Capital Structure Volatility and the Role of Macroeconomic Variables (Evidence From the Companies Listed on the Tehran Stock Exchange)
Volatility in companies’ capital structure has disrupted managers’ concentration required to create, maintain, and increase return and, consequently, attempts to improve the company’s performance. One of the managers’ tasks is to decide on an appropriate mix of financial resources of the company, i.e., the capital structure. This research aims to study the role of macroeconomic variables in the capital structure volatility for companies listed on the Tehran Stock Exchange. The sample consisted of 89 companies listed in the Tehran Stock Exchange during the period 2014-2018, chosen by the systematic random sampling method. The results indicate that the volatility of the short-term and long-term debt structure increases with an increase in the inflation rate. Moreover, the volatility decreases as the interest rate increase. Furthermore, the long-term debt structure of the companies rises slightly as the economic growth rate increases.
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