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The impact of debt financing on the value of a company : the case of North Macedonian companiesAndrijana Bojadzievska Danevska,
Elena Parnardzieva Stanoevska,
Savica Dimitrieska, 2023, izvirni znanstveni članek
Opis: The purpose of this paper is to determine the relation between a company’s
indebtedness and its value. We used a sample of 20 North Macedonian companies, listed on the Macedonian Stock Exchange (MSE) mandatory listing,
and the data for 6 years’ time span. In the paper, we use Panel Data models
(Pooled OLS regression, Fixed and Random Effects models) to estimate
the relation between debt financing and the company’s value measured by
return on assets (ROA) and Tobin’s Q. According to the results of short-term
debt has a statistically significant and negative impact, while the return
on investments in human capital (HCROI), company’s size and current ratio
have a positive and statistically significant impact on the ROA. When investigating the impact of indebtedness on a company’s value measured
by Tobin’s Q, short-term and long-term debt have positive and statistically
significant effects. Our research suggests that while debt increases a company’s indicators for market performance, it also decreases the company’s
accounting operating performance. Therefore, when analyzing a company’s
value, investors should be considering not only Tobin’s Q, which can be
sometimes regarded as a market-to-book value ratio, but also to look at the
fundamental ratios, such as ROA, ROE (return on equity) and EPS (earnings
per share).
Ključne besede: company's value, short-term debt, long-term debt, financial leverage, North Macedonia
Objavljeno v DKUM: 28.05.2025; Ogledov: 0; Prenosov: 6
Celotno besedilo (331,89 KB)
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