Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock Exchange
The purpose of this research is to study the effects of board of director structure on financing constraints for the companies listed on Tehran Stock Exchange (TSE). For this purpose, indigenised Kaplan and Zingales (KZ) index has been used as a proxy for financing constraints. The population consi...
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| Format: | Article |
| Language: | fas |
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University of Tehran
2015-03-01
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| Series: | تحقیقات مالی |
| Subjects: | |
| Online Access: | https://jfr.ut.ac.ir/article_52760_f5b21b04b37f2b5025ae3504f3067a0e.pdf |
| _version_ | 1818423238416400384 |
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| author | Gholamhossein Mahdavi Gholamreza Rezaei |
| author_facet | Gholamhossein Mahdavi Gholamreza Rezaei |
| author_sort | Gholamhossein Mahdavi |
| collection | DOAJ |
| description | The purpose of this research is to study the effects of board of director structure on financing constraints for the companies listed on Tehran Stock Exchange (TSE). For this purpose, indigenised Kaplan and Zingales (KZ) index has been used as a proxy for financing constraints. The population consists of 56 companies of TSE spanning 2007-2013 and the multivariate logistic regression is used. The results suggest that there is no significant relationship between board structure (including independence, size, degree, changes in the membership and CEO duality) and financing constraints. In addition, the research results concerning control variables show that there is a significant negative relationship between firm size and financing constraints, but thereis a significant positive relationship between firms’ age and their financing constraints. |
| first_indexed | 2024-12-14T13:38:58Z |
| format | Article |
| id | doaj.art-41089e38675f46cab33caa9c3d6368ee |
| institution | Directory Open Access Journal |
| issn | 1024-8153 2423-5377 |
| language | fas |
| last_indexed | 2024-12-14T13:38:58Z |
| publishDate | 2015-03-01 |
| publisher | University of Tehran |
| record_format | Article |
| series | تحقیقات مالی |
| spelling | doaj.art-41089e38675f46cab33caa9c3d6368ee2022-12-21T22:59:31ZfasUniversity of Tehranتحقیقات مالی1024-81532423-53772015-03-0117117919810.22059/jfr.2015.5276052760Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock ExchangeGholamhossein Mahdavi0Gholamreza Rezaei1Associate Prof., Accounting Department, Shiraz University, Shiraz, Tehran, IranPh.D. Student in Accounting, Young Research Club, Islamic Azad University, Arsanjan Branch, Arsanjan, IranThe purpose of this research is to study the effects of board of director structure on financing constraints for the companies listed on Tehran Stock Exchange (TSE). For this purpose, indigenised Kaplan and Zingales (KZ) index has been used as a proxy for financing constraints. The population consists of 56 companies of TSE spanning 2007-2013 and the multivariate logistic regression is used. The results suggest that there is no significant relationship between board structure (including independence, size, degree, changes in the membership and CEO duality) and financing constraints. In addition, the research results concerning control variables show that there is a significant negative relationship between firm size and financing constraints, but thereis a significant positive relationship between firms’ age and their financing constraints.https://jfr.ut.ac.ir/article_52760_f5b21b04b37f2b5025ae3504f3067a0e.pdfboard degreeboard independenceboard sizefinancing constraintsfirm age |
| spellingShingle | Gholamhossein Mahdavi Gholamreza Rezaei Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock Exchange تحقیقات مالی board degree board independence board size financing constraints firm age |
| title | Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock Exchange |
| title_full | Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock Exchange |
| title_fullStr | Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock Exchange |
| title_full_unstemmed | Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock Exchange |
| title_short | Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock Exchange |
| title_sort | examining the relationship between board structure and financing constraints for the companies listed on tehran stock exchange |
| topic | board degree board independence board size financing constraints firm age |
| url | https://jfr.ut.ac.ir/article_52760_f5b21b04b37f2b5025ae3504f3067a0e.pdf |
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