Ulbert József, Takács András, Csapi Vivien
University of Pécs, Faculty of Business and Economics, Hungary.
Heliyon. 2022 Jun 6;8(6):e09671. doi: 10.1016/j.heliyon.2022.e09671. eCollection 2022 Jun.
In the 20 century, the golden ratio has been discovered by modern science, including economics, business, and finance. In the field of finance, the ratio is mostly applied for technical analysis, and much less attention is given to its use in solving corporate finance problems, such as capital structure decisions. In this study, 455 US and European manufacturing and service firm's data are examined from the period 2010-2019. The purpose of the investigation was to determine if there are any positive impacts of a golden ratio-based capital structure on financial performance and market acceptance. We find significant positive relationships between the deviation from the golden ratio-based capital structure and the deviations of firms' revenue, income, stock price and market value data from their historical maximum. Thus, indicating the golden ratio-based capital structure may be an efficient tool for firms to boost their performance and market acceptance. Based on our results, this relationship is more obvious in the United States than in Europe, and stronger for service firms than for manufacturing companies.
在20世纪，黄金比例已被包括经济学、商业和金融在内的现代科学所发现。在金融领域，该比例大多应用于技术分析，而其在解决公司财务问题（如资本结构决策）方面的应用则较少受到关注。在本研究中，我们考察了2010年至2019年期间455家美国和欧洲制造业及服务业公司的数据。调查的目的是确定基于黄金比例的资本结构是否对财务绩效和市场认可度有任何积极影响。我们发现，偏离基于黄金比例的资本结构与公司收入、利润、股价和市值数据偏离其历史最高值之间存在显著的正相关关系。因此，这表明基于黄金比例的资本结构可能是企业提升其绩效和市场认可度的有效工具。根据我们的结果，这种关系在美国比在欧洲更明显，并且在服务业公司中比在制造业公司中更强。
