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The impact of firm size and industry on capital structure decisions
Includes bibliographical references
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| Main Author: | |
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| Other Authors: | |
| Format: | Thesis |
| Language: | English |
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Department of Finance and Tax
2016
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| _version_ | 1867613237893136384 |
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| access_status_str | Open Access |
| author | Stallkamp, Philip Robert |
| author2 | De Jager, Phillip |
| author_browse | De Jager, Phillip Stallkamp, Philip Robert |
| author_facet | De Jager, Phillip Stallkamp, Philip Robert |
| author_sort | Stallkamp, Philip Robert |
| collection | Thesis |
| description | Includes bibliographical references |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/16796 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:57.328Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2016 |
| publishDateRange | 2016 |
| publishDateSort | 2016 |
| publisher | Department of Finance and Tax |
| publisherStr | Department of Finance and Tax |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/16796 The impact of firm size and industry on capital structure decisions Stallkamp, Philip Robert De Jager, Phillip Financial Management capital structure firm size fixed effects Includes bibliographical references This paper investigates the impact of firm size and industry on the capital structure of listed South African firms. It uses data obtained from firms listed on the Johannesburg Stock Exchange and tests trade-off theory and pecking order theory for firms of various sizes, firms in different industries and also tests for differences between debt maturities. Multiple fixed effect models are used to firstly test for the main factors that impact capital structure and secondly to test which sources of capital are preferred to finance a change in assets. The analysis shows that firms of different sizes and firms that operate in different industries choose their capital structure in various ways. Larger firms are more highly geared debt more than small firms and smaller firms prefer to use internally generated funds. The two main capital structure theories, trade-off and pecking order, do not explain the difference in behaviour adequately. The paper also finds that similar factors impact both long-term and short-term debt. 2016-02-05T07:27:31Z 2016-02-05T07:27:31Z 2015 Master Thesis Masters MCom http://hdl.handle.net/11427/16796 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Financial Management capital structure firm size fixed effects Stallkamp, Philip Robert The impact of firm size and industry on capital structure decisions |
| thesis_degree_str | Master's |
| title | The impact of firm size and industry on capital structure decisions |
| title_full | The impact of firm size and industry on capital structure decisions |
| title_fullStr | The impact of firm size and industry on capital structure decisions |
| title_full_unstemmed | The impact of firm size and industry on capital structure decisions |
| title_short | The impact of firm size and industry on capital structure decisions |
| title_sort | impact of firm size and industry on capital structure decisions |
| topic | Financial Management capital structure firm size fixed effects |
| url | http://hdl.handle.net/11427/16796 |
| work_keys_str_mv | AT stallkampphiliprobert theimpactoffirmsizeandindustryoncapitalstructuredecisions AT stallkampphiliprobert impactoffirmsizeandindustryoncapitalstructuredecisions |