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首页> 外文期刊>Journal of Accounting & Marketing >Do Growth Opportunities Influence the Relationship of Capital Structure, Dividend Policy and Ownership Structure with Firm Value: Empirical Evidence of KSE?
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Do Growth Opportunities Influence the Relationship of Capital Structure, Dividend Policy and Ownership Structure with Firm Value: Empirical Evidence of KSE?

机译：成长机会是否会影响资本结构，股利政策和所有权结构与企业价值的关系：KSE的经验证据？

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The purpose of the study is to explore empirically the association among leverage, dividend payout ownership structure and firm value and influence of growth opportunities on this relationship. To obtain the correct empirical results this study applied the correlation analysis technique, ordinary least square (OLS) regression analysis on 148 non-financial companies listed on Karachi Stock Exchange (KSE), for the period of Five years (2011-2015). Using t-test and panel data regressions. The study found significant positive relationship between leverage, and firm value, and ownership concentration and firm value while insignificant association between dividend payout and firm value. The study further found that the interaction term of leverage and growth opportunities is insignificant, the interactive term of dividend payout and growth opportunities is also insignificant, and the interaction of ownership concentration and growth opportunities is also insignificant. So in the presence of growth opportunities the relationship of leverage, dividend payout and ownership structure with firm value does not affect. So growth opportunities do not play a moderating role.
机译：该研究的目的是从经验上探索杠杆，股利分配所有权结构和公司价值之间的联系，以及增长机会对这种关系的影响。为了获得正确的经验结果，本研究应用了相关分析技术，对在卡拉奇证券交易所（KSE）上市的148家非金融公司进行了为期5年（2011-2015年）的普通最小二乘（OLS）回归分析。使用t检验和面板数据回归。该研究发现，杠杆率，公司价值，所有权集中度和公司价值之间存在显着的正相关关系，而股利支出和公司价值之间却没有显着的联系。研究还发现，杠杆与增长机会的互动条件微不足道，股利支付与增长机会的互动条件也微不足道，所有权集中度与增长机会的互动也微不足道。因此，在存在增长机会的情况下，杠杆，股利支付和所有权结构与公司价值之间的关系不受影响。因此，增长机会不会发挥适度的作用。

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