DYNAMIC SIMULTANEOUS MODELING FOR CORPORATE FINANCIAL DECISIONS BEHAVIOR UNDER UNCERTAINTY IN TEHRAN STOCK EXCHANGE

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TEHRANI REZA; FALLAHPOUR SAEID; TABATABAEI SEYED JALAL

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Paper Information

Journal: JOURNAL OF ASSET MANAGEMENT AND FINANCING Year:2016 | Volume:3 | Issue:4 (11) Page(s): 99-119

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Title

DYNAMIC SIMULTANEOUS MODELING FOR CORPORATE FINANCIAL DECISIONS BEHAVIOR UNDER UNCERTAINTY IN TEHRAN STOCK EXCHANGE

Author(s)

TEHRANI REZA | FALLAHPOUR SAEID | TABATABAEI SEYED JALAL | Issue Writer Certificate

Keywords

INVESTMENTQ2

DIVIDENDQ2

STOCK ISSUEQ2

CASH FLOWQ2

Abstract

In this study, a dynamic simultaneous modeling for financial behavior for Tehran Stock Exchange listed companies has been constructed. Four structural equation including INVESTMENT, debt, DIVIDEND and equity issue are estimated by a system generalized method of moment method. Results indicate that simultaneity in INVESTMENT, debt, DIVIDEND and equity issue decisions exists. Companies’ management facing with constraint in financing should consider sources and using choices together in order to preventing losses from un-optimal INVESTMENT and increases in cost of capital. Pecking order theory in investing by companies confirmed. We argue that static models of financial decisions produce inconsistent coefficient estimates, and that models that do not acknowledge the interdependence among decision variables produce inefficient estimates and provide an incomplete and potentially misleading view of financial behavior.

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APA: Copy

TEHRANI, REZA, FALLAHPOUR, SAEID, & TABATABAEI, SEYED JALAL. (2016). DYNAMIC SIMULTANEOUS MODELING FOR CORPORATE FINANCIAL DECISIONS BEHAVIOR UNDER UNCERTAINTY IN TEHRAN STOCK EXCHANGE. JOURNAL OF ASSET MANAGEMENT AND FINANCING, 3(4 (11) ), 99-119. SID. https://sid.ir/paper/245691/en

Vancouver: Copy

TEHRANI REZA, FALLAHPOUR SAEID, TABATABAEI SEYED JALAL. DYNAMIC SIMULTANEOUS MODELING FOR CORPORATE FINANCIAL DECISIONS BEHAVIOR UNDER UNCERTAINTY IN TEHRAN STOCK EXCHANGE. JOURNAL OF ASSET MANAGEMENT AND FINANCING[Internet]. 2016;3(4 (11) ):99-119. Available from: https://sid.ir/paper/245691/en

IEEE: Copy

REZA TEHRANI, SAEID FALLAHPOUR, and SEYED JALAL TABATABAEI, “DYNAMIC SIMULTANEOUS MODELING FOR CORPORATE FINANCIAL DECISIONS BEHAVIOR UNDER UNCERTAINTY IN TEHRAN STOCK EXCHANGE,” JOURNAL OF ASSET MANAGEMENT AND FINANCING, vol. 3, no. 4 (11) , pp. 99–119, 2016, [Online]. Available: https://sid.ir/paper/245691/en

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