Debt 54 0 ,5932 ,6065 ,50 ,11333 ,013 -,150 ,325 -,831 ,639 ,37 ,80 32,04 ,5041 ,6065 ,6724 Valid Missing N Mean Median Mode Std. Deviation Variance Skewness Std. Error of Skewness Kurtosis Std. Error of Kurtosis Minimum Maximum Sum 25 50 75 Percentiles
Bijlagen
Bijlage 1: Samenvatting beschrijvende statistieken
Tabel 1.1:Vreemd vermogen overzicht totale dataset. Tabel 1.2: Vreemd vermogen 1996 –1997.
Debt 255 0 ,6412 ,6553 ,50 ,12771 ,016 -,414 ,153 1,052 ,304 ,20 ,94 163,51 ,5534 ,6553 ,7222 Valid Missing N Mean Median Mode Std. Deviation Variance Skewness Std. Error of Skewness Kurtosis Std. Error of Kurtosis Minimum Maximum Sum 25 50 75 Percentiles Debt 39 0 ,6452 ,6687 ,51 ,16134 ,026 -,747 ,378 1,195 ,741 ,22 ,94 25,16 ,5660 ,6687 ,7500 Valid Missing N Mean Median Mode Std. Deviation Variance Skewness Std. Error of Skewness Kurtosis Std. Error of Kurtosis Minimum Maximum Sum 25 50 75 Percentiles
Tabel 1.3: Vreemd vermogen 1998 –1999. Tabel 1.4: Vreemd vermogen 2000 –2001.
Debt 63 0 ,6688 ,6667 ,50a ,09844 ,010 ,492 ,302 ,475 ,595 ,50 ,93 42,14 ,6118 ,6667 ,7093 Valid Missing N Mean Median Mode Std. Deviation Variance Skewness Std. Error of Skewness Kurtosis Std. Error of Kurtosis Minimum Maximum Sum 25 50 75 Percentiles
Multiple modes exist. The smallest value is shown a.
Debt 50 0 ,6190 ,6129 ,46a ,15440 ,024 -,423 ,337 ,498 ,662 ,20 ,92 30,95 ,5143 ,6129 ,7462 Valid Missing N Mean Median Mode Std. Deviation Variance Skewness Std. Error of Skewness Kurtosis Std. Error of Kurtosis Minimum Maximum Sum 25 50 75 Percentiles
Multiple modes exist. The smallest value is shown a. Debt 49 0 ,6780 ,6696 ,67 ,09575 ,009 ,497 ,340 -,113 ,668 ,53 ,90 33,22 ,6018 ,6696 ,7500 Valid Missing N Mean Median Mode Std. Deviation Variance Skewness Std. Error of Skewness Kurtosis Std. Error of Kurtosis Minimum Maximum Sum 25 50 75 Percentiles
Bijlage 2: Beschrijvende statistieken per sector
Tabel 2.1: Utilities, vreemd vermogen.
10 ,46 ,82 ,6209 ,17658
10 Debt
Valid N (listwise)
N Minimum Maximum Mean Std. Deviation
Tabel 2.2: Technology, vreemd vermogen.
13 ,37 ,71 ,5494 ,10731
13 Debt
Valid N (listwise)
N Minimum Maximum Mean Std. Deviation
Tabel 2.3: Healthcare, vreemd vermogen
3 ,51 ,74 ,6477 ,12429
3 Debt
Valid N (listwise)
N Minimum Maximum Mean Std. Deviation
Tabel 2.4: Financials, vreemd vermogen.
9 ,22 ,71 ,4983 ,17845
9 Debt
Valid N (listwise)
N Minimum Maximum Mean Std. Deviation
Tabel 2.5: Basic materials, vreemd vermogen.
15 ,38 ,88 ,5717 ,16876
15 Debt
Valid N (listwise)
Bijlage 3: Correlatie in de loop der jaren per industrie
Tabel 3.1: Correlatiematrix, periode 1996 –2000, service sector.
1 -,341* ,180 ,288* ,237 ,134 ,019 ,227 ,049 ,108 ,369 47 47 47 47 47 47 -,341* 1 ,034 -,138 -,256 ,170 ,019 ,818 ,354 ,082 ,254 47 47 47 47 47 47 ,180 ,034 1 ,301* ,088 ,143 ,227 ,818 ,040 ,557 ,338 47 47 47 47 47 47 ,288* -,138 ,301* 1 -,083 ,214 ,049 ,354 ,040 ,581 ,148 47 47 47 47 47 47 ,237 -,256 ,088 -,083 1 ,100 ,108 ,082 ,557 ,581 ,502 47 47 47 47 47 47 ,134 ,170 ,143 ,214 ,100 1 ,369 ,254 ,338 ,148 ,502 47 47 47 47 47 47 Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Debt Risk Size Tangibility Profitability Growth
Debt Risk Size Tangibility Profitability Growth
Correlation is significant at the 0.05 level (2-tailed). *.
Tabel 3.2: Correlatiematrix, periode 1996 –2000, service sector.
1 -,333* ,173 ,063 ,061 ,282 ,047 ,312 ,713 ,725 ,095 36 36 36 36 36 36 -,333* 1 -,114 -,050 ,031 -,319 ,047 ,509 ,772 ,860 ,058 36 36 36 36 36 36 ,173 -,114 1 ,430** -,308 -,011 ,312 ,509 ,009 ,067 ,950 36 36 36 36 36 36 ,063 -,050 ,430** 1 -,185 ,030 ,713 ,772 ,009 ,281 ,864 36 36 36 36 36 36 ,061 ,031 -,308 -,185 1 ,513** ,725 ,860 ,067 ,281 ,001 36 36 36 36 36 36 ,282 -,319 -,011 ,030 ,513** 1 ,095 ,058 ,950 ,864 ,001 36 36 36 36 36 36 Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Debt Risk Size Tangibility Profitability Growth
Debt Risk Size Tangibility Profitability Growth
Correlation is significant at the 0.05 level (2-tailed). *.
Correlation is significant at the 0.01 level (2-tailed). **.
Bijlage 4: Regressieanalyse per periode
1996 –1997
Tabel 4.1: ANOVA Debt, 1996 - 1997.
,507 5 ,101 6,941 ,000a ,482 33 ,015 ,989 38 Regression Residual Total Model 1 Sum of
Squares df Mean Square F Sig.
Predictors: (Constant), Growth, Size, Risk, Profitability, Tangibility a.
Tabel 4.2: Model samenvatting Debt, 1996 - 1997.
,716a ,513 ,439 ,12087 Model 1 R R Square Adjusted R Square Std. Error of the Estimate
Predictors: (Constant), Growth, Size, Risk, Profitability, Tangibility
a.
Tabel 4.3: Coëfficiënten Debt, 1996 - 1997.
,633 ,067 9,468 ,000 -1,816 ,475 -,486 -3,826 ,001 -,525 -,554 -,465 ,917 1,090 2,03E-007 ,000 ,210 1,529 ,136 ,387 ,257 ,186 ,784 1,275 ,103 ,091 ,157 1,135 ,264 ,240 ,194 ,138 ,777 1,287 ,537 ,230 ,316 2,331 ,026 ,328 ,376 ,283 ,803 1,245 -,007 ,003 -,351 -2,631 ,013 -,101 -,416 -,320 ,831 1,203 (Constant) Risk Size Tangibility Profitability Growth Model 1 B Std. Error Unstandardized Coefficients Beta Standardized Coefficients
t Sig. Zero-order Partial Part
Correlations
Tolerance VIF
Collinearity Statistics
1998 –1999
Tabel 4.4: ANOVA Debt, 1998 - 1999.
,155 5 ,031 3,963 ,004a ,446 57 ,008 ,601 62 Regression Residual Total Model 1 Sum of
Squares df Mean Square F Sig.
Predictors: (Constant), Growth, Size, Profitability, Tangibility, Risk a.
Tabel 4.5: Model samenvatting Debt, 1998 - 1999.
,508a ,258 ,193 ,08844 Model 1 R R Square Adjusted R Square Std. Error of the Estimate
Predictors: (Constant), Growth, Size, Profitability, Tangibility, Risk
Tabel 4.6: Coëfficiënten 1998 - 1999. ,611 ,031 19,634 ,000 -,484 ,251 -,244 -1,930 ,059 -,262 -,248 -,220 ,812 1,231 1,67E-007 ,000 ,204 1,724 ,090 ,303 ,223 ,197 ,926 1,080 ,102 ,047 ,263 2,176 ,034 ,278 ,277 ,248 ,893 1,120 ,176 ,089 ,240 1,985 ,052 ,203 ,254 ,226 ,892 1,120 ,001 ,001 ,170 1,360 ,179 ,060 ,177 ,155 ,831 1,203 (Constant) Risk Size Tangibility Profitability Growth Model 1 B Std. Error Unstandardized Coefficients Beta Standardized Coefficients
t Sig. Zero-order Partial Part
Correlations
Tolerance VIF
Collinearity Statistics
2000 –2001
Tabel 4.7: ANOVA Debt, 2000 - 2001.
,152 5 ,030 2,752 ,029a ,529 48 ,011 ,681 53 Regression Residual Total Model 1 Sum of
Squares df Mean Square F Sig.
Predictors: (Constant), Growth, Tangibility, Risk, Size, Profitability a.
Tabel 4.8: Model samenvatting Debt, 2000 - 2001.
,472a ,223 ,142 ,10499 Model 1 R R Square Adjusted R Square Std. Error of the Estimate
Predictors: (Constant), Growth, Tangibility, Risk, Size, Profitability
a.
Tabel 4.9: Coëfficiënten Debt, 2000 - 2001.
,528 ,041 12,841 ,000 -,345 ,140 -,322 -2,468 ,017 -,292 -,336 -,314 ,952 1,050 1,28E-007 ,000 ,077 ,549 ,586 ,137 ,079 ,070 ,813 1,230 ,139 ,063 ,314 2,186 ,034 ,331 ,301 ,278 ,786 1,272 ,022 ,177 ,018 ,127 ,900 -,050 ,018 ,016 ,777 1,287 ,001 ,001 ,117 ,844 ,403 ,130 ,121 ,107 ,839 1,193 (Constant) Risk Size Tangibility Profitability Growth Model 1 B Std. Error Unstandardized Coefficients Beta Standardized Coefficients
t Sig. Zero-order Partial Part
Correlations
Tolerance VIF
Collinearity Statistics
2002 –2003
Tabel 4.10: ANOVA Debt, 2002 –2003.
,093 5 ,019 2,300 ,061a ,347 43 ,008 ,440 48 Regression Residual Total Model 1 Sum of
Squares df Mean Square F Sig.
Predictors: (Constant), Growth, Size, Risk, Profitability, Tangibility a.
Tabel 4.11: Model samenvatting Debt, 2002 –2003. ,459a ,211 ,119 ,08986 Model 1 R R Square Adjusted R Square Std. Error of the Estimate
Predictors: (Constant), Growth, Size, Risk, Profitability, Tangibility
a.
Tabel 4.12: Coëfficiënten Debt, 2002 –2003.
,659 ,041 16,013 ,000 -,311 ,146 -,319 -2,131 ,039 -,397 -,309 -,289 ,820 1,219 3,18E-008 ,000 ,048 ,350 ,728 ,117 ,053 ,047 ,961 1,040 ,076 ,061 ,186 1,228 ,226 ,292 ,184 ,166 ,798 1,252 ,145 ,154 ,136 ,942 ,352 ,151 ,142 ,128 ,882 1,133 -,001 ,002 -,083 -,588 ,560 -,046 -,089 -,080 ,911 1,097 (Constant) Risk Size Tangibility Profitability Growth Model 1 B Std. Error Unstandardized Coefficients Beta Standardized Coefficients
t Sig. Zero-order Partial Part
Correlations
Tolerance VIF
Collinearity Statistics
2004 –2005 –2006
Tabel 4.13: ANOVA Debt, 2004 –2005 –2006.
,233 5 ,047 2,195 ,072a ,935 44 ,021 1,168 49 Regression Residual Total Model 1 Sum of
Squares df Mean Square F Sig.
Predictors: (Constant), Growth, Tangibility, Risk, Size, Profitability a.
Tabel 4.14: Model samenvatting Debt, 2004 –2005 –2006.
,447a ,200 ,109 ,14576 Model 1 R R Square Adjusted R Square Std. Error of the Estimate
Predictors: (Constant), Growth, Tangibility, Risk, Size, Profitability
a.
Tabel 4.15: Coëfficiënten Debt, 2004 –2005 –2006.
,668 ,055 12,104 ,000 -,474 ,440 -,175 -1,077 ,287 -,330 -,160 -,145 ,693 1,443 -3,1E-007 ,000 -,117 -,733 ,467 ,043 -,110 -,099 ,713 1,403 ,055 ,097 ,090 ,567 ,573 ,125 ,085 ,077 ,721 1,387 -,352 ,192 -,329 -1,830 ,074 -,167 -,266 -,247 ,564 1,772 ,006 ,003 ,348 1,826 ,075 ,233 ,265 ,246 ,501 1,995 (Constan t) Risk Size Tangibility Profitabilit y Growth Model 1 B Std. Error Unstandardized Coefficients Beta Standardized Coefficients
t Sig. Zero-order Partial Part
Correlations
Tolerance VIF
Bijlage 5: Definitie lijst
Converteerbare leningen:
Lening die onder bepaalde voorwaarden en gedurende een bepaalde periode door de houder kan
worden ingewisseld in aandelen.
Correlatieanalyse:
Correlatieanalyse maakt duidelijk in welke mate twee variabelen met elkaar samenhangen en welke
richting dit verband heeft.
Deal structure:
Uiteenzetting van de financieringsstructuur in eigen en vreemd vermogen.
EBIT:
Earnings before interest and taxes.
EBITDA:
Earnings before interest, taxes, depreciation and amortization.
Geëist rendement:
wordt gedefinieerd als het rendement dat door de verstrekkers van het vermogen wordt geëist om
bereid te zijn vermogen ter beschikking te stellen.
Hypotheken:
Lening waarbij de geldnemer het recht van hypotheek heeft verleend aan de geldgever.
Leaseschulden:
Schulden die voortkomen uit het huren van roerende en onroerende goederen.
Medium Term Notes:
Vastrentende waarden met een looptijd van tussen de twee en tien jaar, die tussentijds verhandelbaar
zijn.
Multi-collineariteit:
Obligatielening:
Een obligatie lening is een lening die verdeeld is over een groot aantal schuldbekentenissen die
obligaties worden genoemd. (obligatie is verplichting).
Perpetuities:
Een constante eeuwigdurende kasstroom.
Tolerance:
Het deel van de variantie van de onafhankelijke variabele dat niet door de variantie van een andere
onafhankelijke variabele wordt verklaard.
Variance inflation factor:
Bijlage 6: Overzicht van de uitsplitsing van de sectoren
Diversified Utilities Application Software Printed Circuit Boards Electric Utilities Business Software & Services Processing Systems & Products Foreign Utilities Communication Equipment Scientific & Technical Instruments Gas Utilities Computer Based Systems Security Software & Services
Water Utilities Computer Peripherals Semiconductor - Broad Line
Data Storage Devices Semiconductor - Integrated Circuits Diversified Communication Services Semiconductor - Specialized
Diversified Computer Systems Semiconductor Equipment & Materials Diversified Electronics Semiconductor- Memory Chips Healthcare Information Services Technical & System Software Information & Delivery Services Telecom Services - Domestic Information Technology Services Telecom Services - Foreign Internet Information Providers Wireless Communications Internet Service Providers
Internet Software & Services Long Distance Carriers
Multimedia & Graphics Software
Networking & Communication Devices Personal Computers
Advertising Agencies Drugs Wholesale Music & Video Stores Toy & Hobby Stores Air Delivery & Freight
Services Education & Training Services Personal Services Trucking Air Services, Other Electronics Stores Publishing - Books Wholesale, Other Apparel Stores Electronics Wholesale Publishing - Newspapers
Auto Dealerships Entertainment - Diversified Publishing - Periodicals Auto Parts Stores Food Wholesale Railroads
Auto Parts Wholesale Gaming Activities Regional Airlines Basic Materials Wholesale General Entertainment Rental & Leasing Services Broadcasting - Radio Grocery Stores Research Services Broadcasting - TV Home Furnishing Stores Resorts & Casinos Building Materials Wholesale Home Improvement Stores Restaurants Business Services Industrial Equipment Wholesale
Security & Protection Services
CATV Systems Jewelry Stores Shipping Catalog & Mail Order Houses Lodging Specialty Eateries Computers Wholesale Major Airlines Specialty Retail, Other Consumer Services Management Services Sporting Activities Department Stores Marketing Services Sporting Goods Stores
Discount, Variety Stores Medical Equipment Wholesale
Staffing & Outsourcing Services
Drug Stores Movie Production, Theaters Technical Services
Services
Aerospace/Defense - Major
Diversified Biotechnology Aerospace/Defense Products &
Services Diagnostic Substances
Cement Drug Delivery
Diversified Machinery Drug Manufacturers - Major Farm & Construction Machinery Drug Manufacturers - Other
General Building Materials Drug Related Products
General Contractors Drugs - Generic Heavy Construction Health Care Plans Industrial Electrical Equipment Home Health Care Industrial Equipment &
Components Hospitals
Lumber, Wood Production Long-Term Care Facilities
Machine Tools & Accessories Medical Appliances & Equipment Manufactured Housing Medical Instruments & Supplies
Metal Fabrication Medical Laboratories & Research
Pollution & Treatment Controls Medical Practitioners Residential Construction Specialized Health Services Small Tools & Accessories
Textile Industrial
Waste Management
