Mereview Abstract Jurnal Finance

Determinants of Corporate Capital Structure in East Asia: Are there differences fromo the Industrialized Countries

Posted by Paula Widiastuti, SE, MSM at 22:19 | Wednesday, 17 September 2008

By. Mamoru Nagano
Waseda University Institute of Finance
Juli 2003
This paper investigated micro-economic variables that determined corporate capital structure in the East Asian countries of Indonesia, Korea, Malaysia, the Philippines and Thailand in the aftermath of the 1997 Asian financial crisis. In general, there is a high level of dependency by firms on short-term external financing. Based on empirical analyses, the study found a significant negative relationship between firm profitability and corporate debt-to-equity (DE) ratio in all the sample countries. Firm size also has a direct relationship with DE ratio in many countries. On the other hand, the relationship between corporate debt-to-equity (DE) ratio and firm’s tangibility -- generally significant in the industrialized countries -- is entirely insignificant even in the post-crisis period.

Abstract
Prior research has used inaccurate classification rules to distinguish between stock splits and stock devidends. The CRSP classification of two-for-one stock distribution agrees with the actual accounting treatment impacts the announcement period reaction-two for one distributions accounted for as stock dividends are associated with five day announcement returns for distributions accounted for as stock splits. Announcement returns are positively related to earnings growth in the two years following the distribution for stock dividend firms but not for stock split firms, The accounting choise appears to be used to confirm management's private information about future earnings revealed at the time of the distribution announcement.

The Market Reaction to the Choice of Accounting Method for Stock Splits and Large Stock Dividends

Posted by Paula Widiastuti, SE, MSM at 21:15 | Sunday, 14 September 2008

by. Graeme Rankine; Earl K. Stice
The Journal of Financial and Quantitative Analysis, Vol.32, No.2. (Jun.,1997), pp.161-182.

Abstract
Prior research has used inaccurate classification rules to distinguish between stock splits and stock devidends. The CRSP classification of two-for-one stock distribution agrees with the actual accounting treatment impacts the announcement period reaction-two for one distributions accounted for as stock dividends are associated with five day announcement returns for distributions accounted for as stock splits. Announcement returns are positively related to earnings growth in the two years following the distribution for stock dividend firms but not for stock split firms, The accounting choise appears to be used to confirm management's private information about future earnings revealed at the time of the distribution announcement.

sumber:
http://journalabstract.blogspot.com/2008/09/earnings-and-stocksplits.html