Purpose

The purpose of this study primarily is to investigate the heterogeneous effect of leverage on performance of the listed nonfinancial joint stock companies in Bangladesh.

Design/methodology/approach

A large panel sample of 165 listed nonfinancial firms under different industries of Bangladesh studied for the period 2007–2016 employing the dynamic panel approaches, namely, differenced generalized method of moments (GMM) and system GMM. The asymmetric relationship between leverage and performance is also examined by quantile regression approach.

Findings

GMM showed that the leverage indicators have the negative impact on the performance of the firms in terms of return on equity and return on asset while the quantile regressions revealed the heterogeneous relationship between leverage and profitability. It showed that greater negative impact of leverage on performance in high-profitable firms than low-profitable firms.

Research limitations/implications

The study is confined to only the listed nonfinancial joint-stock companies of Bangladesh.

Practical implications

The asymmetric relationship between leverage and financial performance identified in this study would be the helpful tool for financial managers for optimal capital structure decisions.

Originality/value

This is one of the first in-depth attempts to find the nonlinear heterogeneous effect of leverage on firms' performance.

中文翻译：

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杠杆对公司业绩的异质性影响：来自孟加拉国的经验证据

目的

本研究的目的主要是调查杠杆对孟加拉国上市非金融股份公司业绩的异质性影响。

设计/方法/方法

在 2007-2016 年期间，对孟加拉国不同行业的 165 家上市非金融公司的大型面板样本进行了研究，采用动态面板方法，即差分广义矩量法 (GMM) 和系统 GMM。杠杆和绩效之间的不对称关系也通过分位数回归方法进行检验。

发现

GMM 表明，杠杆指标对公司在股本回报率和资产回报率方面的表现有负面影响，而分位数回归揭示了杠杆率和盈利能力之间的异质关系。它表明，杠杆对高利润公司业绩的负面影响比低利润公司更大。

研究限制/影响

该研究仅限于孟加拉国上市的非金融股份公司。

实际影响

本研究中确定的杠杆与财务绩效之间的不对称关系将成为财务经理进行最佳资本结构决策的有用工具。

原创性/价值

这是寻找杠杆对公司绩效的非线性异质效应的第一次深入尝试。