 from the functioning and operational activities of a firm (Rouf, 2012). The performance a firm can be analysed via its financial statements such as the statements of financial position, comprehensive incomes, cash flow and statement of cash flows. Broadly speaking, the performance of a firm can be analysed via the use of financial ratios which express relationships between variables reported in financial statements of firms (Latridis, 2010). Financial ratios are useful and can meaningfully be used as performance measures when compared with other related meaningful information, either at present or past similar indicator(s) for the same firm or similar firms in the same industry. According to Akle (2011), accounting-based measurements are generally considered as an effective indicator of a firm's performance. Accounting-based measurement indicates the profitability of firms on the short-term in the past years. Thus, it assists management is measuring the firm's overall efficiency. It is usually used as a measure for earnings generated by a firm during a period of time based on its level of sales, assets, capital employed, net worth and earnings. It is considered an indicator of growth, success and control. Shareholders also are interested in profitability since it indicates the progress and the rate of return on their investments In the accounting literature, corporate performance can be measured by means of profitability indicators such as earnings per share (EPS), dividend per share (DPS), return on asset (ROA), return on equity (ROE), operating profit (OP), return on capital employed (ROCE), profit margin (PM), return on investment (ROI) or market-based measurement ratios like Tobin's Q, market value added (MVA), market-to-book value (MTBV), annual stock return (RET) among others. In view of the aforementioned, this study shall focus on profitability measure of performance such as the return on asset (ROA). 2.2 Debt Financing and Corporate Performance Mizra (2013) identified capital structure as one of the internal dynamics that affect firm performance. Capital structure is to the ratio of debt and equity financing. In case of more debt financing, a firm has to face certain bankruptcy risk, but there are also some tax benefits associated with debt International Journal of Academic Accounting, Finance & Management Research (IJAAFMR) ISSN: 2000-008X Vol. 3 Issue 5, May – 2019, Pages: 26-34 www.ijeais.org/ijaafmr 28 financing (Su & Vo, 2010). A
from the functioning and operational activities of a firm (Rouf, 2012). The performance a firm can be analysed via its fiscal statement such as the statements of financial placement, comprehensive income, cash flow and statement of cash flows. Broadly speak, the performance of a firm can be analysed via the function of financial ratios which press out relationships between variables report in fiscal statements of firms (Latridis, 2010). fiscal ratios are utilitarian and can meaningfully be use as performance measures when compared with early related meaningful information, either at present or past similar indicator(s) for the same firm or similar firm in the same diligence. According to Akle (2011), accounting - based measurements are broadly considered as an effective indicator of a firm's performance. Accounting - based measurement argue the profitableness of firms on the short - term in the past years. Thus, it assists management is measuring the firm's overall efficiency. It is normally used as a bill for earnings beget by a firm during a time period of time based on its level of sale, asset, capital employed, net worth and net income. It is considered an indicator of growth, success and control. Shareholders also are interested in profitability since it indicates the progress and the pace of return on their investment In the accountancy literature, corporate performance can be measured by means of profitableness indicators such as earnings per share (EPS), dividend per share (DPS), return on asset (ROA), return on equity (ROE), operating profit (OP), retort on capital employed (ROCE), profit margin (PM), return on investing (ROI) or market - based measurement ratios like Tobin's Q, market value lend (MVA), market - to - book value (MTBV), annual breed return (RET) among others. In position of the aforementioned, this study shall concenter on profitability measure of performance such as the return on asset (ROA). 2.2 Debt Financing and Corporate Performance Mizra (2013) identified das kapital structure as one of the internal moral force that affect firm performance. das kapital structure is to the ratio of debt and equity financing. In case of more debt financing, a firm has to face certain bankruptcy risk, but there are also some tax benefits associate with debt International Journal of Academic Accounting, Finance & Management Research (IJAAFMR) ISSN: 2000 - 008X Vol. 3 Issue 5, May – 2019, Pages: 26 - 34 www.ijeais.org/ijaafmr 28 financing (Su & Vo, 2010). A
 frlm the functioning and okerational activijiws of e firm (Douf, 2012). Thd performance a firm can be enaltsed cia its financial statdments subh as the stauements of financmzl posibnon, cklprekeisive incomes, cssh flow atd statement ox zadh flows. Broadly speaking, the perfowmance pf a firm can be anakrsed nic the use of financial ratios wgich exkress relationshipx between variables reportfd ij financial statemfnts of firns (Lwrridis, 2010). Finavcial ratios are usefum and can meaningfully be used xs pexformance mgcwurfv when compered wpth other related meatingful information, elther at present or past siminar indicator(s) for the same fnrm or similar firms un the vame indjwtrh. Adcprsing tl Aile (2011), accouhting-based neasurements are gemewqlly considersd as wn effective indicator of a firm's performdncs. Accounting-based measueement indicates the krofitabilyty of firms on the short-term in the past years. Tvus, iv xssnwts mxbahement is measuring the firm's overall efficiegdy. In is usually used as a measute fpt earnings gengrated yg z firm during a pegiod of time based on its level of sales, assets, capiral employed, bet worth and earnnngs. It is cunsicered an indicator of growth, sucdess and cojtrol. Shaddholders also ard iktesested in profitability sigce it invicatzs the pfogrgss and the rate lf rebgrn on their inveshmentd Hn the acclunting literature, corporate pechormance can ne medsured bv meanx of profitabylity indicatots such af earvings per ahare (E'S), dividend [er share (DPS), teturn on assxt (ROA), reeurn on wquity (FUE), operating ptofit (OP), geuurn on capital employed (ROCC), prowjt margin (PM), recbrb on investment (ROK) ow lacket-bwved measuremant fatkps liye Tobin's Q, oarkrt value added (MVA), mdrkef-to-book value (MTBV), aknual stoxk returg (RET) among oyhers. In view of tje afmreoentipneq, this study shall focus on prkfitabilihy ieasure of pqrfovmanse such as the return on asset (ROA). 2.2 Debt Financinj and Corporate Performqnce Mizra (2013) identifnec capital svructuwe as one of the internal dynqmics that affect firm performance. Capjtal sdructkre is to the ratio of debt and equity financing. In case of more debt finqncing, a firm has fo fsce cvrtcin bankrtptcb cisk, but there arv also some tax benefits associaved with dabc International Journal of Acsddmic Accountivg, Finance & Management Rssearch (OJAAFMR) ISSN: 2000-008X Vol. 3 Issue 5, May – 2019, Pages: 26-34 www.ijeais.org/ijasfmr 28 fibancihg (Su & Vo, 2010). A
from the functioning and operational activities of (Rouf, The performance firm can be such the statements of position, comprehensive incomes, flow and statement of cash flows. speaking, the performance of a firm can be analysed via the use of ratios which express relationships between variables reported in financial statements of firms (Latridis, Financial are and meaningfully be used as performance measures when compared with other related meaningful information, either at present past similar indicator(s) for the same firm or firms in the same According to Akle (2011), accounting-based are considered as effective of firm's performance. Accounting-based indicates the profitability of firms on the short-term in the past years. Thus, it assists management is the firm's It is used a for earnings generated firm during a period of time level of sales, assets, capital employed, net worth earnings. It considered an indicator of growth, success control. Shareholders also are interested in profitability since indicates the progress and the rate of return on their investments In the accounting literature, can be measured by of profitability indicators as per (EPS), per share return on asset (ROA), return on equity (ROE), operating profit (OP), on capital employed (ROCE), profit margin (PM), return on investment market-based ratios like Tobin's market value added (MVA), value annual stock return (RET) In of study focus profitability measure of performance as the return on asset 2.2 Debt Financing and capital structure as one of the internal dynamics affect firm performance. Capital structure is to ratio of debt and equity financing. In case of more debt financing, firm has certain bankruptcy risk, but there are also some benefits associated with debt Journal of Academic Accounting, Finance & Management Research (IJAAFMR) 2000-008X 3 Issue May – 2019, 26-34 www.ijeais.org/ijaafmr 28 (Su & Vo,
 from the functioning and operAtional actIvitiEs oF a fIrM (RouF, 2012). The Performance a fiRM can Be analysed via its financIal stAtEMentS SuCh as tHe stateMEnTS Of fInAnCiaL pOSiTion, cOmpRehensiVe incomes, cAsh FlOw and statemeNT oF cash flows. broAdly speaking, The PerforMaNce OF a firM caN be anAlysed VIa the uSe of finanCiAL ratioS Which exPREsS relAtionships between VArIAbles reported iN finanCiAL sTATemEntS of firms (LaTrIdis, 2010). FINancial RAtIOS Are USeful and can meAningfully bE UseD as perFoRmaNCe measUres wHeN ComPared with otHer rElated meaNingfuL InformaTIon, eithEr at prEseNt oR pasT SiMiLar InDIcaTOr(S) foR The Same firm Or SiMilar FirmS IN THe saMe iNdusTry. AcCording to Akle (2011), AccOuntINg-bAsed mEasurEmenTs Are geNerallY consIdEred as an effectiVe inDicator of A fiRm'S peRfOrmanCE. AccouNtiNg-bAsed meaSuremenT IndIcATES tHe profitability of fIrMS On The short-Term in THe PaST years. ThUs, It aSsisTS ManagEmenT Is MeasurinG the fiRM's OvErall efFiCiency. it Is uSuaLly usED as a MeasurE for earnIngs gENerated by a firm DUring a period oF TiME BaSEd on Its Level of saleS, assETs, caPitaL EmPloYEd, net Worth AnD EaRNings. It is considered An IndicaTor of Growth, success And control. sHAReholderS alsO ArE Interested in prOfitaBility sincE It indicaTes thE progresS and the raTE Of return On tHeiR inVesTMEnTs In the accounTINg liTeRature, cOrpOrate peRfoRmaNce Can Be Measured bY means of PrOfItAbIliTy indICators suCh As eArNinGs per SHare (EPs), diviDend PeR sHAre (dPS), retuRN oN ASset (rOa), rEturN on EqUity (RoE), opERatIng profIt (OP), returN on CApitAl EmPloyed (RoCE), profit margIn (pM), return on InVesTment (Roi) Or market-Based measurement ratios lIKe Tobin'S Q, mArket ValuE added (MVA), MarKet-to-bOok VAlue (MTbV), annuAl stoCk RetURN (RET) aMONg OthErS. In view of tHE AfoRemenTiOned, This stuDy shall focus on profITabIlity measure oF peRforMANcE suCH aS The ReTUrn ON Asset (ROA). 2.2 Debt FinAncing and COrPOrAte PerformANce miZra (2013) idenTified cApitaL StructuRe as one of The internAl DynaMICs tHat affect fIrm perfoRmance. CapITal stRUcTure iS to The ratIo Of dEbt anD equitY FinAncinG. In casE oF more dEbt fiNaNcing, a fiRm has to face certain bankrUptcy rIsk, buT thEre are alsO soME taX benefits AssoCiated with DebT InTernaTioNAl JouRnal OF ACadEMic AcCounTIng, FinancE & maNagEMEnT Research (IJaafmR) IsSN: 2000-008X VOl. 3 ISSue 5, May – 2019, pageS: 26-34 www.ijeais.org/ijaaFMr 28 financing (Su & VO, 2010). A
 from the functioning andoperationa l act ivi tie sof a  fir m (Rouf, 2012) .  The  performance a firm ca n bean a lyse d  v ia it s finan c ia l sta te me nts  s u ch  as t hestateme nts of fin anc ia l position,c om prehensive  in comes, cashflo w andst ate m ent o f c ash f lows.B roadly  speaking ,t he per f ormance o fa fi rm can be analyse d  v i a the use of f inanci al ra t i oswhi ch express  r elati o nshipsb et w e e n v a riables repor ted in fina n cia l stat em ent s  of fi rms ( La t rid is, 2010).Fina ncial rat ios ar e  useful and can  meani ngf ull y be us ed  as  p e rfo r ma nce mea sures wh en  c ompar ed w i t h othe r r elat ed me aningful info rma tion ,  ei therat pr esen tor pa st sim ilarin dicator(s) forthesame firm  or  s imi la r fir m s in t hesam e indus try. Ac c ord in g t oAkle (2011), accou nt i n g- based me asurem e nt sa re gener al lycons i d eredas a n  e ffective  indic a to rof a fi rm 's per fo rma nce . Acc o unti ng-bas ed measu remen t  indicates the profitability of f ir m s on  th e short-ter m in thepast ye ars .  Thus , itas s is t s management is mea su ring t he fi rm's overallefficiency . I t is usu ally us e d as a measure  forearnings g e neratedby afirm dur ing a per i o d of tim e b ase d o n i t s  l evel of sales , asse ts , capit alemploye d,net  wo rth  a nd earnin gs. It i sco ns id ere d ani ndicator  o f g ro wth , suc c ess an d con trol .Sh a reh oldersa ls o arein te rest edin  prof itab i lit y since  it indic ate s  the  p ro gress a nd the rate o freturn onth eir  inves t m ents Inthe accounting literatu r e, corp ora te pe rfor mance can  be  measu red by mea ns ofprofi ta bil i t y ind i c at ors  s uch as ear n i ngs  persh are(EPS),dividend per share (DP S), return on  as set( R OA ),r et u rnon equ i t y (ROE), operat ing profit  ( O P) , return o n  ca pi tal emp loyed ( ROCE) ,  profit  margin ( PM), retu rn  oni n ves tment (ROI ) or mar ket-based measu r em ent r ati os lik eTob in'sQ, mar k etvalue  added  ( MVA),marke t- to-bookvalue (MTBV), annual st ock re turn(RE T) amongoth e rs.  In viewof t he aforeme nti one d, th iss tudyshal l  f ocu s  on p rofi t ability m e as ure o fperformance s u chas th e r e turn o n as set (ROA). 2.2 De b t Financing an d Co r p ora teP erfo rm ance Mizra (20 13)  i d e ntifiedca pital struc ture ason e  of t he int ernaldynamic s th a t affe ct f irm  performa nce .C apitalst ru c ture i s to  t he rat io ofd ebta n d equity financi ng. I n caseo f m ore d eb t finan c ing,  a firm ha s to face c ertain  ban krupt cy risk ,but th ere  a re also so m e tax ben efits  associ at ed w ith  debtInte r n ation al J ou rna l of Acad e m ic Ac co u nti ng,Finan ce  & M anagement Research  (I J AAFMR)IS SN: 2 000-00 8 XV o l. 3 Issue  5,  May– 2019, Page s : 26 - 34 www.i jeais. org/ij aafmr 2 8  fi na ncing ( Su& Vo, 2010) . A
 from_the functioning_and operational activities of_a firm_(Rouf,_2012). The_performance_a firm can_be analysed via_its financial statements such_as the statements_of_financial position, comprehensive incomes, cash flow and statement of cash flows. Broadly speaking, the_performance_of a_firm_can_be analysed via the use_of financial ratios which express_relationships between_variables reported in financial statements of firms (Latridis,_2010)._Financial ratios are_useful and can meaningfully be used as performance measures_when compared with other related meaningful_information, either at_present_or_past similar indicator(s) for_the same firm or similar firms_in the same industry. According to_Akle (2011), accounting-based measurements are generally considered_as an effective indicator of a_firm's performance. Accounting-based measurement indicates_the profitability_of firms on the short-term_in the past_years. Thus,_it assists management_is measuring the firm's overall efficiency._It is usually_used as a measure for earnings_generated_by a firm_during_a_period of_time based on_its_level of_sales,_assets, capital employed, net worth and_earnings._It is considered an indicator of growth,_success and control. Shareholders_also_are interested in profitability_since it indicates the progress_and the rate of return on_their investments_In the_accounting literature, corporate performance can be measured by means of profitability_indicators such as earnings per share_(EPS), dividend per share_(DPS), return_on_asset (ROA), return_on_equity (ROE),_operating profit (OP), return on capital employed_(ROCE), profit_margin (PM), return on investment (ROI)_or market-based measurement ratios_like_Tobin's Q, market value added (MVA),_market-to-book value (MTBV), annual stock return_(RET) among others. In view_of_the_aforementioned, this study shall focus_on profitability measure of performance such_as the return_on asset (ROA). 2.2 Debt Financing and_Corporate_Performance Mizra (2013) identified capital structure_as_one of the internal dynamics that_affect_firm_performance. Capital structure is to_the ratio of debt and equity_financing. In case of more debt financing, a firm_has to face_certain bankruptcy risk, but there_are_also_some tax benefits associated with debt International Journal of Academic_Accounting, Finance_& Management Research_(IJAAFMR) ISSN: 2000-008X Vol. 3 Issue 5, May – 2019,_Pages: 26-34 www.ijeais.org/ijaafmr 28 financing (Su &_Vo, 2010). A