Table 1 Review of past studies on...

Table 1

Review of past studies on determinants of capital structure

Study	Sample period	Country of study	Dependent variable	Independent/Control variables
Study	Sample period	Country of study	Dependent variable	Sz	Pr	Tg	Gr	FR	IL	Lq	Id	TR	NDTS	EFC	Ag	MC GDP	GDPG	INF
Frank and Goyal (2009)	1950–2003	USA	TDTAM	+^a	−^a	+^a	−^a		+^a									+^a
Vo and Ellis (2017)	2006–2015	Vietnam	LDTA	+^b	+	+^a	+			+
Khémiri and Noubbigh (2018)	2006–2016	5 Sub-Saharan countries	LDTA	+^a	−^a	+^a	−^a	−^a		−^a	+^a	−^a	+^a	−^a	+^a	−^a	−^a	+^a
Chakrabarti and Chakrabarti (2019)	2006–07 to 2016–17	India	TDTA	+^a	−	+	−			−^b			−		−^a
Jermias and Yigit (2019)	1989–2012	Turkey	TDTA	+^a	−^a	−^a	−^b		+^a
Haron (2018)	2000–2014	Indonesia	TDTA	−	−^a	−^b	+^a	+		−^b			−		−^a
M’ng et al. (2017)	2004–2013	3 Asian countries	TDC	+^a	−^a	+^a						−^a						+a
Alves and Ferreira (2011)	1991–2001	31 countries		−^a	−^a	−^a	+^a
Matemilola et al. (2019)	2008–2012	Malaysia	TDTA	+^a	+^a	+^a	−	−^a					−^a
Bilgin and Dinc (2019)	2012–2017	Turkey	TDTC	+^a	−^c	+^b			+^a	−^a			+				+	−
Rajan and Zingales (1998)	1987–1990	G7 countries	–	+^a	−^a	+^a	−^a
Harrison and Wisnu Widjaja (2014)	2004–2011	USA	LTD	+	−^a	+^a	−^a			−^c
Al−Najjar and Hussainey (2011)	1991–2002	UK	TDC*	+^c	−^c	−^c	−^c	+
Acedo-Ramírez and Ruiz-Cabestre (2014)	1998–2008	5 European	TDTA	+^a		−						+^a	−
Matemilola and Ahmad (2015)	2004–2009	South Africa	TDTA*	−	−^a	+^b

Study	Sample period	Country of study	Dependent variable	Independent/Control variables
Study	Sample period	Country of study	Dependent variable	Sz	Pr	Tg	Gr	FR	IL	Lq	Id	TR	NDTS	EFC	Ag	MC GDP	GDPG	INF
Frank and Goyal (2009)	1950–2003	USA	TDTAM	+^a	−^a	+^a	−^a		+^a									+^a
Vo and Ellis (2017)	2006–2015	Vietnam	LDTA	+^b	+	+^a	+			+
Khémiri and Noubbigh (2018)	2006–2016	5 Sub-Saharan countries	LDTA	+^a	−^a	+^a	−^a	−^a		−^a	+^a	−^a	+^a	−^a	+^a	−^a	−^a	+^a
Chakrabarti and Chakrabarti (2019)	2006–07 to 2016–17	India	TDTA	+^a	−	+	−			−^b			−		−^a
Jermias and Yigit (2019)	1989–2012	Turkey	TDTA	+^a	−^a	−^a	−^b		+^a
Haron (2018)	2000–2014	Indonesia	TDTA	−	−^a	−^b	+^a	+		−^b			−		−^a
M’ng et al. (2017)	2004–2013	3 Asian countries	TDC	+^a	−^a	+^a						−^a						+a
Alves and Ferreira (2011)	1991–2001	31 countries		−^a	−^a	−^a	+^a
Matemilola et al. (2019)	2008–2012	Malaysia	TDTA	+^a	+^a	+^a	−	−^a					−^a
Bilgin and Dinc (2019)	2012–2017	Turkey	TDTC	+^a	−^c	+^b			+^a	−^a			+				+	−
Rajan and Zingales (1998)	1987–1990	G7 countries	–	+^a	−^a	+^a	−^a
Harrison and Wisnu Widjaja (2014)	2004–2011	USA	LTD	+	−^a	+^a	−^a			−^c
Al−Najjar and Hussainey (2011)	1991–2002	UK	TDC*	+^c	−^c	−^c	−^c	+
Acedo-Ramírez and Ruiz-Cabestre (2014)	1998–2008	5 European	TDTA	+^a		−						+^a	−
Matemilola and Ahmad (2015)	2004–2009	South Africa	TDTA*	−	−^a	+^b

Study	Independent/Control variables
Study	INT	OWS	ATR	DSC	Ig	SPP	OC	Uf	IdD	IdC	LS	CR	SR	EFWA	ME	Ft	FDC	Inv	CF	GA
Frank and Goyal (2009)
Vo and Ellis (2017)
Khémiri and Noubbigh (2018)	+^a	−^a
Chakrabarti and Chakrabarti (2019)			−^a	−
Jermias and Yigit (2019)
Haron (2018)					−^b	−	−^b	−^a	−^b	−
M’ng et al. (2017)
Alves and Ferreira (2011)											−^a	+^a	−	−^a
Matemilola et al. (2019)															+^b
Bilgin and Dinc (2019)																+a
Rajan and Zingales (1998)
Harrison and Wisnu Widjaja (2014)
Al−Najjar and Hussainey (2011)
Acedo-Ramírez and Ruiz-Cabestre (2014)																	−^b	+^c	−^a
Matemilola and Ahmad (2015)			+																	+^b

Study	Independent/Control variables
Study	INT	OWS	ATR	DSC	Ig	SPP	OC	Uf	IdD	IdC	LS	CR	SR	EFWA	ME	Ft	FDC	Inv	CF	GA
Frank and Goyal (2009)
Vo and Ellis (2017)
Khémiri and Noubbigh (2018)	+^a	−^a
Chakrabarti and Chakrabarti (2019)			−^a	−
Jermias and Yigit (2019)
Haron (2018)					−^b	−	−^b	−^a	−^b	−
M’ng et al. (2017)
Alves and Ferreira (2011)											−^a	+^a	−	−^a
Matemilola et al. (2019)															+^b
Bilgin and Dinc (2019)																+a
Rajan and Zingales (1998)
Harrison and Wisnu Widjaja (2014)
Al−Najjar and Hussainey (2011)
Acedo-Ramírez and Ruiz-Cabestre (2014)																	−^b	+^c	−^a
Matemilola and Ahmad (2015)			+																	+^b

Note(s): SZ= Firm size, Pr= Profitability, Tg = Tangibility, FR=Firm risk, IL=Industry leverage, Lq = Liquidity, TR=Tax rate, NDTS=Non-debt tax shield, EFC = External financing cost, Ag=Firm age, MCGDP = Market capitalization to GDP(Capital Market Development), GDPG = GDP growth rate, INF=Inflation Rate, INT=Interest rate, OWS=Ownership structure, ATR=Asset turnover ratio, DSC = Debt service capacity, Ig = Intangibility, SPP= Share price performance, OC=Ownership concentration, Uf = Munificence, IdD = Industry dynamism, IdC=Industry concentration, LS = Legal system, CR=Creditors' Right, SR=Shareholders' Right, EFWA = External Finance Weighted Average M/B, ME = Managers' Experience, Ft = Factoring, FDC=Financial distress cost, Inv = Investment, CF=Cash flow, GA = Goodwill assets. TDTA = Total debt to total assets, LDTA = Long term debt to total assets, TDC = Total debt to total capital, LTD = Long term debt, TDTAM = Total debt to total asset based on market values. a, b and c represent level of significance at 1, 5 and 10%, respectively

Source(s): Table by Thakur

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