Response of Capital Structure Determinants in Different Macroeconomic States
This chapter attempted to investigate how capital structure adjustment speed, the firm-specific and macroeconomic variables in capital structure determination behave across different forms of debt and macroeconomic states for 1681 Indian MSMEs across a pe
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Capital Structure Dynamics in Indian MSMEs
Nufazil Altaf · Farooq Ahmad Shah
Capital Structure Dynamics in Indian MSMEs
Nufazil Altaf School of Business Studies Central University of Kashmir Ganderbal, Jammu and Kashmir, India
Farooq Ahmad Shah School of Business Studies Central University of Kashmir Ganderbal, Jammu and Kashmir, India
ISBN 978-981-33-4275-0 ISBN 978-981-33-4276-7 (eBook) https://doi.org/10.1007/978-981-33-4276-7 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2021 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © Melisa Hasan This Palgrave Macmillan imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
Preface
Capital structure is regarded as one of the most ticklish areas of corporate finance. As rightly put by Myers, capital structure is a multidimensional riddle that is simultaneously affected by numerous inherent factors like scale of operations, macroeconomic states and debt maturity structure. As this multidimensional riddle enters the empirical arena, academics and practitioners are found engaged in defending their favourite approach/es. The prominent researchers in the field include the Nobel laureates Franco Modigliani, Merton Miller and Joseph Stiglitz. Moreover, the persistent research on the theme of capital structure dynamics over the last five to sixdecades has led to the development of a robust theory on the subject followed by a strong practical support by the corporate practitioners. Though capital structure dynamics is gaining acceptance in the corporate world, yet the focus of researchers has generally been on its interplay in the large enterprises, thereby ignoring some funda
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