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Firm characteristics' influence on the wealth effect of debt issue announcements in Malaysia


Ibrahim, Yusnidah and Taufil Mohd, Kamarun Nisham and Uddin, Md Mohan (2011) Firm characteristics' influence on the wealth effect of debt issue announcements in Malaysia. In: 13th Malaysian Finance Association Conference 2011, 10th-12th June 2011, Holiday Villa Beach Resort & Spa Langkawi, Kedah.

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Abstract

This paper investigates the influence of firm characteristics which represent proxy for financial distress costs, interest tax savings, agency costs, and information asymmetry on the wealth effect of debt issue announcements. A total of 136 debt issues during the period February 2001 to October 2009 are considered in the sample of this study. Results indicate significant positive abnormal returns surrounding the debt issue announcements and that the wealth effect is influenced positively by managerial ownership but negatively influenced by asset tangibility, existing leverage and the level of free cash flows.

Item Type: Conference or Workshop Item (Paper)
Additional Information: Jointly organised by Asian Institute of Finance, Malaysian Finance Association & Universiti Kebangsaan Malaysia-GSB (ISBN) 978-967-10524-0-2
Uncontrolled Keywords: corporate finance, capital structure, wealth effect, event study, information asymmetry.
Subjects: H Social Sciences > HG Finance
Divisions: School of Economics, Finance & Banking
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 30 Nov 2011 02:50
Last Modified: 24 Apr 2016 02:58
URI: http://repo.uum.edu.my/id/eprint/3530

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