The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail.
This paper examines the relevance of Capital Structure Management theories to the value of consumer product firms listed at Bursa Malaysia. Within the framework of Modigliani-Miller and Trade-Off theories, this paper uses Generalized Method of Moments (GMM) as an estimation model employing yearly pa...
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| Format: | Article |
| Language: | English |
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Universiti Teknologi MARA Cawangan Selangor
2017
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| Online Access: | https://ir.uitm.edu.my/id/eprint/29714/1/AJ_ABDUL%20RAZAK%20ABDUL%20HADI%20APMAJ%20B%2017.pdf |
| _version_ | 1825737043982942208 |
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| author | Abdul Hadi, Abdul Razak Pyeman, Jaafar Pyeman Ismail, Ahmad Kasyidi |
| author_facet | Abdul Hadi, Abdul Razak Pyeman, Jaafar Pyeman Ismail, Ahmad Kasyidi |
| author_sort | Abdul Hadi, Abdul Razak |
| collection | UITM |
| description | This paper examines the relevance of Capital Structure Management theories to the value of consumer product firms listed at Bursa Malaysia. Within the framework of Modigliani-Miller and Trade-Off theories, this paper uses Generalized Method of Moments (GMM) as an estimation model employing yearly panel data from the year 2010 to 2014. The test results from GMM indicate that earnings per share (EPS) and debt-equity ratio (D/E) have no significant relation with the firm’s value as represented by the closing price per share (CP). Even though the findings are rather alarming, one must admit that the Modigliani-Miller and Trade-Off theories are irrelevant to those consumer product companies at Bursa Malaysia. Perhaps, this is an indication that the efficient market hypothesis applicable to certain sectors at Bursa Malaysia. |
| first_indexed | 2024-03-06T02:12:04Z |
| format | Article |
| id | uitm.eprints-9714 |
| institution | Universiti Teknologi MARA |
| language | English |
| last_indexed | 2024-03-06T02:12:04Z |
| publishDate | 2017 |
| publisher | Universiti Teknologi MARA Cawangan Selangor |
| record_format | dspace |
| spelling | uitm.eprints-97142020-04-14T06:34:25Z https://ir.uitm.edu.my/id/eprint/29714/ The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail. apmaj Abdul Hadi, Abdul Razak Pyeman, Jaafar Pyeman Ismail, Ahmad Kasyidi Industry Industrial policy. The state and industrial organization Malaysia This paper examines the relevance of Capital Structure Management theories to the value of consumer product firms listed at Bursa Malaysia. Within the framework of Modigliani-Miller and Trade-Off theories, this paper uses Generalized Method of Moments (GMM) as an estimation model employing yearly panel data from the year 2010 to 2014. The test results from GMM indicate that earnings per share (EPS) and debt-equity ratio (D/E) have no significant relation with the firm’s value as represented by the closing price per share (CP). Even though the findings are rather alarming, one must admit that the Modigliani-Miller and Trade-Off theories are irrelevant to those consumer product companies at Bursa Malaysia. Perhaps, this is an indication that the efficient market hypothesis applicable to certain sectors at Bursa Malaysia. Universiti Teknologi MARA Cawangan Selangor 2017 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/29714/1/AJ_ABDUL%20RAZAK%20ABDUL%20HADI%20APMAJ%20B%2017.pdf The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail. (2017) Asia-Pacific Management Accounting Journal (APMAJ) <https://ir.uitm.edu.my/view/publication/Asia-Pacific_Management_Accounting_Journal_=28APMAJ=29/>, 12 (1). pp. 1-16. ISSN 2550-1631 http://arionline.uitm.edu.my/ojs/index.php/APMAJ/article/view/660 |
| spellingShingle | Industry Industrial policy. The state and industrial organization Malaysia Abdul Hadi, Abdul Razak Pyeman, Jaafar Pyeman Ismail, Ahmad Kasyidi The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail. |
| title | The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail. |
| title_full | The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail. |
| title_fullStr | The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail. |
| title_full_unstemmed | The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail. |
| title_short | The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail. |
| title_sort | relevance of capital structure theories to consumer product firms at bursa malaysia abdul razak abdul hadi jaafar pyeman and ahmad kasyidi ismail |
| topic | Industry Industrial policy. The state and industrial organization Malaysia |
| url | https://ir.uitm.edu.my/id/eprint/29714/1/AJ_ABDUL%20RAZAK%20ABDUL%20HADI%20APMAJ%20B%2017.pdf |
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