Keywords
Citation
(2013), "2012 Awards for Excellence", Journal of Risk Finance, Vol. 14 No. 1. https://doi.org/10.1108/jrf.2013.29414aaa.001
Publisher
:Emerald Group Publishing Limited
Copyright © 2012, Emerald Group Publishing Limited
2012 Awards for Excellence
Article Type: 2012 Awards for Excellence From: The Journal of Risk Finance, Volume 14, Issue 1
The following article was selected for this year's Outstanding Paper Award for The Journal of Risk Finance
“Revisiting the capital-structure puzzle: UK evidence”
Basil Al-NajjarBusiness School, Middlesex University, London, UK
Khaled HussaineyStirling Management School, Stirling University, Stirling, UK
Purpose – This paper seeks to explore the potential drivers of corporate capital structure.
Design/methodology/approach – The paper applies both fixed effects panel models and random effects tobit models to examine this issue. A sample of 379 firms is used across the period from 1991 to 2002.
Findings – It is found that corporate characteristics (firm size, firm risk, firm growth rate, firm profitability and asset tangibility) and corporate governance characteristics (board size and outside directorships) are the main drivers of capital structure of UK firms. In addition, the results show that changing the definition of capital structure may result in changing the sign and the significance of these potential drivers.
Originality/value – The paper argues that another dimension of the capital structure puzzle can be introduced which is related to the definition of capital structure used in prior studies. It is worth noting that the aim of this paper is not to provide an optimal set of factors that may affect the decision of capital structure, but to highlight the effect of the different definitions of capital structure that can be used by different studies, which makes the comparison between such studies difficult or even erroneous.
Keywords Capital structure, Corporate governance, United Kingdom
www.emeraldinsight.com/10.1108/15265941111158505
This article originally appeared in Volume 12 Number 4, 2011, pp. 329-38 The Journal of Risk Finance
The following articles were selected for this year's Highly Commended Award
“The demand for micro insurance in Ghana”
Oscar Joseph Akotey, Kofi A. Osei and Albert Gemegah
This article originally appeared in Volume 12 Number 3, 2011, The Journal of Risk Finance
“Solvency analysis and demographic risk measures”
Mariarosaria Coppola, Emilia Di Lorenzo, Albina Orlando and Marilena Sibillo
This article originally appeared in Volume 12 Number 4, 2011, The Journal of Risk Finance
“Small enough to fail: a systems approach to financial systems reform”
Michael Mainelli and Bernard Manson
This article originally appeared in Volume 12 Number 5, 2011, The Journal of Risk Finance