Determinants of capital structure: Evidence from sub-Saharan African firms

被引：47
|
作者：
Khemiri, Wafa [1 ]
Noubbigh, Hedi [2 ]
机构：
[1] Univ Manouba, ESCT, RIM, RAF,UR13ES56, Campus Univ Manouba, Manouba 2010, Tunisia
[2] IHEC Carthage, Dept Accounting, Tunis 2016, Tunisia
来源：
QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2018年 / 70卷
关键词：
Capital structure; Trade-off theory; Pecking order theory; Non-financial firms; Dynamic panel data; Sub-Saharan Africa; PANEL-DATA; CORPORATE; SPECIFICATION; DECISIONS; FINANCE; TESTS; GMM;
D O I：
10.1016/j.qref.2018.04.010
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the determinants of leverage firms in five sub-Saharan African countries (South Africa, Ghana, Kenya, Nigeria and Zimbabwe) over the period 2006-2016. The results of the System GMM estimation and quadratic methods supports the predictions of the trade-off theory and the pecking order theory. They also show a significant inverse U-shaped relationship between the firm's performance and its leverage. Moreover, prior leverage and macroeconomic factors are robust determinants of the level of debt. (C) 2018 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.
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页码：150 / 159
页数：10
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