جستجوی مقالات مرتبط با کلیدواژه « ساختار سرمایه » در نشریات گروه « حسابداری »

The current research aims to investigate whether business strategy has an interactive effect on the relationship between managerial ability, financial constraints, the value of cash holding, and the speed of capital structure adjustment.

In line with the research's purpose, six hypotheses were formulated. To test these hypotheses, a sample of 105 companies was selected from those admitted to the Tehran Stock Exchange between the years 2019-2022, using a systematic elimination method. EViews software was utilized for data analysis, employing multivariate regression models and logistic models to test the hypotheses.

The results of the research indicate that managerial ability has a positive and significant impact on cash holding value, a negative and significant impact on financial constraints, and the speed of capital structure adjustment. Additionally, the findings suggest that business strategy influences the relationship between managerial ability, cash holding value, financial constraints, and the speed of capital structure adjustment.

According to the research findings, it is recommended to focus on enhancing management capabilities. Capable managers are more adept at identifying liquidity issues early on, thereby reducing the need for external financing costs. Additionally, the Securities and Exchange Organization is advised to prioritize understanding the business strategies of companies when overseeing them. Effective supervision should include thorough scrutiny of company reports, as business strategies significantly impact a company's cash reserves, ultimately shaping its future performance and returns.

Among the goals of managers is to maximize the wealth of shareholders and reduce the capital cost. In this regard, deciding on the capital structure is one of the most important strategies to achieve these goals. Since, Board of directors is one of the main decision-making groups in in this field. Therefore, the relationships that can be seen in the form of a social network between the board members of different companies, the purpose of this study is to examine the capital cost and the capital structure in the relations network of the board of directors of companies in the Iranian stock market and is based on data related to 115 companies in the period 2012-2020. Network analysis and regression analysis were used to conduct research tests. Findings showed that in the communication network of companies, some of them are in a better position and have more access and effectiveness. Better location can lead to easier access to information and resources faster. Also, the results of testing the hypotheses showed that there is no significant relationship between the betweenness centrality, and the capital cost and the capital structure. But there is a significant negative relationship between the closeness centrality, and the capital cost and capital structure, and a significant positive relationship between the degree centrality and the capital cost and the capital structure. In other words, it can be said that the position in the structure of relationships can somehow affect the capital cost of companies and their capital structure.

In this research, using the market timing theory and the revised theory of pecking order, the factors affecting the choice of financing method are identified and prioritized. In this study, data of 183 companies listed on the Tehran Stock Exchange were collected. To collect information and data, the library method was used and in order to investigate the relationships between variables and test the hypotheses, the multiple regression model in Eviews software version 10 was used. The main hypotheses of this research are based on the fact that in order to make management decisions about the optimal capital structure of the company, we can act based on the model of market timing theory and revised theory of pecking order. In the results of this study, the companies in order to finance themselves, in fact, follow the theory of pecking order and market timing. The research findings show a non-linear ᴜ shape relationship between debt and deficit changes and a direct linear relationship between capital and deficit changes. Also, testing the model related to market timing shows a positive and significant relationship between the weighted average of external financing and capital structure.

The aim of this study was to model the complications of the system of conservation, maintenance and training of human resources through the research method of mixed exploratory model. Its statistical population in the quality department, a group of experts including senior managers of the National Iranian Oil Refining and Distribution Company and professors in the field of human resource management in higher education centers and in the quantitative department of the National Petroleum Products Distribution Company - Sari and Affairs Iran Oil Pipelines and Telecommunications - Northern Region, there were 835 people (789 men and 46 women). In the qualitative part of the snowball sampling method, 20 people and in the quantitative part with the relative class sampling method based on Cochran's formula, 263 people were selected as a statistical sample. Data in the qualitative part were extracted through the implementation of Delphi technique with a semi-structured questionnaire and in the quantitative part through the implementation of 120-item researcher-made questionnaires on a statistical sample and analyzed using SPSS and AMOS software. The validity of the questionnaires was confirmed in terms of content and structure. Reliability and combined reliability were estimated and confirmed by Cronbach's alpha coefficient with 84%. Descriptive statistics (mean, variance, standard deviation) and inferential statistics (exploratory and confirmatory factor analysis and Friedman test) were used to analyze the data. The results showed that modeling the complications of the system of conservation, maintenance and training of human resources has 6 dimensions (organizational (internal), environmental (external), occupational, individual (personal), governmental (political) and cultural-social) and 30 It has been a component. The results of the quantitative section showed that all dimensions of the research model were confirmed.

According to trade off theory, firms check their capital structure in case of deviation from the optimal structure or a goal to achieve their target structure, and these adjustments has different speed in various firms. In this research, the relationship of accounting conservatism in the adjustment of capital structure of firms has been investigated. To conduct this research, 98 listed companies in Tehran Stock Exchange were used during the period of 2002 to 2022. The research results show that conservatism can play an important role in accelerating the adjustment of capital structure of firms. Also, the results of this research indicate that large and profitable firms have a longer period of time to adjust their capital structure and achieve the target capital structure if they use external sources for financing due to their less desire for external financing. In other words, the large and profitable firms have a lower adjustment speed.

The main purpose of this study is to identify the effect of stock market scheduling theory on the capital structure of companies listed on the Tehran Stock Exchange during the years 1394 to 1398, which in this regard; The company's capital structure (equity ratio) and changes in capital structure (changes in equity ratio) as dependent variables and past market value of the company (market value to book value ratio of the previous year) are independent variables. Company size, profitability, and fixed asset ratio variables are considered as control variables. The statistical sample of the research included 112 companies. The research method is descriptive-correlation with applied approach. The method of collecting information is based on theoretical methods from the library method and in the hypothesis testing section from the method of documenting financial statements. In general, the hypothesis testing method is a multiple correlation and regression method.According to the market timing theory, companies determine the time of issuance of shares based on the stock price in the market. Management issues stocks when the ratio of market value to corporate stock value is high. The results of the study showed that the company's past values (ratio of market value to book value) have a significant and significant effect on capital structure, changes in capital structure and issuance of shares. In general, the results of the research do not confirm the scheduling theory in Tehran Stock Exchange.

The main purpose of this study is to investigate the effect of corporate governance on the relationship between CEO power and capital structure decisions in listed companies in Tehran Stock Exchange. For this purpose, principal component analysis method was used to measure CEO power. The research hypotheses were tested on the 106 companies over a period of 8 years from 2011 to 2018 using multivariate regression models and panel data alignment. The results of linear models of research show that there is a negative and significant relationship between CEO power and book value leverage. The results of nonlinear models indicate that there is a significant nonlinear (U-shaped) relationship between CEO power and short-term leverage. Also, there is a significant nonlinear (U inverse) relationship between CEO power and long-term leverage. The results of the study of the effect of institutional shareholders on the relationship between CEO power and capital structure decisions indicate that institutional shareholders have a negative and significant moderating effect on the positive linear relationship between CEO power with book value leverage and short-term leverage. Also, institutional shareholders cause the nonlinear relationship between CEO power with market value leverage and short-term leverage to be change from inverted U to U-shaped. In the case of long-term leverage, the results also show that institutional shareholders cause the negative relationship between high power of the CEO and long-term leverage may be positively changed.

Subject and purpose of the article:

 Deciding on the capital structure is one of the most challenging and difficult issues facing the companies. The present study examines the effect of determining the type of capital structure on the performance of the company. And determining that there is an optimal capital structure?

 At first, the present research has examined and reviewed the existing theories in the field of capital structure. Considering that the determination of capital structure is a dynamic process, in this research, from the approach of system dynamics and using Vensim software, the relationship between the structure The capital and accounting standards of performance evaluation (ROE, ROA) of Iran Telecommunication Company have been discussed.

The results of model simulation with real data from 1395 to 1400 ensure the correctness of the behavior of the model. And the results indicate that financing through debt in the company's capital structure has a significant effect on the debt cost rate and the capital cost rate and has an effect on the asset return and equity return ratios (performance evaluation accounting criteria). There is no punishment.

Conclusion, originality and its addition to knowledge: 

the findings of the research showed that the company's capital structure does not affect the company's ROA, ROE evaluation criteria. Also, the sensitivity analysis shows that the increase in the level of debt, despite the effect on the cost of debt and the cost of capital, does not lead to a significant change in, ROA, ROE.

In this paper, the aim is to examine the role of management ability on the relationship between deviation from optimal capital structure and real performance and speed of capital structure adjustment. For this purpose, data on 143 companies listed in Tehran Stock Exchange for the period of 2006 to 2018 were extracted and a hybrid data regression model was used to test the research hypotheses. the results indicate that the management ability has a significant effect on the relationship between deviations from optimal capital structure and real performance. Also, the results show a significant effect of management ability in the relationship between positive deviation from optimal capital structure and no effect on negative deviation from optimal capital structure, with the actual return on assets or actual performance of the firm. In addition, effect of management ability on speed of capital structure adjustment Which is approved in firms with over-leverage capital structure and rejected in under-leverage capital structure. Finally, the results show in the case of over-leverage and under-leverage, there is no significant difference between them.

AbstractThe purpose of this study was to investigate the effect of the complexity of accounting information on the speed of adjustment of the optimal capital structure in companies listed on the Tehran Stock Exchange. In this study, the complexity of accounting information was selected as an independent variable and two criteria of "consolidated financial statements and a variety of products or services" were used to measure it. Also, the rate of adjustment of the optimal capital structure was selected as a dependent variable and the Partial Adjustment Model by Flannery and Rangan (2006) was used to estimate it. The statistical population of this study was all companies listed on the Tehran Stock Exchange and the statistical sample of the study included 119 companies active in various industries during the years 2012 to 2019. The research method was correlational and to test the hypotheses, the ordinary least squares regression method and panel data and Stata14 software were used. The results indicate that the complexity of accounting information has a negative and significant effect on the speed of adjustment of the optimal capital structure in companies listed on the Tehran Stock Exchange. In interpreting this result, it can be said that increasing the ambiguity and complexity of accounting information in financial statements will reduce the speed of adjusting the movement of companies towards the optimal capital structure.

Bankruptcy of companies usually brings destructive effects on the capital market and ultimately the economic development of countries. Identifying the effective and underlying factors of financial crises provides the possibility of timely reaction of managers and investors in dealing with the problems and obstacles hidden in the financial structure of companies. The current research has investigated and studied the effect of adjusting the capital structure in dealing with financial helplessness in companies listed on the Tehran Stock Exchange. The statistical population of the present study, according to the criteria set in conducting the research, were the companies registered in the Tehran Stock Exchange, and by applying the method of systematic elimination, 124 companies were screened as a sample, in the period between 1391 and 1400. has been taken Logistic regression was used to test research hypotheses, and at the end, the merit of the selection model, as well as the desirability and prediction accuracy of the model, which is specific to logistic regression, were also tested. The results show that the faster the adjustment of the capital structure increases and the sooner the company achieves the optimal leverage, the faster it can get out of the state of helplessness and financial crisis. Therefore, companies with larger size, greater growth, and less deviation than companies without the mentioned characteristics adjust their capital structure more quickly.

The growing importance of intellectual capital in corporate value creation processes has significantly affected capital markets, corporate disclosure, and corporate financial management, as intellectual capital has contributed to increasing information asymmetry between firms and investors. Therefore, the purpose of this research is to investigate whether the efficiency of intellectual capital has an effect on the capital structure, and whether risk and profitability of the company moderate the relationship between the efficiency of intellectual capital and the capital structure. The statistical population of companies admitted to the Tehran Stock Exchange during the years 1390 to 1399 and using the information of 120 companies and the multivariable linear regression method, the hypothesis was tested. According to the results of the first hypothesis test, the efficiency of intellectual capital has a direct and significant effect on the capital structure, and the results of the second hypothesis indicate that the company's risk has a significant effect on the relationship between intellectual efficiency. Capital and capital structure and the results of the third research hypothesis show that the profitability of the company has a significant effect on the relationship between the efficiency of intellectual capital and the capital structure.

IntroductionThe speed of adjustment of financial leverage indicates the movement of companies towards the optimal capital structure and clearly shows the financing policies of companies. The importance of optimal leverage is such that the growth and survival of companies depends on this factor and affects the risk and expected returns of companies. One of the ways to reach the optimal leverage level is to reduce the risks faced by the company and consequently increase the company's efficiency. Therefore, the purpose of this study is to investigate the effect of risk management on the speed of adjustment of financial leverage in the life cycle stages of companies.  HypothesesCompany-specific risks and market risks affect companies' achievement of optimal financial leverage, so by managing internal and external risks, the company can achieve optimal leverage sooner. In general, when a company moves from one stage to the next in the stages of the life cycle, the target financial leverage in the next stage is an important factor in determining the current capital structure, and companies should adopt their strategies according to the stages of the life cycle. Based on the stated contents, the research hypotheses are presented as follows:H1: Risk management has a positive and significant effect on the speed of adjustment of financial leverage.H2: Risk management during the growth period of companies has a positive and significant effect on the speed of adjustment of financial leverage.H3: Risk management in the maturity period of companies has a positive and significant effect on the speed of adjustment of financial leverage.H4: Risk management during the decline period of companies has a positive and significant effect on the speed of adjustment of financial leverage.  MethodThe current research is applied and from the methodological point of view, correlation is causal type (post-event). The statistical population under investigation in this research is all the companies admitted to the Tehran Stock Exchange and the period under investigation is from 2011 to 2020. In this research, the systematic elimination method was used to reach the sample, and 128 companies were selected as the research sample. Data analysis has been done by using the combined data method and with the data panel approach and by using Eviews 12 software to test the hypotheses.  ResultsThe results of the research showed that risk management has a direct effect on the speed of adjustment of financial leverage. Also, risk management in the growth period of companies has a direct effect on the speed of adjustment of financial leverage with an increasing factor; But in the maturity period, risk management has no effect on the speed of adjustment of financial leverage. Also, risk management in the period of decline of companies with a decreasing and negative coefficient has an inverse effect on the speed of adjustment of financial leverage.  Discussion and ConclusionThe financial leverage of the company is affected by the market risks and specific risks of the company, and by fully managing and identifying these risks and using specialized risk management teams and committees, these risks can be minimized so that the company can quickly move towards the optimal leverage and its goal. Risk management during the growth period of companies has the most positive effect on the speed of lever adjustment towards optimal leverage. Among the theories that are related to financial leverage is the theory of the life cycle of companies, and the theme of this theory is that companies always keep resources with different combinations in the stages of the life cycle, and by looking at the methods of financing, they try to parallelize risk, return and goal. They are maximizing the value of the company. In the maturity stage, because the company has a stable situation and with a relative reduction in new investments, the need to finance them has decreased, as a result, they have achieved relative stability in the speed of financial leverage adjustment. Companies in the decline stage have lost their growth value, liquidity indicators are at a minimum and profitability is in a downward trend. At this stage, companies increase the company's risks with large external financing due to the lack of necessary financial resources, and due to the lack of resources to repay debts, the company may face the risk of bankruptcy, and this will slow down the speed of lever adjustment.

Managers can maximize shareholders' wealth by managing variables in the financial structure (such as capital structure, dividend, and investment). Using corporate governance mechanisms, shareholders try to guide managers in this direction. The sample of this research is the statistical tests in past experimental studies that experimentally tested the research hypotheses. In this research, with the meta-analysis approach (in seven stages), the influence of the aforementioned variables on corporate governance and their effect on financial performance is tested. Due to the presence of three intermediate variables, three hypotheses about the effect of corporate governance on the mentioned variables and three hypotheses about the effect of intermediate variables on financial performance, and one hypothesis on the direct effect of corporate governance on financial performance were designed and 64 studies including a total of 260 effect size (r type) that their publication dates were between 1993 and 2019 were meta-analyzed. In the groups of the sample where the effect sizes were divergent, the random effects method, and for the convergent cases, the fixed effects method was used to calculate the cumulative effect size. Based on the results, corporate governance affects financial performance, capital structure, dividends, and investment. In addition, all three variables of capital structure, dividend, and investment have a significant influence on financial performance. For each hypothesis, after determining the size of the joint effect, a robustness test has been performed and analyzed on the results.

The main purpose of this study was to investigate the effect of financial leverage and managerial reward and the volatility of companies' stock returns. This research is applied in terms of purpose. Also, this research is descriptive in terms of descriptive nature, because in this type of research, the researcher evaluates the relationship between two or more variables. For this purpose, the number of 1420 years-companies (142 companies) during the period 1389 to 1398 were examined. Financial data were analyzed using panel data using generalized least squares regression. According to the statistical methods performed, the hypotheses were tested at a confidence level of 0.95. The results obtained from the test of research hypotheses showed that rewards increase the volatility of stock returns. In other words, by increasing voluntary incentives such as rewards, the volatility of Miran stock returns can be increased. Evidence also showed that financial leverage has a debilitating effect on the positive relationship between voluntary incentives in current rewards and volatility of returns.

The purpose of this study is to investigate the existence of herd behavior of firms in each industry as well as industry relative to other industries in determining the capital structure.

Herd behavior is shown with a nonlinear relationship between the capital structure of firms and the industry capital structure and the method of absolute cross-sectional dispersion was used. Also, the herd behavior of other industries towards the capital structure of each industry was examined. The research period is from 2002 to 2020 and twelve industries have been studied.

The results showed that in the automobiles and parts industry, basic metals, food except sugar, chemical, electrical appliances and non-metallic minerals of firms compared to the median of the industry, there is herd behavior in the capital structure of firms. In addition, this behavior towards the automobiles and parts industry (5 industries), rubber and plastics (4 industries), food except sugar (3 industries), pharmaceutical, non-metallic minerals and tile-ceramics (2 industries), machinery and equipment, electrical appliances and metal ore mining (1 industry) were observed.

The result of research indicates that herd behavior can be considered as a determining factor in the structure of capital.

 Providing evidence on herd behavior and imitation and peer effect on the capital structure at the level of industry firms and also at the level of industries relative to each other as well as the development of behavioral finance literature in the corporate finance area in Iran, is the main contribution of this study.

Usually, companies deviate from their target capital structure And may only take time to adjust their capital structure The benefits of this adjustment are more than its cost. The purpose of this study is to investigate the relationship between debt contract with two indicators (long-term debt to total assets) and (total debt to equity) with the speed of capital structure adjustment.To achieve this goal, a sample of 102 companies listed in Tehran Stock Exchange was selected using systematic elimination method.And have been tested over a period of eight years from 2009-2014. This research consists of a main hypothesis and two sub-hypotheses that have been tested using the generalized torque regression method. The results of the hypothesis test showed that after adding the index (long-term debt to total assets) to the original model Dang et al. (2012), the rate of capital structure adjustment was 10% and after adding the index (total debt to equity) Has increased to 6%, which confirms both the hypothesis.

This study investigates the dynamic relationship among diversification, capital structure and profitability of firms listed in Tehran Stock Exchange. The research sample selected using systematic elimination method, consists of 140 firms listed in TSE from 2011 to 2017. The hypotheses are analyzed using the panel VAR approach. Impulse response functions illustrate significant dynamic interrelationships in the financial sector. The results indicate that any coincident increase in finance diversification and capital structure of a firm optimizes a its profitability, and any increase in profitability results in increase of diver sification and capital structure. With increasing diversification, profitability will increase and capital structure will decrease. Further, if capital structure increases, the profitability will increase and diversification will decrease in firms listed in Tehran Stock Exchange.

The main purpose of this research is to investigate the effect of Political Connections with the Government on the relationship between CEO power and capital structure decision making in companies listed in Tehran Stock Exchange. To this end, the CEO task duality criteria, CEO tenure and CEO ownership percentage were used to measure CEO power. Benchmarks such as book value leverage, market value leverage, short-term leverage and long-term leverage were used as capital structure representatives. Research hypotheses based on a statistical sample consisting of 106 companies during an 8-year period from 2011 to 2018 were tested using multivariate regression models. The results of the test showed that there is a positive and significant relationship between CEO power and capital structure (book value leverage, market value leverage, and short-term leverage). Also, there is a negative and significant relationship between the CEO power and the capital structure (long-term leverage). In addition, the relationship between CEO power with book value leverage, market value leverage and short-term leverage in companies with political relations is weaker. Finally, the effect of political relations with the government on the relationship between CEO power and long-term leverage is inverse and significant.