out in developed countries apply to Nigeria? Which of the capital structure theories apply to Nigeria: the trade-off theory or the Pecking order theory? This paper conducts a critical survey of the key literature in order to isolate the leading theoretical and empirical issues surrounding capital structure choice of firms in developed economies and apply these to firms in Nigeria in order
1.2.4 CEO Duality and capital structure According to Brenni (2014) CEO duality describes a situation where the CEO is also the board chairperson. However, Bodaghi and Ahmadpour (2010) argued that CEO duality does not significantly influence corporate financing behavior. According to Butt and Hasan (2009) firms financing conduct is not significantly linked to CEO duality, these results were consistent with those of Heng et al. (2012) who suggested no significant association between the CEO duality
Critical review of the Gearing Theory 3.1 Traditional Gearing theory Skare (2002) stated in his research that the traditional gearing theory excludes the short-term financing from the cost of capital calculation which the firm’s capital structure can be viewed as a required rate of return that must be earned on an investment leaving the firm’s value unaffected which supported the traditional gearing theory. Afrasiabishani (2012) also supported the traditional theory by stating that traditional approach
MODIGLIANI AND MILLERS THEORIES AND ITS WEAKNESS Arnold (2013) stated that financial economists Modigliani and Millers created a simplified model for capital structure decision by making some assumptions in 1958 (pp.830). The assumptions are that there is no taxation, perfect capital markets with perfect information available to all economic agents and no transaction costs, no costs of financial distress and liquidation, firms can be classified into distinct risk classes and individuals can borrow
debt and equity. The contractual obligations order about what return is to be paid for the finance and when it is due. Equity holders are the residual claimants of all the business’ returns, posture most
II. Theory and Literature review 2.1 Review of important previous studies of cash holding issue Cash holding is an important financial and strategical issue for a corporation and also one of the hot issues of foreign and domestic academic researches. The concern for the cash holding issue could date back to the Keynesian theory of the demand for money. This theory is mainly focused on the demand for money from the perspective of macro economy. The theories and empirical studies of cash holding issue
Central to the theory is the conflict of interest between the managers and shareholders which cause a company to incur agency cost, such as the cost of monitoring to prevent misappropriate behaviours of management. Dividend policy is a mechanism for mitigating agency costs
2.1 Definition of Sukuk Certificates of equal value that represent an undivided interest in the ownership of an underlying asset (both tangible and intangible), usufruct, services or investments in particular projects or special investment activities is the definition of Sukuk according to the Accounting and Auditing Organization for Islamic Institution (AAIOFI). The Securities Commission Malaysia defines Sukuk as a certificate or financial document which represents the value of an asset evidencing
why people with autism couldn’t talk properly’ and how he struggled to say what he meant, his words replaced with ‘verbal junk’. They may talk incessantly about their interests and not recognise that their peers are uninterested in their interests. Theory of Mind, which allows NTD student to interpret another’s thoughts, feeling or opinions and reciprocate is in stark contrast to a student on the spectrum who doesn’t possess ToM and fail to accept their peers point of view or observation during a conversation
Gratitude intervention has been found to contribute positively to the general health of study participants. However, only very few known significant study on gratitude interventions have been carried out in Africa, particularly in the Kenyan context. The present study examined the effectiveness of gratitude interventions for improving the general health of married women in Karen area. The purpose of this study was to find out if gratitude intervention can improve the general health of married women