期刊名称：International Journal of Business and Management
印刷版ISSN：1833-3850
电子版ISSN：1833-8119
出版年度：2010
卷号：5
期号：11
页码：74
DOI：10.5539/ijbm.v5n11p74
出版社：Canadian Center of Science and Education
摘要：The study investigates the relationship between firm specific characteristics and choices between straight debt and convertible debt issuances by Malaysian listed companies. The unique irredeemable feature of most convertible debts issued in Malaysia and the fast growth of the Malaysian bond market following the Asian economic crisis render this study to be conducted. Seven firm characteristics variables were selected based on previous literature namely tax consideration, debt ratio, tangibility, firm size, growth opportunities, profitability, and net operating cash flow. The result concludes that relatively smaller companies with lower debt tax shield, higher debt ratio, lower profitability and lower growth opportunity are more likely to issue convertible debt. The findings are consistent with the trade-offs theory where tax consideration and bankruptcy are given due attention in financing decision but does not provide support for the ‘risk shifting hypothesis’ and ‘backdoor listing hypothesis’.
