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ISSN Approved Journal No: 2456-3315 | Impact factor: 8.14 | ESTD Year: 2016
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Impact Factor : 8.14
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| Paper Title: | DETERMINANTS OF OPTIMAL CAPITAL STRUCTURE OF NSE LISTED MANUFACTURING COMPANIES IN INDIA |
| Authors Name: | S. NITHYADEVI , Dr. A. SENGOTTAIYAN |
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IJRTI_185103
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| Published Paper Id: | IJRTI2301033 |
| Published In: | Volume 8 Issue 1, January-2023 |
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| Abstract: | The study aimed the factors determining the capital structure of firm characters and macro-economic characters of manufacturing firms in India. The study is confined 39 firms listed in NSE 50 index. The study has confined cross section and time series nature and has analyzed the dynamic panel data with GMM model. The study find a significant association between leverage changes and change in assets changes (tangibility), firm size, non-debt tax shield, growth, GDP and business risk. However, there is no significant difference in the association between leverage and liquidity and profitability throughout the sample period. For instance, the link between leverage and firms size is stronger significant factor because can availed more external funding sources with the support of firms size. The study findings also suggest that companies with firms specific characters changed their capital structures more quickly toward long-term leverage position within a short span of period. GDP growth has positive, significant influence towards capital structure; it means positive economic environment characterized by an increase in GDP allows companies to adjust their capital structure more quickly. The results show that the leverage, implying Indian corporate may face higher external financing costs and adjustment costs when they need to raise funds. |
| Keywords: | Capital Structure, Dynamic GMM, Leverage, Profitability, Speed adjustment (SOA). |
| Cite Article: | "DETERMINANTS OF OPTIMAL CAPITAL STRUCTURE OF NSE LISTED MANUFACTURING COMPANIES IN INDIA", International Journal of Science & Engineering Development Research (www.ijrti.org), ISSN:2455-2631, Vol.8, Issue 1, page no.208 - 214, January-2023, Available :http://www.ijrti.org/papers/IJRTI2301033.pdf |
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2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID: IJRTI2301033
Registration ID:185103
Published In: Volume 8 Issue 1, January-2023
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Page No: 208 - 214 Country: chennai, tamilnadu, india Research Area: Commerce Publisher : IJ Publication Published Paper URL : https://www.ijrti.org/viewpaperforall?paper=IJRTI2301033 Published Paper PDF: https://www.ijrti.org/papers/IJRTI2301033 |
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ISSN: 2456-3315
Impact Factor: 8.14 and ISSN APPROVED
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