Factors influencing Capital Structure of Companies with Emphasis on the Business Cycle
Capital structure as the most important and effective parameter on the orientation and valuation of the firm in the capital markets has been considered. The purpose of this study is to investigate the factors affecting the company's capital structure with an emphasis on the business cycle in th...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | fas |
| Published: |
Alzahra University
2017-05-01
|
| Series: | راهبرد مدیریت مالی |
| Subjects: | |
| Online Access: | http://jfm.alzahra.ac.ir/article_2793_67f835feb23efbcf50da1ff6370aea7d.pdf |
| Summary: | Capital structure as the most important and effective parameter on the orientation and valuation of the firm in the capital markets has been considered. The purpose of this study is to investigate the factors affecting the company's capital structure with an emphasis on the business cycle in the companies listed in Tehran Stock Exchange. In this study, 102 companies in Tehran Stock Exchange during the years 2007 to 2014 were studied; among the 816 firms-year based on business model in this research; 483 firms-year from recession period and 333 firms-year from prosperity. The study in terms of purpose is applied and the research method is correlation and causal after events and hypothesis testing is correlation and classic regression tests. The results show that the criteria of profitability, firm size, tangible assets and business risk have significant and strong effects (as the company's independent variables) on capital structure (as the dependent variable). |
|---|---|
| ISSN: | 2345-3214 2538-1962 |