Debt Capacity, Securities Market Approach: Evidence from Tehran Stock Exchang

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ZAMANI SABZI MAHDI; SAEEDI ALI; HASANI MOHAMMAD

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Journal Paper

Paper Information

Journal: JOURNAL OF SECURITIES EXCHANGE Year:2019 | Volume:12 | Issue:46 Page(s): 101-126

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Title

Debt Capacity, Securities Market Approach: Evidence from Tehran Stock Exchang

Author(s)

ZAMANI SABZI MAHDI | SAEEDI ALI | HASANI MOHAMMAD | Issue Writer Certificate

Keywords

debt capacityQ1

financeQ2

capital marketQ2

Abstract

Capital structure and financing policy of the companies is a topic that has always been of interest to theorists and researchers. On one hand, the lower debt financing cost and on the other hand, the low risk of equity financing has created a number of theories on the appropriate combination of financing in these two ways. The theory in this context believes that the company must be financed through debt until it can meet its obligations. So, the issue of finding a model that measures the capacity of debt in companies is very important. The goal of this research is to provide a model for measuring debt capacity, so that financing from the debt instead of equity, keep the company away from the risk of failing to meet its obligations while saving financial costs. The approach used in this research is the securities market approach. It means that the companies have been listed in the securities exchange are considered as the basis of debt capacity, due to the necessity of observing standards. The statistical population of the study consisted of 154 companies without penalty for late payment during the period from 2011 to 2017. To calculate the debt capacity, specific corporate variables are used and the regression model is fitted by Panel data at the level of each industry. The result of the study is achievement of ten models for estimating debt capacity for ten industry groups. At the end, the models obtained for the company were tested for companies with penalty for late payment, which indicated that the ratios were correct.

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APA: Copy

ZAMANI SABZI, MAHDI, SAEEDI, ALI, & HASANI, MOHAMMAD. (2019). Debt Capacity, Securities Market Approach: Evidence from Tehran Stock Exchang. JOURNAL OF SECURITIES EXCHANGE, 12(46 ), 101-126. SID. https://sid.ir/paper/409079/en

Vancouver: Copy

ZAMANI SABZI MAHDI, SAEEDI ALI, HASANI MOHAMMAD. Debt Capacity, Securities Market Approach: Evidence from Tehran Stock Exchang. JOURNAL OF SECURITIES EXCHANGE[Internet]. 2019;12(46 ):101-126. Available from: https://sid.ir/paper/409079/en

IEEE: Copy

MAHDI ZAMANI SABZI, ALI SAEEDI, and MOHAMMAD HASANI, “Debt Capacity, Securities Market Approach: Evidence from Tehran Stock Exchang,” JOURNAL OF SECURITIES EXCHANGE, vol. 12, no. 46 , pp. 101–126, 2019, [Online]. Available: https://sid.ir/paper/409079/en

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