Factors influencing Capital Structure of Companies with Emphasis on the Business Cycle

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HASSANI HASSAN; PAKMARAM ASGAR

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Journal: JOURNAL OF FINANCIAL MANAGEMENT STRATEGY Year:2017 | Volume:5 | Issue:1 (16) Page(s): 77-97

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Information Journal Paper

Title

Factors influencing Capital Structure of Companies with Emphasis on the Business Cycle

Author(s)

HASSANI HASSAN | PAKMARAM ASGAR | Issue Writer Certificate

Keywords

Capital StructureQ2

Economic CycleQ2

ProfitabilityQ2

Tangible AssetsQ2

Concentration OwnershipQ1

Abstract

Capital Structure as the most important and effective parameter on the orientation and valuation of the firm in the capital markets has been considered. The purpose of this study is to investigate the factors affecting the company's Capital Structure with an emphasis on the business cycle in the companies listed in Tehran Stock Exchange. In this study, 102 companies in Tehran Stock Exchange during the years 2007 to 2014 were studied; among the 816 firms-year based on business model in this research; 483 firms-year from recession period and 333 firms-year from prosperity. The study in terms of purpose is applied and the research method is correlation and causal after events and hypothesis testing is correlation and classic regression tests. The results show that the criteria of Profitability, firm size, Tangible Assets and business risk have significant and strong effects (as the company's independent variables) on Capital Structure (as the dependent variable).

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APA: Copy

HASSANI, HASSAN, & PAKMARAM, ASGAR. (2017). Factors influencing Capital Structure of Companies with Emphasis on the Business Cycle. JOURNAL OF FINANCIAL MANAGEMENT STRATEGY, 5(1 (16) ), 77-97. SID. https://sid.ir/paper/261621/en

Vancouver: Copy

HASSANI HASSAN, PAKMARAM ASGAR. Factors influencing Capital Structure of Companies with Emphasis on the Business Cycle. JOURNAL OF FINANCIAL MANAGEMENT STRATEGY[Internet]. 2017;5(1 (16) ):77-97. Available from: https://sid.ir/paper/261621/en

IEEE: Copy

HASSAN HASSANI, and ASGAR PAKMARAM, “Factors influencing Capital Structure of Companies with Emphasis on the Business Cycle,” JOURNAL OF FINANCIAL MANAGEMENT STRATEGY, vol. 5, no. 1 (16) , pp. 77–97, 2017, [Online]. Available: https://sid.ir/paper/261621/en

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