THE EFFECT OF OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE ON FREE CASH FLOWS

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SETAYESH M.H.; SALEHINIA MOHSEN

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Paper Information

Journal: The Financial Accounting and Auditing Researches Year:2015 | Volume:7 | Issue:25 Page(s): 15-32

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Information Journal Paper

Title

THE EFFECT OF OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE ON FREE CASH FLOWS

Author(s)

SETAYESH M.H. | SALEHINIA MOHSEN | Issue Writer Certificate

Keywords

OWNERSHIP STRUCTUREQ2

CAPITAL STRUCTUREQ2

FREE CASH FLOWSQ2

INSTITUTIONAL OWNERSHIPQ2

CORPORATE OWNERSHIPQ2

MANAGERIAL OWNERSHIP AND OWNERSHIP CONCENTRATIONQ2

Abstract

One on of the instruments for assessing the solvency of liability as well as determining financial adaptability of firms is FREE CASH FLOWS. The aim of the present study is, thus, to investigate the effect of OWNERSHIP STRUCTURE and CAPITAL STRUCTURE on FREE CASH FLOWS of firms listed in Tehran Stock Exchange. In this paper, two essential aspects of OWNERSHIP STRUCTURE, i.e. shareholders composition and the amount of ownership concentration, has been studied. Shareholders composition is measured using the following four variables: foreign ownership, CORPORATE OWNERSHIP, managerial ownership and INSTITUTIONAL OWNERSHIP. Linear regression analysis is used for testing the hypotheses. The research sample consisted of 75 firms. Our findings suggest that CORPORATE OWNERSHIP has significant relationship with firms’ free cash flow in a direct way while liability ratio has significant relationship with free cash flow in an inverse manner. However, no evidence implies the existence of a significant relationship between INSTITUTIONAL OWNERSHIP and managerial ownership and also between ownership concentration and FREE CASH FLOWS.

Cites

THE IMPACT OF OWNERSHIP STRUCTURE ON THE RELATIONSHIP BETWEEN FREE CASH FLOW AND ASSETS UTILIZATION MANAGEMENT

References

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APA: Copy

SETAYESH, M.H., & SALEHINIA, MOHSEN. (2015). THE EFFECT OF OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE ON FREE CASH FLOWS. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 7(25), 15-32. SID. https://sid.ir/paper/197979/en

Vancouver: Copy

SETAYESH M.H., SALEHINIA MOHSEN. THE EFFECT OF OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE ON FREE CASH FLOWS. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2015;7(25):15-32. Available from: https://sid.ir/paper/197979/en

IEEE: Copy

M.H. SETAYESH, and MOHSEN SALEHINIA, “THE EFFECT OF OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE ON FREE CASH FLOWS,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 7, no. 25, pp. 15–32, 2015, [Online]. Available: https://sid.ir/paper/197979/en

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