{"id":"https://openalex.org/W3107212448","doi":"https://doi.org/10.1108/jcms-08-2020-0031","title":"Profitability and optimal debt ratio of the automobiles and parts sector in the Euro area","display_name":"Profitability and optimal debt ratio of the automobiles and parts sector in the Euro area","publication_year":2020,"publication_date":"2020-11-09","ids":{"openalex":"https://openalex.org/W3107212448","doi":"https://doi.org/10.1108/jcms-08-2020-0031","mag":"3107212448"},"language":"en","primary_location":{"id":"doi:10.1108/jcms-08-2020-0031","doi":"https://doi.org/10.1108/jcms-08-2020-0031","is_oa":true,"landing_page_url":"https://doi.org/10.1108/jcms-08-2020-0031","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/JCMS-08-2020-0031/full/pdf?title=profitability-and-optimal-debt-ratio-of-the-automobiles-and-parts-sector-in-the-euro-area","source":{"id":"https://openalex.org/S4210223722","display_name":"Journal of Capital Markets Studies","issn_l":"2514-4774","issn":["2514-4774"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","erih-plus"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Capital Markets Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://www.emerald.com/insight/content/doi/10.1108/JCMS-08-2020-0031/full/pdf?title=profitability-and-optimal-debt-ratio-of-the-automobiles-and-parts-sector-in-the-euro-area","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5079462289","display_name":"Charalampos Basdekis","orcid":"https://orcid.org/0000-0003-3497-1430","observed_orcids":["https://orcid.org/0000-0003-3497-1430"]},"institutions":[{"id":"https://openalex.org/I200777214","display_name":"National and Kapodistrian University of Athens","ror":"https://ror.org/04gnjpq42","country_code":"GR","type":"education","lineage":["https://openalex.org/I200777214"]}],"countries":["GR"],"is_corresponding":false,"raw_author_name":"Charalampos Basdekis","raw_affiliation_strings":["Department of Economics, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Athens, Greece"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Athens, Greece","institution_ids":["https://openalex.org/I200777214"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5026300491","display_name":"Apostolos G. Christopoulos","orcid":"https://orcid.org/0000-0003-2617-970X","observed_orcids":["https://orcid.org/0000-0003-2617-970X"]},"institutions":[{"id":"https://openalex.org/I98805295","display_name":"University of the Aegean","ror":"https://ror.org/03zsp3p94","country_code":"GR","type":"education","lineage":["https://openalex.org/I98805295"]}],"countries":["GR"],"is_corresponding":false,"raw_author_name":"Apostolos Christopoulos","raw_affiliation_strings":["Department of Business Administration, School of Business, University of the Aegean, Chios, Greece"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Business Administration, School of Business, University of the Aegean, Chios, Greece","institution_ids":["https://openalex.org/I98805295"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5068537250","display_name":"Ioannis Katsampoxakis","orcid":"https://orcid.org/0000-0001-8019-6231","observed_orcids":["https://orcid.org/0000-0001-8019-6231"]},"institutions":[{"id":"https://openalex.org/I200777214","display_name":"National and Kapodistrian University of Athens","ror":"https://ror.org/04gnjpq42","country_code":"GR","type":"education","lineage":["https://openalex.org/I200777214"]}],"countries":["GR"],"is_corresponding":true,"raw_author_name":"Ioannis Katsampoxakis","raw_affiliation_strings":["Department of Economics, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Athens, Greece"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Athens, Greece","institution_ids":["https://openalex.org/I200777214"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5028233948","display_name":"\u0391\u03bb\u03ad\u03be\u03b1\u03bd\u03b4\u03c1\u03bf\u03c2 \u039b\u03cd\u03c1\u03b1\u03c2","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I174458059","display_name":"National Technical University of Athens","ror":"https://ror.org/03cx6bg69","country_code":"GR","type":"education","lineage":["https://openalex.org/I174458059"]}],"countries":["GR"],"is_corresponding":false,"raw_author_name":"Alexandros Lyras","raw_affiliation_strings":["School of Applied Mathematical and Physical Sciences, National Technical University of Athens, Athens, Greece"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Applied Mathematical and Physical Sciences, National Technical University of Athens, Athens, Greece","institution_ids":["https://openalex.org/I174458059"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5068537250"],"corresponding_institution_ids":["https://openalex.org/I200777214"],"apc_list":null,"apc_paid":null,"fwci":8.8372,"has_fulltext":true,"cited_by_count":27,"citation_normalized_percentile":{"value":0.97577901,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"4","issue":"2","first_page":"113","last_page":"127"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.5195000171661377,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.5195000171661377,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.45649999380111694,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.007600000128149986,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/automotive-industry","display_name":"automotive industry","score":0.6769999861717224},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.8410000205039978},{"id":"https://openalex.org/keywords/optimal-debt-ratio","display_name":"optimal debt ratio","score":0.9179999828338623},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.9200000166893005},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.8640000224113464},{"id":"https://openalex.org/keywords/modigliani-miller-theorem","display_name":"Modigliani-Miller theorem","score":0.9620000123977661},{"id":"https://openalex.org/keywords/euro-area","display_name":"euro area","score":0.652999997138977},{"id":"https://openalex.org/keywords/policy-rate","display_name":"key rate","score":0.699999988079071},{"id":"https://openalex.org/keywords/eurozone-crisis","display_name":"eurozone crisis","score":0.7059999704360962},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.9089999794960022}],"concepts":[{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.7924493551254272},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.552496075630188},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5271427631378174},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.4825962781906128},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.47200748324394226},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.4561038613319397},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.4486343264579773},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.4384959042072296},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.4342080056667328},{"id":"https://openalex.org/C136264566","wikidata":"https://www.wikidata.org/wiki/Q159810","display_name":"Economy","level":1,"score":0.42846179008483887},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.33961349725723267},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.31201350688934326},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.2655602693557739},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.22891664505004883},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.1142546534538269},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.10766825079917908}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1108/jcms-08-2020-0031","doi":"https://doi.org/10.1108/jcms-08-2020-0031","is_oa":true,"landing_page_url":"https://doi.org/10.1108/jcms-08-2020-0031","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/JCMS-08-2020-0031/full/pdf?title=profitability-and-optimal-debt-ratio-of-the-automobiles-and-parts-sector-in-the-euro-area","source":{"id":"https://openalex.org/S4210223722","display_name":"Journal of Capital Markets Studies","issn_l":"2514-4774","issn":["2514-4774"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","erih-plus"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Capital Markets Studies","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:09e828e0923d4485b17a2ed2a23c8bd9","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/09e828e0923d4485b17a2ed2a23c8bd9","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Journal of Capital Markets Studies, Vol 4, Iss 2, Pp 113-127 (2020)","raw_type":"article"},{"id":"pmh:oai:econstor.eu:10419/313279","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/10419/313279","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"doc-type:article"}],"best_oa_location":{"id":"doi:10.1108/jcms-08-2020-0031","doi":"https://doi.org/10.1108/jcms-08-2020-0031","is_oa":true,"landing_page_url":"https://doi.org/10.1108/jcms-08-2020-0031","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/JCMS-08-2020-0031/full/pdf?title=profitability-and-optimal-debt-ratio-of-the-automobiles-and-parts-sector-in-the-euro-area","source":{"id":"https://openalex.org/S4210223722","display_name":"Journal of Capital Markets Studies","issn_l":"2514-4774","issn":["2514-4774"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","erih-plus"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Capital Markets Studies","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.6452000141143799,"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3107212448.pdf","grobid_xml":"https://content.openalex.org/works/W3107212448.grobid-xml"},"referenced_works_count":35,"referenced_works":["https://openalex.org/W200034327","https://openalex.org/W1417853016","https://openalex.org/W1480849273","https://openalex.org/W1538794421","https://openalex.org/W1546993880","https://openalex.org/W1562180358","https://openalex.org/W1588030295","https://openalex.org/W1940315266","https://openalex.org/W1971763123","https://openalex.org/W1984700802","https://openalex.org/W1988607298","https://openalex.org/W1997847965","https://openalex.org/W2030663533","https://openalex.org/W2036671551","https://openalex.org/W2067171170","https://openalex.org/W2089842977","https://openalex.org/W2103052296","https://openalex.org/W2108818539","https://openalex.org/W2118474161","https://openalex.org/W2124597406","https://openalex.org/W2130557145","https://openalex.org/W2131854742","https://openalex.org/W2137157428","https://openalex.org/W2141358063","https://openalex.org/W2154068320","https://openalex.org/W2163316400","https://openalex.org/W2182256920","https://openalex.org/W2268376381","https://openalex.org/W2278102737","https://openalex.org/W2609430230","https://openalex.org/W2744310919","https://openalex.org/W2799333312","https://openalex.org/W2887401780","https://openalex.org/W2991886390","https://openalex.org/W4254085084"],"related_works":["https://openalex.org/W7135811628","https://openalex.org/W3097964902","https://openalex.org/W7046529761","https://openalex.org/W7220538031","https://openalex.org/W2887401780","https://openalex.org/W2577041196","https://openalex.org/W7166286699","https://openalex.org/W2171459769","https://openalex.org/W7202192993","https://openalex.org/W2168826051"],"abstract_inverted_index":{"Purpose":[0],"The":[1,184],"goal":[2],"of":[3,12,63,114,132,143,189,197,201],"this":[4,30,133],"paper":[5,185],"is":[6,58,135,153,215,230],"twofold:":[7],"to":[8,28,97],"assess":[9],"the":[10,38,41,53,77,85,100,104,111,115,125,141,156,170,202,204,209,225,252],"influence":[11],"specific":[13],"corporate":[14],"and":[15,20,27,84,172,193,243],"market":[16],"features":[17],"on":[18,48,89,187,251],"automobiles":[19,171],"parts":[21,173],"sector's":[22,32,90],"profitability":[23,109],"in":[24,175],"Euro":[25,86,116,176,210],"area":[26,87,177,211],"identify":[29],"particular":[31],"optimum":[33],"debt":[34,64,195],"level.":[35],"Design/methodology/approach":[36],"For":[37],"paper's":[39],"purposes,":[40],"authors":[42,105],"applied":[43],"a":[44,59,150,160,216,220],"panel":[45],"data":[46],"analysis":[47],"an":[49,198,247],"annual":[50],"basis":[51],"for":[52,99,110,155,169,224],"period":[54],"2005\u20132017.":[55],"Findings":[56],"There":[57],"strong":[60],"statistical":[61,94],"significance":[62,95],"ratio,":[65],"growth":[66],"domestic":[67],"product":[68],"per":[69],"capita":[70],"growth,":[71],"E.C.'s":[72],"economic":[73],"sentiment":[74],"index":[75],"(ESI),":[76],"European":[78,226],"Central":[79],"Bank":[80],"key":[81],"interest":[82],"rate":[83],"crisis":[88],"profitability,":[91,190],"while":[92],"weak":[93],"appears":[96],"emerge":[98],"firm's":[101],"size.":[102],"Moreover,":[103],"find":[106],"average":[107],"14.4%":[108],"entire":[112],"sector":[113,174,200,218],"area,":[117],"without":[118],"significant":[119,221],"fluctuations":[120],"among":[121],"firms":[122],"and/or":[123],"during":[124],"examined":[126],"time":[127],"period.":[128],"Another":[129],"interesting":[130],"finding":[131],"study":[134],"that":[136,146],"results":[137],"are":[138],"consistent":[139],"with":[140,219,233],"theory":[142],"Modigliani":[144],"Miller":[145],"financial":[147],"leverage":[148],"at":[149,181],"\u201clow\u201d":[151],"level":[152],"beneficial":[154],"firm,":[157],"but":[158],"beyond":[159],"turning":[161,167],"point,":[162],"it":[163,214,229],"becomes":[164],"counterproductive.":[165],"This":[166],"point":[168],"has":[178],"been":[179],"computed":[180],"47.3%.":[182],"Originality/value":[183],"focuses":[186],"issues":[188],"capital":[191],"structure":[192],"optimal":[194],"ratio":[196],"important":[199],"economy,":[203],"automotive":[205,212],"sector.":[206],"As":[207],"regards":[208],"sector,":[213],"dynamic":[217],"multiplier":[222,249],"effect":[223,250],"economy":[227],"as":[228,237],"strongly":[231],"correlated":[232],"other":[234],"industrial":[235],"sectors":[236],"chemicals,":[238],"steel,":[239],"textiles,":[240],"information":[241],"technology":[242],"so":[244],"forth,":[245],"having":[246],"outstanding":[248],"economy.":[253]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":8},{"year":2022,"cited_by_count":10},{"year":2021,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2020-12-07T00:00:00"}