Determinants of Corporate Capital Structure: Evidence from Listed Cement Companies on Dhaka Stock Exchange

S. M. Rifat Hassan
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S. M. Rifat Hassan: Department of Business Administration, European University of Bangladesh, Dhaka, Bangladesh.

International Journal of Science and Business, 2025, vol. 48, issue 1, 27-37

Abstract: This study investigates the determinants of capital structure in the context of listed cement companies on the Dhaka Stock Exchange (DSE) over a ten-year period (2013–2022). The paper examines the relationship between the debt ratio (total debt to total assets) and eight company-specific factors: asset structure (tangibility), firm size, profitability (ROA), liquidity, directors’ ownership, ownership structure, firm age, and times interest earned (TIE). Panel data regression model (fixed effects) is applied to explore these relationships. The findings suggest that asset structure, firm size, ROA, liquidity, directors’ ownership, and ownership structure significantly influence the capital structure decisions of cement firms, while firm age shows a weak relationship. The study provides valuable insights into how company characteristics affect capital structure, contributing to corporate finance literature, especially in emerging markets like Bangladesh.

Keywords: Capital Structure; Debt Ratio; Cement Industry; Dhaka Stock Exchange; Panel Data; Fixed Effects Model (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:aif:journl:v:48:y:2025:i:1:p:27-37

DOI: 10.58970/IJSB.2623

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