Life Cycle Management Strategies and Capital Structure Puzzle
Unlocking Success: Navigating Capital Choices for Sustainable Growth
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In contrast to earlier studies, our current research delves into the financial trends and the speed at which companies adjust their economic structures - a concept we will refer to as SOA (Speed of Adjustment) - in various stages of their lifecycle within the Asian business landscape. This study aims to uncover whether fluctuations in financial patterns and SOA toward target capital structures can be consistently linked to a firm's stage in its lifecycle. Furthermore, we aim to investigate variations in SOA across different life cycle stages among firms listed in economies with varying Gross N...
In contrast to earlier studies, our current research delves into the financial trends and the speed at which companies adjust their economic structures - a concept we will refer to as SOA (Speed of Adjustment) - in various stages of their lifecycle within the Asian business landscape. This study aims to uncover whether fluctuations in financial patterns and SOA toward target capital structures can be consistently linked to a firm's stage in its lifecycle. Furthermore, we aim to investigate variations in SOA across different life cycle stages among firms listed in economies with varying Gross National Income (GNI) per capita. Our empirical analysis draws from data on 2,835 manufacturing firms listed on eleven Asian stock exchanges, covering the period from 2010 to 2018. Our findings indicate a significant correlation between SOA and several critical factors, including a firm's growth prospects, profitability, size, and asset tangibility. We have employed a dynamic two-step System GMM model to arrive at these conclusions. Most notably, our study uncovers that companies in their maturity stages exhibit the lowest long-term market debt ratios and the highest total market debt ratios.
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