CAPITAL STRUCTURE, SPEED OF ADJUSTMENT, THRESHOLD PARTIAL ADJUSTMENT MODEL,TRADE OFF THEORY

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GHOLIZADEH MOHAMMAD HASAN; MIRASKARI SEYED REZA; POURZAKER ARABANI SOGAND

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Journal: JOURNAL OF SECURITIES EXCHANGE Year:2016 | Volume:9 | Issue:34 Page(s): 53-76

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Title

CAPITAL STRUCTURE, SPEED OF ADJUSTMENT, THRESHOLD PARTIAL ADJUSTMENT MODEL,TRADE OFF THEORY

Author(s)

GHOLIZADEH MOHAMMAD HASAN | MIRASKARI SEYED REZA | POURZAKER ARABANI SOGAND | Issue Writer Certificate

Keywords

SPEED OF ADJUSTMENTQ1

TRADE OFF THEORYQ2

CAPITAL STRUCTUREQ2

Abstract

According to TRADE OFF THEORY, firms determine optimal CAPITAL STRUCTURE for themselves, but usually deviate from this target CAPITAL STRUCTURE, so they need to adjust this deviation. This research tries to analyze the impact of structure change of 2012 and exchange rate increase as an index of macroeconomic variable on SPEED OF ADJUSTMENT of CAPITAL STRUCTURE among firms were accepted in Tehran Stock Exchange. The data of 124 firms were collected in period of 2005-2014 and partial adjustment model was used. Results of researches hypothesis show that firms with bigger size, higher growth opportunities, higher earning volatility, less age and less deviation from target leverage adjust their CAPITAL STRUCTURE with higher speed than firms with contrasting features. Moreover, structure change of 2012 and exchange rate increase as a macroeconomic index can decrease the SPEED OF ADJUSTMENT.

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APA: Copy

GHOLIZADEH, MOHAMMAD HASAN, MIRASKARI, SEYED REZA, & POURZAKER ARABANI, SOGAND. (2016). CAPITAL STRUCTURE, SPEED OF ADJUSTMENT, THRESHOLD PARTIAL ADJUSTMENT MODEL,TRADE OFF THEORY. JOURNAL OF SECURITIES EXCHANGE, 9(34 ), 53-76. SID. https://sid.ir/paper/187734/en

Vancouver: Copy

GHOLIZADEH MOHAMMAD HASAN, MIRASKARI SEYED REZA, POURZAKER ARABANI SOGAND. CAPITAL STRUCTURE, SPEED OF ADJUSTMENT, THRESHOLD PARTIAL ADJUSTMENT MODEL,TRADE OFF THEORY. JOURNAL OF SECURITIES EXCHANGE[Internet]. 2016;9(34 ):53-76. Available from: https://sid.ir/paper/187734/en

IEEE: Copy

MOHAMMAD HASAN GHOLIZADEH, SEYED REZA MIRASKARI, and SOGAND POURZAKER ARABANI, “CAPITAL STRUCTURE, SPEED OF ADJUSTMENT, THRESHOLD PARTIAL ADJUSTMENT MODEL,TRADE OFF THEORY,” JOURNAL OF SECURITIES EXCHANGE, vol. 9, no. 34 , pp. 53–76, 2016, [Online]. Available: https://sid.ir/paper/187734/en

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