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This Author published in this journals
All Journal Journal of Social Commerce Southeast Asian Business Review
Mittal, Ruby
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Review of literature on capital structure: Independent and Dependent Variables Chaudhary, Bharti; Singh, Netra Pal; Mittal, Ruby
Southeast Asian Business Review Vol. 2 No. 2 (2024)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/sabr.v2i2.56476

Abstract

Choosing a capital structure presents many difficulties for businesses. Choosing the right balance between debt and equity is one of the most important decisions. A poor capital structure decision has the power to completely ruin any company's success. Researchers have shown interest in analyzing the capital structure of the companies. The main objective of this paper to review these empirical studies of capital structure and to identify frequently used parameter by the researchers for last 14 years. The empirical capital structure literature is reviewed in this paper, with a focus on works released since 2010. The research paper also intends to address particular issues for further investigation while highlighting the significant gaps in the literature on the factors influencing capital structure and it compares the outcomes of practical research with theoretical expectations. This study investigates the independent factors and their dependent effects that lead companies to stray from ideal capital structures. This study primarily focuses on review of studies in the context of: (i) Capital structure in the banking and financial institutions sector; (ii) Capital structure in the metals industry; (iii) Retail industry; (iv) Software industry; and (v) Pharmaceutical industry. Only secondary data were used in this present study.
Bankruptcy Prediction of Software Companies Using Altman Z-Score Mittal, Ruby; Singh, Netra Pal
Journal of Social Commerce Vol. 5 No. 1 (2025): Journal of Social Commerce
Publisher : Celebes Scholar pg

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56209/jommerce.v5i1.118

Abstract

This study employs a modified Altman Z-Score model to 15 selected companies with the aim to predict bankruptcy risk in the Indian software industry. Working capital to total assets, retained earnings to total assets, earnings before interest and taxes to total assets, and market value equity to book value of total liabilities, aside to the variable sales to total assets ratio, are the four main financial ratios used in the model, which is being altered for non-manufacturing businesses. The analysis is supported using secondary data from 2004 to 2022 that has been collected from financial statements and reliable financial websites. The study classifies businesses according to their financial stability via bibliometric analysis, descriptive quantitative approaches, and cluster analysis. Variations in 3i Infotech consistently displayed signs of financial distress, while companies include Mphasis, Tech Mahindra, and NIIT occasionally fell into a grey area, suggesting intermittent financial uncertainty, the majority of companies stayed in the non-distress group from 2004 to 2021, indicating a low bankruptcy risk. The study suggests the implementation of specific corrective measures, such as comprehensive financial restructuring and better risk-management methods, for businesses that have been identified to be in the distress and grey zones. In addition, to reduce the risk of bankruptcy and ensure long-term financial stability, proactive processes for governance and ongoing monitoring are encouraged.
Co-Authors Chaudhary, Bharti Singh, Netra Pal