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首页> 外文期刊>Journal of Asia Business Studies >How do they adjust their capital structure along their life cycle? An empirical study about capital structure over life cycle of Pakistani firms
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How do they adjust their capital structure along their life cycle? An empirical study about capital structure over life cycle of Pakistani firms

机译：他们如何在生命周期中调整资本结构？巴基斯坦企业生命周期内资本结构的实证研究

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Purpose - The purpose of this study is to explain the adjustment rate made to target capital structures by listed non-financial firms in Pakistan during the courses of their life cycles and to determine what factors influence their adjustment rates. Design/methodology/approach - The study used multivariate analysis to classify 39 years (1972-2010) of unbalanced panel data from listed non-financial Pakistani firms in terms of their growth, maturity and decline stages. Further, it used a fixed-effects panel data model to determine the factors that influence capital structure and adjustment rates during the life-cycle stages of firms. Findings - The study observed a low-high-low leverage pattern during the growth, maturity and decline stages of businesses in line with tradeoff theory. Furthermore, the study observed an adjustment rate for growing firms of between 49.3-37.9 per cent, for mature firms of between 35.5-17.5 per cent and for declining firms of between 22.2-15.1 per cent toward their respective leverage targets. Furthermore, it was found that growing firms have higher leverage adjustment rates because, by having more investment opportunities, these firms can alter their capital structures easily by changing the composition of their new issues. Practical implications - Erratic economic conditions in Pakistan have created an uncertain business environment. Therefore, even mature Pakistani firms remain skeptical about the sustainability of positive trends among current economic indicators. Furthermore, to avoid uncertainty, Pakistani firms grab short-term opportunities by using quickly available short-term debt as a main financing source. Government should introduce long-term policies that will stabilize the business environment and strengthen the financial, as well as the judicial, institutions of the country so that these firms may benefit from long-term investment opportunities and access more options for raising external financing. The results of this study will also help policymakers for other Asian economies where the capital markets are underdeveloped and where firms have higher leverage ratios, such as Thailand, Indonesia and Malaysia. Originality/value - This is the first study in Pakistan that has used a multivariate approach to classify firms into their different life-cycle stages and to discover the leverage adjustment rates of firms during those life-cycle stages.
机译：目的-这项研究的目的是解释巴基斯坦上市非金融公司在其生命周期过程中针对目标资本结构的调整率，并确定哪些因素影响其调整率。设计/方法/方法-该研究使用多元分析对来自上市非金融巴基斯坦公司的39年（1972-2010年）不平衡面板数据进行了分类，包括成长，成熟度和衰退阶段。此外，它使用固定效应面板数据模型来确定影响企业生命周期阶段资本结构和调整率的因素。调查结果-研究发现，根据权衡理论，在企业的成长，成熟和衰落阶段，杠杆率呈低-高-低-低的格局。此外，研究发现，成长型公司对各自杠杆目标的调整率在49.3-37.9％之间，成熟公司在35.5-17.5％之间，下降公司在22.2-15.1％之间。此外，还发现成长中的公司具有更高的杠杆调整率，因为这些公司通过拥有更多的投资机会，可以通过改变其新发行债券的构成轻松地改变其资本结构。实际影响-巴基斯坦不稳定的经济状况造成了不确定的商业环境。因此，即使是成熟的巴基斯坦公司也对当前经济指标中积极趋势的可持续性持怀疑态度。此外，为避免不确定性，巴基斯坦公司通过使用快速可用的短期债务作为主要融资来源来抓住短期机会。政府应出台长期政策，以稳定该国的商业环境，并加强该国的金融和司法机构，以便这些公司可以从长期投资机会中受益，并获得更多筹集外部融资的选择。这项研究的结果还将为其他亚洲经济体的决策者提供帮助，这些亚洲经济体的资本市场不发达，而泰国，印度尼西亚和马来西亚等公司的杠杆比率较高。原创性/价值-这是巴基斯坦的第一项研究，该研究使用多变量方法将公司分类为不同的生命周期阶段，并发现了这些生命周期阶段中公司的杠杆调整率。

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