IDEAS home Printed from https://ideas.repec.org/a/eme/sefpps/v31y2014i1p72-87.html
   My bibliography  Save this article

How do CFOs make capital structure decisions? A survey of Greek listed companies

Author

Listed:
  • Athanasios G. Noulas
  • Georgios Genimakis

Abstract

Purpose - – The aim of this study is to investigate the corporate financing behaviour of nonfinancial Greek listed companies, focusing on how managers determine optimal capital structure. Design/methodology/approach - – The study analyses the results derived from questionnaires submitted to the companies' chief financial officers (CFOs), using both descriptive and nonparametric statistics. Findings - – The results broadly support the pecking order hypothesis over static trade-off theory. Firms listed on the Athens Stock Exchange prefer to use internal rather than external financing. A deeper examination of the systematic relationship between a number of variables and the financing decision provides tentative support for the existence of asymmetrically distributed information in the market and demonstrates a series of significant correlations among the determinative factors of a new long-term investment. Originality/value - – This paper fills the existing gap between prominent theories of corporate leverage and empirical evidence. The questionnaire collects primary research data that are not available from public sources and reports CFOs' opinions and practices in the field.

Suggested Citation

  • Athanasios G. Noulas & Georgios Genimakis, 2014. "How do CFOs make capital structure decisions? A survey of Greek listed companies," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 31(1), pages 72-87, February.
  • Handle: RePEc:eme:sefpps:v:31:y:2014:i:1:p:72-87
    DOI: 10.1108/SEF-05-2012-0057
    as

    Download full text from publisher

    File URL: https://www.emerald.com/insight/content/doi/10.1108/SEF-05-2012-0057/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers

    File URL: https://www.emerald.com/insight/content/doi/10.1108/SEF-05-2012-0057/full/pdf?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers

    File URL: https://libkey.io/10.1108/SEF-05-2012-0057?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eme:sefpps:v:31:y:2014:i:1:p:72-87. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Emerald Support (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.