اخبار و اعلانات

 آمار

تعداد نشریات31
تعداد شماره‌ها834
تعداد مقالات8,015
تعداد مشاهده مقاله14,854,719
تعداد دریافت فایل اصل مقاله9,587,781
Dehghan Khavari, Saeed, Mirjalili, Seyed Hossein, Abdorrahimian, Mohammad Hossein, Khosh Sirat, Farida. (1403). Adjustment Speed of Capital Structure: Effect of Organizational and Performance Characteristics (Comparison between Financial and Non-Financial Sectors). نشریه علمی دانشگاه سیستان و بلوچستان, 16(2), 221-242. doi: 10.22111/ijbds.2024.49669.2144
Saeed Dehghan Khavari; Seyed Hossein Mirjalili; Mohammad Hossein Abdorrahimian; Farida Khosh Sirat. "Adjustment Speed of Capital Structure: Effect of Organizational and Performance Characteristics (Comparison between Financial and Non-Financial Sectors)". نشریه علمی دانشگاه سیستان و بلوچستان, 16, 2, 1403, 221-242. doi: 10.22111/ijbds.2024.49669.2144
Dehghan Khavari, Saeed, Mirjalili, Seyed Hossein, Abdorrahimian, Mohammad Hossein, Khosh Sirat, Farida. (1403). 'Adjustment Speed of Capital Structure: Effect of Organizational and Performance Characteristics (Comparison between Financial and Non-Financial Sectors)', نشریه علمی دانشگاه سیستان و بلوچستان, 16(2), pp. 221-242. doi: 10.22111/ijbds.2024.49669.2144
Dehghan Khavari, Saeed, Mirjalili, Seyed Hossein, Abdorrahimian, Mohammad Hossein, Khosh Sirat, Farida. Adjustment Speed of Capital Structure: Effect of Organizational and Performance Characteristics (Comparison between Financial and Non-Financial Sectors). نشریه علمی دانشگاه سیستان و بلوچستان, 1403; 16(2): 221-242. doi: 10.22111/ijbds.2024.49669.2144

Adjustment Speed of Capital Structure: Effect of Organizational and Performance Characteristics (Comparison between Financial and Non-Financial Sectors)

International Journal of Business and Development Studies
مقاله 10، دوره 16، شماره 2، اسفند 2024، صفحه 221-242    اصل مقاله (483.47 K)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22111/ijbds.2024.49669.2144
نویسندگان
Saeed Dehghan Khavari* 1؛ Seyed Hossein Mirjalili2؛ Mohammad Hossein Abdorrahimian3؛ Farida Khosh Sirat4
1Assistant Professor, Department of Economics, Meybod University, Meybod, Iran
2Professor of Economics, Institute for Humanities and Cultural Studies, Iran, Email: h.jalili@yahoo.com
3Instructor, Department of Management, Meybod University, Meybod, Iran
4MA of Financial Management, Department of Financial Engineering, Science and Arts University, Yazd, Iran
چکیده
Financing decisions such as capital structure have gained much attention in literature of financial development over the last decade. Capital structure deviations from its optimal level can occur for various reasons. According to the dynamic trade-off theory, continuous adjustment of capital structure to maximize company value is essential. If companies adjust their capital structure quickly towards the target leverage, past financing activities and historical market conditions will only have short-term effects on the current capital structure. Conversely, if companies adjust their capital structure slowly, the opposite is true. We examine the relationship between organizational and performance characteristics and capital structure, as well as the speed of adjustment, in financial and non-financial firms listed on the Tehran Stock Exchange and compare these effects between the two categories of companies. The statistical population consists of companies listed on the Tehran Stock Exchange from 2017 to 2022. The results show that the speed of capital structure adjustment is lower in the financial sector compared to the non-financial sector. Additionally, three performance variables—profitability, growth opportunities, and liquidity—are statistically significant and impact capital structure and its adjustment speed in both financial and non-financial sectors. However, the growth opportunities variable has a different effect direction in the financial sector compared to the non-financial sector, while the age variable does not have a significant effect. Regarding organizational characteristics—complexity, institutional ownership, and size—only organizational complexity in the financial sector is significant at a 95% confidence level, while all organizational characteristics are significant in the non-financial sector
کلیدواژه‌ها
performance characteristics؛ organizational characteristics؛ adjustment speed؛ capital structure
مراجع
  1. Alamshahi, M., Gerkaz, M. & Hassan Maleki, A. Profitability and Company Value. First International Conference on Management, Economics, Accounting and Educational Sciences, Sari, 2014, 85p.
  2. Al najjar, B and Hussainey,K .Revisiting the capital structure puzzle. The journal of risk financial, 2011, Vol. 12, pp. 329-338
  3. Antao, P., & Bonfim, D. The dynamics of capital structure decisions”. Working Paper, 2011.
  4. Assadi, H., Tajvidi, E., & Esmaeel Pour, S. The impact of financial position and industry characteristics on adjustment speed of capital structure. Journal of Investment Knowledge, 2021, 10(37), 1-21.
  5. Buvanendra, S., Sridharan, P. & Thiyagarajan, S. Determinants of Speed of Adjustment toward Optimum Capital Structure: Evidence from Listed Firms in Sri Lanka. Journal of Asia-Pacific Business, 2018, pp.1-19.
  6. Cahyono, S. and Chawla, A. Dynamic capital structure in the Indonesian case: do industry-specific variables affect adjustment speeds? Investment Management and Financial Innovations, 2019, Volume 16, Issue 2.
  7. Chang, Y., Chen, Y. and Chou, K. Corporate governance, product market competition and dynamic capital structure. International review of economics & finance, 2015, Vol. 38, pp. 44-55
  8. Dang, V. A., Kim, M., & Shin, Y. Asymmetric adjustment toward optimal capital structure: Evidence from a crisis. International Review of Financial Analysis, 2014, 33, 226-242.
  9. Dang, V. A., Kim, M. & Shin, Y. Asymmetric capital structure adjustments: new evidence from dynamic panel threshold models. Journal of Empirical Finance, 2012, 19(4), 465-482
  10. Dehghan Khavari, S., Hossein Mirjalili, S., Abdorrahimian, M., & Bahari Moghaddam, F. The Dynamic and Systemic Effect of Asymmetric Information on Stock Returns by Dumitrescu-Hurlin and Generalized Method of Moments (Case of Tehran Stock Exchange). International Journal of Finance & Managerial Accounting, 2023, 8(31), 131-140.
  11. doi: 10.30495/ijfma.2022.62707.1707
  12. Dehghan Khavari S, Mirjalili S H, Iraji M. The Asymmetric Impact of Weighting Economic and Political Events on the Fluctuations of Banking Group Index (Case of Tehran Stock Exchange). Journal Money and Economy, 2021, 16 (3) :399-416
  13. Drobetz, W., Wanzenried, G. What determines the speed of adjustment to the target capital structure? Applied Financial Economics, 2006, 16(13), 941-958
  14. Esmaeilpour, P., Asgarnezhad Nouri, B., Zarei, G., & beigi firoozi, A. A Comparative Study of Factors Affecting the Speed of Adjustment of Capital Structure among the Industries of the Tehran Stock Exchange. Journal of Asset Management and Financing,2023; 11(1), 101-120.
  15. Ezeani, E. Determinants of Capital Structure and Speed of Adjustment in Nigerian Non-financial Firms. PhD thesis, University of Central Lancashire, 2019.
  16. Fama, E., and K. French. Taxes, Financing Decisions, and Firm Value, Journal of Finance, 2002, 53, no. 3: 819–843
  17. Fatheh, M. H., & karami nezhad, L. Adjustment of Capital Structure in Dealing with Financial Helplessness in Companies Admitted to Tehran Stock Exchange. Journal of Accounting Advances, 2023, 14(2), 163-190. doi: 22099/jaa.2023.46506.2295
  18. Flannery, M.J., Rangan, K.P. Partial adjustment toward target capital structures. Journal of Financial Economics, 2006, 79, 469–506
  19. Francis, G. What Determines the Speed of Adjustment to the Target Capital Structure? Applied Financial Economics, 2014, 16(13), 941-958
  20. Gaspar, J., Massa, M. and Matos, P. Shareholder Investment Horizons and the Market for Corporate Control. Journal of Financial Economics, 2005, vol. 76, issue 1, 135-165
  21. Gaud, P., Hoesli, M., Bender, A. Debt-equity choice in Europe. International Review of Financial Analysis, 2007, 16(3), 201-222
  22. Ghadiri moghaddam, A. & Asadian, F. Investigating the impact of company characteristics on capital structure, Capital Development Journal, 2010, V 3(5). Pp 155-176.
  23. Ghaemian, A., Mohseni Maleki Rostagi, B., Dadashi, I. and Shafii Kakhki, M. The effect of cash flow classes on the speed of capital structure adjustment. Investment knowledge journal, 2024, Volume 13, Number 50, page 391-411
  24. Hashemi, S. A. & Keshavarz Mehr, D. Investigating the asymmetry of capital structure adjustment speed: dynamic threshold model. Financial Engineering and Portfolio Management, 2015, 23(6), 59-78
  25. Ho, L., Lu, Y., & Bai, M. Liquidity and speed of leverage adjustment. Australian Journal of Management, 2021, 46(1), 76-109.
  26. Huang, R., and Ritter, J. R. Testing theories of capital structure and estimating the speed of adjustment, Journal of Financial and Quantitative Analysis, 2009, 44, 237–271.
  27. Jahankhani, A. Investigating the effect of capital structure on the cost of capital and stock returns in Iran's capital market. Imam Sadiq University, Master's Thesis, 2008.
  28. Kazemi H. and Mohammad Nezhad, A. The Investigation of the Relation between Institutional Ownership with Information Asymmetry and Financial Performance. Financial Accounting Knowledge, 2012, 01(2), 110-128.
  29. Kazemi H. & Mehri Namak Avrani, O. The effect of cash flow on the adjustment speed of capital structure and optimal capital structure. Shabak journal, 2018, 5(3 (series 42)), 110-122.
  30. Kythreotis, A., Asgarnezhad Nouri B. & Soltani, M. Determinants of Capital Structure and Speed of Adjustment: Evidence, from Iran and Australia. International Journal of Business Administration, 2018, Vol. 9, No. 1.
  31. Lari, M., Salehi, M. and Shekhavatpour, M. Investigating the relationship between collateral assets and capital structure. The third international conference on economics, management and accounting, 2013.
  32. Leary, M.T & Roberts, M.R. Do Firms Rebalance Their Capital Structure? Journal of Finance, 2005, 60, 2575- 2619
  33. Liao, L. Two essays: Dose corporate governance affect the adjustment speed towards target capital structure? University of New Orleans theses and dissertations, 2012, Paper1458
  34. Mc Milan, S., Kamara, C. Private credit in 129 countries. Journal of Financial Economics, 2012, 84, 299–329
  35. Memon, P. Adjustment speed towards target capital structure and its determinants in Pakistan. PhD thesis, university Utara Malaysia, 2015.
  36. Memon, P. A., Md-Rus, R., & Ghazali, Z. B. Adjustment speed towards target capital structure and its determinants. Economic Research-Ekonomska Istraživanja, 2020, 1-19.
  37. Modigliani, F. and Miller, M.H. Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 1963, 53, 433-443.
  38. Mohammadi, R. Factors affecting the capital structure of companies admitted to the Tehran Stock Exchange, Master's thesis, Faculty of Economics, Al-Zahra University, 2005.
  39. Myers, S. C., & Majluf, N. S. Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 1984, 13(2), 187-221.
  40. Naveed, M., Ramakrishnan, Anuar, A. and Mirzaei, M. Factors affecting speed of adjustment under different economic conditions, dynamic capital structure sensitivity analysis. Journal of Chinese Economic and Foreign Trade Studies, 2015, Vol. 8 No. 3, pp. 165-182.
  41. Oino, I. and Ukaegbu, B. The impact of profitability on capital structure and speed of adjustment: An empirical examination of selected firms in Nigerian stock exchange, Research in International Business and Finance, 2015, Vol. 35:111-121
  42. Rajan, r.g. and Zingales, L. What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 1995, 50: 1421-1460.
  43. Salimpour, A. Calculation of the cost of capital of a business unit. Noor scientific journal, 2007, N. 107, pp. 102-108
  44. Setayesh, M. & Ebrahimi, Fahime. The Relationship between Financial Leverage Replacement Use in Financial Structure and Tax Avoidance. The financial accounting and auditing researches, 2021, 13(49), 53-72.
  45. Shariat Panahi, M., & Khosravi, F. Relationship of Stock Returns with Firm Size, Book-to -Market Equity Ratio and Earning-to-Price Ratio in Tehran Stock Exchange. Empirical Studies in Financial Accounting, 2007, 5(20), 61-87.
  46. Shiam, M.K., and Mayers. M. Capital Structure and Firm Characteristics: Some Evidence from Malaysian Companies, 1999, No 1, PP. 48-61
  47. Sinayi, H.a., & Rezaian, A. A study of the firm's factors on capital structure (financial leverage). Journal of the faculty of humanities and social sciences, 2005, 5(19), 123-148.
  48. Stewater, M. The capital structure puzzle. Journal of Finance, 1984, 39(1), 575-592.
  49. Tarafi, S. Investigating the impact of size, type of industry and investment ratios in predicting the ability to repay facilities from the perspective of Saderat Bank experts. Master's thesis in accounting, Iran's Institute of Banking, 2006.
  50. Titman, S. and Wessels, R. The determinants of capital structure choice. Finance, 1988, (43), 1-19.
  51. Warmana, G., Rahyuda, I., Purbawangsa, I. and Sri Artini, N. Investigating Capital Structure Speed of Adjustment of Indonesian Companies for Corporate Value. Global Journal of Flexible Systems Management, 2020, Vol. 21, No.3, pp.215–231.
  52. Zamani Sabzi, M., Saeedi, A., & Hassani, M. Capital Structure Adjustment Speed and the Effect of Boom and Recession on that: Evidence from Tehran Stock Exchange Listed Companies. Financial Research Journal, 2020, 22(2), 160-181. doi: 10.22059/frj.2019.288995.1006925
  53. Zhou, Q., Tan, K. J. K., Faff, R., & Zhu, Y. Deviation from target capital structure, cost of equity and speed of adjustment. Journal of Corporate Finance, 2016, 39, 99-120.
  54. Ziyari, R. and Tayrani, H. Examining the relationship between cash flows and capital structure in companies listed on the Tehran Stock Exchange. The 4th international accounting and management conference with a research science approach, 2016.
آمار
تعداد مشاهده مقاله: 520
تعداد دریافت فایل اصل مقاله: 272


سامانه مدیریت نشریات علمی. طراحی و پیاده سازی از سیناوب