Effect of book leverage asymmetry on market leverage in firms listed in Tehran Stock Exchange

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PAKMARAM ASKAR; Espookeh Jalal; SHARIFI MAHDI

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

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Paper Information

Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2019 | Volume:12 | Issue:41 Page(s): 71-81

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Information Journal Paper

Title

Effect of book leverage asymmetry on market leverage in firms listed in Tehran Stock Exchange

Author(s)

PAKMARAM ASKAR | Espookeh Jalal | SHARIFI MAHDI | Issue Writer Certificate

Keywords

book leverageQ1

market leverageQ1

capital structure and Exchange firmsQ1

Abstract

Purpose of this study is to investigate relationship between book leverage adjustments on market leverage in Tehran Stock Exchange companies. The research period is from 1390 to 1395 and 121 companies were selected as samples. In order to analyze research data in panel, a multivariate regression model has been used in the Eviews econometric software. In this research, dependent variables of leverage changes were used. The difference between book leverage and market leverage is independent variable, and firm size, profitability, cash flow fluctuations, ratio of tangible assets and book value to the market are also used as control variables. The results obtained using the modified regression model for research hypothesis show that there is a significant relationship between changes in book leverage and difference between book and market leverage. However, there is a significant relationship between dependent variable (changes in book leverage) and control variables of profitability, market to book value, ratio of tangible assets and firm size.

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APA: Copy

PAKMARAM, ASKAR, Espookeh, Jalal, & SHARIFI, MAHDI. (2019). Effect of book leverage asymmetry on market leverage in firms listed in Tehran Stock Exchange. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 12(41 ), 71-81. SID. https://sid.ir/paper/200174/en

Vancouver: Copy

PAKMARAM ASKAR, Espookeh Jalal, SHARIFI MAHDI. Effect of book leverage asymmetry on market leverage in firms listed in Tehran Stock Exchange. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2019;12(41 ):71-81. Available from: https://sid.ir/paper/200174/en

IEEE: Copy

ASKAR PAKMARAM, Jalal Espookeh, and MAHDI SHARIFI, “Effect of book leverage asymmetry on market leverage in firms listed in Tehran Stock Exchange,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 12, no. 41 , pp. 71–81, 2019, [Online]. Available: https://sid.ir/paper/200174/en

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