جستجوی مقالات مرتبط با کلیدواژه « Debt Maturity Structure » در نشریات گروه « علوم انسانی »

Separation of debts is very important in terms of due date of payment, because managers and owners of institutions, knowing about the due date of debts, take action to pay them on time so that they do not lose their credit and business position with other institutions and sellers, and in the future, their facilities and credit facilities are favorable. to use Business strategy emphasizes improving the competitive position of the organization's products in a particular industry or market segment. Business strategy shows how an organization should compete or cooperate in a particular industry. Due to the very high changes in the market and fierce competition between commercial companies, organizations choose the right business strategy for their survival in order to maximize the use of the facilities available in their organization according to the environmental conditions, therefore the purpose of this research is to investigate the effect The business strategy is based on the relationship between risk-taking and debt maturity structure of the companies admitted to the Tehran Stock Exchange. This research was conducted during the years 2014 to 2014 with a sample of 132 companies and multivariable linear regression to test the hypotheses. The results of the findings showed that risk tolerance has a significant effect on the debt maturity structure, but business strategy has a significant effect on the relationship between risk tolerance. And the maturity structure of the debt has no significant effect.

The results of previous research have shown that the use of short-term debts can ultimately cause unfavorable financial performance of the company in the long term. Behavioral finance theories also state that in the decision-making of managers and investors, in addition to information, a series of viewpoints and psychological factors also influence their decisions. The purpose of this research is to investigate the effect of CEO narcissism on the maturity structure of debts.

Using the data of 85 companies listed in the Tehran Stock Exchange, in the period of 2018 to 2022, the hypotheses were tested using multiple regression.

Findings:

 After statistical analysis, the results of the research hypotheses indicate that CEO narcissism has a positive and significant effect on the maturity structure of debts. In this research, two indicators of managers' bonus ratio and the size of CEO signatures were used to measure CEO narcissism.

Originality: 

The results of research hypotheses indicate that CEO narcissism has a positive and significant effect on debt maturity structure. This means that with the increase of narcissism of managers, the use of short-term debt increases. Narcissistic managers try to match the asset structure and the debt maturity structure in order to pay the debts. Hence, in the period under their management, the maturity period of the debt structure is reduced when the company can increase its profits.

Comparability is also one of the key quality features of accounting information that facilitates the comparison of financial statements, comparability in the capital market and debt is very important for investors and creditors; Because investment and lending decisions are based on evaluating alternative opportunities or projects, without this comparable information, no optimal decision can be made. Due to the importance of this issue, in this study, the effect of comparability of financial statements on debt maturity structure with emphasis on the role of managers' overconfidence in the Tehran Stock Exchange in the period 2014 to 2020 using the information of 144 companies using the generalized least squares and generalized moment procedure regression has been investigated. The research method is applied, descriptive and with deductive-inductive approach. To measure the comparability of financial statements, the model of De Franco et al. (2011) and following the research of Ahmed and Duellman (2013) to measure managers' overconfidence, over-investment has been used. The results using both methods show that the comparability of financial statements reduces the debt maturity structure and managers' overconfidence leads to an increase in the debt maturity structure. Managers' overconfidence also increases the negative relationship between the comparability of financial statements and debt maturity structure and increases its severity.

In this study, the effect of macroeconomic variables on the relationship between comparability of financial statements and debt maturity structure in Tehran Stock Exchange has been investigated. The statistical sample of the research, which has been selected by systematic elimination method, includes 114 companies among the companies listed on the Tehran Stock Exchange during the years 1392 to 1398. The research is descriptive-correlational and multivariate regression and combined data have been used to test the research hypotheses. The result of the research hypothesis shows that only the money supply affects the relationship between the comparability of cash flows and the structure of debt maturity.

The purpose of this study is to review the mediation role of debt maturity structure in explaining the relationship between macroeconomic variables and accounting conservatism. For this purpose, 105 companies were selected among listed companies in the Tehran Stock Exchange during the years 2012 to 2017 for statistical sample. To measure the conservatism, the model of Givoly & Hayn (2000) was used, a long-term debt to total debt ratio was used to measure the debt maturity structure. Also, macroeconomic variables in this study include GDP growth rate, inflation and money supply.To test the hypotheses, multiple regression with combined data and Sobel test has been used. The results show that there is a negative relation between the growth rate of GDP, inflation and money supply, and the debt maturity structure with accounting conservatism. The results of the Sobel test also show that the maturity structure does not play a mediator role in explaining the relationship between the GDP growth rate, inflation and the supply of money with accounting conservatism.

The purpose of this study is to examine the relationship between comparability of financial statements and debt maturity structure in Tehran Stock Exchange. The statistical sample of the research, which has been selected by systematic elimination method, includes 114 companies among the companies listed on the Tehran Stock Exchange during the years 1392 to 1398. The research is descriptive-correlational and multivariate regression and combined data have been used to test the research hypotheses. The results of testing the research hypotheses showed that there is a positive and significant relationship between profitability, comparability of operating cash flows and debt maturity structure. Thus, it is necessary to prepare reports to facilitate the comparison of financial statements on the one hand and to train market participants in order to understand the importance and use of this qualitative feature on the other hand.

The structure of debt maturity can be considered as an approach to address the challenge of uncertainty in the financial reporting process, which, although it has no place in accounting principles, can have a significant impact on asset valuation and net profit determination. The present study examines managerial overconfidence in choosing long-term financing. Eviews9 statistical software was used to test the hypothesis. Findings have shown that excessive managerial confidence in the choice of long-term financing has a significant relationship.

This research investigates the impacts of concentration on customer upon capital structure and debt maturity in the companies listed in the Tehran Stock Exchange, TSE. To test the hypotheses of the research, multiple linear regression model has been used. To measure capital structure and debt maturity structure, we used financial leverage and long-term debt ratio, respectively, and to determine concentration on customer, we examined the three variables of the ratio of major sales (sales above 10 percent) to total sales, the Herfindahl-Hirschman Inex, and the dummy variable of existence or lack of major customer. The sample includes 140 companies in the TSE in the years 2011-2016, regarding the constraints of this study. The evidence showed that there is a significant positive relationship between concentration on customer and capital structure. In other words, in the companies with major customers, the rate of financial leverage (debt) is higher the others. Also, in these companies the debt maturity structure is longer. The results imply the importance and effectiveness of company's major customers in increasing the capital structure (financial leverage) and the debt maturity structure.

Conservatism is defined as requiring a higher degree of verification practiced by accountants to identify good news compared to bad news. The results of previous studies show that the decisions related to debt maturity are one of determining factors in accounting conservatism. Short maturity debt allows better control for managers because shorter maturity causes the incentives for renegotiations in order to extend the debt. Creditors sing a closer and more accurate contract with borrowers and can decide on extending or changing the terms after the clarification of company's performance during the first period. This article aims to study the effect of debt maturity structure on accounting conservatism. The statistical population consisted of all companies listed on Tehran Stock Exchange (TSE) from 2005 to 2014. Basu (1997) model was employed in this study to measure the accounting conservatism. In order to measure debt maturity, short-term to total debt ratio is used. Short-term debt is the one settled during one year. The results show that shortterm debt maturity has a significant, negative impact on accounting conservatism. Firm size and discretionary accruals have a significant relationship with accounting conservatism. Cash flows are effective in accounting conservatism. The effectiveness of cash flows in accounting conservatism indicates the conservatism sensitivity to cash flows.

Financing policies made by managers can play a key role in the risk and wealth creation for stochkholders. However, identifying effective factors in managers` financing decisions is of great importance. Overconfidence is one of the most important personality traits of managers. Overconfidence is effective in risk taking. Overconfident managers overestimate future returns of business projects due to false confidence. Therefore, they might overestimate the likelihood and impact of positive shocks of future cash flows for these projects. Meanwhile, they may underestimate the negative shocks. They believe that their business entities have been undervalued in the capital market and can choose shorter maturity debt and increase shareholder wealth. They prefer to issue bonds rather than stocks. This study aims to examine the effect of a psychological factor (managerial overconfidence) on debt maturity structure. The sample consisted of selected companies listed in Tehran Stock Exchange from 2007 to 2014. Two scales which are based on managers` bias to forecast earnings and investment decisions are employed to measure the managerial overconfidence. The results show that managerial overconfidence has a positive and significant effect on debt maturity structure. Overconfident managers take shorter debt maturity structure by applying higher percentage of short-term debt. Liquidity risk related to this financing policy would not prevent them from such behavior.

This study examines the relationship between debt maturity structure and accounting conservatism with emphasis on the role of agency costs. The sample used in our research includes 83 firms listed on the Tehran stock exchange during the period   2008-2015. The results of this study show that there is a positive and significant relationship between debt maturity structure with conditional conservatism and unconditional conservatism. Also, the results show that agency costs have a negative and significant impact on relationship between debt maturity structure and conditional conservatism but no impact on relationship between debt maturity structure and unconditional conservatism

The present study aims to investigate the relation between financial reporting quality and debt maturity structure with investment efficiency of the firms listed in the Tehran Stock Exchange. To do so, Dechow and Dichev's (2002) accrual quality model is employed as a proxy for the financial reporting quality, and short-term liabilities to total liabilities ratio is used to measure the debt maturity structure. A sample of 92 firms listed in Tehran Stock Exchange from 2010 to 2014 is selected, and multiple regression model based on panel data techniques is also used to test the research hypotheses. According to the first hypothesis, there is a positively significant relation between financial reporting quality and firm's investment efficiency. Also the results of the second hypothesis indicate that there is a positively significant relation between debt maturity structure and firm's investment efficiency. Finally, the third hypothesis documents that the short term liabilities may account for the weak relation between firm's financial reporting quality and the investment efficiency.

This study examines the relationship between financial reporting quality and debt maturity of investment efficiency in listed companies in Tehran Stock Exchange. The population of this study Consist of 99 companies listed in Tehran Stock Exchange which examined in the period 1385 to 1392.Two indicators used in order to measure the investment performance asnoncurent assets and changes in long -term investments, and for quality of financial reporting indicator, quality of working capital accruals are used as a substitute. For debt maturity structure, Long-term debt to total debt ratio is considered as representative of maturity structure. The results showed a significant correlation between the quality of financial statements and performance of investment, but in Tehran Stock Exchange between debt maturity and investment efficiency is inversely related.

In this study, the effect of board characteristics as corporate governance determinants on the firm debt maturity structure has been investigated. Therefore, the main objective of this paper is to review the effect of board size, percentage of non executive directors in the board and CEO/Chair duality as independent variables on debt maturity structure as a dependent variable in Tehran Stock Exchange. To achieve the objective, 8 year information (2002-2009) of 72 firms were analyzed. To hypotheses testing, we have employed multivariate regression with panel data. The research results imply that there is a positive significant relation between board size and debt maturity structure. There is also a negative significant relation between percentage of non executive directors and debt maturity structure. Additionally, it was not found any relation between CEO/Chair duality and debt maturity structure. Research findings represent the effect of strong board on financing decisions. Furthermore, hypnoses testing among different industries indicate that about relation of the board size and debt maturity structure in Drug and Automobile industries there are significant positive relations and in Cement industry there exists a negative relation. In Cement and Food Industries, percentage of non executive directors in the board has a significant negative relation. The relation between CEO/Chair duality and debt maturity structure is also negative in the level of Chemical, Drug and Food.

Many empirical studies have lunched on the capital structure; however, a new branch of capital structure, debt maturity structure has not yet attracted as much attention. The objective of this research is the investigation about the affecting factors on debt maturity structure from the approaches of agency costs and the leverage theories in companies listed in Tehran Exchange Stock. To obtain thisobjective, we selected 143 companies from the statistical population which had necessary information for the 9 year period of the research (2001 - 2009). To examine the research hypotheses, Panel Data has been employed. For the test of research model significance t and F statistics were used. The findings indicate that there are positive relationship between debt maturity structure and firm size, asset tangibility and firm growth opportunities, in the whole sample. Furthermore, there is no relationship between financial leverage and debt maturity structure.

There are various factors which have the relationship with debt maturity structure in the firm level that several theories have applied to present these factors. Therefore، in this research، the variables of profitability، dividend policy، business risk and taxation as affecting factors on debt maturity structure have been examined under two theories of signaling and tax. In order to do that، four hypotheses have been presented. The statistical population of the research is comprised of listed companies in Tehran Stock Exchange and the research period is the years during 2001 to 2009. Employed statistical model، is multi variable regression and for data analysis، panel data has been used. The results of research hypotheses examination in the level of whole sample represent that there are positive relationship between dividend policy and profitability with debt maturity structure. On the other hand، there is negative relationship between taxation rate with debt maturity structure. Furthermore، there is no significant relationship between business risk with maturity debt structure. The findings are consistent with tax hypothesis، while is not consistent with signaling hypothesis. There are also various correlation results in different industries.