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The study objects for determining whether the listed firms in Congo Securities Exchange exercise the phenomenon of earnings management in its financial reporting,and whether these practices are affected or driven by the capital structure of firms.Using a panel of non-financial firms listed on the Congo Securities Exchange,we investigate the relevance of capital structure on firm value and investigate the capital structure of firms in Congo.The results of the analysis on the relevance of capital structure on firm value indicated that there is no statistically significant relationship between firm value and the capital structure of firms.This analysis was conducted for the general sample of firms in the study,within industries and by firm size;however,the results were consistent throughout all the analysis.The results of the capital structure and its determinants analysis indicated that Congo firms followed a pecking order theory.The results also indicated that profitability,size,asset tangibility and tax shield has a statistically significant relationship to gearing or the firm’s capital structure.The analysis of Congo firms’ capital structure indicated that firms in Congo tend to use more long-term debt than short-term debt.The leverage ratios also differed among industries with the Health care industry having the highest levels of leverage and the Technology industry having the lowest levels of leverage.