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Article Information:
Do the Firm-level Variables and Human Capital Impact Capital Structure Decisions? A Study of Non-financial Firms in Pakistan
Agha Jahanzeb, Norkhairul Hafiz Bajuri and Aisha Ghori
Corresponding Author: Agha Jahanzeb
Submitted: September 22, 2014
Accepted: October 24, 2014
Published: December 20, 2014 |
Abstract:
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In this study firm’s capital structure decisions have been tried to examine theoretically and empirically. By testing the determinants of capital structure, i.e., size, tangibility, profitability, growth, non-debt tax shield, business risk and liquidity on firm’s leverage (capital structure decisions) have been tried to determine. Size, profitability, non-debt tax shield, liquidity and human capital have been found significant and negatively related to capital structure decisions. Our analysis consists of 176 non-financial Pakistani companies listed on Karachi Stock Exchange over the period of 2003-2012.
Key words: Corporate finance, capital structure, human capital, Pecking Order Theory, trade-off theory, ,
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Cite this Reference:
Agha Jahanzeb, Norkhairul Hafiz Bajuri and Aisha Ghori, . Do the Firm-level Variables and Human Capital Impact Capital Structure Decisions? A Study of Non-financial Firms in Pakistan. Research Journal of Applied Sciences, Engineering and Technology, (23): 2350-2355.
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ISSN (Online): 2040-7467
ISSN (Print): 2040-7459 |
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