An Integrated Decision Support Model For Firms' Capital Structure (Case Study: Chemical Companies In Tehran Stock Exchange)
Financing decisions of the firms are one of important tasks for management and according to its nature, it is considered as a Multi-Criteria Decision problem. In this research, a comprehensive review on capital structure theories and its determinants has been made, then the effect of this determinan...
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| Format: | Article |
| Language: | fas |
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University of Isfahan
2018-04-01
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| Series: | Journal of Asset Management and Financing |
| Subjects: | |
| Online Access: | https://amf.ui.ac.ir/article_22723_ec9253261840b2b6e46205705249bc79.pdf |
| _version_ | 1818670966353428480 |
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| author | Ali mohammad Kimiagari Mojtaba Nabavi |
| author_facet | Ali mohammad Kimiagari Mojtaba Nabavi |
| author_sort | Ali mohammad Kimiagari |
| collection | DOAJ |
| description | Financing decisions of the firms are one of important tasks for management and according to its nature, it is considered as a Multi-Criteria Decision problem. In this research, a comprehensive review on capital structure theories and its determinants has been made, then the effect of this determinants on the financial leverage of the firms is investigated in three levels: firm specific, industry and economy. In this regard, stepwise regression and pooled mean group model are used. This models specified both short-term and long-term effects of detected factors on capital structure. In this models, as the number of independent variables increase, the co-linearity in the model increases. So, the reliability of model declines and the model can't be a good pattern for financing decisions. In the next step, the identified factors were employed as decision criteria in a hybrid MCDM model that combining DEMATEL and ANP. The ANP weights of the model were used in a Goal programing model and a satisfactory solution for the case study was obtained. By using this model, decision makers can systemically structure a multi-criteria network framework and derive priority weights of those criteria, and then deal with the quantitative financial constraints for a satisfactory solution. |
| first_indexed | 2024-12-17T07:16:30Z |
| format | Article |
| id | doaj.art-c8e905c51ab34b958ac2e02d37fb17c4 |
| institution | Directory Open Access Journal |
| issn | 2383-1189 2383-1189 |
| language | fas |
| last_indexed | 2024-12-17T07:16:30Z |
| publishDate | 2018-04-01 |
| publisher | University of Isfahan |
| record_format | Article |
| series | Journal of Asset Management and Financing |
| spelling | doaj.art-c8e905c51ab34b958ac2e02d37fb17c42022-12-21T21:58:53ZfasUniversity of IsfahanJournal of Asset Management and Financing2383-11892383-11892018-04-016113715810.22108/amf.2018.102855.106722723An Integrated Decision Support Model For Firms' Capital Structure (Case Study: Chemical Companies In Tehran Stock Exchange)Ali mohammad Kimiagari0Mojtaba Nabavi1Associate Professor of Industrial Engineering Department, Amirkabir University of Technology, Tehran, IranMaster student of financial engineering, Industrial Engineering Department, Amirkabir University of Technology, Tehran, IranFinancing decisions of the firms are one of important tasks for management and according to its nature, it is considered as a Multi-Criteria Decision problem. In this research, a comprehensive review on capital structure theories and its determinants has been made, then the effect of this determinants on the financial leverage of the firms is investigated in three levels: firm specific, industry and economy. In this regard, stepwise regression and pooled mean group model are used. This models specified both short-term and long-term effects of detected factors on capital structure. In this models, as the number of independent variables increase, the co-linearity in the model increases. So, the reliability of model declines and the model can't be a good pattern for financing decisions. In the next step, the identified factors were employed as decision criteria in a hybrid MCDM model that combining DEMATEL and ANP. The ANP weights of the model were used in a Goal programing model and a satisfactory solution for the case study was obtained. By using this model, decision makers can systemically structure a multi-criteria network framework and derive priority weights of those criteria, and then deal with the quantitative financial constraints for a satisfactory solution.https://amf.ui.ac.ir/article_22723_ec9253261840b2b6e46205705249bc79.pdfcapital structureanalytical network processdematelgoal programing |
| spellingShingle | Ali mohammad Kimiagari Mojtaba Nabavi An Integrated Decision Support Model For Firms' Capital Structure (Case Study: Chemical Companies In Tehran Stock Exchange) Journal of Asset Management and Financing capital structure analytical network process dematel goal programing |
| title | An Integrated Decision Support Model For Firms' Capital Structure (Case Study: Chemical Companies In Tehran Stock Exchange) |
| title_full | An Integrated Decision Support Model For Firms' Capital Structure (Case Study: Chemical Companies In Tehran Stock Exchange) |
| title_fullStr | An Integrated Decision Support Model For Firms' Capital Structure (Case Study: Chemical Companies In Tehran Stock Exchange) |
| title_full_unstemmed | An Integrated Decision Support Model For Firms' Capital Structure (Case Study: Chemical Companies In Tehran Stock Exchange) |
| title_short | An Integrated Decision Support Model For Firms' Capital Structure (Case Study: Chemical Companies In Tehran Stock Exchange) |
| title_sort | integrated decision support model for firms capital structure case study chemical companies in tehran stock exchange |
| topic | capital structure analytical network process dematel goal programing |
| url | https://amf.ui.ac.ir/article_22723_ec9253261840b2b6e46205705249bc79.pdf |
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