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Capital structure determinants: a literature review

Capital structure determinants: a literature review In this paper, we present the literature review on determinants of capital structure of the research being done, both in India as well as internationally, in the last one and a half decade. We divide our study in two ways: one review for international research and second from Indian research. We further subdivide the research (both Indian as well as international) in two parts. In first part we review articles on determinants of capital structure being done at economy level and in the second part we provide literature review of papers on determinants of capital structure done at sector level. Finally, on the basis of our literature review, we provide a list of eleven common capital structure determinants found out of various studies. Keywords: capital structure; debt; equity; leverage; determinants. Reference to this paper should be made as follows: Pandey, A. and Singh, M. (2015) `Capital structure determinants: a literature review', African J. Accounting, Auditing and Finance, Vol. 4, No. 2, pp.163­176. Biographical notes: Asheesh Pandey is an Associate Professor-Finance at Fortune Institute of International Business, New Delhi. He holds a PhD from Delhi University and has industry, teaching and research experience of about 14 years. He has http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png African Journal of Accounting, Auditing and Finance Inderscience Publishers

Capital structure determinants: a literature review

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Publisher
Inderscience Publishers
Copyright
Copyright © 2015 Inderscience Enterprises Ltd.
ISSN
2046-8083
eISSN
2046-8091
DOI
10.1504/AJAAF.2015.072226
Publisher site
See Article on Publisher Site

Abstract

In this paper, we present the literature review on determinants of capital structure of the research being done, both in India as well as internationally, in the last one and a half decade. We divide our study in two ways: one review for international research and second from Indian research. We further subdivide the research (both Indian as well as international) in two parts. In first part we review articles on determinants of capital structure being done at economy level and in the second part we provide literature review of papers on determinants of capital structure done at sector level. Finally, on the basis of our literature review, we provide a list of eleven common capital structure determinants found out of various studies. Keywords: capital structure; debt; equity; leverage; determinants. Reference to this paper should be made as follows: Pandey, A. and Singh, M. (2015) `Capital structure determinants: a literature review', African J. Accounting, Auditing and Finance, Vol. 4, No. 2, pp.163­176. Biographical notes: Asheesh Pandey is an Associate Professor-Finance at Fortune Institute of International Business, New Delhi. He holds a PhD from Delhi University and has industry, teaching and research experience of about 14 years. He has

Journal

African Journal of Accounting, Auditing and FinanceInderscience Publishers

Published: Jan 1, 2015

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