Capital structure in the construction industry: theory and practice
Why this work is in the frame
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Bibliographic record
Abstract
Starting with the seminal work of Modigliani and Miller in 1958, various capital structure theories have been set forth by corporate finance researchers, such as the trade-off and financial hierarchy theories. The present research uses data from the survey questionnaire conducted with 158 Turkish construction companies to explain the financial decisions of contractors in terms of capital structure theories. Results reveal that firm age, size, and asset values appear to be positively correlated to debt–equity ratio and the volatility of earnings and cashflows are important determinants of leverage, confirming the trade-off theory. On the other hand, the construction sector clearly follows a financial order consistent with the financial hierarchy theory, but other propositions of the theory are not supported. Overall, it is concluded that capital structure decisions of construction firms cannot fully be explained by the existing models. Rather, firms appear to exploit “windows of opportunity” emerging from changes in macroeconomic indicators, such as interest rates, GDP, and resulting market conditions.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.007 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it