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: | , |
|---|---|
| Format: | Article |
| Language: | fas |
| Published: |
Allameh Tabataba'i University Press
2016-05-01
|
| Series: | مطالعات تجربی حسابداری مالی |
| Subjects: | |
| Online Access: | https://qjma.atu.ac.ir/article_4198_7b380eac971ef7aa8904f42558e6b29f.pdf |
| _version_ | 1827400551182106624 |
|---|---|
| author | S. A. Khalifeh Soltani S. Khajavi |
| author_facet | S. A. Khalifeh Soltani S. Khajavi |
| author_sort | S. A. Khalifeh Soltani |
| collection | DOAJ |
| description | 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 |
| first_indexed | 2024-03-08T20:05:57Z |
| format | Article |
| id | doaj.art-47549969a296459f97693df3b2466ffb |
| institution | Directory Open Access Journal |
| issn | 2821-0166 2538-2519 |
| language | fas |
| last_indexed | 2024-03-08T20:05:57Z |
| publishDate | 2016-05-01 |
| publisher | Allameh Tabataba'i University Press |
| record_format | Article |
| series | مطالعات تجربی حسابداری مالی |
| spelling | doaj.art-47549969a296459f97693df3b2466ffb2023-12-23T10:36:19ZfasAllameh Tabataba'i University Pressمطالعات تجربی حسابداری مالی2821-01662538-25192016-05-01134917118910.22054/qjma.2016.41984198The Impact of Moral Hazard on Capital StructureS. A. Khalifeh Soltani0S. Khajavi1استادیار گروه حسابداری دانشگاه الزهراکارشناس ارشد حسابداری دانشگاه الزهراOn 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 variableshttps://qjma.atu.ac.ir/article_4198_7b380eac971ef7aa8904f42558e6b29f.pdfinformation asymmetrymoral hazardcapital structurestructural equation model |
| spellingShingle | S. A. Khalifeh Soltani S. Khajavi The Impact of Moral Hazard on Capital Structure مطالعات تجربی حسابداری مالی information asymmetry moral hazard capital structure structural equation model |
| title | The Impact of Moral Hazard on Capital Structure |
| title_full | The Impact of Moral Hazard on Capital Structure |
| title_fullStr | The Impact of Moral Hazard on Capital Structure |
| title_full_unstemmed | The Impact of Moral Hazard on Capital Structure |
| title_short | The Impact of Moral Hazard on Capital Structure |
| title_sort | impact of moral hazard on capital structure |
| topic | information asymmetry moral hazard capital structure structural equation model |
| url | https://qjma.atu.ac.ir/article_4198_7b380eac971ef7aa8904f42558e6b29f.pdf |
| work_keys_str_mv | AT sakhalifehsoltani theimpactofmoralhazardoncapitalstructure AT skhajavi theimpactofmoralhazardoncapitalstructure AT sakhalifehsoltani impactofmoralhazardoncapitalstructure AT skhajavi impactofmoralhazardoncapitalstructure |