000			04184nam a22002657a 4500
003			KOHA
005			20241008135325.0
008			240927d2024 cy d|||| |||| 00| 0 eng d
040			_aCY-NiCIU _beng _cCY-NiCIU _erda
041			_aeng
090			_aD 451 _bA74 2024
100	1		_aArhinful, Richard
245	1	0	_aLEVERAGING SUCCESS: AN IN-DEPTH ANALYSIS OF FINANCIAL LEVERAGE AND COVERAGE RATIOS IMPACTING THE PERFORMANCE OF JAPAN'S NON-FINANCIAL INSTITUTIONS / _cRICHARD ARHINFUL ; SUPERVISOR, ASST. PROF. DR. MEHRSHAD RADMEHR HASHEMIPOUR
264			_c2024
300			_a333 sheets ; _c30 cm _e+1 CD ROM
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
502			_aThesis (PhD) - Cyprus International University. Institute of Graduate Studies and Research Accounting and Finance
520			_aJapan is widely regarded as one of the world's most advanced nations. The country's electronics industry, in particular, is consistently ranked among the global leaders in innovation. Industries such as automotive, construction, electronics, metal manufacturing, and telecommunications have traditionally leaned more heavily on debt financing for both their day-to-day operations and investment endeavors, rather than relying on equity financing. In Japan, debt financing is favored as a cost-effective source of capital when compared to equity financing. The study aimed to determine the effect of financial leverage on the financial performance of Japanese firms. The study selected 257 automotive, construction, electronic, metal, and telecommunications companies between 2000 and 2021. To find the effect of financial leverage on financial performance, the study used the random effect and the GMM to estimate the effect of the firms' leverage on financial performance. It was found that interest coverage has a positive and statistically significant effect on ROA, ROE, and Tobin's Q. It was discovered that cash coverage has a positive and statistically significant effect on ROE. The investigation revealed that debt service obligations have a negative and statistically significant effect on financial performance. Coverage ratios, including assets coverage, cash coverage, interest coverage, and annual debt service ratio, provide insights into a firm's financial health and stability. The coverage ratios are crucial for assessing the risk exposure of non-financial firms, and effective risk management involves evaluating the company's capacity to service its debt, maintain liquidity, and mitigate financial distress. The impact of coverage ratios on financial performance contributes to developing policies that enhance financial stability and reduce systemic risks within the non-financial sector. Insights into how coverage ratios impact financial performance guide firms in optimizing their capital structure, managing debt levels, and making informed decisions about investment and financing activities. Maintaining adequate cash coverage is crucial for liquidity management, where financial managers focus on strategies to ensure sufficient cash reserves to cover shortterm obligations. Monitoring and controlling interest expenses are essential for improving the interest coverage ratio. Managers explore opportunities to negotiate iv favorable interest rates, refinance debt when beneficial, and strategically manage the company's capital structure to minimize interest burdens. Financial managers develop comprehensive debt service planning, which includes aligning debt repayment schedules with cash flow patterns, exploring debt restructuring options, and ensuring that the company comfortably meet its debt obligations. Financial executives and managers navigate the complexities of financial management, optimize coverage ratios, and contribute to the financial health and performance of non-financial institution firms in the Tokyo Stock Exchange.
650		0	_aAccounting and Finance _vDissertations, Academic _xBusiness Administration
700	1		_aHashemipour, Mehrshad Radmehr _esupervısor
942			_2ddc _cTS
999			_c292897 _d292897