Saudi Cultural Missions Theses & Dissertations
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Item Restricted Capital Structure and Corporate Governance: Evidence from the Gulf Cooperation Council Countries(University of New England, 2024) Alharbi, Bader Sunaytan H; Yarram, Subba ReddyThe primary aim of this study is to assess the impact of corporate governance characteristics on the capital structure across firms in the Gulf Cooperation Council (GCC) countries. The study adopts a robust quantitative approach using a sample of companies listed (non-financial from 2010-2020) in the stock market in all six GCC countries, employing panel regression models. The empirical analysis finds evidence of the significant impact of both board characteristics and ownership on a firm’s capital structure. The study also explores the interplay between corporate governance characteristics, ownership structures, and internal firm factors in shaping the capital structure of GCC firms, particularly highlighting the nuances in Saudi Arabia.81 0Item Restricted Tata Steel’s Capital Structure Decision(University of Surrey, 2024-08) Alrefaei, Abdulrazaq; Shaker, AhmedThis report analyses Tata Steel's capital structure and recommends optimizing its leverage levels to create long-term shareholder value. Due to past acquisitions, Tata Steel is currently leveraged with a debt-to-equity ratio of 1.61x. However, the cyclical steel industry faces inherent risks, necessitating prudent financial management. A weighted average cost of capital analysis shows leverage increases Tata Steel's risk profile by raising its WACC. Scenario testing reveals higher debt weakens financial metrics during downturns compared to lower debt levels. Peer benchmarking finds Tata Steel's leverage exceeds global steel majors. The optimal capital structure is estimated at a 1.4x debt-equity ratio by balancing tax benefits and bankruptcy costs. Short-term strategies proposed include accelerating asset sales and debt restructuring. Maintaining a debt equity ratio of 1.4x through sustained deleveraging, working capital improvements, and selective expansions is recommended in the long term. This balanced approach can enhance financial flexibility to withstand volatility while creating shareholder value.11 0