影响资本结构的因素:对加纳主要油气生产公司的实证评价

Dennis Amponsah Baidoo
{"title":"影响资本结构的因素:对加纳主要油气生产公司的实证评价","authors":"Dennis Amponsah Baidoo","doi":"10.47747/ijfr.v3i4.937","DOIUrl":null,"url":null,"abstract":"A company's choice of capital structure determines how successfully it will operate. This choice heavily depends on the understanding and optimisation of the capital structure factors necessary to increase industry-specific profitability and, consequently, market value. Therefore, the goal of this study is to analyse the factors that determine the capital structure of six significant oil producing companies operating in Ghana, namely: Hess Corporation, Kosmos Energy, Tullow Oil and Ghana National Petroleum Company from 2010 to 2018. In the analysis of panel data for this study, random effect estimation is used. Size, liquidity, tangibility, crude oil price, and profitability are used in conjunction with pertinent literature to describe the factors that determine capital structure, which is proxied by the debt-to-capitalisation ratio (leverage). The findings demonstrated that profitability, firm size, crude oil price, and liquidity are major capital structure factors that have a markedly adverse connection with leverage. The main finding of this study implies that, in accordance with the pecking order theory, consideration of debt may ultimately be the last resort, whereas the management of these major oil and gas companies in Ghana must exercise discretion when considering funding based on debt and rely more on generated profits (retained earnings) and shareholder equity. Appropriate crude oil price hedging instruments are recommended to minimise the impact of commodity price volatility on decisions on capital structure strategies.","PeriodicalId":256569,"journal":{"name":"International Journal of Finance Research","volume":"17 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Factors Influencing Capital Structure: An Empirical Evaluation of Major Oil and Gas Producing Companies Operating in Ghana\",\"authors\":\"Dennis Amponsah Baidoo\",\"doi\":\"10.47747/ijfr.v3i4.937\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"A company's choice of capital structure determines how successfully it will operate. This choice heavily depends on the understanding and optimisation of the capital structure factors necessary to increase industry-specific profitability and, consequently, market value. Therefore, the goal of this study is to analyse the factors that determine the capital structure of six significant oil producing companies operating in Ghana, namely: Hess Corporation, Kosmos Energy, Tullow Oil and Ghana National Petroleum Company from 2010 to 2018. In the analysis of panel data for this study, random effect estimation is used. Size, liquidity, tangibility, crude oil price, and profitability are used in conjunction with pertinent literature to describe the factors that determine capital structure, which is proxied by the debt-to-capitalisation ratio (leverage). The findings demonstrated that profitability, firm size, crude oil price, and liquidity are major capital structure factors that have a markedly adverse connection with leverage. The main finding of this study implies that, in accordance with the pecking order theory, consideration of debt may ultimately be the last resort, whereas the management of these major oil and gas companies in Ghana must exercise discretion when considering funding based on debt and rely more on generated profits (retained earnings) and shareholder equity. Appropriate crude oil price hedging instruments are recommended to minimise the impact of commodity price volatility on decisions on capital structure strategies.\",\"PeriodicalId\":256569,\"journal\":{\"name\":\"International Journal of Finance Research\",\"volume\":\"17 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2022-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Journal of Finance Research\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.47747/ijfr.v3i4.937\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Finance Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.47747/ijfr.v3i4.937","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1

摘要

一家公司对资本结构的选择决定了其运营的成功程度。这种选择在很大程度上取决于对资本结构因素的理解和优化,这些因素是提高行业特定盈利能力和市场价值所必需的。因此,本研究的目的是分析决定加纳六家重要石油生产公司资本结构的因素,即:赫斯公司、Kosmos能源、图洛石油和加纳国家石油公司,从2010年到2018年。在本研究的面板数据分析中,使用随机效应估计。规模、流动性、有形性、原油价格和盈利能力与相关文献一起被用来描述决定资本结构的因素,这是由债务与资本比率(杠杆)代替的。结果表明,盈利能力、企业规模、原油价格和流动性是与杠杆率显著负相关的主要资本结构因素。本研究的主要发现表明,根据优先顺序理论,考虑债务可能最终是最后的手段,而加纳这些主要石油和天然气公司的管理层在考虑基于债务融资时必须行使自由裁量权,更多地依赖产生的利润(留存收益)和股东权益。建议适当的原油价格对冲工具,以尽量减少商品价格波动对资本结构策略决策的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Factors Influencing Capital Structure: An Empirical Evaluation of Major Oil and Gas Producing Companies Operating in Ghana
A company's choice of capital structure determines how successfully it will operate. This choice heavily depends on the understanding and optimisation of the capital structure factors necessary to increase industry-specific profitability and, consequently, market value. Therefore, the goal of this study is to analyse the factors that determine the capital structure of six significant oil producing companies operating in Ghana, namely: Hess Corporation, Kosmos Energy, Tullow Oil and Ghana National Petroleum Company from 2010 to 2018. In the analysis of panel data for this study, random effect estimation is used. Size, liquidity, tangibility, crude oil price, and profitability are used in conjunction with pertinent literature to describe the factors that determine capital structure, which is proxied by the debt-to-capitalisation ratio (leverage). The findings demonstrated that profitability, firm size, crude oil price, and liquidity are major capital structure factors that have a markedly adverse connection with leverage. The main finding of this study implies that, in accordance with the pecking order theory, consideration of debt may ultimately be the last resort, whereas the management of these major oil and gas companies in Ghana must exercise discretion when considering funding based on debt and rely more on generated profits (retained earnings) and shareholder equity. Appropriate crude oil price hedging instruments are recommended to minimise the impact of commodity price volatility on decisions on capital structure strategies.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
期刊最新文献
Influence of Workload, Job Satisfaction, and Communication on the Performance of Support Service Workers at Pertamina Abab Dewa Raja Field Effects of Social Media Marketing on Vegetarian Food Literacy and Post-Purchase Decision Analysis of the Effect of Frugal Living on Employee Financial Management in Achieving Financial Freedom Analysis of Calculating the Cost of Goods Produced by a Car Body Company Using the Activity-Based Costing Method in Determining Selling Prices (Case Study at PT. XYZ Company) Effect of Digital Transformation on University Brand Image with Ownership as a Moderating Variable
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1