A STUDY OF SIMULTANEOUS RELATIONSHIP BETWEEN FREE CASH FLOW, DIVIDEND AND DEBT POLICY OF LISTED COMPANIES IN THE TEHRAN STOCK EXCHANGE (TSE)

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FAKHARI H.; RAJABBEYKI M.A.

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Journal: Financial Accounting Research Year:2015 | Volume:7 | Issue:2 (24) Page(s): 73-91

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Title

A STUDY OF SIMULTANEOUS RELATIONSHIP BETWEEN FREE CASH FLOW, DIVIDEND AND DEBT POLICY OF LISTED COMPANIES IN THE TEHRAN STOCK EXCHANGE (TSE)

Author(s)

FAKHARI H. | RAJABBEYKI M.A. | Issue Writer Certificate

Keywords

FREE CASH FLOWQ2

DIVIDEND POLICYQ2

DEBT POLICYQ2

AGENCY THEORYQ2

SIMULTANEOUS MODELQ2

Abstract

According to the conflicts of interest between managers, stockholders and creditors, optimal decision making using FREE CASH FLOWs (FCF) in productive investment opportunities is one of the important firm financial decision. Increasing FREE CASH FLOWs in the company, leads to opportunistic behavior from managers especially in the light of conflict of interests. However, dividend and DEBT POLICY decision making can mitigate their effect. The aim of this paper is to investigate simultaneous relationship between FREE CASH FLOW, DIVIDEND POLICY and leverage of 120 listed companies in Tehran stock exchange during 2007-2011. Three Stage Least Square SIMULTANEOUS MODEL (3SLS) is incorporated to test the research hypotheses. Our findings show that firms with high leverage have lower FCF, thus there is negative relationship between FCF and DEBT POLICY. Also, dividends have negative relationship with debt.

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APA: Copy

FAKHARI, H., & RAJABBEYKI, M.A.. (2015). A STUDY OF SIMULTANEOUS RELATIONSHIP BETWEEN FREE CASH FLOW, DIVIDEND AND DEBT POLICY OF LISTED COMPANIES IN THE TEHRAN STOCK EXCHANGE (TSE). JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, 7(2 (24)), 73-91. SID. https://sid.ir/paper/155105/en

Vancouver: Copy

FAKHARI H., RAJABBEYKI M.A.. A STUDY OF SIMULTANEOUS RELATIONSHIP BETWEEN FREE CASH FLOW, DIVIDEND AND DEBT POLICY OF LISTED COMPANIES IN THE TEHRAN STOCK EXCHANGE (TSE). JOURNAL OF FINANCIAL ACCOUNTING RESEARCH[Internet]. 2015;7(2 (24)):73-91. Available from: https://sid.ir/paper/155105/en

IEEE: Copy

H. FAKHARI, and M.A. RAJABBEYKI, “A STUDY OF SIMULTANEOUS RELATIONSHIP BETWEEN FREE CASH FLOW, DIVIDEND AND DEBT POLICY OF LISTED COMPANIES IN THE TEHRAN STOCK EXCHANGE (TSE),” JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, vol. 7, no. 2 (24), pp. 73–91, 2015, [Online]. Available: https://sid.ir/paper/155105/en

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