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    Título
    The Most Appropriate Sustainable Growth Rate Model for Managers and Researchers
    Autor
    Fonseka, M. M.
    García Ramos, ConstantinoAutoridad BuleriaORCID
    Tian, Gao-liang
    Facultad/Centro
    Facultad de Ciencias Economicas y Empresariales
    Área de conocimiento
    Organizacion de Empresa
    Título de la revista
    Journal of Applied Business Research
    Número de la revista
    3
    Editor
    Clute Institute
    Fecha
    2012
    ISSN
    0892-7626
    Abstract
    The objectives of this paper are to analyze whether there is a significant difference among widely used Higgins model and Van Horne model and whether these two competing sustainable growth rate models (SGR) estimate divergences in ways that are systematically related to variations in common financial characteristics. We find that Higgins SGR when used as continuous and dichotomous variables is more affected by variations in financial characteristics than Van Horne’s model. This study confirms that Higgins and Van Horne’s models are qualitatively and approximately the same in relation to most common financial characteristics of a firm. However, if the Higgins model is used to compute SGR, it would give higher SGR for more profitable firms than Van Horne’s. A firm with higher leverage is given higher SGR in Van Horne’s than Higgins. Variations of liquidity, debt maturity and financial distress are trivial in economic sense. Finally, we find that the both Higgins and Van Horne’s models result in approximately same (less than 4%) loss in sample size and not induce more sample-selection bias. We suggest that Higgins and Van Horne’s models are equally preferable from both the managers’ and researchers’ point of view.
    Materia
    Economía
    Finanzas
    Palabras clave
    Sustainable Growth Rate Model
    Higgins Model
    Van Horne’s Model
    Peer review
    SI
    URI
    http://hdl.handle.net/10612/14630
    DOI
    10.19030/jabr.v28i3.6963
    Versión del editor
    https://clutejournals.com/index.php/JABR/article/view/6963
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