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首页> 外文期刊>Journal of advances in management research >Capital structure, competitive intensity and firm performance: evidence from Pakistan
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Capital structure, competitive intensity and firm performance: evidence from Pakistan

机译：资本结构，竞争强度和企业绩效：来自巴基斯坦的证据

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摘要

Purpose - The purpose of this paper is to explore the moderating role of competitive intensity between the existing relationship of capital structure and firm performance. Design/methodology/approach - Using the balanced panel data of listed non-financial firms of Pakistan, the present study adopts both the panel and OLS estimation techniques to draw the inferences. Findings - The results exhibit that high debt ratio is harmful for the accounting performance of the selected sample firms of Pakistan. In addition, product market competition negatively moderates the relationship between capital structure and firm performance which suggests that high product market competition can be used as a substitute of debt financing to align the interests of a firm's managers and shareholders. Practical implications - The findings of the research provide evidence for the policy makers/regulators that the sample firms should discourage the high debt financing in the presence of competitive intensity in the product marketplace. Originality/value - The core contribution of the current research is to examine the moderating role of product market competition on the leverage-performance relationship because, to the best of the authors' knowledge, no single study has previously explored this relationship in the context of Pakistan.
机译：目的-本文的目的是探讨现有资本结构与企业绩效之间的竞争强度调节作用。设计/方法/方法-使用巴基斯坦上市的非金融公司的均衡面板数据，本研究采用面板法和OLS估计技术来得出推论。调查结果-结果表明，高负债率对选定的巴基斯坦样本公司的会计业绩有害。此外，产品市场竞争对资本结构与公司绩效之间的关系产生负面影响，这表明高产品市场竞争可以用来代替债务融资，以使公司经理和股东的利益保持一致。实际意义-研究结果为政策制定者/监管者提供了证据，即在产品市场竞争激烈的情况下，样本公司应劝阻高债务融资。独创性/价值-当前研究的核心贡献是研究产品市场竞争对杠杆绩效关系的调节作用，因为据作者所知，以前没有任何一项研究在以下方面探讨过这种关系：巴基斯坦。

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