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DC Field | Value | Language |
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dc.contributor.author | Maina, Leonard K. | - |
dc.contributor.author | Olweny, Tobias | - |
dc.contributor.author | Wanjau, Kenneth L. | - |
dc.date.accessioned | 2018-10-01T06:50:00Z | - |
dc.date.available | 2018-10-01T06:50:00Z | - |
dc.date.issued | 2018-09 | - |
dc.identifier.citation | Maina, L. K., Olweny, T., & Wanjau, K. L. (2018). Dynamic adjustment towards target capital structure : panel evidence of listed firms in Kenya. Journal of Accounting, Finance and Auditing Studies, 4(4), 216-242. | en_GB |
dc.identifier.uri | https://www.um.edu.mt/library/oar//handle/123456789/34199 | - |
dc.description.abstract | Trade-off theory of capital structure uses static and dynamic approach. The use of static approach has been prevalent. Despite the importance of dynamic capital structure the debate in Kenya is so far inconclusive. Therefore, to fill this gap, there was need to assess the speed & of adjustment from target capital structure of listed non-financial firms in Kenya. Causal research design was used. The population for this study was 65 listed firms with only 35 non- financial firms sampled due to exclusion of financial sector which has highly regulated capital structure. Dynamic Partial Adjustment model (DPA) was used to estimate target leverage in each industry and the study found out that, there exist a target leverage level which is different from observed lev for each sector. Further, the study showed that, listed firms adjusted to target level with a speed of 51% meaning that, the adjustment costs are relatively low. | en_GB |
dc.language.iso | en | en_GB |
dc.publisher | Ahmet Gökgöz | en_GB |
dc.rights | info:eu-repo/semantics/openAccess | en_GB |
dc.subject | Business enterprises -- Kenya | en_GB |
dc.subject | Financial leverage -- Kenya | en_GB |
dc.subject | Business enterprises -- Finance | en_GB |
dc.subject | Capital -- Kenya | en_GB |
dc.subject | Adjustment costs -- Kenya | en_GB |
dc.title | Dynamic adjustment towards target capital structure : panel evidence of listed firms in Kenya | en_GB |
dc.type | article | en_GB |
dc.rights.holder | The copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder. | en_GB |
dc.description.reviewed | peer-reviewed | en_GB |
dc.identifier.doi | 10.32602/jafas.2018.014 | - |
dc.publication.title | Journal of Accounting, Finance and Auditing Studies | en_GB |
Appears in Collections: | Journal of Accounting, Finance and Auditing Studies, Volume 4, Issue 4 Journal of Accounting, Finance and Auditing Studies, Volume 4, Issue 4 |
Files in This Item:
File | Description | Size | Format | |
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JAFAS,_4(4)_-_A14.pdf | 465.5 kB | Adobe PDF | View/Open |
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