[PDF] Top 20 Internal Equity, Taxes, and Capital Structure

... personal taxes; in principle, the tax-deferral benefit of retaining cash can be large enough to completely offset the double-taxation costs ...of internal equity depends on personal and corporate tax ... See full document

... or equity in the non-taxed ...corporate taxes and the relative treatment of personal taxes on interest and dividends may have a bearing on corporate capital structure choice in Arab ... See full document

... corporate capital structure in a perfect market in 1958, Modigliani and Miller (1963) modify their model to accommodate corporate ...of capital to a firm and thus increase its market ...corporate ... See full document

... of equity financing, raises policyholder premiums and leaves shareholders and regulators to avert their eyes from failing ...them. Capital markets are more efficient than state ...If capital markets ... See full document

... to capital employed ratio (DAR1), a measure of leverage, proposed by (Welch, 2011) is identified to be more suitable; commonly used independent variables are able to explain around 55% variation in this measure ... See full document

... to taxes in Western ...between capital structure and financial performance have been built mainly on the tax shield and trade-off between the costs and benefits of using debt in a capital ... See full document

... of equity is an essential element of a business' financial decision-making process, which is influenced by a number of internal and external ...of equity capital ...of equity estimation ... See full document

... Credit risk is defined as the potential degree of fluctuation in the value of debts and derivative instruments due to changes in the underlying credit quality of counterparties. The development in credit risk modelling ... See full document

... governance structure of parent firms over periods of respectively (-2, +2) and (-3, +3) years centred on the year of the ECO completion, t = ...governance structure of the parent, as smaller board size ... See full document

... the capital ratio deviation (gap) for three definitions of capital deviations (leverage ratio, Tier1RWA and Total capital, ...of capital ratios, we report three columns corresponding with ... See full document

... As a result, researcher used the annual reports of the top companies quoted in the Nigerian Stock Exchange (NSE) as well as making use of secondary data sources; they indicate the internal consistency and ... See full document

... In the same year later Myers (1984) made a step forward in his research and formed the pecking order theory. Based on the pecking order theory, there exists a certain hierarchy of selecting financing sources and when ... See full document

... the internal determinants selected by many studies is capital ...perfect capital market is a behavior of value maximization with no frictions such as taxes, market entry barriers, bankruptcy, ... See full document

... prefer internal financing above different sources of cash, nevertheless would likely issue credit card debt if internal financing ends up being ...in equity) can be negatively related to normal ... See full document

... how capital requirements might ‘support the bank’s ...funding. Capital requirements force corporations to be more transparent, in order to obtain more favourable costs of equity financing, and this ... See full document

... diffuse equity ownership is relatively typical in the US and UK, a study of the 20 largest companies in the 27 richest economies revealed that only 35 per cent could be described as Berle and Means corporations ... See full document

... the capital structure would decrease the firm’s ...firm’s capital structure has a statistically negative result on firm’s profitability ...of capital structure on firm’s ... See full document

... structural capital involved with the company’s relations with stakeholders (investors, creditors, customers, suppliers), plus the perceptions that they hold about the ...customer capital is defined as the ... See full document

... on management decisions to provide aggregate versus disaggregate cash flow disclo- sures and contribute with the analysis of benefits to users. Working capital manage- ment is really vital for financial health of ... See full document

... Percentages Current receipts Taxes on income including Social insurance contributions Taxes on capital Taxes on expenditure Income from property and entrepreneurship Total Current expend[r] ... See full document