Capital Structure and Firm Performance in Australian Service Sector Firms: A Panel Data Analysis
Abstract
:1. Introduction
2. Literature Review
3. Data
4. Results
5. Discussion
6. Conclusions
Author Contributions
Funding
Conflicts of Interest
References
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Sector-ID | Frequency | Percent | Cumulative Percentage |
---|---|---|---|
Utilities | 242 | 24.18 | 24.18 |
Construction | 33 | 3.30 | 27.47 |
Retail trade | 132 | 13.19 | 40.66 |
Transport | 143 | 14.29 | 54.95 |
Communication services | 308 | 30.77 | 85.71 |
Consumer discretionary | 22 | 2.20 | 87.91 |
Commercial services | 121 | 12.09 | 100.00 |
Total | 1001 | 100.00 |
Variables | Calculated as | Sources |
---|---|---|
Return on assets (ROA) | Earnings before Interest and tax (EBIT)/Total assets | (Dalci 2018; Gharaibeh and Bani Khaled 2020; Goddard et al. 2005; Nunes et al. 2009) |
Return on equity (ROE) | EBIT/Total Equity | (Arifin 2017; Dalci 2018; Gharaibeh and Bani Khaled 2020) |
Operating margin (op_margin) | EBIT/Operating revenue | (Gharaibeh and Bani Khaled 2020) |
Return on Invested Capital (ROIC) | EBIT/Invested capital | (Musah and Kong 2019) |
Leverage | Total liabilities/total assets | (Gharaibeh and Bani Khaled 2020; Nunes et al. 2009) |
Long-term debt to total asset (LTd_TA) | Long-term debt/total assets | (Yazdanfar and Öhman 2015) |
Liquidity | Current assets/Current liabilities | (Nunes et al. 2009) |
Tangibility | Fixed assets/Total assets | (Fitim et al. 2019; Gharaibeh and Bani Khaled 2020; Nunes et al. 2009; Shalini and Biswas 2019) |
Tax shield | Depreciation/Total assets | (Fitim et al. 2019; Shalini and Biswas 2019; Yazdanfar and Öhman 2015) |
Operating revenue (size) | Log of Operating revenue | (Fitim et al. 2019; Shalini and Biswas 2019) |
Revenue growth (3-year) | % of revenue growth (3 yearly average, given) | (Chadha and Sharma 2015; Chakrabarti and Chakrabarti 2019) |
ROIC | ROE | ROA | OP_MARGIN | LTD_TA | LEVERAGE | TAXSHIELD | TANBIBILITY | LIQUIDITY | LNSALES |
---|---|---|---|---|---|---|---|---|---|
−6.4783 | −6.04 | −9.75 | −7.0134 | −9.1691 | −3.2673 | −5.5693 | −12.2987 | −5.9927 | −11.4026 |
(0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) |
Dependent Variable | Model 1 | Model 2 | ||
---|---|---|---|---|
FEM | REM | FEM | REM | |
leverage | 0.5972 * (4.48) | 0.2411 ** (2.23) | ||
LTD_TA | −0.0447 (−1.21) | −0.0295 (−0.88) | ||
Depreciation tax shield | −0.0041 (−0.10) | −0.1265 (−0.36) | −0.0208 (−0.49) | −0.0179 (−0.51) |
Tangibility | −0.04682 ** (−1.21) | −0.0584 *** (−1.80) | −0.0640 (−1.63) | −0.0648 ** (−1.97) |
Liquidity | 0.1589 ** (2.15) | 0.0191 (0.32) | −0.0983 *** (−1.69) | −0.0893 *** (−1.78) |
Operating revenue | 0.0075 * (2.39) | 0046 * (2.84) | 0.0086 * (2.68) | 0.0059 * (3.68) |
Revenue growth (3-year) | −0.0081 (−2.66) | −0.0074 ** (−2.45) | −0.0091 * (−2.95) | −0.0080 * (−2.65) |
Constant | 0.0454 (0.22) | 0.5986 * (3.92) | 0.9164 * (9.34) | 0.9457 * (12.37) |
F-test | 6.49 (0.0000) | 3.32 (0.0031) | ||
Hausman test | 24.85 (0.0000) | 3.80 (0.7033) | ||
Breusch-Pagan test | 445.16 (0.0000) | 480.54 (0.0000) |
Variables | Model 1 | Model 2 | ||
---|---|---|---|---|
REM | FEM | REM | FEM | |
leverage | −1.1143 * (−3.75) | −1.6487 * (−4.58) | ||
LTD_TA | 0.2475 ** (2.49) | 0.1819 ** (1.98) | ||
Depreciation tax shield | 0.01242 (0.13) | −0.1814 (−1.60) | −0.1288 (−1.13) | 0.0429 (0.44) |
Tangibility | −0.01436 (−0.16) | 0.05435 (0.52) | 0.0810 (0.77) | 0.0045 (0.05) |
Liquidity | 0.2029 (1.24) | 0.1243 (0.62) | 0.9096 * (5.82) | 0.7347 * (5.35) |
Operating revenue | 0.02992 * (6.61) | 0.01709 ** (2.01) | 0.0120 (1.39) | 0.0232 * (5.19) |
Revenue growth (3-year) | 0.0168 ** (2.06) | 0.01639 ** (1.98) | 0.0193 ** (2.32) | 0.01966 ** (2.38) |
Constant | 0.3210 (0.76) | 1.2644 ** (2.03) | −1.2744 * (−4.82) | −1.3402 * (−6.41) |
F-test | 10.06 (0.0000) | 7.48 (0.0000) | ||
Hausman test | 26.13 (0.0002) | 21.04 (0.0016) | ||
Breusch-Pagan test | 544.07 (0.0000) | 532.38 (0.0000) |
Dependent Variable | Model 1 | Model 2 | ||
---|---|---|---|---|
FEM | REM | FEM | REM | |
Leverage | −7.6385 ** (−2.17) | −7.509 ** (−2.42) | ||
LTD_TA | 2.1416 ** (2.22) | 1.6844 *** (1.83) | ||
Depreciation tax shield | −3.5081 * (−3.16) | −2.4426 ** (−2.45) | −3.2105 * (−2.9) | −2.2261 ** (−2.23) |
Tangibility | −2.4543 ** (−2.40) | −3.152 * (−3.41) | −2.4969 ** (−2.43) | −3.0967 * (−3.33) |
Liquidity | −0.4048 (−0.21) | 0.09087 (0.05) | 3.8359 ** (2.53) | 4.0090 * (2.86) |
Operating revenue | 0.2143 ** (2.58) | 0.2100 * (4.09) | 0.17597 ** (2.09) | 0.1623 * (3.15) |
Revenue growth (3-year) | 0.05104 (0.63) | 0.0623 (0.78) | 0.06777 (0.84) | 0.0803 (1.00) |
Constant | 8.9454 *** (1.66) | 8.1662 *** (1.83) | −3.893121 (−1.52) | −3.6585 *** (−1.70) |
F-test | 4.52 (0.0000) | 4.56 (0.000) | ||
Hausman test | 13.67 (0.00) | 16.76 (0.0102) | ||
Breusch-Pagan test | 1149.89 (0.00) | 1166.45 (0.0000) |
Dependent Variable | Model 1 | Model 2 | ||
---|---|---|---|---|
REM | FEM | FEM | REM | |
Leverage | 3.8214 * (2.76) | 3.7031 (1.41) | ||
LTD_TA | 3.3723 * (4.73) | 1.2797 ** (2.45) | ||
Depreciation tax shield | 0.1380 (0.29) | −0.9583 (−1.15) | −0.8636 (−1.05) | 0.2167 (0.45) |
Tangibility | −1.3156 * (−3.01) | −1.5104 ** (1.97) | −2.2271 * (−2.93) | −1.7410 * (3.89) |
Liquidity | 1.1551 (1.54) | 3.1308 ** (2.15) | 3.7468 * (3.34) | 0.9349 (1.28) |
Operating revenue | 0.02765 (1.56) | −0.1364 ** (−2.20) | −0.1853 * (−2.97) | 0.0335 *** (1.91) |
Revenue growth (3-year) | −0.0013 (−0.02) | 0.03421 (0.56) | 0.03896 (0.65) | −0.0113 (−0.20) |
Constant | −4.1381 ** (−2.17) | −1.596 (−0.40) | −0.14843 (−0.08) | −1.2106 (−1.08) |
F-test | 3.44 (0.0023) | 6.90 (0.0000) | ||
Hausman test | 17.72 (0.0000) | 38.67 (0.0000) | ||
Breusch-Pagan test | 0.62 (0.2150) | 2.88 (0.0449) |
Variables | Performance Measures Used | |||
---|---|---|---|---|
Operating Margin | Return on Assets | Return on Invested Capital | Return on Equity | |
REM | REM | REM | FEM | |
Leverage | 0.2411 ** (−2.23) | −1.1143 * (−3.75) | −7.509 ** (−2.42) | 3.7031 (−1.41) |
Depreciation tax shield | 1265 (−0.36) | 0.01242 (−0.13) | −2.4426 ** (−2.45) | −0.9583 (−1.15) |
Tangibility | −0.0584 *** (−1.80) | −0.01436 (−0.16) | −3.152 * (−3.41) | −1.5104 ** (−1.97) |
Liquidity | 0.0191 (−0.32) | 0.2029 (−1.24) | 0.09087 (−0.05) | 3.1308 ** (−2.15) |
Operating revenue | 0.0046 * (−2.84) | 0.02992 * (−6.61) | 0.2100 * (−4.09) | −0.1364 ** (−2.20) |
Revenue growth (3-year) | −0.0074 ** (−2.45) | 0.0168 ** (−2.06) | 0.0623 (−0.78) | 0.03421 −0.56 |
contant | 0.5986 * (3.92) | 0.321 (−0.76) | 8.1662 *** (−1.83) | −1.596 (−0.40) |
F-test | 3.44 (−0.0023) | |||
Hausman test | 24.85 (0.0000) | 26.13 (−0.0002) | 35.01 (0.000) | |
Breusch-Pagan test | 445.16 (0.0000) | 544.07 (0.0000) | 13.67 (0.000) |
Variables | Performance Measures Used | |||
---|---|---|---|---|
Operating Margin | Return on Assets | Return on Invested Capital | Return on Equity | |
REM | REM | REM | REM | |
LTD_TA | −0.0295 | 0.2475 ** | 1.6844 *** | 1.2797 ** |
(−0.88) | (−2.49) | (−1.83) | (−2.45) | |
Depreciation tax shield | −0.0179 | −0.1288 | −2.2261 ** | 0.2167 |
(−0.51) | (−1.13) | (−2.23) | (−0.45) | |
Tangibility | −0.0648 ** | 0.081 | −3.0967 * | −1.7410 * |
(−1.97) | (−0.77) | (−3.33) | (−3.89) | |
Liquidity | −0.0893 *** | 0.9096 * | 4.0090 * | 0.9349 |
(−1.78) | (−5.82) | (−2.86) | (−1.28) | |
Operating revenue | 0.0059 * | 0.012 | 0.1623 * | 0.0335 *** |
(−3.68) | (−1.39) | (−3.15) | (−1.91) | |
Revenue growth (3-year) | −0.0080 * | 0.0193 ** | 0.0803 | −0.0113 |
(−2.65) | (−2.32) | (−1.000) | (−0.20) | |
Constant | 0.9457 * | −1.2744 * | −3.6585 *** | −1.2106 |
(−12.37) | (−4.82) | (−1.70) | (−1.08) | |
Hausman test | 3.800 | 21.04 | 16.76 | 38.67 |
(−0.7033) | (−0.0016) | (−0.0102) | (0.000) | |
Breusch-Pagan test | 480.54 | 532.38 | 1166.45 | 2.88 |
(0.0000) | (0.0000) | (0.0000) | (−0.0449) |
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Ahmed, R.; Bhuyan, R. Capital Structure and Firm Performance in Australian Service Sector Firms: A Panel Data Analysis. J. Risk Financial Manag. 2020, 13, 214. https://doi.org/10.3390/jrfm13090214
Ahmed R, Bhuyan R. Capital Structure and Firm Performance in Australian Service Sector Firms: A Panel Data Analysis. Journal of Risk and Financial Management. 2020; 13(9):214. https://doi.org/10.3390/jrfm13090214
Chicago/Turabian StyleAhmed, Rafiuddin, and Rafiqul Bhuyan. 2020. "Capital Structure and Firm Performance in Australian Service Sector Firms: A Panel Data Analysis" Journal of Risk and Financial Management 13, no. 9: 214. https://doi.org/10.3390/jrfm13090214