The effect of national culture on capital structure


Baroumand, Soroush (2013) The effect of national culture on capital structure. Masters thesis, Multimedia University.

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This study investigates the effect of national culture on capital structure over time. So, the panel data has chosen from 563 companies with the 2816 observations from the best stock indices of 8 countries include Australia, Austria, Greece, Indonesia, Japan, Malaysia, Norway, Singapore during 2007-2011. Using the multiple regression, final result shows significant effect of uncertainty avoidance index (UIA) on capital structure. Power distance index does not have significant effect on capital structure. Also because of independency of explanatory variables between UIA and MAS and also PDI and IDV, there is nothing to say about IDV and MAS. Also this study investigates the impact of other important firm’s parameters and country’s factors on capital structure include size, tangibility, market-to-book ratio, profitability, growth opportunities, and inflation.

Item Type: Thesis (Masters)
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Management (FOM) > MBA Programme
Depositing User: Ms Nurul Iqtiani Ahmad
Date Deposited: 20 Jun 2013 01:21
Last Modified: 20 Jun 2013 01:21


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