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Home»Articles»Graphing Capital Structure Analysis of IT Sector With Special Reference to HCL

Graphing Capital Structure Analysis of IT Sector With Special Reference to HCL

Author : M. A. Suresh Kumar , Kannan Paulraj and R. Naveen Prakash
Volume 7 No.2 July-September 2018 pp 6-11

Abstract

This study employs two different analytical tools namely, financial ratios and statistical tools. To calculate the growth of the select IT Industry, the compound annual growth rate and trend analysis were used. To find out the capital structure position debt-equity and leverage of select IT Industry and Information Technology industries were analyzed. The Summary statistical co-efficient of variation, correlation, multiple regression analysis and structural equation model were also used appropriately to compare the profitability and the leverage position of the select IT Industry. There were evidences from foreign studies to support Capital Structure theories which have studied various determinants of Capital structure with IT Industries. The Industries range from small scale to very large scale company. The researcher had made an attempt to study the structure of capital in IT Industry in India. The researcher was motivated to carry out a study on these IT industries. By using various capital related terms such as long -term debt, short-term debt, operating cost, operating profit, expenses, dividend payout, net profit to net worth, total debt, capital intensity, firm’s asset structure, age of the firm, size of the firm, growth of the firm and firm’s risk the current research has been designed. The required financial data have been collected from the time boundary of 2006 – 2007 to 2016 – 2017. The present research work is a rewarding exercise to the scholar and the researcher will be delighted if the suggestions are incorporated to earn good return on equity. The restructuring of capital, where the companies are suffering with sickness will enhance a good and viable financial performance. For academics, trainers and consultants, the present research will help them to look into it with a new insight and analyze the same with various dimensions in IT Industry. The findings of the study certainly provide a framework for understanding the capital structure and financing of Small and medium enterprises, and have significant theoretical and practical implications. Based on the findings suggestions were given to improve the efficiency of determinants of capital structure and its operations by proper mobilization of funds thus highlighting the prominent role of the finance manager. This study aims at finding out the trend and pattern of financing by the Indian IT Industries.

Keywords

Capital Structure, Risk, Return, Performance, BSE, NSE

Full Text:

References

[1] Ayşegül GÜNER (2016). The Determinants of Capital Structure Decisions: New Evidence from Turkish Companies. Istanbul, Turkey Procedia Economics and Finance, 38, 84-89 [2] Cassar, G. & Holmes, S. (2003). Capital Structure and Financing of SMEs: Australian Evidence. Accounting & Finance, 43, 123-147. Retrieved from http://dx.doi.org/10.1111/1467-629X.t01-1-00085.
[3] Esperance, J. P., Ana, P.M-F & Mohammed A. G. (2003). Corporate debt Policy of Small Firm: An Empirical (re)examination. Journal of Small Business and Enterprise Development, vol. 10 No. I p.no. 62
[4] Faris Nasif Al-Shubiri (2011). Capital Structure and Market Power: Evidence from Jordanian Banks. Managing Global Transitions, 9(3), 289–310.
[5] Hall, G. (2004). Determinants of the Capital Structures of European SMEs. Journal of Business Finance and Accounting, 31, 711-728.
[6] Irene Wei Kiong Ting1 & Hooi Hooi Lean (2011). Capital Structure of Government-Linked Companies in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 7(2), 137–156.
[7] Jana and Marta (2015). The Relationship between Capital Structure and Profitability of the Limited Liability Companies. Acta Universitatis Bohemiae Meridionalis, 18(2), 32-41.
[8] Julija Tamulyte (2012). The determinants of capital structure in the Baltic States and Russia. PEI Electronic Publications 1/2012.
[9] M’ng (2017). The determinants of capital structure: Evidence from public listed companies in Malaysia, Singapore and Thailand. Cogent Economics & Finance, 5: 1418609, 1-34.
[10] Myers S. (1984). The Capital Structure Puzzle. Journal of Finance, 39, 575-592.
[11] Myers S. C. and Majluf N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information that Investors do not Have. The Journal of Financial Economics, 13, 187-221.
[12] Pandey, I. M. (2000). Financial Management. New Delhi: VIKAS Publishing House Ltd: New Delhi.
[13] Petra and Heryán(2015). The Capital Structure Management in Companies of Selected Business Branches of Building in Conditions of the Czech Republic. Prague Economic Papers, 24(6), 366 -714.
[14] Rinku (2017). A Study Based on the Various Components of Capital Structure of Banking Companies. Journal of Internet Banking and Commerce, 22(2), 1-10.
[15] Shrabanti Pal (2014). A Study on Capital Structure Determinants of Indian Steel Companies. International Journal of Business Management & Research, 4(4), 89-98.
[16] Zhenting (2014). Capital Structure of Internet Companies: Case Study. MPRA Paper No. 56330, 1-38.

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This study employs two different analytical tools namely, financial ratios and statistical tools. To calculate the growth of the select IT Industry, the compound annual growth rate and trend analysis were used. To find out the capital structure position debt-equity and leverage of select IT Industry and Information Technology industries were analyzed. The Summary statistical co-efficient of variation, correlation, multiple regression analysis and structural equation model were also used appropriately to compare the profitability and the leverage position of the select IT Industry. There were evidences from foreign studies to support Capital Structure theories which have studied various determinants of Capital structure with IT Industries. The Industries range from small scale to very large scale company. The researcher had made an attempt to study the structure of capital in IT Industry in India. The researcher was motivated to carry out a study on these IT industries. By using various capital related terms such as long -term debt, short-term debt, operating cost, operating profit, expenses, dividend payout, net profit to net worth, total debt, capital intensity, firm’s asset structure, age of the firm, size of the firm, growth of the firm and firm’s risk the current research has been designed. The required financial data have been collected from the time boundary of 2006 – 2007 to 2016 – 2017. The present research work is a rewarding exercise to the scholar and the researcher will be delighted if the suggestions are incorporated to earn good return on equity. The restructuring of capital, where the companies are suffering with sickness will enhance a good and viable financial performance. For academics, trainers and consultants, the present research will help them to look into it with a new insight and analyze the same with various dimensions in IT Industry. The findings of the study certainly provide a framework for understanding the capital structure and financing of Small and medium enterprises, and have significant theoretical and practical implications. Based on the findings suggestions were given to improve the efficiency of determinants of capital structure and its operations by proper mobilization of funds thus highlighting the prominent role of the finance manager. This study aims at finding out the trend and pattern of financing by the Indian IT Industries.

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Department of Social Administration and Justice, University of Malaya, Malaysia
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Department of Indian Studies, University of Malaya, Malaysia
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Dr. Ma Tin Cho Mar @ Noorjahan Bi Bi
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Department of History, University of Malaya, Malaysia
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    Editorial Note

    Editorial Dr. Lakshmi Narayanan

    Editor-in-Chief
    Dr. Lakshmi Narayanan
    Department of Social Sciences, College of Arts and Applied Sciences, Dhofar University, Oman
    [email protected]
    Editorial Advisory Board
    Dr. Mashitah Binti Hamidi
    Department of Social Administration and Justice, University of Malaya, Malaysia
    [email protected]
    Dr. Jillian Ooi Lean Sim
    Department of Geography, University of Malaya, Malaysia
    [email protected]
    Dr. Haris Bin Abd Wahab
    Department of Social Administration and Justice, University of Malaya, Malaysia
    [email protected]
    Dr. Mohana Dass Ramasamy
    Department of Indian Studies, University of Malaya, Malaysia
    [email protected]
    Dr. Ma Tin Cho Mar @ Noorjahan Bi Bi
    Department of South East Asian Studies, University of Malaya, Malaysia
    [email protected]
    Dr. Asbah Binti Razali
    Department of Anthropology and Sociology, University of Malaya, Malaysia
    [email protected]
    Dr. Azharudin Bin Mohamed Dali
    Department of History, University of Malaya, Malaysia
    [email protected]
    Dr. Hasmah Binti Zanuddin
    Department of Media Studies, University of Malaya, Malaysia
    [email protected]

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