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Firm and macroeconomic determinants of debt: Pakistan evidence

Memon, Pervaiz Ahmed and Md Rus, Rohani and Ghazali, Zahiruddin (2015) Firm and macroeconomic determinants of debt: Pakistan evidence. Procedia - Social and Behavioral Sciences, 172. pp. 200-207. ISSN 1877-0428

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Abstract

This study investigates the role of firm specific factors, macroeconomic factors, and firms’ heterogeneity in determining the debt levels of non-financial listed firms of Pakistan. Study implies static panel data modeling using pooled OLS and fixed effect regression as estimation techniques, with two different proxies of debt. Profitability, tangibility, and size of the firm appear to affect debt level significantly across different proxies and different estimation techniques. Interest rate and inflation are significant determinants of debt in fixed effect estimation. Study also confirms the existence of firm specific influence on debt.

Item Type: Article
Uncontrolled Keywords: Capital structure, fixed effect regression, macroeconomic factors, panel data, Pooled OLS
Subjects: H Social Sciences > HG Finance
Divisions: School of Economics, Finance & Banking
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 01 Apr 2019 00:31
Last Modified: 04 Nov 2020 01:59
URI: https://repo.uum.edu.my/id/eprint/25790

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