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Research Topics in Finance | Financing / Capital Structure Choices

In this blog post, I would like to present a list of research topics related to financing or capital structure decisions.

1   Top managers experiences and firms’ capital structure choices

1   Do macroeconomic factors affect the choice of debt /equity financing? How are small firms affected?

2   Supply of capital and debt-equity choices

3   Persistence in capital structure decisions?

4  Can earning timing affect capital structure decisions?

5   Can stock return shocks affect capital structure decisions?

6   Effects of Capital Structure on Cost of Capital

7  judicial efficiency and capital structure: is there a relation?

8   Cultural and religious effects on capital structure choices

9  Credit market imperfections and capital structure changes

10  How corporate governance affect capital structure decisions

11  How financial crisis plays a role in altering capital structures

12  Country tax system and capital structure choices

13  Information asymmetries and capital structure decisions around the world

14  Product market competition and capital structure decisions

15  Capital structure adjustments: Do macroeconomic and business risks matter?

16  The capital structure and investment decisions of the small owner-managed firm

17  Competing theories of capital structure: pecking order theory vs trade-off theory

18  Can hedging increase the debt capacity of a firm?

19  Can credit ratings determine firm’s capital structure

20  Diversification and capital structure

Sir g iam your student of MSc Finance 4th semester plz sir gee help me out i have selected a topic “Comparison of cash polices between public and private firms: i wasnt able to find relevant research papers on the above topic plzz sir i should be very thankful to you.

Sohrab, this is an area of research that has attracted much less attention. And the primary reason is that data is usually not available for private firms, as these firms are not required the the SECP to report their financial data. I wonder whether you will be able to obtain such data. As a starting point, you can read this paper and use it for backward and forward chaining of literature. https://hbswk.hbs.edu/item/comparing-the-cash-policies-of-public-and-private-firms

sir g am student of m.phil finance please help me select the topic for thesis

Assalam o Alaikum Sir, I am ex student of IMsciences, completed my MS-Finance. Now i am intended to get admission in Ph.D, for which I have to decided to compare the modern measure of performance with traditional measure of performance and to find out which one is more affective in terms of firm value. Non financial sector is kept in mind as an area of interest. topic is as ” Which better explains firm value? A comparative study of modern measure and traditional measure of performance.

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Research Topics & Ideas: Finance

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance 

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

Need a helping hand?

Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

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thank you for suggest those topic, I want to ask you about the subjects related to the fintech, can i measure it and how?

Please guide me on selecting research titles

I am doing financial engineering. , can you please help me choose a dissertation topic?

I’m studying Banking and finance (MBA) please guide me on to choose a good research topic.

I am studying finance (MBA) please guide me to choose a good research topic.

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Influence of Firm-Specific Variables on Capital Structure Decisions: An Evidence from the Fintech Industry

• First Online: 28 August 2024

Cite this chapter

• Suzan Dsouza 7 &
• Ajay Kumar Jain 8  

Part of the book series: Intelligent Systems Reference Library ((ISRL,volume 254))

Capital structure (Capstr) decisions have always been a concern for firms. It is crucial to decide the right proportion of borrowed funds for any organisation. This study examines the influence of firm-specific variables that determine the Capstr decisions of firms from the fintech industry. The data for this study is sourced through the Refinitiv Database consisting of the worldwide fintech industry. The selected sample consists of 186 firms from across the global fintech industry. Through a quantitative approach, we have used panel regression, supported by descriptive statistics and correlation, considering the annual financial published data of the selected firms for a period from 2011 to 2021. The data used in the study comprises of an unbalanced and a cross-sectional data of 1000 firm/year observations, imported from the selected 186 firms. The findings conclude that the firm size (FS), profitability (Prft), tangibility ratio (Tr) and volatility (Vol) have a significant impact on Total debt ratio (TDr) and Short term debt ratio (SDr), However only profitability (Prft) has a significant impact on Long term debt ratio (LDr). The study partially approves to be in agreement to the pecking order theory for the studied industry.

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Suzan Dsouza

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Dsouza, S., Jain, A.K. (2024). Influence of Firm-Specific Variables on Capital Structure Decisions: An Evidence from the Fintech Industry. In: Maglaras, L.A., Das, S., Tripathy, N., Patnaik, S. (eds) Machine Learning Approaches in Financial Analytics. Intelligent Systems Reference Library, vol 254. Springer, Cham. https://doi.org/10.1007/978-3-031-61037-0_15

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Research topics in finance – capital structure.

• Firm capital structure and its determinants
• Firm capital structure and tests of pecking order theory
• Firm capital structure and tests of trade off theory
• Firm capital structure and tests of static and dynamic trade off theories
• Firm capital structure and personal and corporate taxations
• Firm capital structure and marginal tax rates
• Firm capital structure and tests of agency theory
• Firm capital structure and firm dividend policy
• Firm capital structure and firm investment decisions
• Firm capital structure and firm growth opportunities
• Firm capital structure and underinvestment problems
• Firm capital structure and free cash flow hypothesis
• Firm capital structure and human capital hypothesis
• Firm capital structure and legal protection of investors
• Firm capital structure and country legal system
• Firm capital structure and judicial efficiency of a country
• Firm capital structure and bankruptcy costs
• Firm capital structure and managerial ownership
• Firm capital structure and institutional  ownership
• Firm capital structure and family ownership
• Firm capital structure and dispersed and concentrated ownership
• Firm capital structure and corporate group association
• Firm capital structure and corporate governance
• Firm capital structure and board independence
• Firm capital structure and controlling shareholders
• Firm capital structure and board structure
• Firm capital structure and compensation structure
• Firm capital structure and stock repurchase decision
• Firm capital structure and firm liquidity policies 
• Firm capital structure and firm size
• Firm capital structure and growth opportunities
• Firm capital structure and product market competition
• Firm capital structure and derivative use
• Firm capital structure and hedging decisions
• Firm capital structure and merger decisions
• Firm capital structure and firm life cycle
• Firm capital structure and earning management
• Firm capital structure and corporate disclosure policies
• Firm capital structure and business cycle
• Firm capital structure and partial adjustment models
• Firm capital structure and country’s culture
• Firm capital structure and economic policy  uncertainty
• Firm capital structure and inflation
• Firm capital structure and investment timing
• Firm capital structure and market timing
• Firm capital structure and capital market development
• Firm capital structure and credit rating of a firm
• Firm capital structure and information asymmetry costs
• Firm capital structure and transaction costs of external finance
• Firm capital structure and bank vs market based economies
• Firm capital structure and control rights and cash flow rights
• Firm capital structure and institutional framework
• Firm capital structure and state ownership
• Firm capital structure and equity mispricing
• Firm capital structure and overconfidence and optimism
• Firm capital structure and product market flexibility
• Firm capital structure and relevance of collateral
• Firm capital structure and credit rationing
• Firm capital structure and credit monitoring
• Firm capital structure and macroeconomic factors

Research Topics in Finance - Capital Structure

RESEARCH TOPICS IN FINANCE - CAPITAL STRUCTURE

Firm capital structure and:

its determinants

tests of pecking order theory

tests of trade off theory

tests of static and dynamic trade off theories

personal and corporate taxations

marginal tax rates

tests of agency theory

firm dividend policy

firm investment decisions

firm growth opportunities

underinvestment problems

free cash flow hypothesis

human capital hypothesis

legal protection of investors

country legal system

judicial efficiency of a country

bankruptcy costs

managerial ownership

institutional ownership

family ownership

dispersed and concentrated ownership

corporate group association

corporate governance

board independence

controlling shareholders

board structure

compensation structure

dividend policy

stock repurchase decision

firm liquidity policies 

growth opportunities

product market competition

derivative use

hedging decisions

merger decisions

firm life cycle

earning management

corporate disclosure policies

business cycle

partial adjustment models

country's culture

economic policy uncertainty

investment timing

market timing

capital market development

credit rating of a firm

information asymmetry costs

transaction costs of external finance

bank vs market based economies

control rights and cash flow rights

institutional framework

state ownership

equity mispricing

overconfidence and optimism

product market flexibility

relevance of collateral

credit rationing

credit monitoring

macroeconomic factors