This paper attempts to investigate the determinants of the capital structure of a sample of 1456 listed companies on the Hong Kong Stock Exchange from 2005 to 2010 However, 226 companies have to be excluded from the analysis because the data is not complete This study uses 1230 companies to make the investigation to determine the capital structure of Chinese listed companies The relationship between size, profitability, liquidity, growth opportunity, asset structure, business risk and tax shield with leverage are highlighted The findings show that size, profitability, business risk and tax shield are highly significant at 1% level in determining the capital structure while liquidity is significant at 10% level However, growth opportunity and asset structure are not significant determinants of capital structure in China

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Corporate Choice Among Long-Term Financing Instruments

The determinants of capital structure in chinese listed companies

Studies of labour force participation choices are mostly aimed at explaining determinants of participation for individuals. The objective of this study is the empirical estimation of the parameters of family participation decisions. Family participation decisions can be analysed as a choice problem of a family between a finite number of distinct alternatives. The appropriate estimation procedure for a model involving choice among multiple discrete alternatives requires a statistical technique different from ordinary least squares. In this study I use the multinomial logit model. A logit model allows me to explain the probability that a particular participation alternative will be chosen by a family as a function of a set of independent variables. It is found that economic variables such as wage rates and wealth, play a significant role in affecting the probabilities of choosing a particular labour force participation alternative. This study shows that an increase in the market wage for a family member not...

Family labour force participation: Multinomial logit estimates

Data from a major beef packing company (including regulatory compliance costs) are used to estimate a translog cost function and a system of input demand equations. Regulatory compliance costs associated with the zero tolerance directive have increased the cost share of cattle while reducing the demand for all inputs. Economic Impacts of the Zero Tolerance Directive on the Cost Structure of Beef Packing Companies Introduction and Brief History of FSIS Regulations Increased scrutiny of the safety of the U.S. food supply has followed in the wake of recent foodborne illness outbreaks (e.g., the 1993 E. coli 0157:H7 outbreak in the Pacific Northwest). This increased scrutiny combined with the need to adopt a more science-based approach to meat inspection has prompted the Food Safety and Inspection Service (FSIS) to initiate major changes in recent years. Although considerable economic research pertaining to the cost of foodborne illness to consumers and society (e.g., Marks and Roberts; Roberts, 1991; and Roberts, 1989) and consumers' willingness-to-pay for safer food (e.g., Hayes et al.; Buzby and Skees; Eom; Huang; Choi and Jensen; and Zellner and Degner) has been published, little research addressing the economic impact of food safety regulations on food processors exists. Given proposed changes in federal meat inspection regulations, a better understanding of the economic impact of such regulations on agribusinesses is needed. This study uses data from a major beef packing firm to determine the impact of a specific FSIS regulation (i.e., the zero tolerance directive) on the firm's

Economic Impacts of the Zero Tolerance Directive on the Cost Structure of Beef Packing Companies

Oil characteristics and the U. S. demand for foreign crude by region of origin

Eckbo and Masulis (1992), Burton et al. (1999) and Armitage (1999) reported that the method used to issue new shares is one of the key determinants of the market reaction to seasoned equity offer announcements. This article develops this earlier line of research by examining a sample of 193 rights issues and 329 placings of shares made by UK firms between 1995 and 1996. It (i) details the relative popularity of rights and placings amongst London-quoted firms; (ii) compares the characteristics of the equity issues made under the different methods; (iii) examines variations in the attributes of firms which place their shares or offer them to existing investors via a rights issue and; (iv) uses logit analysis to investigate whether the determinants of offer method choice can be modelled accurately. A holdout sample of 59 placings and 29 rights issues is employed to examine the predictive ability of the logit model results. The evidence suggests that identifiable differences exist in both the size of the issu...

Corporate Choice Among Long-Term Financing Instruments

Citations

The determinants of capital structure in chinese listed companies

Family labour force participation: Multinomial logit estimates

Economic Impacts of the Zero Tolerance Directive on the Cost Structure of Beef Packing Companies

Oil characteristics and the U. S. demand for foreign crude by region of origin

Evidence on the determinants of equity issue method in the UK

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