Bibliometric analysis of trends and patterns in capital structure research: A decade-long review (2012-2022)

Mfaume Ismail Mahmoud; Arni Surwanti; Firman Pribadi

doi:10.31893/multiscience.2024025

Keywords:

Abstract

This study aims to comprehensively analyze capital structure research trends and patterns from 2012 to 2022, employing the esteemed Scopus database as its primary data source. Methodologically, a systematic screening process within Scopus identifies pertinent literature, while the analytical capabilities of VOS viewer are harnessed to dissect keyword occurrences and co-authorship networks. Key findings underscore a notable upsurge in publications dedicated to capital structure research, culminating in a pinnacle of scholarly activity in 2022. Notably, Rossi, M., emerges as the preeminent contributor in this academic discourse, boasting the highest volume of publications within this domain. This analysis assumes paramount importance, serving as a guiding compass for researchers navigating the intricate landscape of capital structure. It provides a comprehensive panorama of seminal articles, influential authors, prevalent research themes, and dominant countries of origin, encapsulating the core facets of capital structure research. However, it is imperative to acknowledge a limitation rooted in the exclusive reliance on the Scopus database, which, although prestigious, may inadvertently exclude valuable contributions not indexed within its confines. This study contributes significantly to the burgeoning field of capital structure research across diverse academic disciplines, shedding light on principal researchers and their global origins and thus underscoring the domain's universal relevance. By offering valuable insights, it is poised to inspire future corporate finance and capital structure advancements.
References
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2. Campbell, D. E., & Kelly, J. S. (2013). Social choice and economic theory trade-off theory. American Economic Association, 84(2), 422–426.
3. D’Amato, A. (2020). Capital structure, debt maturity, and financial crisis: Empirical evidence from SMEs. Small Business Economics, 55(4), 919–941. https://doi.org/10.1007/s11187-019-00165-6
4. Dolhey, S. (2019). A bibliometric study of entrepreneurial intentions research from 2000 to 2018. Journal of Marketing and Entrepreneurship Research, 21(2), 180–199. https://doi.org/10.10108/JRME-02-2019-0015
5. Gunardi, A., Firmansyah, E. A., Widyaningsih, I. U., & Rossi, M. (2020). Capital structure determinants of construction companies: Does the company’s scale moderate the results? Montenegrin Journal of Economics, 16(2), 93–100. https://doi.org/10.14254/1800-5845/2020.16-2.7
6. Jensen, M. C., & Meckling, W. H. (2019). The firm’s theory of managerial behavior, agency costs, and ownership structure. In Corporate Governance, (77–132). Gower. https://doi.org/10.4159/9780674274051-006
7. Jõeveer, K. (2018). Firm capital structure in Europe: A comparative analysis of firms from Central and Eastern Europe versus those from the West in a changing financial environment. In The Routledge companion to European business (pp. 267–281). Routledge.
8. Khan, A., Goodell, J. W., Hassan, M. K., & Paltrinieri, A. (2022). A bibliometric review of finance bibliometric papers. Finance Research Letters, 47, 102520. https://doi.org/10.1016/j.frl.2021.102520
9. Kumar, S., Sureka, R., & Colombage, S. (2020). Capital structure of SMEs: A systematic literature review and bibliometric analysis. Management Review Quarterly. Springer International Publishing, 70(4), 535–565. https://doi.org/10.1007/s11301-019-00175-4
10. Laudano, M. C., Marzi, G., & Caputo, A. (2018). A decade of the International Journal of Entrepreneurship and Small Business: A bibliometric analysis. International Journal of Entrepreneurship and Small Business, 33(2), 289–314. https://doi.org/10.1504/IJESB.2018.090151
11. Leland, H. E. (1998). Agency costs, risk management, and capital structure. Journal of Finance, 53(4), 1213–1243. https://doi.org/10.1111/0022-1082.00051
12. Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3), 433–443.
13. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when corporations possess information that investors lack. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
14. Myers, S. C. (1984). The Capital structure puzzle. Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
15. Olusola, B. E., Mengze, H., Chimezie, M. E., & Chinedum, A. P. (2022). The large companies on the Hong Kong Stock Exchange demonstrate the effect of capital structure on a company’s performance. Open Journal of Business and Management, 10(3), 1332–1361. https://doi.org/10.4236/ojbm.2022.103072
16. Priyan, P. K., Nyabakora, W. I., & Rwezimula, G. (2023). A bibliometric analysis of the capital structure knowledge base. Vision, 27(2), 155–166. https://doi.org/10.1177/09722629221140190
17. Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufil-Mohd, K. N., Mohd Taib, H., & Shahar, H. K. (2020) Determinants of capital structure: Evidence from Malaysian firms. Asia-Pacific Journal of Business Administration, 12(3/4), 283–326. https://doi.org/10.1108/APJBA-09-2019-0202
18. Sampaio, R. B., Fonseca, M. V. D. A., & Zicker, F. (2016). Co-authorship network analysis in health research: Methodology and possible applications. Health Research Policy and Systems, 14(1), 1–10. https://doi.org/10.1186/s12961-016-0104-5
19. Seppa, R. (2008). Capital structure decisions: Research in Estonian non‐financial companies. Baltic Journal of Management, 3(1), 55–70. https://doi.org/10.1108/17465260810844266
20. Sinnadurai, P. (2022). ‘Empirical Corporate Finance: Opportunities and Challenges’—Editorial synthesis of the special issue. Journal of Risk and Financial Management, 15(9), 377. https://doi.org/10.3390/jrfm15090377
21. Tripathy, A., & Uzma, S. H. (2022). Does debt heterogeneity impact firm value? Evidence from an emerging context. South Asian Journal of Business Studies, 11(4), 471–488. https://doi.org/10.1108/SAJBS-06-2020-0179
22. Zakaria, R., Ahmi, A., Ahmad, A. H., Othman, Z., Azman, K. F., Ab Aziz, C. B., Ismail, C. A. N., & Shafin, N. (2021). Visualizing and mapping a decade of literature on honey research: A bibliometric analysis from 2011 to 2020. Journal of Apicultural Research, 60(3), 359–368. https://doi.org/10.1080/00218839.2021.1898789

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How to cite

Mahmoud, M. I., Surwanti, A., & Pribadi, F. (2023). Bibliometric analysis of trends and patterns in capital structure research: A decade-long review (2012-2022). Multidisciplinary Reviews, 7(2), 2024025. https://doi.org/10.31893/multiscience.2024025

[1] Bajaj, Y., Kashiramka, S., & Singh, S. (2021). Application of capital structure theories: A systematic review. Journal of Advances in Management Research, 18(2), 173–199. https://doi.org/10.1108/JAMR-01-2020-0017

[2] Campbell, D. E., & Kelly, J. S. (2013). Social choice and economic theory trade-off theory. American Economic Association, 84(2), 422–426.

[3] D’Amato, A. (2020). Capital structure, debt maturity, and financial crisis: Empirical evidence from SMEs. Small Business Economics, 55(4), 919–941. https://doi.org/10.1007/s11187-019-00165-6

[4] Dolhey, S. (2019). A bibliometric study of entrepreneurial intentions research from 2000 to 2018. Journal of Marketing and Entrepreneurship Research, 21(2), 180–199. https://doi.org/10.10108/JRME-02-2019-0015

[5] Gunardi, A., Firmansyah, E. A., Widyaningsih, I. U., & Rossi, M. (2020). Capital structure determinants of construction companies: Does the company’s scale moderate the results? Montenegrin Journal of Economics, 16(2), 93–100. https://doi.org/10.14254/1800-5845/2020.16-2.7

[6] Jensen, M. C., & Meckling, W. H. (2019). The firm’s theory of managerial behavior, agency costs, and ownership structure. In Corporate Governance, (77–132). Gower. https://doi.org/10.4159/9780674274051-006

[7] Jõeveer, K. (2018). Firm capital structure in Europe: A comparative analysis of firms from Central and Eastern Europe versus those from the West in a changing financial environment. In The Routledge companion to European business (pp. 267–281). Routledge.

[8] Khan, A., Goodell, J. W., Hassan, M. K., & Paltrinieri, A. (2022). A bibliometric review of finance bibliometric papers. Finance Research Letters, 47, 102520. https://doi.org/10.1016/j.frl.2021.102520

[9] Kumar, S., Sureka, R., & Colombage, S. (2020). Capital structure of SMEs: A systematic literature review and bibliometric analysis. Management Review Quarterly. Springer International Publishing, 70(4), 535–565. https://doi.org/10.1007/s11301-019-00175-4

[10] Laudano, M. C., Marzi, G., & Caputo, A. (2018). A decade of the International Journal of Entrepreneurship and Small Business: A bibliometric analysis. International Journal of Entrepreneurship and Small Business, 33(2), 289–314. https://doi.org/10.1504/IJESB.2018.090151

[11] Leland, H. E. (1998). Agency costs, risk management, and capital structure. Journal of Finance, 53(4), 1213–1243. https://doi.org/10.1111/0022-1082.00051

[12] Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3), 433–443.

[13] Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when corporations possess information that investors lack. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0

[14] Myers, S. C. (1984). The Capital structure puzzle. Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x

[15] Olusola, B. E., Mengze, H., Chimezie, M. E., & Chinedum, A. P. (2022). The large companies on the Hong Kong Stock Exchange demonstrate the effect of capital structure on a company’s performance. Open Journal of Business and Management, 10(3), 1332–1361. https://doi.org/10.4236/ojbm.2022.103072

[16] Priyan, P. K., Nyabakora, W. I., & Rwezimula, G. (2023). A bibliometric analysis of the capital structure knowledge base. Vision, 27(2), 155–166. https://doi.org/10.1177/09722629221140190

[17] Saif-Alyousfi, A. Y. H., Md-Rus, R., Taufil-Mohd, K. N., Mohd Taib, H., & Shahar, H. K. (2020) Determinants of capital structure: Evidence from Malaysian firms. Asia-Pacific Journal of Business Administration, 12(3/4), 283–326. https://doi.org/10.1108/APJBA-09-2019-0202

[18] Sampaio, R. B., Fonseca, M. V. D. A., & Zicker, F. (2016). Co-authorship network analysis in health research: Methodology and possible applications. Health Research Policy and Systems, 14(1), 1–10. https://doi.org/10.1186/s12961-016-0104-5

[19] Seppa, R. (2008). Capital structure decisions: Research in Estonian non‐financial companies. Baltic Journal of Management, 3(1), 55–70. https://doi.org/10.1108/17465260810844266

[20] Sinnadurai, P. (2022). ‘Empirical Corporate Finance: Opportunities and Challenges’—Editorial synthesis of the special issue. Journal of Risk and Financial Management, 15(9), 377. https://doi.org/10.3390/jrfm15090377

[21] Tripathy, A., & Uzma, S. H. (2022). Does debt heterogeneity impact firm value? Evidence from an emerging context. South Asian Journal of Business Studies, 11(4), 471–488. https://doi.org/10.1108/SAJBS-06-2020-0179

[22] Zakaria, R., Ahmi, A., Ahmad, A. H., Othman, Z., Azman, K. F., Ab Aziz, C. B., Ismail, C. A. N., & Shafin, N. (2021). Visualizing and mapping a decade of literature on honey research: A bibliometric analysis from 2011 to 2020. Journal of Apicultural Research, 60(3), 359–368. https://doi.org/10.1080/00218839.2021.1898789

Abstract

References

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