AN INTEGRATED DECISION SUPPORT MODEL FOR FIRMS' CAPITAL STRUCTURE (CASE STUDY: CHEMICAL COMPANIES IN TEHRAN STOCK EXCHANGE)

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KIMIAGARI ALI MOHAMMAD; NABAVI MOJTABA

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Journal: JOURNAL OF ASSET MANAGEMENT AND FINANCING Year:2018 | Volume:6 | Issue:1 (20) Page(s): 137-158

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Title

AN INTEGRATED DECISION SUPPORT MODEL FOR FIRMS' CAPITAL STRUCTURE (CASE STUDY: CHEMICAL COMPANIES IN TEHRAN STOCK EXCHANGE)

Author(s)

KIMIAGARI ALI MOHAMMAD | NABAVI MOJTABA | Issue Writer Certificate

Keywords

CAPITAL STRUCTUREQ2

ANALYTICAL NETWORK PROCESSQ2

DEMATELQ2

GOAL PROGRAMINGQ1

Abstract

Financing decisions of the firms are one of important tasks for management and according to its nature, it is considered as a Multi-Criteria Decision problem. In this research, a comprehensive review on CAPITAL STRUCTURE theories and its determinants has been made, then the effect of this determinants on the financial leverage of the firms is investigated in three levels: firm specific, industry and economy. In this regard, stepwise regression and pooled mean group model are used. This models specified both short-term and long-term effects of detected factors on CAPITAL STRUCTURE. In this models, as the number of independent variables increase, the co-linearity in the model increases. So, the reliability of model declines and the model can't be a good pattern for financing decisions. In the next step, the identified factors were employed as decision criteria in a hybrid MCDM model that combining DEMATEL and ANP. The ANP weights of the model were used in a GOAL PROGRAMING model and a satisfactory solution for the case study was obtained. By using this model, decision makers can systemically structure a multi-criteria network framework and derive priority weights of those criteria, and then deal with the quantitative financial constraints for a satisfactory solution.

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APA: Copy

KIMIAGARI, ALI MOHAMMAD, & NABAVI, MOJTABA. (2018). AN INTEGRATED DECISION SUPPORT MODEL FOR FIRMS' CAPITAL STRUCTURE (CASE STUDY: CHEMICAL COMPANIES IN TEHRAN STOCK EXCHANGE). JOURNAL OF ASSET MANAGEMENT AND FINANCING, 6(1 (20) ), 137-158. SID. https://sid.ir/paper/245667/en

Vancouver: Copy

KIMIAGARI ALI MOHAMMAD, NABAVI MOJTABA. AN INTEGRATED DECISION SUPPORT MODEL FOR FIRMS' CAPITAL STRUCTURE (CASE STUDY: CHEMICAL COMPANIES IN TEHRAN STOCK EXCHANGE). JOURNAL OF ASSET MANAGEMENT AND FINANCING[Internet]. 2018;6(1 (20) ):137-158. Available from: https://sid.ir/paper/245667/en

IEEE: Copy

ALI MOHAMMAD KIMIAGARI, and MOJTABA NABAVI, “AN INTEGRATED DECISION SUPPORT MODEL FOR FIRMS' CAPITAL STRUCTURE (CASE STUDY: CHEMICAL COMPANIES IN TEHRAN STOCK EXCHANGE),” JOURNAL OF ASSET MANAGEMENT AND FINANCING, vol. 6, no. 1 (20) , pp. 137–158, 2018, [Online]. Available: https://sid.ir/paper/245667/en

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