Purpose

The purpose of this study is to investigate the impact of idiosyncratic and macroeconomic risks on capital structure on SADC countries.

Design/methodology/approach

Employing data from the African Financials database, the analysis is conducted over a ten year period spanning from 2009 to 2018 for 309 companies. Unit Root Fisher Chi-Square test and Granger Causality test were employed to test for unidirectional and bidirectional relationships cross-sectionally. To resolve endogeneity issues, System GMM was used as main topology for panel regression analysis.

Findings

The study confirmed that companies become risk averse when there is an increase in idiosyncratic and macroeconomic risk and therefore take less leverage. According to the perking order theory, a higher variability in earnings shows that the bankruptcy probability amplifies. Hence, institutions with high income employ more internal finance during periods of high idiosyncratic and macroeconomic uncertainty thereby lowering leverage. A positive significant and statistically relationship is also confirmed between idiosyncratic risk and leverage in Botswana, South Africa and Tanzania. Companies with higher leverage make riskier investment in line with the trade-off theory. In short, executives from the SADC region consider more importance to fluctuations in risk while accelerating or diminishing leverage in their capital structure.

Originality/value

The study is among one of the pioneering work underpinning the idiosyncratic risk and macroeconomic risk on capital structure and relying on a large number of companies across the SADC region. In this respect, it adds contribution to the existing literature on risks and capital structure to the socio-economic goals of the SADC region.

中文翻译：

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特殊和宏观经济风险对资本结构的影响：来自南共体国家的证据

目的

本研究的目的是调查特殊和宏观经济风险对 SADC 国家资本结构的影响。

设计/方法/方法

利用来自非洲金融数据库的数据，对 309 家公司进行了从 2009 年到 2018 年的十年期间的分析。单位根Fisher卡方检验和格兰杰因果检验被用来检验单向和双向横截面关系。为了解决内生性问题，系统 GMM 被用作面板回归分析的主要拓扑结构。

发现

该研究证实，当特殊风险和宏观经济风险增加时，公司会变得规避风险，从而减少杠杆作用。根据 perking order 理论，收益的更高可变性表明破产概率会放大。因此，高收入机构在高度特殊和宏观经济不确定的时期使用更多的内部融资，从而降低杠杆率。博茨瓦纳、南非和坦桑尼亚的特殊风险和杠杆之间也存在显着的正相关和统计关系。杠杆率较高的公司根据权衡理论进行风险较高的投资。简而言之，SADC 地区的高管认为，在加速或降低资本结构杠杆作用的同时，风险波动更为重要。

原创性/价值

该研究是支持资本结构的特殊风险和宏观经济风险的开创性工作之一，并依赖于 SADC 地区的大量公司。在这方面，它为 SADC 地区社会经济目标的风险和资本结构的现有文献做出了贡献。