Determinants of Capital Structure: Meta-analysis

Capital structure is one of the most important issues facing financial managers to achieve their financial goals. Companies are always looking to choose the best combination to maximize firm value. So far، many research fields، mainly concerned with factors affecting the capital structure of the company، have been performed and theories have been developed to determine the optimal capital structure. In this paper، a meta-analysis approach is used to examine the impact of factors such as firm size، asset structure، growth opportunities، ownership structure and capital structure. This study analyze the results of 127 studies conducted in this area during 1990-2013، and use the extracted data from them to test the hypotheses. The findings show that firm size، asset structure، and growth opportunities play a decisive role in deciding the capital structure.