Temat: financial leverage - Prolib Integro

Skocz do pozycji: 1.

Tytuł:: THE ROLE OF DEBT CAPITAL IN CORPORATE FINANCING – OVERVIEW OF SELECTED SURVEYS
Autorzy:: Czapińska, Katarzyna
Tematy:: debt,
equity,
capital structure,
financial leverage.; Pokaż więcej
Data publikacji:: 2013
Powiązania:: https://bibliotekanauki.pl/articles/599428.pdf Link otwiera się w nowym oknie
Źródło:: Finansowy Kwartalnik Internetowy e-Finanse; 2013, 9, 4; 11-23
1734-039X
Pojawia się w:: Finansowy Kwartalnik Internetowy e-Finanse
Opis:: The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in the case of Polish companies. Based on the conclusions of the presented surveys, certain regularities were noticed. In most of the companies, equity was the main source of financing, whereas debt was used only in the case where internal sources of financing appeared to be insufficient. As a consequence of such an approach, the level of debt was relatively low and it may be concluded that companies benefited carefully from financial leverage. The external financing was limited to its most basic sources (i.e. bank loans and leasing). The conditions necessary to achieve the positive effect of financial leverage were most frequently met in large companies, which used external financing to a greater extent and had easier access to debt. The surveys confirmed that in principle a debt increase was not a consequence of detailed analysis of capital structure, but rather a result of current production needs or weak financial performance. It seems that tax shields (in a form of interest cost), increase of return on equity as a result of positive effects of financial leverage, target debt ratio as well as costs of financial distress generally did not significantly affect the decisions on sources of financing. On the contrary, risk of insolvency associated with financial leverage, credit rating, the availability of debt and its cost had a significant impact on the capital structure (with a major share of equity)
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 2.

Tytuł:: THE ROLE OF DEBT CAPITAL IN CORPORATE FINANCING – OVERVIEW OF SELECTED SURVEYS
Autorzy:: Czapińska, Katarzyna
Tematy:: debt
equity
capital structure
financial leverage; Pokaż więcej
Data publikacji:: 2013
Powiązania:: https://bibliotekanauki.pl/articles/599424.pdf Link otwiera się w nowym oknie
Źródło:: Finansowy Kwartalnik Internetowy e-Finanse; 2013, 9, 3; 10-23
1734-039X
Pojawia się w:: Finansowy Kwartalnik Internetowy e-Finanse
Opis:: The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in the case of Polish companies. Based on the conclusions of the presented surveys, certain regularities were noticed. In most of the companies, equity was the main source of financing, whereas debt was used only in the case where internal sources of financing appeared to be insufficient. As a consequence of such an approach, the level of debt was relatively low and it may be concluded that companies benefited carefully from financial leverage. The external financing was limited to its most basic sources (i.e. bank loans and leasing). The conditions necessary to achieve the positive effect of financial leverage were most frequently met in large companies, which used external financing to a greater extent and had easier access to debt. The surveys confirmed that in principle a debt increase was not a consequence of detailed analysis of capital structure, but rather a result of current production needs or weak financial performance. It seems that tax shields (in a form of interest cost), increase of return on equity as a result of positive effects of financial leverage, target debt ratio as well as costs of financial distress generally did not significantly affect the decisions on sources of financing. On the contrary, risk of insolvency associated with financial leverage, credit rating, the availability of debt and its cost had a significant impact on the capital structure (with a major share of equity)
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 3.

Tytuł:: Kapitałowe uwarunkowania zarządzania finansami przedsiębiorstwa górniczego na przykładzie polskich spółek węglowych
Conditions connected with capital in terms of mining enterprise management on the basis of polish coal enterprises
Autorzy:: Michalak, A.
Tematy:: mining
capital
financial leverage
górnictwo
kapitał
dźwignia finansowa; Pokaż więcej
Data publikacji:: 2015
Powiązania:: https://bibliotekanauki.pl/articles/321267.pdf Link otwiera się w nowym oknie
Źródło:: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska; 2015, 86; 337-347
1641-3466
Pojawia się w:: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
Opis:: Zarządzanie finansami przedsiębiorstwa górniczego charakteryzuje się pewną specyfiką, wynikającą z warunków, w jakich działają te przedsiębiorstwa, a w szczególności z uwarunkowań kapitałowych. Działalność przedsiębiorstw górniczych należy do wysoce kapitałochłonnych. Wysokie zapotrzebowanie na kapitał w polskim górnictwie jest w dużej mierze zaspokajane przez kapitał publiczny (dwa z czterech największych przedsiębiorstw górniczych w Polsce to jednoosobowe spółki akcyjne Skarbu Państwa, trzecia to spółka, w której Skarb Państwa ma większościowy pakiet akcji). Jednocześnie, przy znaczącym udziale kapitału własnego o charakterze publicznym, w strukturach kapitałowych tych przedsiębiorstw obserwuje się wysoki poziom zadłużenia. W takich warunkach zarządzanie przedsiębiorstwami górniczymi przybiera coraz częściej cechy zarządzania kryzysowego.
Mining enterprise finances management is characterized by a particular specificity resulting from the conditions in which the enterprise performs, especially the conditions connected with capital. The activity of mining enterprises is highly capital-consuming. High demand for capital in the Polish mining industry is largely satisfied by public capital (two out of four largest mining enterprises in Poland are the sole shareholder companies of the State Treasury, the third one is a company in which the State Treasury owns the major stock share). At the same time, with a significant share of equity of public character, in the capital structures of these enterprises a high debt level may be observed. In such conditions the mining enterprise management more often takes the features of crisis management.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 4.

Tytuł:: The Impact of Financial Leverage on A Company’s Market Valuation
Autorzy:: Zimny, Artur
Tematy:: financial leverage
capital structure
company financing
company valuation; Pokaż więcej
Data publikacji:: 2020-12-31
Powiązania:: https://bibliotekanauki.pl/articles/1022854.pdf Link otwiera się w nowym oknie
Źródło:: Finanse i Prawo Finansowe; 2020, 4, 28; 185-190
2391-6478
2353-5601
Pojawia się w:: Finanse i Prawo Finansowe
Opis:: The purpose of the article is to examine the impact of leverage on the market valuation of companies. The article verifies two hypotheses: 1. the degree of leverage is an important factor that impacts the market valuation of companies; 2. for companies with a high level of leverage, the impact of this leverage on their valuation is negative, and for companies with a low level of leverage, the impact is positive.The methodology of the study includes a critical literature review and empirical research based on correlation and regression analysis, including univariate and multivariate regression. The analysis covered quarterly data of ten energy companies listed on the Warsaw Stock Exchange. An important component of the research was classifying those companies into several groups, depending on their level of debt ratio in relation to the industry median debt ratio.The results of the research: The literature review did not provide an unequivocal conclusion to the problem. The empirical analysis did not give grounds to reject the first hypothesis; however, the second one was rejected. The research showed positive correlation and regression coefficients between the debt ratio and the price to book value ratio for highly leveraged companies and negative ones for companies with a low level of debt. The results are surprisingly contrary to the expectations based on theoretical premises.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 5.

Tytuł:: The Impact of Financial Leverage on a Company’s Market Valuation
Autorzy:: Zimny, Artur
Tematy:: financial leverage
capital structure
company financing
company valuation; Pokaż więcej
Data publikacji:: 2021-09-03
Powiązania:: https://bibliotekanauki.pl/articles/2121679.pdf Link otwiera się w nowym oknie
Źródło:: Finanse i Prawo Finansowe; 2021, Numer Specjalny; 199-214
2391-6478
2353-5601
Pojawia się w:: Finanse i Prawo Finansowe
Opis:: The purpose of the article is to examine the impact of leverage on the market valuation of companies. The article verifies two hypotheses: 1. the degree of leverage is an important factor that impacts the market valuation of companies; 2. for companies with a high level of leverage, the impact of this leverage on their valuation is negative, and for companies with a low level of leverage, the impact is positive. The methodology of the study includes a critical literature review and empirical research based on correlation and regression analysis, including univariate and multivariate regression. The analysis covered quarterly data of ten energy companies listed on the Warsaw Stock Exchange. An important component of the research was classifying those companies into several groups, depending on their level of debt ratio in relation to the industry median debt ratio. The results of the research: The literature review did not provide an unequivocal conclusion to the problem. The empirical analysis did not give grounds to reject the first hypothesis; however, the second one was rejected. The research showed positive correlation and regression coefficients between the debt ratio and the price to book value ratio for highly leveraged companies and negative ones for companies with a low level of debt. The results are surprisingly contrary to the expectations based on theoretical premises.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 6.

Tytuł:: Dźwignia finansowa a struktura kapitału przedsiębiorstw górniczych w Polsce
Financial leverage and capital structure of mining companies in Poland
Autorzy:: Sojda, Adam
Tematy:: financial leverage
ROE
capital structure
dźwignia finansowa
struktura kapitału; Pokaż więcej
Data publikacji:: 2015-10-22
Powiązania:: https://bibliotekanauki.pl/articles/57292190.pdf Link otwiera się w nowym oknie
Źródło:: WSB University in Wroclaw Research Journal; 2015, 15, 5; 707-714
1643-7772
2392-1153
Pojawia się w:: WSB University in Wroclaw Research Journal
Opis:: Artykuł przedstawia badania empiryczne dotyczące wykorzystania mechanizmu dźwigni finansowej przez przedsiębiorstwa górnicze w Polsce zajmujące się wydobyciem węgla kamiennego. Poziom zaangażowania kapitału obcego jest ważnym elementem struktury kapitału, co ma bezpośrednie przełożenie na wartość przedsiębiorstwa. W analizach wykorzystano ogólnodostępne dane statystyczne prezentowane w raportach finansowych badanych przedsiębiorstw górniczych. Pokazano dynamikę zmian udziału kapitału obcego, wyznaczono współczynnik ROE, stopień dźwigni finansowej oraz określono, kiedy dźwignia finansowa działała pozytywnie na procesy przedsiębiorstwa.
This article presents an empirical study on the use of financial leverage by mining companies in Poland. The level of involvement of foreign capital is an important element in the structure of capital, which has a direct impact on the value of the company. The study uses statistical data widely available in financial reports of the surveyed mining companies. It shows the dynamics of changes in the participation of foreign capital, sets ROE, the degree of leverage and determines when the leverage has a positive effect on the company's activities.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 7.

Tytuł:: Determinants of capital structure in Russian small and medium manufacturing enterprises
Autorzy:: Panova, Ekaterina
Tematy:: financial leverage
capital structure
small and medium enterprises
own funds
borrowed funds; Pokaż więcej
Data publikacji:: 2020
Powiązania:: https://bibliotekanauki.pl/articles/22444417.pdf Link otwiera się w nowym oknie
Źródło:: Equilibrium. Quarterly Journal of Economics and Economic Policy; 2020, 15, 2; 361-375
1689-765X
2353-3293
Pojawia się w:: Equilibrium. Quarterly Journal of Economics and Economic Policy
Opis:: Research background: Capital structure decisions are very important for any kind of business, but they have a special meaning for small and medium enterprises (SMEs), because their strategic miscalculations can lead to a crisis or even bankruptcy much faster due to the limited scope of their activities. Purpose of the article: The research investigates the basic theories of capital structure and their applicability to SMEs considering the specificities of their functioning. The study aims to identify the determinants of SMEs own and borrowed funds ratio and the main driving forces of their financial decisions. The paper identifies the reasons why SMEs have difficulties in attracting borrowed funds and problems with collateral provision. The paper also presents the dynamics of the capital structure and the composition of the borrowed funds in Russian SMEs. Methods: The research is based on the panel data of Russian manufacturing SMEs in the period of years 2010?2018. The panel data is unbalanced to avoid a survival bias. The financial ratios selected as variables was calculated using consolidated financial statements published by Russian Federal State Statistics Service. The statistical relations between the indicators were performed by a fixed effects regression with a dummy. Findings & Value added: The results of the research identified that current liquidity and asset structure have the statistically significant negative impact on the financial leverage in Russian manufacturing SMEs. The determinants of capital structure in Russian SMEs have not been investigated before, so the presented empirical findings are novel and can be used as a base for further research and analysis.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 8.

Tytuł:: Relacja pomiędzy rentownością operacyjnąa miarami ryzyka operacyjnego i finansowegow przedsiębiorstwach wydobywającychsurowce skalne w Polsce
Relationship between operating margin and measures of operating and financial risk for Polish stone-quarrying companies
Autorzy:: Łobos, Krzysztof
Tematy:: dźwignia operacyjna
dźwignia finansowa przedsiębiorstwa
wydobycie surowców skalnych
operating leverage
financial leverage
enterprises
quarrying of stone; Pokaż więcej
Data publikacji:: 2013
Powiązania:: https://bibliotekanauki.pl/articles/540972.pdf Link otwiera się w nowym oknie
Źródło:: Zeszyty Naukowe Wyższej Szkoły Bankowej we Wrocławiu; 2013, 2(34); 255-266
1643-7772
Pojawia się w:: Zeszyty Naukowe Wyższej Szkoły Bankowej we Wrocławiu
Opis:: Celem artykułu jest scharakteryzowanie oraz analiza zależności pomiędzy rentownością operacyjną a miarami ryzyka operacyjnego i finansowego (dźwignia operacyjna i dźwignia finansowa) w największych przedsiębiorstwach zajmujących się wydobyciem surowców skalnych w Polsce. Zależność ta ma istotny wpływ na zarządzanie ryzykiem i alokacją aktywów w przedsiębiorstwie. Dynamiczną metodę szacowania DOL i DFL zastosowano do danych z lat 2006-2010. W badaniu wykorzystano dane z Monitorów Polskich B.
The purpose of this paper is to analyze relationship between operating margin and measures of operating and financial risk (operating leverage and financial leverage) for the largest companies engaged quarrying of stone in Poland. This relationship has important implications for risk management and asset allocation within the firm. The method of estimating DOL and DFL is applied to data from 2006 to 2010. The study uses data from the Official Journal of the Republic of Poland “Monitor Polski B.”
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 9.

Tytuł:: The impact of accounting and tax law concerning borrowing costs on the assessment of the financial leverage effect
Autorzy:: Prewysz-Kwinto, Piotr
Tematy:: financial leverage effect
borrowing costs
profitability
accounting law
tax law
IAS/IFRS; Pokaż więcej
Data publikacji:: 2018
Powiązania:: https://bibliotekanauki.pl/articles/949187.pdf Link otwiera się w nowym oknie
Źródło:: Financial Sciences. Nauki o Finansach; 2018, 23, 2; 47-59
2080-5993
2449-9811
Pojawia się w:: Financial Sciences. Nauki o Finansach
Opis:: The aim of this paper is to present the impact of accounting and tax law concerning borrowing costs on the assessment of financial leverage effect. Due to the fact that these legal regulations require, in some cases, the recognition of borrowing costs not in the profit and loss account but in the value of assets, previously used methods for the identification of financial leverage effect do not always allow to draw the correct conclusions. Therefore, the paper proposes the necessary modification.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 10.

Tytuł:: The effect of financial leverage on firm profitability and working capital management in the Asia-Pacific Region
Autorzy:: Deshpande, Anya
Tematy:: financial leverage
working capital management
cash conversion cycle
firm profitability
Asia-Pacific
international listing; Pokaż więcej
Data publikacji:: 2023-12-31
Powiązania:: https://bibliotekanauki.pl/articles/57188569.pdf Link otwiera się w nowym oknie
Źródło:: Central European Review of Economics and Management; 2023, 7, 4; 43-71
2543-9472
Pojawia się w:: Central European Review of Economics and Management
Opis:: Aim: The main aim of this article is to examine the impact of financial leverage on firm profitability and working capital management of Asia-Pacific (APAC) firms listed in the United States and the United Kingdom. Design / Research methods: The regression analyses are conducted with panel data over the period of 2013-2022 using the Ordinary Least Squares method. Historical financial data has been obtained by using Refinitiv Eikon. In addition to quantitative research, this study also provides case examples. Conclusions / findings: The findings reveal that for APAC firms listed internationally, financial leverage has a negative relationship with firm profitability and a positive relationship with working capital levels. The study emphasizes the complex nature of financial leverage as a double-edged sword, capable of shaping the trajectories of APAC firms navigating the international business arena. Originality / value of the article: Although the effect of financial leverage on firm profitability has been researched before, it has not been researched on the Asia-Pacific region as a whole, specifically for the companies that are listed internationally. Furthermore, the effect of financial leverage on working capital management is scant overall and has rarely been examined distinctively, especially in this particular geographical region.
Dostawca treści:: Biblioteka Nauki

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