جستجوی مقالات مرتبط با کلیدواژه « اهرم بهینه » در نشریات گروه « حسابداری »

One of the major challenges facing firms is obtaining funds needed to finance current operations and investment. Financing of firms is influenced by different many internal and external factors. On the other hand, several studies have shown that due to the problems of the traditional theory of capital structure, financial flexibility is one of the main factors effective on financing of firms. This study examines the relation between financial flexibility and finance type (debt or equity). For this purpose, 108 firms listed in Tehran Stock Exchange from 2003 to 2013 are studied. In this study, the marginal value of cash which is an indicator of financial flexibility is calculated using the model horoscope Faulkender and Wang (2006) and then the impact of financial flexibility on financing through stock or debt or a combination is investigated using simple and multiple logistic regression. The results show that financial flexibility has a significant and positive relationship with firm's transitory debt issuance, but it has no significant relation with equity issuance. In this study, transitory debt means the debt over the estimated optimal leverage

Selection the optimal capital structure and the method of financing، is the main concern of the financial manager. Inadequate capital structure، affect different areas of the company and can create problems such as inefficiency in the marketing of products، inability to use the manpower and the same result. On the other hand، several studies have shown that due to the problems of the traditional theory of capital structure، the factors affecting the issues of financing companies، the financial flexibility. This study examines the role of financial flexibility to adjust speed of corporate financial leverage. For this purpose، the companies listed in Tehran Stock Exchange، 108companies were selected and financial data for the years 1382 to 1392 were studied. The results indicate that for companies that are above optimal leverage، financial flexibility is not the main factor to adjust speed of leverage. But for companies that are below optimal leverage، a significant positive correlation is obtained with the adjustment speed of leverage.

In this research, the usefulness of balance sheet and income statement information have been considered in compare with income statement to explain stock returns of 104 sample companies which are accepted in Tehran security exchange since 1382 till 1390. The investors consider future value of stock returns at the time of investment in companies share. This research, tried to help the investors to choose a best finance and investment chance. The data utilized to test the research assumptions are generally compound data. To test the research assumptions, multi variable regressions have been applied. The descriptive and perceptive statistical methods, including adjusted multiple, are applied.
The result of this research indicated more ability and profitability of stock return at the time of using information in the model of balance sheet and income statement together in compare with only income statement usage. Specially in Loss versus profit companies and Young versus mature companies or with Firms with uncertain future earnings

The ability of companies in identifying the potential financial sources to provide funds for investments and prepare appropriate financial plans can be considered as a main factor in development and progress. In order to determine the appropriate financial sources, managers should determine the cost of various financing sources and their effects on firm value to maximize the shareholder wealth. In this regard, many factors such as firm size, growth opportunities, management status, exclusive products, production and sales level, resources of raw materials, access to financial markets and the economic and political environment affect decision making. However achieving it, has some costs which can adjust their leverage to optimal leverage. Due to conflicts among interests of different groups of stakeholders (agency theory), these costs may be very expensive and prevent company to achieve this goal. Therefore companies do the partial adjustment to reduce the gap between actual and optimal leverages and these adjustments will be done until the benefits may outweigh the costs. Research Questions or hypotheses: According to various theories of capital structure and the different results obtained by different studies, this paper intends to investigate this question whether there is any non-linear relationship between growth opportunities and financial leverages of listed companies in Tehran stock exchange. It also measures the optimal leverage based on partial adjustment model and the gap between real and optimal leverages. Moreover, it determines firm adjustments toward target leverage and examines the relation between growth opportunities and financial leverage. The analysis of this paper is carried out common stocks listed on the Tehran Stock Exchange by using the panel data with fix effects at annual level from 2000 to 2011. In this study, for the choice of the method between panel data and pooled data, the F statistic is used. Houseman test statistic was used to detect whether differences between sectional units are fixed or random. The most commonly used tests for the diagnosis of Autocorrelation-Which Durbin-Watson test is the simplest one—to calculate the relationship between an error and its prior. The results of regression analysis of the first hypothesis indicate a non-linearity relationship between growth opportunities and leverage at 99% confidence level. There is a significant negative relationship between the low levels of growth opportunities and financial leverage calculated by market value. This means that with one unit increase in growth opportunities, other factors being constant, the average 31% reduction in leverage occurs and vice versa. Also there is a significant positive relationship between moderate levels of growth opportunities and financial leverage calculated by market values​​, This means that with a one unit increase in growth opportunities, other factors being constant, the average 5.6% increase in leverage occurs and vice versa. For high levels of growth opportunities and financial leverage calculated by market value, there is a significant negative relationship. This means if there is a unit increase in the growth opportunities there, with other factors being constant, an average 0.3% reduction in leverage is expected. Meaningfulness of first, second and third power for the growth opportunities with leverage is a cubic relationship; shifts in the curve was calculated by the software MTLAB using differential. In the low level of growth opportunity, it has a negative slope. Positive slope in the average level of growth opportunities in high-growth opportunities slope is negative again. Discussion and Findings show this relationship is negative for low and high levels of growth opportunities and positive for moderate levels. The optimal leverage based on trade-off theory is estimated by partial adjustment model using variables such as growth opportunities, size, fixed assets, depreciation, research and development costs and profitability. Based on the model outputs, speed of adjustment toward the optimal leverage is 52.7% which indicates a 47.3% gap between the actual and optimal leverages. Accordingly, the second hypothesis regarding to existing a gap between the actual and optimal leverages is confirmed. From an accounting point of view, due to the trade-off theory, growing companies lose more value than normal situation or lack of growth opportunities during the bankruptcy. Also from this perspective, firms with growth opportunities at lower levels due to the lack of appearances in these opportunities (not to be used as collateral) have less leverage. Fama and French (1992) stated that the shares of companies that have high leverage may be discounted by investors with high rates. This implies a negative relationship between growth opportunities and leverage in the low growth opportunities. Long et al (1996) indicate that leverage lowers incentives for investment in weak projects. Varvj et al (2005) examined the relationship between leverage and investment and concluded a meaningfully stronger negative relationship for firms with low growth opportunities to companies that have high growth opportunities. It can be said that when the companies have low growth opportunities, increasing leverage is to increase the speed of corporate bankruptcy because they cannot enhance corporate value through fit investments, and the company is in a critical threshold ​​of declining values, In this regard, in the low levels of growth opportunities for these companies is expected to reduce leverage. This result is consistent with agency theory and trade-off theory. Based on hierarchy theory, which asserts that in firms with investment opportunities that can increase firm value and the benefits of use of debt is more than the cost of debt, it is expected at moderate levels of growth opportunities that leverage is positively associated with. This positive jump in corporate with the middle levels of growth opportunities in use of debts, is consistent with hierarchy theory. Managers have more information than outside investors on cash flow from investment opportunities and generally future prospects and the true value of corporate. If they are not able to increase level of their debt, they cannot use investment opportunities that increase firm value. In other words, increasing the firm's growth opportunities causes more risk, and more financial distress costs are incurred. Firms with high growth opportunities have more incentives to finance their operations through equity, which are expected to be an inverse relationship between growth opportunities and debt existing (Kurdistani and Civil Najafi, 1387). In high levels of companie's growth opportunities, a negative association can be seen, but this negative correlation is not to the severity level of growth opportunities in lower ones. However, high-growth companies consider reducing leverage. As it can be seen, the first hypothesis that expresses the non-linear relationship between real leverage and growth opportunities is confirmed to be true.