INVESTIGATION OF THE RELATIONSHIP BETWEEN DEBT-GROWTH IN THE LIGHT OF AND CASH-FLOW SENSITIVITY OF THE COMPANIES LISTED IN TEHRAN STOCK EXCHANGE

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KARIMI FARZAD; HAFIZI BROJENI MARYAM

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Journal: FINANCIAL ACCOUNTING Year:2014 | Volume:6 | Issue:23 Page(s): 104-127

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Information Journal Paper

Title

INVESTIGATION OF THE RELATIONSHIP BETWEEN DEBT-GROWTH IN THE LIGHT OF AND CASH-FLOW SENSITIVITY OF THE COMPANIES LISTED IN TEHRAN STOCK EXCHANGE

Author(s)

KARIMI FARZAD | HAFIZI BROJENI MARYAM | Issue Writer Certificate

Keywords

FINANCIAL LEVERAGEQ2

THE SENSITIVITY OF CASH FLOWQ2

FIRM GROWTHQ2

FINANCIAL CONSTRAINTSQ1

GENERALIZED METHOD OF MOMENTSQ2

Abstract

Financing methods are among the most important and critical factors affecting the growth. Making an appropriate combination and balance of internal and external finance can insure the FIRM GROWTH and increase shareholders’ assets considering the firm status into account. In the present study, the relationship between FINANCIAL LEVERAGE and FIRM GROWTH has been studied and its sensitivity due to cash flow was investigated. So, the simultaneous effect of internal and external sources of finance on FIRM GROWTH is studied. The research sample consists of 88 listed firms in Tehran Stock Exchange over the period 2007-2012. Those firms had the basic primary conditions necessary for the research are selected as sample firms. The GENERALIZED METHOD OF MOMENTS (GMM) estimation, Eviews software and Stata software are used to analyze the data and test the hypotheses. The results show that firms with high FINANCIAL CONSTRAINTS exhibit higher sensitivity to cash flow and there is a nonlinear inverted U-shaped relationship between growth and debt exposure.

Cites

THE EFFECT ON STRUCTURE DEBT MATURITY ON ACCRUALS-BASED EARNINGS MANAGEMENT

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APA: Copy

KARIMI, FARZAD, & HAFIZI BROJENI, MARYAM. (2014). INVESTIGATION OF THE RELATIONSHIP BETWEEN DEBT-GROWTH IN THE LIGHT OF AND CASH-FLOW SENSITIVITY OF THE COMPANIES LISTED IN TEHRAN STOCK EXCHANGE. FINANCIAL ACCOUNTING, 6(23), 104-127. SID. https://sid.ir/paper/168142/en

Vancouver: Copy

KARIMI FARZAD, HAFIZI BROJENI MARYAM. INVESTIGATION OF THE RELATIONSHIP BETWEEN DEBT-GROWTH IN THE LIGHT OF AND CASH-FLOW SENSITIVITY OF THE COMPANIES LISTED IN TEHRAN STOCK EXCHANGE. FINANCIAL ACCOUNTING[Internet]. 2014;6(23):104-127. Available from: https://sid.ir/paper/168142/en

IEEE: Copy

FARZAD KARIMI, and MARYAM HAFIZI BROJENI, “INVESTIGATION OF THE RELATIONSHIP BETWEEN DEBT-GROWTH IN THE LIGHT OF AND CASH-FLOW SENSITIVITY OF THE COMPANIES LISTED IN TEHRAN STOCK EXCHANGE,” FINANCIAL ACCOUNTING, vol. 6, no. 23, pp. 104–127, 2014, [Online]. Available: https://sid.ir/paper/168142/en

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