اخبار و اعلانات

 آمار

تعداد نشریات24
تعداد شماره‌ها874
تعداد مقالات7,803
تعداد مشاهده مقاله14,220,758
تعداد دریافت فایل اصل مقاله12,165,062
Mohajeri, Parisa, Taleblou, Reza, Rahnama, Aylar. (1399). Investigating the Impact of Market Timing on the Capital Structure of Companies in Tehran Stock Market. , 9(2), 359-375. doi: 10.22099/ijes.2020.34169.1591
Parisa Mohajeri; Reza Taleblou; Aylar Rahnama. "Investigating the Impact of Market Timing on the Capital Structure of Companies in Tehran Stock Market". , 9, 2, 1399, 359-375. doi: 10.22099/ijes.2020.34169.1591
Mohajeri, Parisa, Taleblou, Reza, Rahnama, Aylar. (1399). 'Investigating the Impact of Market Timing on the Capital Structure of Companies in Tehran Stock Market', , 9(2), pp. 359-375. doi: 10.22099/ijes.2020.34169.1591
Mohajeri, Parisa, Taleblou, Reza, Rahnama, Aylar. Investigating the Impact of Market Timing on the Capital Structure of Companies in Tehran Stock Market. , 1399; 9(2): 359-375. doi: 10.22099/ijes.2020.34169.1591

Investigating the Impact of Market Timing on the Capital Structure of Companies in Tehran Stock Market

Iranian Journal of Economic Studies
مقاله 2، دوره 9، شماره 2 - شماره پیاپی 18، اسفند 2020، صفحه 359-375    اصل مقاله (301.42 K)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22099/ijes.2020.34169.1591
نویسندگان
Parisa Mohajeri؛ Reza Taleblou* ؛ Aylar Rahnama
Faculty of Economics, Allameh Tabatabai University, Tehran, Iran
چکیده
Based on the theory of market timing in the framework of capital structure, the time of issuing stock depends on the stock prices. In that way, managers are issuing shares that have a high ratio of market value to book value. In fact, issuing shares is in the best interest of the firm when the company's stock in the market is more than actually valued.
In this paper, by using panel data of 55 firms listed in the Tehran Stock Market during the 2003 to 2018, we investigate the impact of market timing on capital structure. The estimated model in this paper is a partial dynamic model using the Generalized Method of Moment (GMM) and Arrelano-Band Estimates. The findings indicate that: one- market timing has affected the firm`s capital structure of Tehran Stock Exchange.Two- market condition has a significant negative effect on capital structure which means that in the hot markets, managers issue more equity and less debt. Three- firm size and tangible assets have significant positive effects on leverage ratio. In fact, the larger firms with more tangible assets face lower default risks, thus they have relatively more debt. Four- profitability variable influences corporate leverage negatively. Five-sanction and exchange rate variables have negative significant effects on capital structure.
کلیدواژه‌ها
Capital Structure؛ Finance؛ Market Timing؛ Initial Public Offering
مراجع

Alipour, M., Seddigh Mohammadi, M. F., & Derakhshan, H. (2015).
Determinants of capital structure: An emprical study of firms in Iran.
International Journal of Law and Management, 57(1), 53-83.
Alti, A. (2006). How persistent is the impact of market timing on capital
structure?. Journal of Finance, 61(4), 1681-1710.
Baker, M., & Wurgler, J. (2002). Market timing and capital structure. Journal of
Finance, 57(1), 1-32.
Baltagi, B. H. (2008), Econometrics, Fourth Edition, Springer.
Baum, C. F., Caglayan, M., Ozkan, N., & Talavera, O. (2006). The impact of
macroeconomic uncertainty on non-financial firms’ demand for liquidity.
Review of Financial Economics, 15(4), 289-304.
Bhattacharjee, A., & Han, J. (2014). Financial distress of chinese firms:
Microeconomic, macroeconomic and institutional influences. China
Economic Review, 30(3), 244-262.
Bokpin, G. A. (2009). Macroeconomic development and capital structure
decisions of firms: Evidence from emerging market economies. Studies in
Economics and Finance, 26(2), 129-142.
Bond, S. (2002). Dynamic panel models: A guide to micro data method and
practice. Portuguese Economic Journal, 1, 141-162.
Camara, O. (2012). Capital structure adjustment speed and macroeconomic
conditions: U.S MNCs and DCs. International Research Journal of Finance
and Economics, 84(1), 106-120.
Folch, A. E. (2010). Economic sanctions and the duration of civil conflicts.
Journal of Peace Research, 47(2), 129-141.
Frank, M. Z., & Goyal, V. K. (2003). Capital structure decisions. AFA 2004 San
Diego Meetings. Retrieved from SSRN: http://ssrn.com/abstract=396020 or
http://dx.doi.org/10.2139/ssrn.396020 .
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors
are reliably important?. Munich Personal RePEc Archive (MPRA), No.
22525, Retrieved from https://mpra.ub.uni-muenchen.de/22525.
Hackbarth, D., Miao, J., & Morellec (2006). Capital structure, credit risk, and
macroeconomic condiations. Journal of Financial Economics, 82(3), 519-
550.
Hatzinikolaou, D., Katsimbris, G. M., & Noulas, A. G. (2002). Inflation
uncertainty and capital structure evidence from a pooled sample of the DowJones industrial firms. International Review of Economics and Finance,
11(1), 45-55.
Haghighat , H., & Bashiri, V. (2012). Investigate the relationship between
financial flexibility and capital structure. Accounting Knowledge, 3(8), 49-
71.

آمار
تعداد مشاهده مقاله: 757
تعداد دریافت فایل اصل مقاله: 619


سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب