标题：THE MODERATING EFFECT OF MACROECONOMIC FACTORS ON THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND VALUE OF NON-FINANCIAL FIRMS LISTED AT THE NAIROBI SECURITIES EXCHANGE
期刊名称：International Journal of Social Sciences and Education
印刷版ISSN：2227-393X
电子版ISSN：2223-4934
出版年度：2017
卷号：7
期号：3
页码：88-95
出版社：Federal College of Education
摘要：This study examines the moderating role of macroeconomic factors on the relationship between capital structure and value of non-financial listed firms at the Nairobi Securities Exchange. A target population of 36 non-financial firms at the NSE was selected. A positivistic research philosophy was adopted with descriptive research design tools like the mean, standard deviation, coefficient of variation, kurtosis and skewness and correlation analysis employed. The study adopted stepwise multiple regression analysis to test the hypothesized variables. Capital structure research being one of the most sensitive areas of corporate finance and decision-making because of the interrelationships with other components of financial decision. Findings pointed that firm growth has a significant moderating role and thus is a critical tool that can be used by management when doing capital structures adjustments to ensure efficiency as firms’ value changes.
