FACTORS SHAPING CAPITAL STRUCTURE: EVIDENCE FROM PRIVATE COMMERCIAL BANKS IN BANGLADESH
Keywords:
Capital Structure; Leverage, Dominating Factors, Commercial Bank, Bangladesh.
Abstract
This study investigates how various determinants shape the capital structure of commercial banks in Bangladesh, employing panel data, structured from available secondary sources, covering 22 banks as samples from 61 scheduled banks for the period of 2011 to 2020, conducting Feasible Generalized Least Squared (FGLS) Regression Model. Several diagnostic tests have been conducted to ensure the robustness and stability of the model. The study results reveal that return on assets, earnings per share, asset growth, asset structure, investment structure, cost per loan assets, and loan loss provisioning considerably influence the capital structure or the leverage of commercial banks. On the contrary, the authors find no explicit evidence that bank size, liquidity, capital adequacy, and non-performing loan ratio have significant impacts on the capital structure of the banking industry of Bangladesh. The findings of this study advocate that return on assets, earnings per share, asset structure, and cost per loan assets as the dominant explanatory factors of capital structure. Besides, asset growth, investment structure, and loan loss provisioning affect less significantly on determining the capital structure of the banking industry. This study also brings the academicians, researchers, and analysts with corroborating new routes for exploring further research in this field.
JEL Classification Codes: G21, G32, O16.
References
Al-Hunnayan, S. H. (2020). The capital structure decisions of Islamic banks in the GCC. Journal of Islamic Accounting and Business Research, 11(4), 745-764.
Al‐Sakran, S. A. (2001). Leverage determinants in the absence of corporate tax system: the case of non‐financial publicly traded corporations in Saudi Arabia. Managerial Finance, 27(10/11), 58-86.
Al-Shubiri, F. N. (2011). Capital structure and market power: Evidence from Jordanian banks. Managing Global Transitions, 9(3), 289-310.
Altman, E. I., Bharath, S. T., & Saunders, A. (2002). Credit ratings and the BIS capital adequacy reform agenda. Journal of banking & finance, 26(5), 909-921.
Amidu, M. (2007). Determinants of capital structure of banks in Ghana: an empirical approach. Baltic journal of management, 2(1), 67-79.
Anarfo, E. B. (2015). Determinants of capital structure of banks: Evidence from Sub-Sahara Africa. Asian Economic and Financial Review, 5(4), 624.
Bangladesh Bank. (2021). Banks & FIs. Retrieved from Bangladesh Bank: https://www.bb.org.bd/en/index.php/financialactivity/bankfi
Berger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial banks. Journal of Banking & Finance, 21(6), 849-870.
Bhattarai, B. P. (2018). Assessing banks internal and macroeconomic factors as determinants of non-performing loans: Evidence from Nepalese commercial banks. International Journal of Accounting & Finance Review, 3(1), 13-32.
Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The journal of finance, 56(1), 87-130.
Bukair, A. A. A. (2019). Factors influencing Islamic banks’ capital structure in developing economies. Journal of Islamic Accounting and Business Research, 10(1), 2-20.
Bunyaminu, A., Yakubu, I. N., & Bashiru, S. (2021). The Effect Of Financial Leverage On Profitability: An Empirical Analysis Of Recapitalized Banks In Ghana. International Journal of Accounting & Finance Review, 7(1), 93-102.
Byoun, S. (2008). How and when do firms adjust their capital structures toward targets?. The Journal of Finance, 63(6), 3069-3096.
Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting & Finance, 43(2), 123-147.
Črnigoj, M., & Mramor, D. (2009). Determinants of capital structure in emerging European economies: Evidence from Slovenian firms. Emerging Markets Finance and Trade, 45(1), 72-89.
Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of multinational financial management, 14(4-5), 387-405.
Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which Factors are Reliably Important? Financial Management, 38(1), 1-37.
Fujii, M., & Kawai, M. (2010). Lessons from Japan’s Banking Crisis 1991 - 2005. Asian Development Bank Institute (ADBI), Tokyo, Working Paper 222, 1-19.
Sharif, M. J., & Muhammad, T. (2019). Determinants of Capital Structure: Empirical Evidence from Listed Banks of Bangladesh. The Cost and Management, 47(5), 49-57.
Gadzo, S. G., Kportorgbi, H. K., & Gatsi, J. G. (2019). Credit risk and operational risk on financial performance of universal banks in Ghana: A partial least squared structural equation model (PLS SEM) approach. Cogent Economics & Finance, 7(1), 1-16.
Gharaibeh, O. K., & Saqer, A. T. (2020). Determinants of capital structure: evidence from Jordanian service companies. Investment Management & Financial Innovations, 17(2), 364.
Golder, U., Islam, M. N., & Kayser, M. S. (2020). Impact of Foreign Exchange Reserve, Exchange Rate and Crude Oil Price on Dhaka Stock Exchange Index: An Empirical Evidence from Vector Error Correction Model. Indian Journal of Finance and Banking, 4(1), 134-143.
Golder, U., Sultana, F., Hossain, M. K., Hossen, M. A., & Hossain, M. M. (2021). Finance-Growth Nexus in Bangladesh: Is it Important to Quantify Financial Development? Accounting and Finance, 9(5), 961-971.
Güner, A. (2016). The determinants of capital structure decisions: New evidence from Turkish companies. Procedia economics and finance, 38, 84-89.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. & Tatham, R. L. (2006). Multivariate Data Analysis, (6th ed.), Pearson Prentice Hall.
Handoo, A., & Sharma, K. (2014). A study on determinants of capital structure in India. IIMB Management review, 26(3), 170-182.
Harun, T. W. R., Kamil, N. K. M., Haron, R., & Ramly, Z. (2020). Determinants of Banks’ Capital Structure: A Review of Theoretical and Selected Empirical Research. International Journal of Business and Social Science, 11(12), 131-141.
Heider, F., & Gropp, R.E. (2008). The Determinants of Capital Structure: Some Evidence from Banks, (No. 08-015), ZEW Discussion Papers, ZEW-Leibniz Centre for European Economic Research.
Hoque, H., & Pour, E. K. (2018). Bank‐level and country‐level determinants of bank capital structure and funding sources. International Journal of Finance & Economics, 23(4), 504-532.
Hossain, I., & Hossain, M. A. (2015). Determinants of capital structure and testing of theories: A study on the listed manufacturing companies in Bangladesh. International Journal of Economics and Finance, 7(4), 176-190.
Irawati, N., Maksum, A., Sadalia, I., & Muda, I. (2019). Financial performance of Indonesian’s banking industry: The role of good corporate governance, capital adequacy ratio, non-performing loan and size. International Journal of Scientific and Technology Research, 8(4), 22-26.
Islam, R. (2016). Determinants of capital structure choices for listed manufacturing companies in Bangladesh. Research Journal of Finance and Accounting, 7(7), 44-55
Jenson, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Kahane, Y. (1977). Capital adequacy and the regulation of financial intermediaries. Journal of Banking & Finance, 1(2), 207-218.
Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of banking & finance, 35(2), 358-371.
Kennedy, P. (2008). A Guide to Econometrics. (6th ed.), Malden, Mass: Blackwell Publishing.
Khan, S., Bashir, U., & Islam, M. S. (2020). Determinants of capital structure of banks: evidence from the Kingdom of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 14(2), 268-285.
Khrawish, H. A., & Khraiwesh, A. H. A. (2010). The determinants of the capital structure: evidence from Jordanian industrial companies. JKAU: Econ. & Adm, 24(1), 173-196.
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The journal of finance, 28(4), 911-922.
Kuč, V., & Kaličanin, Đ. (2020). Determinants of the capital structure of large companies: Evidence from Serbia. Economic Research-Ekonomska Istraživanja, 34(1), 590-607.
Lalon, R. M., & Naher, N. (2020). An Empirical Analysis on Liquidity Management of Commercial Banks in Bangladesh: A Comparative Study between State-Owned and Private Commercial Banks. Journal of Economics and Business, 3(1), 298-312.
Lassiter, J., Bisping, T. O., & Horton, J. (2010). Central banking in transition economies: Estonia and Belarus. International Journal of Commerce and Management, 20(4), 331-338.
Lestari, D. (2018). Corporate governance, capital reserve, non-performing loan, and bank risk taking. International Journal of Economics and Financial Issues, 8(2), 25.
Manos, R., & Ah-Hen, C. (2003). Evidence on the determinants of capital structure of non-financial corporates in Mauritius. Journal of African Business, 4(2), 129-154.
M’ng, J. C. P., Rahman, M., & Sannacy, S. (2017). The determinants of capital structure: Evidence from public listed companies in Malaysia, Singapore and Thailand. Cogent Economics & Finance, 5(1), 1-34.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American economic review, 53(3), 433-443.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Noulas, A., & Genimakis, G. (2011). The determinants of capital structure choice: evidence from Greek listed companies. Applied Financial Economics, 21(6), 379-387.
Ooi, J. (1999). The determinants of capital structure evidence on UK property companies. Journal of Property Investment & Finance, 17(5), 464-480.
Peek, J., & Rosengren, E. (1995). Bank regulation and the credit crunch. Journal of Banking & Finance, 19(3-4), 679-692.
Pervin, R., & Nowreen, R. (2018). Determinants of Capital Structure of Commercial Banks in Bangladesh Listed in the Dhaka Stock Exchange Limited. ASA University Review, 12(1).
Rajadhyaksha, N. (2004). The rise of financial conglomerates. Business World, 28-33.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of Finance, 50(5), 1421-1460.
Režňáková, M., Svoboda, P., & Polednáková, A. (2010). Determinants of capital structure: Empirical evidence from Slovakia. Ekonomický časopis (Journal of Economics), 3(58), 237-250.
Sakunasingha, B., Anekwasinchai, P., & Wiriyawit, V. (2018). Capital Structure Determinants for Local Commercial Banks: Thailand Evidence. HUMAN BEHAVIOR, DEVELOPMENT and SOCIETY, 18, 18-29.
Sadiq, A. I., Kachollom, P. W., Dasuki, S. I., & Yusuf, M. (2017). Effect of capital structure on the performance of deposit money banks. International Journal of Accounting & Finance Review, 1(1), 12-23.
Sheikh, N. A., & Qureshi, M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks: Evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 24-41.
Shah, S. Z. A., & Jam-e-Kausar. (2012). Determinants of capital structure of leasing companies in Pakistan. Applied Financial Economics, 22(22), 1841-1853.
Shih, K. H., Chang, C. J., & Lin, B. (2010). Assessing knowledge creation and intellectual capital in banking industry. Journal of Intellectual Capital, 11(1), 74-89.
Smith, C. W., & Warner, J. B. (1979). Bankruptcy, secured debt, and optimal capital structure: Comment. The Journal of Finance, 34(1), 247-251.
Stulz, R., & Johnson, H. (1985). An analysis of secured debt. Journal of financial Economics, 14(4), 501-521.
Teixeira, J. C., Silva, F. J., Fernandes, A. V., & Alves, A. C. (2014). Banks’ capital, regulation and the financial crisis. The North American Journal of Economics and Finance, 28, 33-58.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of finance, 43(1), 1-19.
Ukaegbu, B., & Oino, I. (2014). The determinants of capital structure: A comparison of financial and non-financial firms in a regulated developing country–Nigeria. African Journal of Economic and Management Studies, 5(3), 341-368.
Ullah, G. M., Uddin, M. M., Abdullah, M., & Islam, M. N. (2017). Determinants of capital structure and its impact on the debt maturity of the textile industry of Bangladesh. Journal of Business and Economic Development, 2(1), 31-37.
Van Greuning, H., & Bratanovic, S. B. (2020). Analyzing banking risk: a framework for assessing corporate governance and risk management. World Bank Publications. Retrieved from: http://hdl.handle.net/10986/33860
Vatansever, M., & Hepsen, A. (2013). Determining impacts on non-performing loan ratio in Turkey. Journal of Finance and Investment Analysis, 2(4), 119-129.
Voulgaris, F., Asteriou, D., & Agiomirgianakis, G. (2004). Size and determinants of capital structure in the Greek manufacturing sector. International Review of Applied Economics, 18(2), 247-262.
Wald, J. K. (1999). How firm characteristics affect capital structure: an international comparison. Journal of Financial research, 22(2), 161-187.
Al‐Sakran, S. A. (2001). Leverage determinants in the absence of corporate tax system: the case of non‐financial publicly traded corporations in Saudi Arabia. Managerial Finance, 27(10/11), 58-86.
Al-Shubiri, F. N. (2011). Capital structure and market power: Evidence from Jordanian banks. Managing Global Transitions, 9(3), 289-310.
Altman, E. I., Bharath, S. T., & Saunders, A. (2002). Credit ratings and the BIS capital adequacy reform agenda. Journal of banking & finance, 26(5), 909-921.
Amidu, M. (2007). Determinants of capital structure of banks in Ghana: an empirical approach. Baltic journal of management, 2(1), 67-79.
Anarfo, E. B. (2015). Determinants of capital structure of banks: Evidence from Sub-Sahara Africa. Asian Economic and Financial Review, 5(4), 624.
Bangladesh Bank. (2021). Banks & FIs. Retrieved from Bangladesh Bank: https://www.bb.org.bd/en/index.php/financialactivity/bankfi
Berger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial banks. Journal of Banking & Finance, 21(6), 849-870.
Bhattarai, B. P. (2018). Assessing banks internal and macroeconomic factors as determinants of non-performing loans: Evidence from Nepalese commercial banks. International Journal of Accounting & Finance Review, 3(1), 13-32.
Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The journal of finance, 56(1), 87-130.
Bukair, A. A. A. (2019). Factors influencing Islamic banks’ capital structure in developing economies. Journal of Islamic Accounting and Business Research, 10(1), 2-20.
Bunyaminu, A., Yakubu, I. N., & Bashiru, S. (2021). The Effect Of Financial Leverage On Profitability: An Empirical Analysis Of Recapitalized Banks In Ghana. International Journal of Accounting & Finance Review, 7(1), 93-102.
Byoun, S. (2008). How and when do firms adjust their capital structures toward targets?. The Journal of Finance, 63(6), 3069-3096.
Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting & Finance, 43(2), 123-147.
Črnigoj, M., & Mramor, D. (2009). Determinants of capital structure in emerging European economies: Evidence from Slovenian firms. Emerging Markets Finance and Trade, 45(1), 72-89.
Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of multinational financial management, 14(4-5), 387-405.
Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which Factors are Reliably Important? Financial Management, 38(1), 1-37.
Fujii, M., & Kawai, M. (2010). Lessons from Japan’s Banking Crisis 1991 - 2005. Asian Development Bank Institute (ADBI), Tokyo, Working Paper 222, 1-19.
Sharif, M. J., & Muhammad, T. (2019). Determinants of Capital Structure: Empirical Evidence from Listed Banks of Bangladesh. The Cost and Management, 47(5), 49-57.
Gadzo, S. G., Kportorgbi, H. K., & Gatsi, J. G. (2019). Credit risk and operational risk on financial performance of universal banks in Ghana: A partial least squared structural equation model (PLS SEM) approach. Cogent Economics & Finance, 7(1), 1-16.
Gharaibeh, O. K., & Saqer, A. T. (2020). Determinants of capital structure: evidence from Jordanian service companies. Investment Management & Financial Innovations, 17(2), 364.
Golder, U., Islam, M. N., & Kayser, M. S. (2020). Impact of Foreign Exchange Reserve, Exchange Rate and Crude Oil Price on Dhaka Stock Exchange Index: An Empirical Evidence from Vector Error Correction Model. Indian Journal of Finance and Banking, 4(1), 134-143.
Golder, U., Sultana, F., Hossain, M. K., Hossen, M. A., & Hossain, M. M. (2021). Finance-Growth Nexus in Bangladesh: Is it Important to Quantify Financial Development? Accounting and Finance, 9(5), 961-971.
Güner, A. (2016). The determinants of capital structure decisions: New evidence from Turkish companies. Procedia economics and finance, 38, 84-89.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. & Tatham, R. L. (2006). Multivariate Data Analysis, (6th ed.), Pearson Prentice Hall.
Handoo, A., & Sharma, K. (2014). A study on determinants of capital structure in India. IIMB Management review, 26(3), 170-182.
Harun, T. W. R., Kamil, N. K. M., Haron, R., & Ramly, Z. (2020). Determinants of Banks’ Capital Structure: A Review of Theoretical and Selected Empirical Research. International Journal of Business and Social Science, 11(12), 131-141.
Heider, F., & Gropp, R.E. (2008). The Determinants of Capital Structure: Some Evidence from Banks, (No. 08-015), ZEW Discussion Papers, ZEW-Leibniz Centre for European Economic Research.
Hoque, H., & Pour, E. K. (2018). Bank‐level and country‐level determinants of bank capital structure and funding sources. International Journal of Finance & Economics, 23(4), 504-532.
Hossain, I., & Hossain, M. A. (2015). Determinants of capital structure and testing of theories: A study on the listed manufacturing companies in Bangladesh. International Journal of Economics and Finance, 7(4), 176-190.
Irawati, N., Maksum, A., Sadalia, I., & Muda, I. (2019). Financial performance of Indonesian’s banking industry: The role of good corporate governance, capital adequacy ratio, non-performing loan and size. International Journal of Scientific and Technology Research, 8(4), 22-26.
Islam, R. (2016). Determinants of capital structure choices for listed manufacturing companies in Bangladesh. Research Journal of Finance and Accounting, 7(7), 44-55
Jenson, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Kahane, Y. (1977). Capital adequacy and the regulation of financial intermediaries. Journal of Banking & Finance, 1(2), 207-218.
Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of banking & finance, 35(2), 358-371.
Kennedy, P. (2008). A Guide to Econometrics. (6th ed.), Malden, Mass: Blackwell Publishing.
Khan, S., Bashir, U., & Islam, M. S. (2020). Determinants of capital structure of banks: evidence from the Kingdom of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 14(2), 268-285.
Khrawish, H. A., & Khraiwesh, A. H. A. (2010). The determinants of the capital structure: evidence from Jordanian industrial companies. JKAU: Econ. & Adm, 24(1), 173-196.
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The journal of finance, 28(4), 911-922.
Kuč, V., & Kaličanin, Đ. (2020). Determinants of the capital structure of large companies: Evidence from Serbia. Economic Research-Ekonomska Istraživanja, 34(1), 590-607.
Lalon, R. M., & Naher, N. (2020). An Empirical Analysis on Liquidity Management of Commercial Banks in Bangladesh: A Comparative Study between State-Owned and Private Commercial Banks. Journal of Economics and Business, 3(1), 298-312.
Lassiter, J., Bisping, T. O., & Horton, J. (2010). Central banking in transition economies: Estonia and Belarus. International Journal of Commerce and Management, 20(4), 331-338.
Lestari, D. (2018). Corporate governance, capital reserve, non-performing loan, and bank risk taking. International Journal of Economics and Financial Issues, 8(2), 25.
Manos, R., & Ah-Hen, C. (2003). Evidence on the determinants of capital structure of non-financial corporates in Mauritius. Journal of African Business, 4(2), 129-154.
M’ng, J. C. P., Rahman, M., & Sannacy, S. (2017). The determinants of capital structure: Evidence from public listed companies in Malaysia, Singapore and Thailand. Cogent Economics & Finance, 5(1), 1-34.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American economic review, 53(3), 433-443.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Noulas, A., & Genimakis, G. (2011). The determinants of capital structure choice: evidence from Greek listed companies. Applied Financial Economics, 21(6), 379-387.
Ooi, J. (1999). The determinants of capital structure evidence on UK property companies. Journal of Property Investment & Finance, 17(5), 464-480.
Peek, J., & Rosengren, E. (1995). Bank regulation and the credit crunch. Journal of Banking & Finance, 19(3-4), 679-692.
Pervin, R., & Nowreen, R. (2018). Determinants of Capital Structure of Commercial Banks in Bangladesh Listed in the Dhaka Stock Exchange Limited. ASA University Review, 12(1).
Rajadhyaksha, N. (2004). The rise of financial conglomerates. Business World, 28-33.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of Finance, 50(5), 1421-1460.
Režňáková, M., Svoboda, P., & Polednáková, A. (2010). Determinants of capital structure: Empirical evidence from Slovakia. Ekonomický časopis (Journal of Economics), 3(58), 237-250.
Sakunasingha, B., Anekwasinchai, P., & Wiriyawit, V. (2018). Capital Structure Determinants for Local Commercial Banks: Thailand Evidence. HUMAN BEHAVIOR, DEVELOPMENT and SOCIETY, 18, 18-29.
Sadiq, A. I., Kachollom, P. W., Dasuki, S. I., & Yusuf, M. (2017). Effect of capital structure on the performance of deposit money banks. International Journal of Accounting & Finance Review, 1(1), 12-23.
Sheikh, N. A., & Qureshi, M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks: Evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 24-41.
Shah, S. Z. A., & Jam-e-Kausar. (2012). Determinants of capital structure of leasing companies in Pakistan. Applied Financial Economics, 22(22), 1841-1853.
Shih, K. H., Chang, C. J., & Lin, B. (2010). Assessing knowledge creation and intellectual capital in banking industry. Journal of Intellectual Capital, 11(1), 74-89.
Smith, C. W., & Warner, J. B. (1979). Bankruptcy, secured debt, and optimal capital structure: Comment. The Journal of Finance, 34(1), 247-251.
Stulz, R., & Johnson, H. (1985). An analysis of secured debt. Journal of financial Economics, 14(4), 501-521.
Teixeira, J. C., Silva, F. J., Fernandes, A. V., & Alves, A. C. (2014). Banks’ capital, regulation and the financial crisis. The North American Journal of Economics and Finance, 28, 33-58.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of finance, 43(1), 1-19.
Ukaegbu, B., & Oino, I. (2014). The determinants of capital structure: A comparison of financial and non-financial firms in a regulated developing country–Nigeria. African Journal of Economic and Management Studies, 5(3), 341-368.
Ullah, G. M., Uddin, M. M., Abdullah, M., & Islam, M. N. (2017). Determinants of capital structure and its impact on the debt maturity of the textile industry of Bangladesh. Journal of Business and Economic Development, 2(1), 31-37.
Van Greuning, H., & Bratanovic, S. B. (2020). Analyzing banking risk: a framework for assessing corporate governance and risk management. World Bank Publications. Retrieved from: http://hdl.handle.net/10986/33860
Vatansever, M., & Hepsen, A. (2013). Determining impacts on non-performing loan ratio in Turkey. Journal of Finance and Investment Analysis, 2(4), 119-129.
Voulgaris, F., Asteriou, D., & Agiomirgianakis, G. (2004). Size and determinants of capital structure in the Greek manufacturing sector. International Review of Applied Economics, 18(2), 247-262.
Wald, J. K. (1999). How firm characteristics affect capital structure: an international comparison. Journal of Financial research, 22(2), 161-187.
Published
2021-11-20
How to Cite
Shahriar, A. H. M., Alam, M. J., Biswas, A. A., Rumaly, N., & Golder, U. (2021). FACTORS SHAPING CAPITAL STRUCTURE: EVIDENCE FROM PRIVATE COMMERCIAL BANKS IN BANGLADESH. International Journal of Accounting & Finance Review, 9(1), 1-16. https://doi.org/10.46281/ijafr.v9i1.1447
Section
Regular Research Article/ Short Communication Article
Copyright (c) 2021 A. H. M. Shahriar, Mohammad Jahangir Alam, Al Amin Biswas, Nishat Rumaly, Uttam Golder
This work is licensed under a Creative Commons Attribution 4.0 International License.
