This study investigates the determinants of corporate capital structure of various sectors in the Bursa Malaysia Main Market with the aim to establish whether the determinants of capital structure can be explained by either the trade-off or the pecking order theory. This study also examines whether there are any differences between the regressions for any two sectors or not. This study applies both the ordinary least squares (OLS) and the seemingly unrelated regression (SUR) estimators to estimate the leverage models, and subsequently determines the efficiency of each estimator. The results indicate that profitability, asset tangibility, growth opportunities, and firm size are important determinants of corporate capital structure. However, the signs of the regression coefficients suggest that the trade-o and pecking order theories are complementary. Moreover, the importance of some of these determinants differs across sectors. In most cases of the regression analyses between two sectors, the SUR estimator is found to be more efficient in explaining the determinants of capital structure among the various sectors. Hence, this study concludes that the SUR method could serve as a useful alternative methodology for capital structure research.

中文翻译：

---

马来西亚公司资本结构决定因素的行业分析

这项研究调查了大马交易所主要市场中各个部门的公司资本结构的决定因素，目的是确定资本结构的决定因素可以用权衡还是啄序理论来解释。这项研究还研究了两个部门之间的回归之间是否存在差异。这项研究应用普通最小二乘（OLS）和看似无关的回归（SUR）估计量来估计杠杆模型，并随后确定每个估计量的效率。结果表明，盈利能力，资产有形性，增长机会和公司规模是公司资本结构的重要决定因素。然而，回归系数的符号表明，权衡和啄顺序理论是互补的。此外，这些决定因素中某些因素的重要性因部门而异。在大多数情况下，两个部门之间的回归分析表明，SUR估计量在解释各个部门之间资本结构的决定因素方面更为有效。因此，本研究得出的结论是，SUR方法可以用作资本结构研究的有用替代方法。