THE INVESTIGATION OF ASYMMETRY IN SPEED OF CAPITAL STRUCTURE ADJUSTMENT: DYNAMIC PANEL THRESHOLD MODELS

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HASHEMI SEYED ABAS; KESHAVARZ MEHR DAVOUD

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT) Year:2015 | Volume:6 | Issue:23 Page(s): 59-78

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Title

THE INVESTIGATION OF ASYMMETRY IN SPEED OF CAPITAL STRUCTURE ADJUSTMENT: DYNAMIC PANEL THRESHOLD MODELS

Author(s)

HASHEMI SEYED ABAS | KESHAVARZ MEHR DAVOUD | Issue Writer Certificate

Keywords

TARGET LEVERAGEQ2

SPEED OF ADJUSTMENTQ2

DYNAMIC PANEL THRESHOLD MODELQ2

DYNAMIC TRADE-OFF THEORYQ2

ADJUSTMENT COSTS.Q2

Abstract

Usually firms have deviated from their TARGET LEVERAGE. They may adjust to TARGET LEVERAGE only occasionally, when the benefits of this adjustment exceed the costs. According to DYNAMIC TRADE-OFF THEORY can be argued that firms faced different ADJUSTMENT COSTS.due to their specific characteristics, so they move toward their TARGET LEVERAGE with different speeds. Hence, in this paper asymmetry in speed of capital structure adjustment in the listed companies in Tehran Stock Exchange, has been studied. In this paper, information related to 115 firms over the period 2003-2012 was collected and threshold partial adjustment model and generalized methods of moments estimator, were used. The results show that firms with large financing deficit, large investment, low profitability and low earnings volatility adjust their capital structure faster than those with the opposite characteristics. In fact, these firms have more motivation for adjusting their capital structure because of encountering higher financial distress costs or lower costs of adjustment. Generally, the research results indicate that studies firms move to their TARGET LEVERAGE with different speeds.

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APA: Copy

HASHEMI, SEYED ABAS, & KESHAVARZ MEHR, DAVOUD. (2015). THE INVESTIGATION OF ASYMMETRY IN SPEED OF CAPITAL STRUCTURE ADJUSTMENT: DYNAMIC PANEL THRESHOLD MODELS. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), 6(23), 59-78. SID. https://sid.ir/paper/197618/en

Vancouver: Copy

HASHEMI SEYED ABAS, KESHAVARZ MEHR DAVOUD. THE INVESTIGATION OF ASYMMETRY IN SPEED OF CAPITAL STRUCTURE ADJUSTMENT: DYNAMIC PANEL THRESHOLD MODELS. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)[Internet]. 2015;6(23):59-78. Available from: https://sid.ir/paper/197618/en

IEEE: Copy

SEYED ABAS HASHEMI, and DAVOUD KESHAVARZ MEHR, “THE INVESTIGATION OF ASYMMETRY IN SPEED OF CAPITAL STRUCTURE ADJUSTMENT: DYNAMIC PANEL THRESHOLD MODELS,” FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), vol. 6, no. 23, pp. 59–78, 2015, [Online]. Available: https://sid.ir/paper/197618/en

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