جستجوی مقالات مرتبط با کلیدواژه « Leverage » در نشریات گروه « حسابداری »

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.

This is the main idea that we investigate earnings management using the approach of Markov stochastic processes. Using Markov processes, the persistence of earnings management - the continuity of earnings management over time - can be determined. Thus, this research initiates a new discussion in the field of studying earnings management behavior and intends to analyse the effect of leverage on earnings management with the help of Markov processes. The main question was whether the leverage affects the persistence of earnings management, followed by the ability to predict earnings management and the impact of current situations on the likelihood of future earnings management.

The data of 104 companies listed on the Tehran Stock Exchange (TSE) during the 2013-2019 has been used to test the research hypotheses. Also, The Jones model to determine the earnings management index and Markov stochastic process method using MATLAB software used to test the research hypotheses.

Our Findings showed that earnings management is likely at any level of leverage to occur. On the other hand, there is no regular forecast of earnings management in both leveraged and nonleveraged companies. The results also show that the impact of earnings management persistency in leveraged and nonleveraged companies decreases over time. Finally, the results showed that there is no significant difference between the persistency of earnings management in leveraged companies and nonleveraged companies.

The use of probabilistic processes helps to clarify the hidden aspects of different subjects such as earnings management. In this study, we found that leverage has no significant effect on the persistence of earnings management. The method used in this study, regardless of the limitations caused by the assumptions of regression models, helps to better understand the nature of earnings management, however, findings show that theories about the relationship between leverage and earnings management at least with the examine method in this study could not be confirmed and factors such as leverage may be affected over time by other key factors, such as increased transparency and close oversight by regulatory agencies.

One of the most important decisions that company managers face is the decisions related to financing. The purpose of this study is to investigate the moderating role of the Industry Market Concentration on the relationship between political connection and financing. The statistical population of the study is all companies listed on the Tehran Stock Exchange and using the systematic elimination sampling method, 146 companies were selected as the sample of the research in an 8-year period between 2013 and 2020. The method used to collect information is a library and the relevant data for measuring variables were collected from Codal website and companies' financial statements and then Eviews software was used to test the research hypotheses. The results of testing the research hypotheses showed that the company's political Connection with financial leverage and debt maturity has a significant relationship. Also, the Concentration of the industry strengthens the positive relationship between the company's political Connection with financial leverage and debt maturity.

All financial institutions and banks have risks in their operations that have not been able to eliminate them, but there is the possibility of managing these risks. Therefore, financial institutions for continuity should be identify, control and reduce the risk of their life to do this, factors affecting various risks will be very useful. In many of the financial institutions framework for managing risks to consider. In this paper, we assume the existence of a significant relationship between financial risk and financial ratios that can be validity by examining past research and then using canonical correlation analysis model to evaluate and calculate the relationship between financial risks and financial ratios presented. Canonical correlation analysis is an extension of multiple correlation for the relationship between the two sets of variables. Canonical analysis, linear combination of variables that are highly correlated with the second set of variables is found. Three financial risks include liquidity risk, credit and market using certain financial ratios and indicators have been defined and are considered as independent variables. As well as financial ratios, liquidity, leverage and profitability are dependent variables .To calculate risk and financial ratios of the information contained in the financial statements and the balance sheets of 10 banks Between 88 to 93 were used. Finally, it appears that liquidity risks have the greatest impact on financial ratios. After calculations, it is determined that liquidity risks have the most effect on the liquidity, leverage and profitability rations of bank with the effect values of 0.697, 0.644 and 0.624, respectively

Much of the literature regarding capital structure indicates that not only conflict between manager and owner but also external group impact on funding decisions. It emphasizes that a firm and its competitors are under influence of the method of funding of a firm. Existing literature provides a number of basic approaches for linking market limitations and funding decisions. A large part of empirical literature such as Bolton & Scharfstein (1990), Chevalier & Scharfstein (1996) and Dasgupta & Titman (1998) argue that the impact of financial leverage on performance is related to the degree of competition in capital market. Subsequently, this research is organized to dealing with the issue of whether or not the competition in product market can impact the relationship between financial leverage and performance of the companies listed on Tehran Stock Exchange. In other words, the current research intends to answer if the extent of competition in product market can make any difference on the extent of correlation between financial leverage and performance. Questions and hypotheses: The main question is “Does the degree of competition in product market influence the intensity of financial-leverage impact on performance? Thus the following hypotheses have been developed:Financial leverage has a U-form impact on performance The completion level has a positive impact on performance With respect to the change in competition extent, the impact of financial leverage on performance is made better or worse.

Using Herfindahl-Hirschman’s index, the level of competition has been calculated. Then, considering the level of competition the impact of capital structure on performance, utilizing mix data regression has been examined. Using data of 133 companies during a 5 years period (1385-1389) this research has benefited from time series and also deals with cross sectional data. In order to incorporate time series and cross sectional data, a combination of data should be used. Conclusion and

The results indicate that the financial leverage has a u-shape impact on performance. The level of competition has a meaningful impact on performance. Due to the degree of financial leverage, this impact has a direct correlation with the competition. Also this research shed light on this point that “the impact of financial leverage on performance” is also under the influence of level of competition. This research verifies a direct correlation between level of financial leverage and the level of competition. Also the leverage firms in competitive market show a better performance than a focused (centralized) market.