A. and Schivardi, F. (2005). Is firm’s productivity related to its financial structure? Evidence from microeconomic data. Working Paper, Italy: Banca d’Italia, Research Department.

[14] Nunes, P. J. M., Serrasqueiro, Z. M. and Sequeira, T. N. (2009). Profitability in Portuguese service industries: a panel data approach. The Service Industries Journal, 29, 693-707.

[15] Onaolapo, A.A., and Kajola, S.O. (2010). Capital Structure and Firm Performance: Evidence from Nigeria. European Journal of Economics. Finance and Administrative Sciences, 25, 70-82.

[16] Pirtea, M., Botoc, C., Nicolescu, C. and Enache, C. (2010). The analysis of corporate finance policy at sectorial level: case of Romania. Annals of Eftimie Murgu University Resita, Fascicle II, Economic, 121-130.

[17] Serghiescu, L. and Vaidean V.L. (2013). Determinant factors of the capital structure of a firm — an empirical analysis. Working paper EMQFB Tg Mures 2013, 2013.

[18] Sufian, F. and Chong, R.R. (2008). Determinants of Bank Profitability in Developing Economy: Empirical Evidence from Philippines. Asian Academy of Management Journal of Accounting and Finance, 4(2), 91—112.

[19] Torres-Reyna, O. (2007). Panel Data Analysis, Fixed and Random Effects (Using Stata 10.x). Princeton University.

[20] Vatavu, S. (2013). Determinants of corporate debt ratios: Evidence from manufacturing companies listed on the Bucharest Stock Exchange. Timisoara Journal of Economics and Business, 6(20), 99-126.

[21] Weill, L. (2008). Leverage and Corporate Performance: Does Institutional Environment Matter? Small Business Economics, 30, 251-265.

[22] Zeitun, R. and Tian, G. (2007). Capital structure and corporate performance evidence from Jordan. Australasian Accounting Business & Finance Journal, 1, 40-53.

[23] Wasiuzzaman, S. and Tarmizi, H.A. (2009). Profitability of Islamic Banks in Malaysia: An Empirical Analysis. Journal of Islamic Economics, Banking and Finance, 6(4), 53-68.


Copyright © 2009 | All rights reserved