Measuring of Financial Flexibility

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Khaleghi Moghaddam Hamid; AMIRI MAGHSOUD; Shirehzadeh Jalal

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Journal: JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL Year:2018 | Volume:15 | Issue:59 Page(s): 35-57

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Title

Measuring of Financial Flexibility

Author(s)

Khaleghi Moghaddam Hamid | AMIRI MAGHSOUD | Shirehzadeh Jalal | Issue Writer Certificate

Keywords

Measuring Financial FlexibilityQ1

Cash HoldingsQ1

Debt CapacityQ1

Capital Market Measure DeterminantsQ1

Abstract

Deciding on the financing and composition of capital structure in Corporates depends on a variety of factors. Several studies have shown that financial flexibility is the most important factor affecting capital structure and corporate financing decisions. The main objective of the research is to measure the financial flexibility of Corporates accepted in Tehran Securities Exchange (in accordance with the corporate environment and conditions). Therefore, according to the purpose of the research, in the first Step, based on the conceptual and theoretical framework derived from the exploration and exploration in specialized texts, the views of financial experts (including university professors and market experts) in order to understand their views and identify the dimensions, components, indexes and factors determining the financial flexibility of the Corporates were obtained through a questionnaire. In the second step, after referring to the model, the correlation method as one of the subsections of the descriptive research methodology for measuring the components of Cash Holdings, Debt Capacity, and capital market measure of Tehran Securities Exchange Corporates with the actual and historical information of financial statements and information Corporate stock trading (through multivariate regression tests and confirmatory factor analysis) The results of the measurement of the three components indicate that the amount of Cash Holdings, the size of the debt capability, and the relatively downward trend of the size of the capital market (stock liquidity) of the Tehran Securities Exchange corporations during the years 1380 to 1394, are. Measuring the dual dimension of financial flexibility also implies the use of internal financial flexibility and the non-use of external financial flexibility. Which can be explained by Trade off Theory, Pecking Order Theory and of asymmetric information Theory.

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APA: Copy

Khaleghi Moghaddam, Hamid, AMIRI, MAGHSOUD, & Shirehzadeh, Jalal. (2018). Measuring of Financial Flexibility. JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL, 15(59 ), 35-57. SID. https://sid.ir/paper/360897/en

Vancouver: Copy

Khaleghi Moghaddam Hamid, AMIRI MAGHSOUD, Shirehzadeh Jalal. Measuring of Financial Flexibility. JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL[Internet]. 2018;15(59 ):35-57. Available from: https://sid.ir/paper/360897/en

IEEE: Copy

Hamid Khaleghi Moghaddam, MAGHSOUD AMIRI, and Jalal Shirehzadeh, “Measuring of Financial Flexibility,” JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL, vol. 15, no. 59 , pp. 35–57, 2018, [Online]. Available: https://sid.ir/paper/360897/en

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