杠杆对公司业绩的异质性影响：来自孟加拉国的经验证据

IF 2.1 Q3 BUSINESS South Asian Journal of Business Studies Pub Date : 2021-02-19 DOI:10.1108/sajbs-04-2020-0100

Nirmol Chandra Das, Mohammad Ashraful Ferdous Chowdhury, Md. Nazrul Islam

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引用次数: 0

摘要

本研究的主要目的是调查杠杆对孟加拉国上市非金融股份公司绩效的异质性影响。采用动态面板方法，即差分广义矩法（GMM）和系统 GMM，对孟加拉国不同行业的 165 家上市非金融公司进行了 2007-2016 年期间的大样本面板研究。研究结果GMM 表明，杠杆指标对企业在股本回报率和资产回报率方面的表现有负面影响，而量化回归则揭示了杠杆与盈利能力之间的异质性关系。研究局限性/意义本研究仅限于孟加拉国上市的非金融股份公司。实践意义本研究发现的杠杆与财务业绩之间的非对称关系将成为财务经理做出最优资本结构决策的有用工具。

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The heterogeneous impact of leverage on firm performance: empirical evidence from Bangladesh

Purpose

The purpose of this study primarily is to investigate the heterogeneous effect of leverage on performance of the listed nonfinancial joint stock companies in Bangladesh.

Design/methodology/approach

A large panel sample of 165 listed nonfinancial firms under different industries of Bangladesh studied for the period 2007–2016 employing the dynamic panel approaches, namely, differenced generalized method of moments (GMM) and system GMM. The asymmetric relationship between leverage and performance is also examined by quantile regression approach.

Findings

GMM showed that the leverage indicators have the negative impact on the performance of the firms in terms of return on equity and return on asset while the quantile regressions revealed the heterogeneous relationship between leverage and profitability. It showed that greater negative impact of leverage on performance in high-profitable firms than low-profitable firms.

Research limitations/implications

The study is confined to only the listed nonfinancial joint-stock companies of Bangladesh.

Practical implications

The asymmetric relationship between leverage and financial performance identified in this study would be the helpful tool for financial managers for optimal capital structure decisions.