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The role of debt financing in the relationship between capital structure, firm’s value, and macroeconomic factors: To throw caution to the wind

Author

Listed:
  • Sadiq, Misbah
  • Yousaf, Sheikh Usman
  • Anser, Muhammad Khalid
  • Rashid Khan, Haroon ur
  • Sriyanto, Sriyanto
  • Zaman, Khalid
  • Van Tu, Duong
  • Anis, Siti Nisrin Mohd
Abstract
The role of debt in capital structure and firms' performance has a great novelty in reducing market imperfections that improve firms' value. This study integrated the qualitative and quantitative aspects of capital structure and firms' performance in 56 stock exchange-listed companies of Jordan by using the time series data from 2012 to 2016. The results confirmed the "stewardship theory," "pecking order theory," and "concentrated ownership theory," while contractionary monetary instruments diffuse the recessionary phase in a country. The results confirmed a U-shaped relationship between debt and Tobin's Q in mediation with the country's per capita income. In contrast, an inverted U-shaped relationship found between market capitalization and a firm's performance in intervention with domestic credit provided by the financial sector (DCPFS). These results are essential in the light of CG theories to stabilize the firm's internal and external issues, which are further optimized by government financial agencies to energize macroeconomic policies for sustained growth.

Suggested Citation

  • Sadiq, Misbah & Yousaf, Sheikh Usman & Anser, Muhammad Khalid & Rashid Khan, Haroon ur & Sriyanto, Sriyanto & Zaman, Khalid & Van Tu, Duong & Anis, Siti Nisrin Mohd, 2023. "The role of debt financing in the relationship between capital structure, firm’s value, and macroeconomic factors: To throw caution to the wind," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 212-223.
    • Handle: RePEc:eee:quaeco:v:87:y:2023:i:c:p:212-223
    DOI: 10.1016/j.qref.2020.11.001
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    More about this item

    Keywords

    Capital structure; Corporate governance; Firm’s performance; Debt; Macroeconomic factors; Jordan economy;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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