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  • Capital structure and firm performance in emerging economies: an empirical analysis of Sri Lankan firms

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    Author(s)
    Manawaduge, Athula
    Zoysa, Anura
    Chowdhury, Khorshed
    Chandarakumara, Anil
    Griffith University Author(s)
    Manawaduge, Athula
    Year published
    2011
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    Abstract
    This paper offers an empirical analysis of the impact of capital structure on firm performance in the context of an emerging market-Sri Lanka. The study applies both pooled and panel data regression models for a sample of 155 Sri Lankan-listed firms. The results demonstrate that most of the Sri Lankan firms finance their operations with short-term debt capital as against the long-term debt capital and provide strong evidence that the firm performance is negatively affected by the use of debt capital. The study also finds a significant negative relationship between tangibility and performance indicating inefficient utilization ...
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    This paper offers an empirical analysis of the impact of capital structure on firm performance in the context of an emerging market-Sri Lanka. The study applies both pooled and panel data regression models for a sample of 155 Sri Lankan-listed firms. The results demonstrate that most of the Sri Lankan firms finance their operations with short-term debt capital as against the long-term debt capital and provide strong evidence that the firm performance is negatively affected by the use of debt capital. The study also finds a significant negative relationship between tangibility and performance indicating inefficient utilization of non-current assets. The negative performance implications associated with over-utilization of short-term debts and the under-utilization non-current assets provide corporate managers with useful policy directions.
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    Journal Title
    Corporate Ownership & Control
    Volume
    8
    Issue
    4
    Publisher URI
    https://virtusinterpress.org/CAPITAL-STRUCTURE-AND-FIRM,3489.html
    Copyright Statement
    © 2011 VirtusInterpress. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Financial Accounting
    Accounting, Auditing and Accountability
    Banking, Finance and Investment
    Business and Management
    Publication URI
    http://hdl.handle.net/10072/47243
    Collection
    • Journal articles

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