DETERMINING THE OPTIMUM CAPITAL STRUCTURE AT INDUSTRIAL LEVEL BY USING DATA ENVELOPMENT ANALYSIS (DEA) CASE STUDY: LISTED COMPANIES IN TEHRAN STOCK EXCHANGE (TSE)

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SETAYESH M.H.; GHAYOURI MOGHADAM A.

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Journal: Financial Accounting Research Year:2010 | Volume:1 | Issue:1-2 (6-7) Page(s): 66-52

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Title

DETERMINING THE OPTIMUM CAPITAL STRUCTURE AT INDUSTRIAL LEVEL BY USING DATA ENVELOPMENT ANALYSIS (DEA) CASE STUDY: LISTED COMPANIES IN TEHRAN STOCK EXCHANGE (TSE)

Author(s)

SETAYESH M.H. | GHAYOURI MOGHADAM A. | Issue Writer Certificate

Keywords

OPTIMUM CAPITAL STRUCTUREQ3

DATA ENVELOPMENT ANALYSIS (DEA)Q2

FINANCIAL LEVERAGEQ2

TEHRAN STOCK EXCHANGE (TSE)Q2

Abstract

The purpose of this study, utilizing data envelopment analysis, is to determine the OPTIMUM CAPITAL STRUCTURE about 11 industries and 314 firms which were accepted in Tehran exchange stock.This research includes two stages: first, in order to indicate the output variables of data envelopment analysis, it has dealt with the relation between FINANCIAL LEVERAGE with financial and non-financial variables at different industries. The variables which have significant correlation with FINANCIAL LEVERAGE have been selected as output variables. The findings signify that FINANCIAL LEVERAGE, in 11 industries with profitability variable, in 6 industries with size variable and in 3 industries with fixed assets ratio has significant relations. Furthermore, except for non-metallic mineral industry, in all studied industries hierarchical theory was confirmed, while trade-off theory was merely confirmed in 5 industries.In the second stage, by using the data envelopment analysis, the OPTIMUM CAPITAL STRUCTURE for any of firms was determined at different levels of industries. According to the obtained results, the studied firms can approach their optimum FINANCIAL LEVERAGE and thus provide the increase of firm value and stockholder wealth.

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APA: Copy

SETAYESH, M.H., & GHAYOURI MOGHADAM, A.. (2010). DETERMINING THE OPTIMUM CAPITAL STRUCTURE AT INDUSTRIAL LEVEL BY USING DATA ENVELOPMENT ANALYSIS (DEA) CASE STUDY: LISTED COMPANIES IN TEHRAN STOCK EXCHANGE (TSE). JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, 1(1-2 (6-7)), 66-52. SID. https://sid.ir/paper/356635/en

Vancouver: Copy

SETAYESH M.H., GHAYOURI MOGHADAM A.. DETERMINING THE OPTIMUM CAPITAL STRUCTURE AT INDUSTRIAL LEVEL BY USING DATA ENVELOPMENT ANALYSIS (DEA) CASE STUDY: LISTED COMPANIES IN TEHRAN STOCK EXCHANGE (TSE). JOURNAL OF FINANCIAL ACCOUNTING RESEARCH[Internet]. 2010;1(1-2 (6-7)):66-52. Available from: https://sid.ir/paper/356635/en

IEEE: Copy

M.H. SETAYESH, and A. GHAYOURI MOGHADAM, “DETERMINING THE OPTIMUM CAPITAL STRUCTURE AT INDUSTRIAL LEVEL BY USING DATA ENVELOPMENT ANALYSIS (DEA) CASE STUDY: LISTED COMPANIES IN TEHRAN STOCK EXCHANGE (TSE),” JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, vol. 1, no. 1-2 (6-7), pp. 66–52, 2010, [Online]. Available: https://sid.ir/paper/356635/en

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