Capital Structure Dissertation

Capital Structure Dissertation-7
Our evidence shows that i) HCA’s management team used HCA’s excess cash from divestitures to repurchase HCA’s stock rather than pay off HCA’s debt, ii) HCA’s market leverage ratio tends to stay in a target leverage zone, and iii) in some years HCA’s management team used the book leverage ratio as a tool to keep the market leverage ratio inside a target leverage zone.In the third essay, we investigate the influence of investment volatility on capital structure and cash holdings using a broad definition of investment.It is in the best interests of a company to find the optimal ratio of debt to equity to reduce their risk of insolvency, continue to be successful and ultimately remain or to become profitable.

Our evidence shows that i) HCA’s management team used HCA’s excess cash from divestitures to repurchase HCA’s stock rather than pay off HCA’s debt, ii) HCA’s market leverage ratio tends to stay in a target leverage zone, and iii) in some years HCA’s management team used the book leverage ratio as a tool to keep the market leverage ratio inside a target leverage zone.In the third essay, we investigate the influence of investment volatility on capital structure and cash holdings using a broad definition of investment.

Despite theoretical motivation, the relationship between investment volatility and capital structure has not been studied in the empirical literature.

All in all, our evidence suggests that i) firms with relatively high capital expenditure and acquisition investment volatility hold relatively higher levels of debt and lower levels of cash, ii) firms fund large capital expenditures and/or acquisition by increasing debt or decreasing cash, and iii) immediately after funding large investment firms reduce debt levels and increase cash holdings.

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The results of how firm size and investment opportunities proved to be inconclusive in how they affect leverage.

“There is no significant difference to the Determinants of Capital Structure of Developing Countries to those of Developed Countries” Capital structure refers to the way a firm chooses to finance its assets and investments through some combination of equity, debt, or internal funds.

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