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AN EMPIRICAL ANALYSIS ON THE IMPACT OF CAPITAL STRUCTURE DETRIMENTS ON PROFITABILITY OF FIRM: A CASE ON LISTED IT COMPANIES IN INDIA
Sudhendu Giri 1Article Id - IJM_09_02_002, Pages : 16-30, Date of Publication : 07, March 2018
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Abstract
To operate efficiently firms are free to raise equity or debt or any combination of two to optimally manage the financing of its assets. Because of tax advantage and as a cheaper source of finance Debt component is very often preferred and given a significant proportion in determining the capital structure of the firm. In present study we are mainly focusing on the analysis that whether or not capital structure has any impact over the profitability of Listed IT companies in Indian market. Through the present elaborated we are trying to establish the relationship between capstr(capital structure) and profitability and its effects on business revenue also. For a more purposeful analysis, selected firms are grouped under three categories on the basis of two attributes i.e revenue earned by business and firms’ assets size. At the very first stage, firms are grouped into low, medium and large on the basis of their respective assets size to test the hypothesis established that capstr has a significant impact on selected profitability measures of listed IT companies in India. For the purpose of our analytical study we choose a sample size of 96 IT companies through multi stage sampling technique for 10 years of data sets ranging from 2007 to 2017 for analysis purpose. Two dependent variables and four independent variables with one controlled variable are taken under consideration for analysis using regression. We used descriptive statistics such as Mean, S.D. and Ratio along with the techniques such as Pearson Coefficient of Correlation, which is primarily used for testing the relationship between capstr variables and profitability measures under scope of our study along the side we also used Regression analysis(OLS Model) to test the unidentified impact of capstr on profitability variables under scope. The use of correlation tools are mainly done for the purpose of finding out multicolinearity among independent variables to decide that what variables can further be tested in our regression models. The study proves the relationship of capstr variables and profitability variables with the help of analysis that capital structure has significantly influenced the profitability of the firms and a substantial increase in debt component in capital structure leads to a decrease in Net Profit of Listed IT companies in Indian market.
Keywords
Capital Structure, Determinant, Profitability, Impact, Ratios.
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References
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Table captions appear centered above the table in upper and lower case letters. When referring to a table in the text, no abbreviation is used and "Table" is capitalized. (12). Figures and tables should be included in the running text itself
V. CONCLUSION (12 BOLD)
A conclusion section must be included and should indicate clearly the advantages, limitations, and possible applications of the paper. Although a conclusion may review the main points of the paper, do not replicate the abstract as the conclusion. A conclusion might elaborate on the importance of the work or suggest applications and extentions. (12)
VI. ACKNOWLEDGEMENTS(12 Bold)
An acknowledgement section may be presented after the conclusion, if desired.( 12)
REFERENCES (12 BOLD)
This heading is not assigned a number.
A reference list MUST be included using the following information as a guide. Only cited text references are included. Each reference is referred to in the text by a number enclosed in a square bracket (i.e., [3]). References must be numbered and ordered according to where they are first mentioned in the paper, NOT alphabetically.
Examples follow:
ournal Papers:
[1] M Ozaki, Y. Adachi, Y. Iwahori, and N. Ishii, Application of fuzzy theory to writer recognition of Chinese characters, International Journal of Modelling and Simulation, 18(2), 1998, 112-116. (12)
Books:
[2] R.E. Moore, Interval analysis (Englewood Cliffs, NJ: Prentice-Hall, 1966). (12) Note that the title of the book is in lower case letters and italicized. There is no comma following the title. Place of publication and publisher are given.
Chapters in Books:
[3] P.O. Bishop, Neurophysiology of binocular vision, in J.Houseman (Ed.), Handbook of physiology, 4 (New York: Springer-Verlag, 1970) 342-366. (12) Note that the place of publication, publisher, and year of publication are enclosed in brackets. Editor of book is listed before book title.
Theses:
[4] D.S. Chan, Theory and implementation of multidimensional discrete systems for signal processing, doctoral diss., Massachusetts Institute of Technology, Cambridge, MA, 1978. (12)
Proceedings Papers:
[5] W.J. Book, Modelling design and control of flexible manipulator arms: A tutorial review, Proc. 29th IEEE Conf. on Decision and Control, San Francisco, CA, 1990, 500-506 (12)
IAEME Publication Fees
IAEME Publication charges an Article Processing Charge (APC) once an article is accepted for publication. These charges cover the costs of turning a manuscript into a finished article, as well as the costs of hosting, distributing and promoting an article.
Article Processing Charges explained
We are committed to making the costs of publishing as clear as possible and so the charges for each journal are clearly displayed on each journal`s homepage.
When a manuscript is submitted, it passes through the many different departments at Hindawi to ensure the quality checks, peer review, production and promotion of articles is carried out in a timely manner and to a high standard:
✔ The Editorial Screening team, who perform initial technical and ethical checks
✔ The Editorial team, who help the journal`s Academic Editors manage the review process
✔ The Production team, who convert the manuscript to a professionally typeset article and well-structured file format
✔ The Proofing team, who coordinate the proofing process through Hindawi`s Online Proofing System (OPS)
✔ The Editorial Quality Assurance team, who perform a final check to ensure that the manuscript and its review process adhere to the journal`s guidelines and policies
✔ Our Marketing and Communication teams, who ensure your article receives the attention it deserves.
✔ The Technology team, who build and maintain our systems, and develop new systems
The work these teams do contribute to the requirement of an APC and is why the actual amount payable varies depending on the journal in which you wish to publish your article.
IAEME Publication does not request Article Submission Charges, also called Submission Fees. These are due at the time of submission of the manuscript. Nor does IAEME charge per page or for color figures or for any other items for which other publishers are known to charge.
Sources for Article Processing Charges (APC)
Authors of an article are responsible for arranging the payment of APC. Still, that typically does not mean that authors end up paying for the publication of the article. The cost of APC is very often assumed either by the organization funding the research published in the article, or by an Open Access Publishing Fund, or by the institution at which the author is employed.
Fair Dealing - Authors and Publisher
When an author submits a manuscript for review at one of IAEME`s journals, the submitted manuscript should not have been previously published in any form and must not be currently under consideration for publication elsewhere. The manuscript should also not be submitted to any other journal during the review process at IAEME Publication. In case the review process at IAEME takes much longer than stated and the author wishes to end the review process at IAEME, he/she should get in contact with the Editorial Assistant of the journal at IAEME and come to an agreement suitable for both sides after looking at the stage of the manuscript in the review process.
With the APC specified above, the author is given an indication what the APC will be. IAEME is charging Publication Fees (APC) but not Submission Fees. This is to the benefit to authors because payments are only due once the author knows the manuscript is accepted. IAEME with editors and reviewers puts much effort in dealing with the manuscript and expects the authors to stick to the common plan of publishing the paper which is linked to payments of APC as given above at the end of the review process. The author is not legally bound at this time, but it would be seen as a strong breach of academic conduct to back off from the publication process. Once the manuscript is accepted for publication, IAEME will issue an invoice in the Paper Submission and Manuscript Tracking System. This is IAEME `s legal offer and will state the regular APC of the journal. The Corresponding Author is expected to arrange payments of the amount stated at this time. In severe cases IAEME `s Complaints Procedure can be followed and the result of this should be binding to the author.
Refund Policy
Once an article has been accepted for publication, any Article Processing Charges on the article become due. The submitting author accepts responsibility for the Article Processing Charges, and will not issue refunds of any kind except those payments made by mistake or in excess of the amount required.
The topics to be covered by this journal include but are not limited to the following fields:
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