Implications of change management in public administration

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Revista Tinerilor Economişti (The Young Economists Journal) Details GPR OPR NPR ROCE ROI Constant 6.938 ( t = 0.657; P = 0.530) -145.773 ( t = -3.134; P =0.014) 46.779 ( t = 0.665; P= 0.525) 62.262 (t=3.385;P=0.010) 21.956 t=0481;P=0.643) R 0.864 0.864 0.818 0.863 0.235 R 2 0.747 0.747 0.669 0.745 0.055 Adjusted R 2 0.620 0.620 0.504 0.618 -0.417 Standard 1.67330 7.367 11.152 3.241 7.223 Error F Value 5.899 (0.016) 5.898(0.016) 4.045 (0.044) 0.523(0.668) 0.117 (0.973) Note: Figure in the Parentheses indicate P- value The specification of the four variables such as D/E; D/A; CG and IC in the above model revealed the ability to predict profitability (R 2 = 0.747; 0.747; 0.669; 0.745 and 0.055 respectively). In this model R 2 value of above five profitability ratios denote that 74.7%; 74.7%; 66.9%;74.5% and 55.5% to the observed variability in profitability can be explained by the differences in four independent variability namely debt to equity ratio; debt to assets ratio, capital gearing ratio and interest coverage ratio. The remaining 25.3%; 25.3%; 33.1% and 44.5% are not explained, because the remaining part of the variance in profitability is related to other variables which are not depicted in the model. An examination of the model summary in conjunction with ANOVA (F–value) indicates that the model explains the most possible combination of predictor variables that could contribute to the relationship with the dependent variables. For model 1- F value is 5.899 and respective P value is 0.016 which is statistically significant at 5 percent levels. In this case it reveals that GPR has a significant impact on CG at 1 percent levels (t = 4.637). Again considering model 2- F value is 5.898 (P=0.016) which is statistically significant at 5 percent levels, it indicates that OPR has a significant impact on D/A (t = 4.058) and IC (t =2.969) at 1 percent levels and 5 percent levels. On the other hand, model 3, F-value is 4.045 and respective P value is 0.044 which statistically significant at 10 percent levels. Model 4, we see that all of the corresponding F Value is insignificant in respect to their consequent P values. However, it should be noted here that there may be some other variables which can have an impact on financial performance, which need to be studied. 5. Conclusions This paper examined capital structure and its impact on profitability: a study of listed manufacturing companies in Sri Lanka. The analysis of listed manufacturing companies shows that D/E ratio is positively and strongly associated to all profitability ratios (GPR; OPR; NPR) except ROCE and ROI. D/A Ratio is positively and strongly associated to OPR, NPR and ROCE. Similarly CG ratio is also positively correlated to GPR and NPR. Further, IC ratio is significantly correlates to ROCE and NPR. Further capital structure has a great impact on all profitability ratios. REFERENCES 1. Bagozzi 1 R. P., On the Evaluation of Structural Equation Models. Journal of the Yi . Y. Academy of Marketing Science, 1988. 2. Banu, S. Evaluation of Financial Structure of Rajshahi Jute Mills Ltd. The Islamic University Studies, 1990. 14
3. Bierman, H., (Jr), Simidt, S. 4. Bradley, M., Jarrell, G.A., 15 Finances - Accounting The Capital Budgeting Decisions, New Delhi: Macmillan Company. On the Existence of an optimal Capital Structure: Theory and evidence. Journal of Finance, 1984. Kim, E.H. 5. Choudhury, J.A. Evaluation of Capital Structure of Three companies Listed with Dhaka Stock exchange. The Cost and Management, XXI (4), 1993. 6. Cronbach, L.J. Coefficient Alpha and the Internal Structure of Tests. Psychometrika, 1951. 7. Ehrhardt, M.C., Corporate Finance: A Focused Approach, (1 st ed.), Mason, Thomson, Brigham, E.F. 2003. 8. Gemmill, G. Capital Structure and Firm value: A Study of Split-Capital Closed- End funds in the UK, City, 2001. 9. Guthman, H.G., Corporate and Financial Policy, 4 th ed, Prentice Hall Ic, Englewood Dougalls, H.E. Cliffs New Jersey. 10. Harris, M., The Theory of Capital Structure. Journal of Finance, 1991. Raviv, A. 11. Hoque, Some Issues of Corporate Capital Structure: A Case study of A.K.M.Z. Engineering Industries Listed on the Dhaka Stock Exchange. The 12. Mahmud, M.M., Bhattarcharjee, M.K. Cost and Management, July –August, 1989. A Comparative Analysis of Capital Structure. Chittagong University Studies, 1989. 13. Mayer, C. Corporation tax, finance and the cost of capital, Review of Economic Studies, 1986. 14. Masulis, R.M. The Debt/equity Choice, Ballinger, Cambridge, Mass, 1998. 15. Messbacher, U. Does Capital influence firms value, Ulster, 2004. 16. Miller, M.H. Debt and Tax. Journal of Finance, 1977. 17. Modigliani, F., The Cost of Capital, Corporation Finance and the Theory of Miller, M.H. Investment. American Economic Review, 1958. 18. Modigliani, F., The Cost of Capital Corporation Finance and Theory of Investment. Miller,M.H. American Economic Review, 1959. 19. Modigliani, F., A Reply and Corporation Income Taxes and the Cost of Capital; A Miller, M.H. Correction. American Economic Review, 1963. 20. Modigliani, F., Corporate Income Taxes and the Cost of Capital, 1963. Miller, M.H. 21. Lawerence, D.S., Introduction to Financial Management,4 th ed. New York :McGraw- Hill Book Company, 1986. Charles, W.H. 22. Leo, T. Almanac of Business and Industrial Financial Ratios, Englewood cliffs, N.J. Prentice-Hall, as quoted by James C. Venhorne. Fundamentals of Financial Management, 1982. 23. Nunnally, J. C., Ira Psychometrics Theory: New York. McGraw – Hill, 1994. Bernstein. 24. Rahman, M.M. Financial Performance of Kushtia Sugar Mills Ltd. The Islamic University Studies, 1995. 25. Sina, M.A., Financial Statement Analysis of Khulna News Print Mills Ltd. The Matubber, Islamic University Studies, 1998. M.A.A. 26. Taylor, W.B. Financial Policies of Business Enterprises, 2 nd ed, Appleton – Century, Crofts N.Y. 27. Venhorne, G. Financial Management Policy, Prentice-Hall of India Private Ltd,
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Page 3 and 4: EDITORIAL The cause of the economic
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