...Impacts of Profitability and Financial Leverage on Firm’s Capital Structure By [Your Name] [Instructor’s Name] [Institution’s Name] [Date] Declaration While conducting the proposed research work, I, being a hard-working, innovative and conscientious researcher, come up with the factual severity of consequences allied with an act of plagiarising content from others’ work. Moreover, I do comprehend the rules and regulations my university encompasses against submitting a plagiarised document. Adhering to all these strict and restricted rules and regulations against plagiarism, I have made all possible endeavours to keep my research report under the level of allowed percentage of plagiarism. Before presenting my research report to my esteemed research guiders and professors, I, hereby declare the authenticity and uniqueness of the presented dissertation, which is, by all means, an innovative piece of writing and is an outcome of hypothetically and logically researched facts and figures allied with the project subject matter which I meticulously researched during my investigative course project. Although, this dissertation is an original piece of research but still, there are some ideas, concepts and theories that are being taken and inspired from previously presented works in this particular domain for endowing my researched topic with a literal and theoretical support as well as for influencing the analyzed outcomes of the proposed research-based exposition...
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...PROFESSIONAL UNIVERSITY DEPARTMENT OF MANAGEMENT Report on Capstone Project “Impact of financial risk on capital structure decision in cement industry of India” Submitted to Lovely Professional University In partial fulfilment of the Requirements for the award of Degree of Master of Business Administration Supervisor: Mr. Rohit Bansal Submitted by: Shalini Sahay 10808654 Khalid Anwar 10805151 Suman Saurabh 10808885 Varun Kakkar 10810014 Gurpreet Singh 10806126 DEPARTMENT OF MANAGEMENT LOVELY PROFESSIONAL UNIVERSITY JALANDHAR NEW DELHI GT ROAD PHAGWARA PUNJAB 1 CERTIFICATE This is to certify that the project report titled “Impact of financial risk on capital structure in cement industry of India” carried out by Miss. Shalini sahay has been accomplished under my guidance & supervision as a duly registered MBA student of the Lovely Professional University, Phagwara. This project is being submitted by him/her in the partial fulfilment of the requirements for the award of the Master of Business Administration from Lovely Professional University. Her dissertation represents her original work and is worthy of consideration for the award of the degree of Master of Business Administration. ___________________________________ (Name & Signature of the Faculty Advisor) Date: 2 CERTIFICATE This is to certify that the project report titled “Impact of financial risk on capital structure in cement industry of India” carried out by Mr.Khalid anwar has been accomplished...
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... 1 Determinants Of Capital Structure in cement industry of Pakistan 2 Impact of interest rate on stock market 3 A study based on the effects of interest rate (KIBOR) on share price 4 Market Interest rate and commercial bank profitability in Pakistan 5 Determinants of Corporate dividend payout policy 6 Effects of Free Cash flow on profitability of firms 7 Determinant of dividend payout ratio: A study of Pakistani fertilizer sector 8 Fundamentals and stock returns in Pakistan 9 Effects of mergers and acquisition in banking sector of Pakistan 10 Impact of Privatization of banks on profitability 11 Can risk aversion indicators anticipate financial crises? 12 Cash flow and capital spending relationship: evidence from automobile sector 13 Impact of Privatization on profitability and efficiency of banks in Pakistan 14 To study the relationship between price earning ratio and return on investment 15 A test of price earning ratio to predict future growths 16 Factors affect on the dividend payout ratio (sugar industry) 17 Impact of macro-economic variables on stock sector of Pakistan 18 Relationship between Cash flow and investment spending in textile industry 19 Impact of taxation on firm’s dividend payout/ratio 20 Share price volatility explicatedmeasured by fundamentals 21 Stock price and economic variables ( Interest rate, inflation and GDP) 22 Determinants of P/E Ratio 23 Impact of capital structure on profitability 24 Impact of interest rate changes on bank’s...
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...The valuation effects of long-term changes in capital structure ABSTRACT The objective of this study is to analyze and examine the changes in capital structure that do not affect the value of the firm and we have to know the relationship between the capital structure and the firm’s value. We are try to learn the changes in capital structure that do not affected the firm’s value and want to know relationship between the capital structure and the value of firm. For this study we used five independent variable that are profitability , growth , leverages , size and intangible ratio on the other hand we have one dependent variable that are firm value. We collected data from the Karachi stock exchange (KSE) and State Bank of Pakistan. Contents CHAPTER 1: INTRODUCTION 4 1.1 Background of the study 4 1.2 Problem Statement 6 1.3 Purpose of the study 7 1.4 Significance of the study 7 1.5 Operational definitions of the variables 8 1.5.1 Leverage: 8 1.5.2 Market to Book Value: 8 1.5.3 Profitability: 8 1.5.4 Growth: 8 1.5.5 Size: 8 1.5.6 Intangible: 9 CHAPTER 2: LITERATURE REVIEWS 10 2.1 Theoretical Background: 10 2.2 Empirical evidence: 11 CHAPTER 3: METHODOLOGY 17 3.1 Research Method 17 3.2 Research Model 17 3.3 Research Hypothesis: 18 3.4 Data Collection 18 3.5 Population and Sample Size 18 3.6 Research Technique 19 INTRODUCTION ...
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...Financial Management Challenges David Meszler BUS 650 Managerial Finance Prof. Kevin Kuznia July 29, 2013 To understand the challenges that face a financial manager today it is important to understand the general characteristics of market structures and the impact of market liquidity, competitiveness, and efficiency on financial managers. Clarifying market structures will show the basic constructs that financial managers work under. With the basic understanding of market structures and how they influence financial managers or how financial managers influence their given market structures we will identify two problems that are faced in current markets chosen from two Proquest articles, the first problem discussed will be communication issues and we will follow that up with a larger issue, the global economic recession. In discussing these issues we will also hit on how managers can possibly address those issues according to those articles. Market structures are fundamental in understanding how the economy works and how goods and/or services are exchanged. There are four basic market structures; perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition is when there are numerous sellers with no difference in the product, no cost to enter or exit the market, and there is no influence on price. The most common type of market structure is a monopolistic competition market. In this type of market there are numerous sellers with little...
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...ASSIGNMENT 2 – BUSINESS FINANCING AND THE CAPITAL STRUCTURE To purchase this Click here: http://www.activitymode.com/product/fin-100-week-8-assignment-2-business-financing-and-the-capital-structure/ Contact us at: SUPPORT@ACTIVITYMODE.COM FIN 100 Week 8 Assignment 2 - Business Financing and the Capital Structure Businesses have to make many financial decisions that have a direct impact on operations and the ability to successfully compete in the marketplace. Base your writing on the information from the course coupled with information located in the Strayer databases or Internet. Write a three to four (3-4) page paper in which you: 1. Explain the process of financial planning used to estimate asset investment requirements for a corporation. Explain the concept of working capital management. Identify and briefly describe several financial instruments that are used as marketable securities to park excess cash. 2. Assume that you are financial advisor to a business. Describe the advice that you would give to the client for raising business capital using both debt and equity options in today’s economy. 3. Explain why a business may decide to seek capital from a foreign investor indicating the risk and rewards for such a decision. Provide support for rationale. More Details hidden... Click Here to Buy this; http://www.activitymode.com/product/FIN 100 Week 8 Assignment 2 - Business Financing and the Capital Structure Activity mode aims to provide quality study notes...
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...MP A R Munich Personal RePEc Archive Financial management practices and their impact on organizational performance Babar Zaheer Butt and Ahmed Imran Hunjra and Kashif-Ur- Rehman Foundation University, Rawalpindi, Pakistan, Iqra University Islamabad Campus, Pakistan 2010 Online at http://mpra.ub.uni-muenchen.de/32685/ MPRA Paper No. 32685, posted 15. August 2012 01:05 UTC World Applied Sciences Journal 9 (9): 997-1002, 2010 ISSN 1818-4952 Financial Management Practices and Their Impact on Organizational Performance 1 Babar Zaheer Butt, 2Ahmed Imran Hunjra and 2Kashif-Ur-Rehman 1 2 Foundation University, Rawalpindi, Pakistan Iqra University Islamabad Campus, Pakistan Abstract: This study measures the relationship between organizational performance and financial management practices like capital structure decision, dividend policy, investment appraisal techniques, working capital management and financial performance assessment in Pakistani corporate sector. Sample of the study consisted of forty companies operating in Pakistan, related to different sectors and listed at Karachi Stock Exchange. The finance executives and financial analysts of the companies responded to questionnaire that identified through company profiles and references. The questionnaires were self administered to collect the data from respondents. The results show a positive and significant relationship between financial management practices and organizational performance in Pakistani corporate sector...
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...proposed Social Impact Bonds work? Social Impact Bonds are developed as a risk-free way for government to pursue social programs. The process involves five participants: governments, intermediaries, investors, service providers and independent evaluators. Firstly, governments define problems that they want to address. In order to show the feasibility of the decision, governments need to clarify several issues, such as the target population and their need. Also, they are required to analyze the budget and identify an appropriate outcome. After that, governments need to enter a contractual agreement with an intermediary. The intermediary will find outside investors such as banks and individuals to invest in the program. It also needs to hire a non-profit service provider to conduct the program. Then, the independent evaluator will judge whether the outcome meets the standard or not. If the outcome of the program is satisfying and reach the standard of the appropriate outcome that has been set by governments before, governments will repay investors with required return as the result of the successful program (Pettus, 2013). 2. How should Social Finance structure the financial instrument: as a bond? As equity? As some hybrid? In my opinion, the way that Social Finance structures the financial instrument depends on the aims of investors that are attracted. There are three types of investors of Social Impact Bonds. The first group of investors is known as financial-first investors...
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... * * My Topic: * The impact of organizational structure on communication (internal/external factors) What internal factors need to be considered? What external factors need to be considered? What is the importance of communication on the organizational structure? * The impact of financial and human resource management How will financial and HR issues affect your decision making process? Outline: Impacts on Organizational structure on communication after hiring more staff: * More staff means an expansion of network * Information should be transmitted from the central office * Each department should be responsible of making sure that every associate is well-informed of every communication made. * Divisional structure should be used for the communication. * A head of department or a specified person will be responsible for any external feed backs and other external communication. * Communication is the key to success of an organization. * Every associate needs to be well-informed of goals, rules, and regulations. * Good communication can keep the whole organization working as a unit for common goals. Impacts of financial and human resource management: * Financial and HR management issues can affect a hiring process. * Shortage of financial resources can keep the manager from publicizing the recruiting process on a larger scale. * Dealing with low financial condition the manager may not hire...
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...FIN 410 WK 4 ASSIGNMENT 2 FINANCIAL STATEMENTS To purchase this visit here: http://www.activitymode.com/product/fin-410-wk-4-assignment-2-financial-statements/ Contact us at: SUPPORT@ACTIVITYMODE.COM FIN 410 WK 4 ASSIGNMENT 2 FINANCIAL STATEMENTS FIN 410 WK 4 Assignment 2 - Financial Statements Use the same financial institution that you selected in Assignment 1. Use the Internet to research its customer service features, financial statements, and financial performance. Write a three to four (3-4) page paper in which you: 1. Examine the organizational structure of your selected organization, indicating how this financial structure helps the organization achieve its goals. Provide support for your rationale. 2. Analyze the customer service features offered (e.g., ATM, Website, etc.). Propose what the organization can do to improve or add to these features and the likely impact to the organization. 3. Determine the selected organization’s financial position based on the data collected from their major financial statements (the income statement, the balance sheet, and the statement of cash flows). Use at least three (3) major financial ratios to support your argument. More Details hidden... Activity mode aims to provide quality study notes and tutorials to the students of FIN 410 WK 4 Assignment 2 Financial Statements in order to ace their studies. FIN 410 WK 4 ASSIGNMENT 2 FINANCIAL STATEMENTS To purchase this visit here: http://www.activitymode.com/...
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...enterprises. This would create more investment dollars to purchase other leading beverage alcohol companies without taking on excessive debt, thereby realizing Diageo’s goal of becoming a market leader in the industry. The company’s capital structure strategy was crucially important in terms of credit rating and predicting financial distress, and the company intended to maintain the highest rating possible to keep debt maintenance costs down. Ultimately, the company conducted a Monte Carlo Analysis to analyze the trade-off of restructuring the company’s capital structure. 2) Corporations routinely face decisions regarding new investments and must determine the best way to finance those investments. The method by which this financing occurs can have a significant impact on the overall value of the firm, therefore financing decisions must be made very carefully. Corporations finance new ventures either through debt or equity or some combination of the two. When choosing the optimal mix of these elements, firms must carefully consider the effects of taxes and the costs of bankruptcy and financial distress. Market timing effects as well as readily available financial slack may also come into play when firms are determining their capital structure. Some firms adhere to the...
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...level environment, social environment and economic environment. In this report one will describe the categories, along with management structure and issues that one may encounter when dealing with operational as well as financial situations. Being that technology is an always changing implement, one will identify the impact of potential change factors in the role technology plays along with any other factors that may have an impact. There are three aspects that build up an organization, basic legal environment, social environment and economic environment. Country, state and international laws are what govern the basic legal environment of an organization. This is where prohibited items of production and sales can be found. Also included are employee protection laws that protect individuals from being discriminated based on race, sex, religion or age. Financial laws and included laws that deal with taxes and ethics of a business all fall under the basic legal environment. Consumers are also protected, ensuring satisfaction by making sure items are weighing in at the price they are being sold at or making sure that product descriptions are not misleading. Social environment of an organization is where all that impacts a business is covered. Since society is where businesses operate, factors such as family, education, religion etc. impacts the way a business is conducted. Economic environment within a business organization include factors that are divided into two...
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...www.ccsenet.org/ibr International Business Research Vol. 3, No. 3; July 2010 Ownership Structure and Cash Flows As Determinants of Corporate Dividend Policy in Pakistan Talat Afza (Corresponding Author) Faculty of Business Administration, COMSATS Institute of Information Technology Jinnah Building Defence Road, Off Raiwind Road, Lahore, Pakistan E-mail: talatafza@ciitlahore.edu.pk Hammad Hassan Mirza COMSATS Institute of Information Technology, Park Road, Chak Shahzad, Islamabad, Pakistan E-mail: al_hammd@hotmail.com Abstracts Dividend Policy is among the widely addressed topics in modern financial literature. The inconclusiveness of the theories on importance of dividend in determining firm’s value has made it one of the most debatable topics for the researchers (see for example, Ramcharan, 2001; Frankfurter et. al 2002; Al-Malkawi, 2007). The present study investigates the impact of firm specific characteristics on corporate dividend behavior in emerging economy of Pakistan. Three years data (2005-2007) of 100 companies listed at Karachi Stock Exchange (KSE) has been analyzed using Ordinary Least Square (OLS) regression. The results show that managerial and individual ownership, cash flow sensitivity, size and leverage are negatively whereas, operating cash-flow and profitability are positively related to cash dividend. Managerial ownership, individual ownership, operating cash flow and size are the most significant determinants of dividend behavior whereas, leverage...
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...DISSERTATION PROPOSAL The Impact of Foreign Share Ownership on Financial Performance in Australia Word Count: 2,696 Table of Contents 1. Introduction ........................................................................................................................ 3 2. Literature Review ............................................................................................................... 5 2.1 2.2 3. 4. Corporate Governance in Australia ............................................................................. 5 Ownership Structure and Financial Performance........................................................ 6 Hypothesis .......................................................................................................................... 8 Methodology....................................................................................................................... 8 4.1 4.2 Model Design .............................................................................................................. 9 Sample ....................................................................................................................... 10 5. 6. References ........................................................................................................................ 11 Appendix .......................................................................................................................... 14 6.1 6.2 Structure ........................
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...In the aftermath of the Global Financial Crisis, there were heightened concerns that a reduced availability of long-term finance and the resulting rollover risks would adversely affect the performance of small and medium-sized firms and hamper large fixed investments. Policy makers argued that, as a result, developing countries’ ability to sustain rates of economic growth sufficiently high to reduce poverty and ensure shared prosperity would be diminished. Recently, as corporates of emerging markets have benefited from favorable global liquidity conditions to issue long-term bonds, policy discussions focused on the stability risks of high leverage that could materialize when monetary conditions normalize. What does the evidence on capital structures tell us? In a new paper prepared for the Global Financial Development Report 2015/2016 on Long-Term Finance, Asli Demirguc-Kunt, Maria-Soledad Martinez-Peria and I study how the Global Financial Crisis impacted the capital structure of firms, focusing in particular on privately held firms and on small and medium sized enterprises (SMEs). We rely on a large dataset of about 277,000 firms from 79 countries, covering the period 2004-2011. The data are collected from Bureau Van Dijk in the ORBIS database. According to theory, leverage and debt maturity are expected to decline during a crisis because firms and providers of finance adjust to higher uncertainty, higher risks, and lower returns by stepping up risk and term premia (in...
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