REASSESSING THE EFFECT OF GROWTH OPTIONS ON LEVERAGE

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DAVALLOU MARYAM; BASTAMI FATEMEH

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Journal: The Financial Accounting and Auditing Researches Year:2018 | Volume:10 | Issue:38 Page(s): 67-91

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Information Journal Paper

Title

REASSESSING THE EFFECT OF GROWTH OPTIONS ON LEVERAGE

Author(s)

DAVALLOU MARYAM | BASTAMI FATEMEH | Issue Writer Certificate

Keywords

DYNAMIC TRADE-OFF THEORYQ2

GROWTH OPTIONSQ2

LEVERAGEQ1

STATIC TRADE-OFF THEORYQ1

Abstract

The purpose of this research is reassessing the effect of GROWTH OPTIONS and adjusted GROWTH OPTIONS on optimal LEVERAGE within the framework of the STATIC TRADE-OFF THEORY and test speed of adjustment based on DYNAMIC TRADE-OFF THEORY. To performance this study, a sample of firms listed in Tehran Stock Exchange consisting of 155 companies selected have been examined. The used two ways, panel data regression and Fama-Macbeth (1973) for investigate the impact growth option. The used generalized method of moments to check capital structure speed of adjustment. According to the result, the growth option explanatory power dependence LEVERAGE measure. As long as, we used market LEVERAGE, the maximum explanatory power belong to growth option (M/B). However, the highest explanatory power is belong to adjusted growth option when, we use book LEVERAGE. To increased speed of adjustment when, we used market LEVERAGE and adjusted growth option. The speed of adjustment is reduced by book LEVERAGE at the same condition.

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APA: Copy

DAVALLOU, MARYAM, & BASTAMI, FATEMEH. (2018). REASSESSING THE EFFECT OF GROWTH OPTIONS ON LEVERAGE. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 10(38 ), 67-91. SID. https://sid.ir/paper/198137/en

Vancouver: Copy

DAVALLOU MARYAM, BASTAMI FATEMEH. REASSESSING THE EFFECT OF GROWTH OPTIONS ON LEVERAGE. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2018;10(38 ):67-91. Available from: https://sid.ir/paper/198137/en

IEEE: Copy

MARYAM DAVALLOU, and FATEMEH BASTAMI, “REASSESSING THE EFFECT OF GROWTH OPTIONS ON LEVERAGE,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 10, no. 38 , pp. 67–91, 2018, [Online]. Available: https://sid.ir/paper/198137/en

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