مطالب مرتبط با کلید واژه

Capital Structure


۱.

The Impact of Institutional Ownership on the Relationship between Tax and Capital Structure(مقاله علمی وزارت علوم)

تعداد بازدید : ۲۰۷ تعداد دانلود : ۲۱۸
One of the reasons that companies avoid paying their taxes is that they choose to use debts for their funding. In other words, tax saving, an activity of companies to avoid taxpaying, can be used to finance corporate projects. Furthermore, since institutional owners are more inclined to supervise, they may shrink managerial behaviors to avoid taxpaying. In this study, institutional owners’ supervisory role about tax efficiency on corporate capital structure was investigated. For this purpose, a sample of 98 companies from 2005 to 2014 was selected from companies listed on Tehran Stock Exchange (TSE). Following the research conducted by Kramer, multiple linear regression based on panel data and the econometric software Eviews were used for testing the research hypotheses. The results show that tax has a negative and significant impact and institutional ownership has a positive and significant impact on capital structure. In addition, the institutional ownership in corporate companies impacts and adjusts the relationship between tax and capital structure.
۲.

Effect of Profitability Indices on the Capital Structure of Listed Companies in Tehran Stock Exchange(مقاله علمی وزارت علوم)

تعداد بازدید : ۳۱۸ تعداد دانلود : ۱۸۶
The main objective of this research is the index of profitability on the capital structure of listed companies on the Stock Exchange of Tehran. Statistical population consisted of all above companies that 138 companies were selected in time zone of 2011-2014 after screening method (systematic elimination). The research method is descriptive and correlation and study variable is profitability index that was tested by statistical techniques. Research findings indicate that there is a significant inverse relationship between indicators of profitability and capital structure. Also, there is a significant inverse relationship between short-term and long-term profitability and debts
۳.

The Relationship between Diversification Strategy, Capital Structure and Profitability in Companies Listed in the Stock Exchange by Combining the Data Line and VAR Methods(مقاله علمی وزارت علوم)

تعداد بازدید : ۲۸۲ تعداد دانلود : ۲۲۵
The present study investigates the relationship between diversification strategy, capital structure and profitability in companies listed in the stock exchange through a combination of data panel and VAR methods. The present research was conducted for companies admitted to the Tehran Stock Exchange from 1387 to 1395 and 78 companies were selected as case study. Stationary and static tests were used to check the rationality of the behavior of variables. After assuring the rational behavior of variables over time and carrying out the correlation test, Chow (Flemmer) and Hausman tests were performed to determine the probability of collinearity in the regression model, and finally these tests were examined in the regression model using panel data with fixed effects. To ensure that the data panel model is evaluated, the residual was normalized and waste graph survey was performed. The research findings showed that the diversification strategy, capital structure and profitability in the companies accepted in the stock exchange has have a significant relationship. Also, the results of this study showed that diversification strategy has a significant effect on profitability.
۴.

The investigation of the affectivity of various types of cash flows in a diversified capital structure based on the type of strategy(مقاله علمی وزارت علوم)

تعداد بازدید : ۱۹۶ تعداد دانلود : ۲۵۳
The intensity of competition in business markets is to the extent that even the slightest strategic mistakes will lead to the failure of the organizations. The lack of knowledge and implementation of appropriate competitive strategies in such markets and, on the other hand, the failure to review the effects of these strategies on the types of cash flows in diverse capital structures is no also an exception to this rule. The subject of this study is to design and explain the affectivity model of types of cash flows in a diversified capital structure based on the type of strategy. The present study is an applied one in terms of objective, a quantitative one in terms of data type and a descriptive survey one regarding how to conduct. The statistical population consisted of all companies listed on the Tehran Stock Exchange during 2013 to 2017, among which 139 companies were selected as the sample by systematic elimination method. The statistical method used is the panel data method and fitting the regression models has been conducted using the same data. The results indicated that there is no significant difference between the effect of the differentiation strategy on the cash flow of accounting and cash flows to equity in companies that have a debt-based capital structure with companies whose capital structure is based on equity.
۵.

Modeling Optimal Capital Structure Via System Dynamics Approach(مقاله علمی وزارت علوم)

تعداد بازدید : ۱۰۸ تعداد دانلود : ۱۳۸
Several theories have been presented about the corporate capital structure; some researchers believe that the structure of capital and firm value depend on each other. Moreover, others believe that the firm value is not influenced by any changes in the structure of capital, and with the change in the structure of capital, the value of the firm remains constant. The present research studies the historical theories of capital structure and presents the classification of existing theories in terms of the optimal capital structure. This classification is subdivided into two categories: the presence of an optimal capital structure and the absence of an optimal capital structure. With the historical review of theories of capital structure and the presence of an optimal capital structure or the lack of an optimal capital structure, it seems that none has been a complete model and so far, no one has been able to provide an optimal capital structure. In this research, from the system dynamics approach and using VENSIM software, the capital structure and share price of the company have been studied and the results of model simulation with real data are to ensure the correct performance of the model behavior. And the results show that financing through debt in the capital structure of the company has a significant effect on the debt cost rate and capital cost rate and does not have a significant effect on stock prices. Finally, the share price shows little sensitivity to the company's financial structure.
۶.

Non-linear Dynamics of Size, Capital Structure and Profitability in Threshold Panel Regression Framework in TSE

تعداد بازدید : ۱۴۶ تعداد دانلود : ۱۶
The purpose of this research is to investigate the non-linear effect of size and capital structure of companies on profitability in the framework of threshold panel regression in companies listed on Tehran Stock Exchange. For this purpose, 105 companies from different industries were selected as a statistical sample between 2010 and 2021. Hypotheses testing were analyzed under two scenarios: linear multivariate regression and non-linear multivariate regression (threshold panel regression method). Profitability as a dependent variable, capital structure and company size as independent variables and equity, sales growth and company life as control variables were examined. The results of statistical analysis showed that there is no significant relationship between company size and profitability in a non-linear mode. In the case of a threshold panel, the size of the company is known as the threshold variable and the capital structure is known as the dependent variable of the regime. The threshold value was estimated at 15.89, since the model has a threshold limit, so two different regimes were obtained for the capital structure variable. In both regimes, the relationship between capital structure and non-linear profitability is negative and significant. In this way, in the first regime, the capital structure up to the threshold value of the company's size reduces the profitability, and in the second regime, when the capital structure value exceeds the threshold value, the capital structure has less effect on the profitability and increases the profitability. It reduces less than before. According to the obtained results, the companies that are in the second regime have a more favorable capital structure and profitability than the companies in the first regime.