This paper examines the impact of a firm’s information complexity on capital structure decisions, focusing on how |firm disclosure complexity influences financial leverage. Using a large panel of U.S. public firms, I document a significant and positive association between information complexity and multiple measures of leverage, including book, market, short-term, and long-term debt ratios. The effect is particularly pronounced among financially constrained firms, highlighting the role of information complexity in mitigating financing frictions. The findings contribute to capital structure theory by identifying information complexity as a structural firm attribute that enhances debt capacity, complementing trade-off and information asymmetry perspectives.

Local optimistic expectations and corporate capital structure decisions

Utilising data from the selected companies listed on the Johannesburg Stock Exchange and using the Panel Autoregressive Distributed Lag (ARDL) specifically employing the Pooled Mean Group approach, this study examines the cointegrating and causal relationships among firm liquidity, performance and firm leverage. The results reveal a negative and significant long-run and short-run relationship between profitability and leverage. Conversely, higher leverage is found to diminish firm performance, consistent with trade-off theory implications regarding financial distress costs. On liquidity, results revealed a bidirectional long-run relationship among liquidity, leverage, and firm value as measured by Tobin’s Q. Also, liquidity plays a pivotal moderating role, where firms with stronger liquidity and profitability exhibit reduced reliance on external debt, highlighting the interplay between financial health and capital structure decisions. Additionally, a positive bidirectional relationship between Tobin’s Q and leverage suggests that growth opportunities and market valuation influence firms’ debt utilisation. The error correction terms confirm stable long-run equilibrium and moderate adjustment speeds. These results contribute to the understanding of optimal capital structure by integrating liquidity and performance factors and provide practical insights for corporate financial management and policy formulation.

This paper examines the utopian fantasies of technologies developed at the height of Silicon Valley’s culture of innovation around social good—or “good tech”—and situates their increasing purchase within the technology industry in the broader context of a global crisis of care. We explore how aspirations towards greater empathy, global connectivity, and diversity were captured by elite tech entrepreneurs in a strategy to bolster their moral power and raise capital in the name of disaffected and exhausted workers. Through an analysis of emergent AI-enabled accent modification technologies, which promise to relieve call center workers from accent-based discrimination by artificially modifying the sound of their voice, we locate the affective lures operating in their futuristic fantasies and marketing strategies. In a peculiar alliance where entrepreneurs, venture capital, and modes of labor-discipline conspire toward making globalization “feel good,” we trace the ideological conditions that allowed the exploitation of offshore workers to be recoded as the employment of diverse workers. Thus understood, good tech rhetorics, we argue, are productive discourses that function both as a mechanism of value accumulation and as a counterinsurgency tactic—they constitute concrete “structures of feeling” that sustain attachments to the social reproduction of structures of racial capitalism and the continuation of postindustrial, colonial dispossession.

The aim of this study was to analyze the financial perfor-mance and stability of company A and company B during the period from 2020 to 2024. Using the EMS model and BEX index, key indicators of profitability, liquidity, leverage, and asset turnover were assessed. Results show that company B achieved higher ROA (3.96-6.95%) and ROE (8.09-12.26%), with stable liquidity and reduced leverage, whereas company A recorded lower results and greater reliance on external financing. The analysis also indicates strong long-term sustainability for company B and moderate financial risk for company A. The study highlights the need for cost optimization, strengthening the capital structure, and continued monitoring of liquidity and profitability in the logistics sector. These findings provide practical guidance for strategic management and future growth planning in logistics companies.

This study seeks to establish how financial leverage mediates the relationship between corporate governance and the financial performance of 58 carbon-intensive firms listed on the Johannesburg Stock Exchange over the period 2015–2023. This study employed the two-step system generalised method of moments to address endogeneity issues. The results indicate that leverage negatively impacts a firm’s financial performance, but leverage does not mediate the relationship between corporate governance and a firm’s financial performance in carbon-intensive firms. The results of the study also reveal that board remuneration negatively influences a firm’s financial performance, yet board independence has an insignificant impact on firm performance. These results underscore the need for carbon-intensive companies to reassess their remuneration policies to ensure alignment with short-term financial benefits and long-term sustainability initiatives. The findings also suggest that sustainability projects financed predominantly by debt may negatively impact short-term financial performance, indicating the importance of a balanced capital structure during the decarbonisation process.

This study aims to analyze the effect of Capital Structure and Profitability on Firm Value, with Dividend Policy as an intervening variable in Basic Materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The sampling technique used was purposive sampling, resulting in a sample of 23 companies from a population of 109 firms over five years of observation. The data analysis methods employed were panel data regression and path analysis, using EViews 13 software.The results indicate that Capital Structure has an effect on Dividend Policy, while Profitability does not affect Dividend Policy. Furthermore, Capital Structure affects Firm Value, whereas Profitability does not affect Firm Value, and Dividend Policy does not affect Firm Value. In addition, the path analysis results show that Capital Structure does not affect Firm Value through Dividend Policy as an intervening variable, and P Brofitability also does not affect Firm Value through Dividend Policy as an intervening variable.

This paper examines the cross-sectional distribution of equity returns for service-oriented firms in the hospitality sector, focusing on the role of trading on equity (leverage) in their capital structures. Fama-MacBeth regressions were applied across four sub-industry portfolios sorted by book-to-market equity ( BE it /ME it ) to assess the relationship between return volatility and a range of leverage proxies across different time periods and capital structure configurations. Additionally, the study ranks the most and least volatile sub-sector portfolios within the sample. Some portfolios exhibited deviations from the predictions of pecking order theory, while others aligned with theoretical expectations regarding levered equity returns and financial leverage. Overall, the analysis reveals that BE it /ME it firms experience substantial return volatility across most portfolio sorts, and that, on average, higher levels of short-term leverage are associated with an elevated risk–return tradeoff.

Purpose This study investigates the scope, intensity, and thematic structure of human capital (HC) disclosures in Islamic banks. It addresses the gap in understanding how HC narratives are constructed, benchmarked and communicated in faith-based financial institutions across diverse regulatory settings. Design/methodology/approach The study adopts a multi-method framework combining lexicon-based extraction, bidirectional encoder representations from transformers (BERT)-based sentence classification, criteria importance through intercriteria correlation (CRITIC) weighting, Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) benchmarking and BERTopic modeling. The analysis is based on 638 annual reports from 86 Islamic banks across 21 countries (2015–2023). Findings Results reveal substantial heterogeneity in disclosure intensity and thematic focus across institutions and jurisdictions. Compensation and governance-related themes dominate reporting, while diversity, equity and inclusion and employee well-being remain underdisclosed. The COVID-19 pandemic triggered a sharp increase in health and safety reporting. Country-level rankings highlight Indonesia, Malaysia and Bangladesh as consistent leaders. Originality/value An artificial intelligence/machine learning-enabled, multi-method framework is developed to measure and interpret HC disclosure in Islamic banking by integrating transformer-based sentence classification with CRITIC-weighted benchmarking, TOPSIS ranking and topic modeling. The study extends automated disclosure analytics to a Shariah-compliant setting and offers a scalable approach for cross-jurisdictional comparability and governance insight.

Manufacturing firms in Nigeria continue to face fluctuating profitability levels despite efforts aimed at improving capital adequacy and operational efficiency. This situation raises concerns regarding the extent to which capital structure and financial management variables influence firm performance. The main objective of this study was to examine the effect of capital adequacy indicators on the profitability of listed manufacturing firms in Nigeria. The study adopted a panel research design using secondary data sourced from the annual reports of selected firms. The findings revealed that EQA had a positive significant effect on profitability with a coefficient of 0.2034 and a probability value of 0.0041, suggesting that stronger equity positions enhance financial performance. CIR also exhibited a positive significant influence on profitability, with a coefficient of 1.6317 and a probability value of 0.0308, indicating that efficient cost management contributes to improved returns. Conversely, CAR (–0.2645; p = 0.3684) and DER (–0.0358; p = 0.2720) showed negative but statistically insignificant effects on profitability, implying that leverage and capital adequacy alone do not meaningfully drive firm performance. It is recommended that firms optimize their capital structures by improving equity positions, adopting cost-effective operational strategies, and reducing reliance on debt financing to boost profitability.

Does Capital Structure Influence the Financial Performance of Commercial Banks in Egypt?

This study investigates how liquidity and leverage shape financial performance in sub-Saharan Africa’s listed healthcare firms and concludes that internal liquidity capacity is a more reliable driver of performance than debt. Using an ex post facto design, the study examines 60 firm year observations for 12 listed healthcare and pharmaceutical firms across six countries over 2020–2024. It measures performance with return on assets (ROA), return on equity (ROE), and Tobin’s Q, while liquidity and leverage are proxied by current and debt–equity ratios. Fixed-effects panel regression with robust standard errors is employed after confirming heteroskedasticity and overall model significance through Wald tests. Liquidity exerts a positive and statistically significant impact on ROA (β = 0.003706, p < 0.01) and reinforces ROE in complementary estimations, demonstrating that stronger liquidity positions consistently enhance accounting-based financial performance in this capital-constrained sector. By contrast, leverage shows negative and statistically insignificant effects on ROA (β = 0.113666, p = 0.257), ROE (β = −1.42683, p = 0.109), and Tobin’s Q (β = −0.64563, p = 0.612), providing no evidence that higher debt improves either accounting returns or market valuation. Collectively, these results strongly support the primacy of internal financial flexibility over external borrowing for sustaining performance in sub-Saharan African healthcare firms and offer robust, region-wide empirical grounding for refining resource-based, pecking order, and trade-off arguments in healthcare capital structure debates.

ABSTRACT Community-supported agriculture (CSA) critiques industrialized agri-food systems and promotes fair partnerships between consumers and producers. This paper explores the potential of CSA beyond its niche, using Germany as a case study. Applying Erik Olin Wright’s concept of real utopia, it examines whether CSA challenges capitalist structures. Drawing on secondary literature, it assesses the desirability, feasibility, and achievability of CSA. The results suggest that CSA in Germany qualifies as a real utopia, but that it faces limitations to growth due to implementation constraints such as the need for additional market channels and access to land.

ABSTRACT This paper takes up recent calls to work ‘for and against climate capitalism’ to foreground the possibility of strategic engagements within capitalist structures that could destabilise its long‐standing exploitative dynamics. In doing so, it locates prefigurative positions of an ocean counter‐politics generated through novel blue financial instruments; positions that are, perhaps, able to orient us towards different political paradigms beyond prescribed modes of capitalist development. Based on extended ethnography in the Republic of Seychelles—an archipelagic country that has pioneered two ‘world‐first’ climate finance deals in the last decade—I track how the operationalisations of these instruments have allowed for the formation of political spaces and subjectivities with, for, or against the country's ocean territory. Ultimately, I suggest we must hold the tension between climate capitalism expanding into a last oceanic frontier and the alternate futures that are simultaneously animating the current climate finance conjuncture.

Bank Capital Structure and Monetary Policy Risk-Taking Sensitivity: Theory and Empirical Evidence

Deviation from target capital structure and corporate misconduct

Environmental litigation risks and dynamic adjustment of firm capital structure

The Influence of the Determinants of the optimal Capital Structure on Return on Equity Applying on Egyptian Commercial Banks

The Influence of the Determinants of the Capital Structure on Return on Assets Applying on Egyptian Commercial Banks

Vertical cross-shareholding and dynamic capital structure adjustment