The purpose of this paper is to examine the determinants of capital structure using a dataset of firms in Malaysia.,This paper carries out a panel data analysis of 8,270 observations from 827 listed non-financial firms on the Malaysia stock market over the period 2008–2017. To estimate the model and analyse the data collected from the DataStream and World Bank databases, the authors use static panel estimation techniques as well as two-step difference and system dynamic GMM estimator.,The results show that profitability, growth opportunity, tax-shield, liquidity and cash flow volatility have a negative and significant impact on debt measures. However, the effects of collateral, non-debt tax and earnings volatility on measures of debt are positive and significant. In addition, firm size, firm age, inflation rate and interest rate are important determinants of the present value of debt. The results also show a significant inverse U-shaped relationship between the firm's age and its capital structure. In general, the results support the proposition advocated by the pecking order and trade-off theories.,The results of this study necessitate formulation of various policy measures that can counter the effects of debt on firms.,The present study is among the earliest to use both the book and market value measures of capital structure. It also uses three proxies for each: total debt, long-term debt and short-term debt. It incorporates earning volatility and cash flow volatility as new independent variables in the model. These variables have not previously been used together with both book and market value measures of capital structure. The study also examines the non-monotonic relationship between firm's age and capital structure using a quadratic regression method. It applies both static panel techniques and dynamic GMM estimation techniques to analyse the data.

中文翻译：

---

资本结构的决定因素：马来西亚公司的证据

本文的目的是使用马来西亚公司的数据集检查资本结构的决定因素。，本文对2008年以来马来西亚股票市场上827家上市非金融公司的8270项观察数据进行了面板数据分析。 2017。为了评估模型并分析从DataStream和世界银行数据库中收集的数据，作者使用了静态面板估计技术以及两步差和系统动态GMM估计器。结果表明，该模型具有盈利能力，增长机会和税收保护功能，流动性和现金流量的波动性对债务措施产生了负面影响和重大影响。但是，抵押品，非债务税和收入波动对债务计量的影响是积极而显着的。此外，公司规模，公司年龄，通货膨胀率和利率是债务现值的重要决定因素。结果还表明，公司的年龄与其资本结构之间存在显着的倒U型关系。总的来说，结果支持啄序和权衡理论所主张的主张。本研究的结果需要制定各种能够抵消债务对公司影响的政策措施。使用资本结构的账面价值和市场价值度量。它还为每个债务使用三个代理：总债务，长期债务和短期债务。它将收入波动率和现金流量波动率纳入模型中的新自变量。这些变量以前未与资本结构的账面价值和市场价值度量一起使用。该研究还使用二次回归方法研究了企业年龄与资本结构之间的非单调关系。它同时应用了静态面板技术和动态GMM估计技术来分析数据。