CAPITAL STRUCTURE OF PUBLIC LISTED PROPERTY FIRMS : EVIDENCE FROM 5 ASEAN NATIONS

Abstract

The paper seeks to address the lack of studies on the capital structure of property firms in ASEAN nations. For the study, a sample of 180 firms is taken from the following countries: Indonesia, Malaysia, Philippines, Singapore and Thailand, for the period 2006 – 2010. Firm determinants such as profitability and non-debt tax shield have negative relationship. The property firms in Singapore seem to display a different capital structure from the other countries. The findings indicate that country determinants, stock market activity and GDP growth are significant to leverage. Since the research period falls within the 2008 Global Financial Crisis, it was analysed and found that it has a varying impact on the capital structure of property firms. Philippines and Indonesia has found to display similar characteristics in capital structure for the post-crisis period.