THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE DETERMINANTS AND SYSTEMATIC RISK CLASSES: EVIDENCE, TSE COMPANIES

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MOOSAVI SEYED ALIREZA; KESHAVARZ HAMIDE

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Journal: JOURNAL OF INDUSTRIAL STRATEGIC MANAGEMENT (PAJOUHESHGAR) Year:2011 | Volume:8 | Issue:SUPPLEMENT Page(s): 19-36

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Title

THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE DETERMINANTS AND SYSTEMATIC RISK CLASSES: EVIDENCE, TSE COMPANIES

Author(s)

MOOSAVI SEYED ALIREZA | KESHAVARZ HAMIDE | Issue Writer Certificate

Keywords

CAPITAL STRUCTUREQ2

DEBTS FINANCINGQ2

TRADEOFF THEORYQ2

PECKING ORDER THEORYQ2

FREE CASH FLOW THEORYQ2

Abstract

One of most essential parts of economic activity is to provide required financial sources which could be obtained from the equity or debt. For this purpose financial managers support the firm to achieve the best combination of financial sources which. In another word, CAPITAL STRUCTURE and decisions made on this issue is to increase the firm value. The ''CAPITAL STRUCTURE'' is an important issue that has been studied widely and theoretical Researches and experimental examinations are nowadays executed on this issue. The main question of this research is how firms change the financing strategies regarding categories of systematic risk? Data is collected information from 99 active firms in TSE during 1378-1386 using Rahavard software. Statistical technique used for testing hypothesizes is regression coefficients. In this research, firms are divided into high, medium and low class based on the systematic risk and CAPITAL STRUCTURE determinants which influence financing through short-term long-term debts are chosen based on three theories: the tradeoff, pecking order and cash flow theories. The research consists of six hypothesizes. The findings suggest that firms which take medium risk and low risk use short-term and long term debts respectively. Besides firms take high risk comparatively use more of long-term debt than short-term. Therefore, firm which take high risk have to tendency to increase financing equity. Furthermore, the results show that the firms taking high risks are in some extent influenced by the assumption of PECKING ORDER THEORY, and firms taking medium risks are influenced of assumption of FREE CASH FLOW THEORY. The results of this research conform to the research of the research by Tarek et al (2008).

Cites

THE RELATION BETWEEN FIRM FINANCIAL CHARACTERISTICS AND CAPITAL STRUCTURE DURING THE LIFE CYCLE OF THE FIRM

References

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APA: Copy

MOOSAVI, SEYED ALIREZA, & KESHAVARZ, HAMIDE. (2011). THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE DETERMINANTS AND SYSTEMATIC RISK CLASSES: EVIDENCE, TSE COMPANIES. JOURNAL OF INDUSTRIAL STRATEGIC MANAGEMENT (PAJOUHESHGAR), 8(SUPPLEMENT), 19-36. SID. https://sid.ir/paper/151429/en

Vancouver: Copy

MOOSAVI SEYED ALIREZA, KESHAVARZ HAMIDE. THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE DETERMINANTS AND SYSTEMATIC RISK CLASSES: EVIDENCE, TSE COMPANIES. JOURNAL OF INDUSTRIAL STRATEGIC MANAGEMENT (PAJOUHESHGAR)[Internet]. 2011;8(SUPPLEMENT):19-36. Available from: https://sid.ir/paper/151429/en

IEEE: Copy

SEYED ALIREZA MOOSAVI, and HAMIDE KESHAVARZ, “THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE DETERMINANTS AND SYSTEMATIC RISK CLASSES: EVIDENCE, TSE COMPANIES,” JOURNAL OF INDUSTRIAL STRATEGIC MANAGEMENT (PAJOUHESHGAR), vol. 8, no. SUPPLEMENT, pp. 19–36, 2011, [Online]. Available: https://sid.ir/paper/151429/en

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