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Capital Structure and Firm Performance: Empirical Research Based on Global E-Retailing Companies
Rui She; Jingzhi Guo
2018-12-31
Conference Name2018 IEEE 15th International Conference on e-Business Engineering (ICEBE)
Source Publication2018 IEEE 15th International Conference on e-Business Engineering (ICEBE)
Conference Date12-14 Oct. 2018
Conference PlaceXi'an, China
Abstract

This paper presents an empirical research study investigating the relationship between capital structure and firm performance in a sample of global e-retailing companies. We adopt Data Envelopment Analysis (DEA) to calculate the best practice frontier, then, use firm efficiency as a measure of the distance from best practice frontier. We also use debt ratio to represent capital structure. Through these measures, we first examine whether the effect of leverage on efficiency is positive or negative, based on the trade-off theory, the agency cost theory, and the pecking order theory. Next, we explore their reverse causality relationship following the efficiency-risk hypothesis and franchise-value hypothesis. After building the model and quantile regressions, we find out the results are partial consistent with pecking order theory.

KeywordCapital Structure Firm Performance Dea Eretailing
DOIhttp://doi.org/10.1109/ICEBE.2018.00048
Indexed BySCI
Language英语
WOS Research AreaComputer Science
WOS SubjectComputer Science, Interdisciplinary Applications
WOS IDWOS:000459615100037
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Document TypeConference paper
专题Faculty of Science and Technology
DEPARTMENT OF COMPUTER AND INFORMATION SCIENCE
AffiliationDepartment of Computer and Information Science University of Macau Macau, China
First Author AffilicationUniversity of Macau
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Rui She,Jingzhi Guo. Capital Structure and Firm Performance: Empirical Research Based on Global E-Retailing Companies[C],2018.
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