The Impact of Moral Hazard on Capital Structure
On the basis of Pecking Order Theory, when firms need resourcesthey usually rely on debts since capital is considered expensive due toinformation asymmetry. Moral hazard is a kind of informationasymmetry; therefore, it is expected that it has relationship withcapital structure. The purpose of this s...
| Main Authors: | , |
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| Format: | Article |
| Language: | fas |
| Published: |
Allameh Tabataba'i University Press
2016-05-01
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| Series: | مطالعات تجربی حسابداری مالی |
| Subjects: | |
| Online Access: | https://qjma.atu.ac.ir/article_4198_7b380eac971ef7aa8904f42558e6b29f.pdf |
| Summary: | On the basis of Pecking Order Theory, when firms need resourcesthey usually rely on debts since capital is considered expensive due toinformation asymmetry. Moral hazard is a kind of informationasymmetry; therefore, it is expected that it has relationship withcapital structure. The purpose of this study is to investigate the impactof moral hazard on capital structure. In order to conduct the research132 firms were selected from listed firms in Tehran Stock Exchangebetween years 2006_2012.research hypothesis was tested usingstructural equation model. The results show that moral hazard hassignificant negative impact on capital structure, and the negative effectof moral hazard on capital structure is moderated by control variables |
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| ISSN: | 2821-0166 2538-2519 |