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Predicting Long-Term Debt in the Healthcare Sector.
В наличии
Местонахождение: Алматы | Состояние экземпляра: новый |
Бумажная
версия
версия
Автор: Jason Turner
ISBN: 9783639708707
Год издания: 2014
Формат книги: 60×90/16 (145×215 мм)
Количество страниц: 184
Издательство: Scholars' Press
Цена: 46972 тг
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Аннотация: To understand the appropriate capital structure for healthcare firms, a two-stage approach to predict the use of long-term debt can provide valuable insight into the determinants of leverage. Business risk (BR) in tandem with other determinants of capital structure does improve predictive power in a two-part econometric model. However, because of the frequency of not-for-profit(NFP) entities in the Healthcare Sector, an approximation of BR was developed and used in a sample of investor-owned and NFP firms. Within the IO sample, a combined model (BR and traditional determinants)that uses the BR approximation explains over 33% of the variance in long-term debt usage among healthcare providers and service firms. The same BR proxy and model explains 7.2% of the variance among NFP hospitals. The substantially different results among the IO and NFP firms suggest that NFP firms are not adequately accounting for risk when determining their long-term debt usage, NFP healthcare facilities have a different response to risk relative to their IO counterparts, or the benefits of long-term debt financing that accrue to NFP firms are greater than the benefits that accrue to IO firms.
Ключевые слова: Healthcare, Hospitals, capital structure, not-for-profit, 501C3