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    Jung AuLia
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    This document appears to be a student's academic writing midterm assignment. It discusses 4 research papers on topics related to capital structure and dividend policy. For the first paper, the student identifies the research gap as the role of factoring financing on capital structure decisions has not been studied using firm-level quantitative data. For the second paper, the student notes there are contradictions in previous findings on the relationship between capital structure and profitability/stock returns. For the third paper, the student says the research is limited by its use of binary variables which does not fully capture the extent and quality of environmental policies. For the fourth paper, the student finds the research gap is the lack of prior

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    This document appears to be a student's academic writing midterm assignment. It discusses 4 research papers on topics related to capital structure and dividend policy. For the first paper, the student identifies the research gap as the role of factoring financing on capital structure decisions has not been studied using firm-level quantitative data. For the second paper, the student notes there are contradictions in previous findings on the relationship between capital structure and profitability/stock returns. For the third paper, the student says the research is limited by its use of binary variables which does not fully capture the extent and quality of environmental policies. For the fourth paper, the student finds the research gap is the lack of prior

    Copyright:

    © All Rights Reserved
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    6 views4 pages

    Academic Writing Midterm

    Uploaded by

    Jung AuLia
    This document appears to be a student's academic writing midterm assignment. It discusses 4 research papers on topics related to capital structure and dividend policy. For the first paper, the student identifies the research gap as the role of factoring financing on capital structure decisions has not been studied using firm-level quantitative data. For the second paper, the student notes there are contradictions in previous findings on the relationship between capital structure and profitability/stock returns. For the third paper, the student says the research is limited by its use of binary variables which does not fully capture the extent and quality of environmental policies. For the fourth paper, the student finds the research gap is the lack of prior

    Copyright:

    © All Rights Reserved
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    of 4

    ACADEMIC WRITING MIDTERM

    NAMA : AUJI AMALIA

    NPM : 1701102010024

    -***-

    1. Using the first (1) approach of Research Gap based on Prof. Agusty’s Online lecturer.

    Title : Factoring as a determinant of capital structure for large firms: Theoretical and empirical
    analysis

    Author : Rumeysa Bilgin and Yusuf Dinc.

    “Firms from emerging economies are heavily dependent on debt financing. The bank loan is the
    primary conventional tool of borrowing in these economies. Therefore, it is the first choice for
    firms to meet their external financing needs. Recently, factoring financing gained importance as
    an alternative source of external finance. It can be defined as the process of a firm's raising
    immediate cash either by selling its account receivables to a third party or by pledging these
    receivables as collateral on loan. However, it carries an interes cost and can be used as a tool for
    leverage. Our objective in this study is to clarify the role of factoring as a determinant of capital
    structure and as an external finance option beside the bank loan and equity financing. To our
    knowledge, the role of factoring financing on the capital structure decisions of publicly
    listed firms has not been studied using firm-level quantitative data yet. This study aims to
    fill this gap by investigating the importance of factoring financing for capital structure
    decisions of Turkish non-financial publicly listed firms.”

    So, here we can see that the research gap using the first approach, state that Factoring financing
    on the capital structure decisions has not studied yet by susing firm-level quantitative data. The
    theory and concenpt do not axist yet.
    2. Using the third (3) approach of Research Gap based on Prof. Agusty’s Online lecturer.

    Title : The effect of capital structure on profitability and stock returns Empirical analysis of firms
    listed in Kompas 100

    Author : Teddy Chandra, Achmad Tavip Junaedi, Evelyn Wijaya, Suharti Suharti, Irman
    Mimelientesa and Martha Ng

    “Since Modigliani and Miller announced the publication of their paper on “irrelevance
    theory,” many studies have criticized and researched capital structure. Some say that debt
    will affect the capital structure, whereas others say debt has no effect on capital structure.
    Dawar, a researcher who researched companies in several sectors on the Bombay Stock
    Exchange, found a negative effect of capital structure on profitability. In other words, an
    Capital increase in debt will result in a decrease in company profits (Dawar, 2014). On the
    contrary,Gill et al. (2011) who examined service and manufacturing companies listed on
    the New York Stock Exchange found a positive effect of capital structure on profitability.
    In addition, Yang et al. (2010) in their research on companies listed on the Taiwan Stock
    Exchange found a negative effect of capital structure on stock returns in 2005. In contrast, for
    research in
    2003 and 2004, they found a positive effect of capital structure on stock returns. In the
    research conducted by Ahmad et al. (2013), they found a positive effect of profitability on
    stock returns.”

    Here we can see some of contradictions of the finding that Dawar and Gill found and also Yang
    and Ahmad finding. They have different finding for contradiction or support to Modigliani and
    Miller publication paper theory and finding.
    3. Using the Fifth (5) approach of Research Gap based on Prof. Agusty’s Online lecturer
    Title : Related article references : Mikael Petitjean (2019) Eco-friendly policies and financial
    performance: Was the financial crisis a game changer for large US companies? Energy
    Economics 80 (2019) 502–511

    “The way environmental performance is estimated, may also be subject to criticism. In our
    dataset, the use of binary variables is useful to identify the presence of green policies but it
    does not grasp the extent and the quality of such policies. Binary variables reduce the scope
    of interpretation and can denature the real link between environmental performance and financial
    performance. In addition, the conclusions drawn from the model apply to large, publicly-quoted
    U.S. capitalization stocks only. These interpretations may not be generalized to other
    populations, such as small and medium-sized companies.”

    Here, The article state that they don’t grasp the extent and quality of such policies of their
    dataset, especially because they use binary variables method. So, this is the limition of their
    research, compatible with the last aprroah of research gap abaout limition of the article.

    4. Using the second (2) approach of Research Gap based on Prof. Agusty’s Online lecturer
    Title : Determinants of dividend policy: evidence from an emerging and developing market.

    Author : N. Jayantha Dewasiri, Weerakoon Banda Yatiwelle Koralalage.

    “This study argues that determinants of dividend policy cannot be investigated by looking at a
    single dimension, and hence both the propensity to pay dividends and its payout should be
    included in analyses. The present study extends the literature of determinants of a dividend
    policy by investigating determinants of both propensity to pay dividends and its payout in a
    single study allowing to evaluate whether they contain the same set of determinants. Sri Lanka is
    an emerging and developing market (World Economic Outlook, 2017) with 296 listed companies
    across 20 sectors totaling $20bn in market capitalization (Colombo Stock Exchange, 2017). A
    lack of prior studies on dividend determinants in Sri Lanka, alongside the inconsistency of
    recent findings on determinants of dividend policy in other emerging and developing
    markets (Saudi Arabia, Morocco, Malaysia and Turkey) are the main justifications for our
    study.”

    Based on Mr. Agustius said on his lecturer that second approach can we determine by looking
    for the senctence of Lack of or outdated. So here on the article, the researcher said that they have
    lack of prior studied on dividend determinant in Sri Lanka.

    5. Using the Fourth (4) approach of Research Gap based on Prof. Agusty’s Online lecturer
    Title : Dividend policy determinants of Sri Lankan firms: a triangulation approach

    Author : H. Kent Baker, N. Jayantha Dewasiri

    “This study contributes to the finance literature by using a triangulation approach to help

    lessen inherent weaknesses of a single approach. Triangulation is a powerful technique that

    facilitates validation of data through cross-verification from two or more sources.

    Because using proxy variables can hinder the completeness and validity of dividend

    policy studies, triangulation provides a potential solution to this issue. The unresolved

    theoretical debate and contradictory findings of the same phenomenon in recent studies

    motivate this research. Thus, the study’s objectives are to identify both the major dividend

    determinants and theoretical explanations for paying dividends among Sri Lankan listed

    firms using a triangulation approach.”

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