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The effect of delayed structures and variables on capital structure

Number of pages: 174 File Format: word File Code: 32218
Year: Not Specified University Degree: Master's degree Category: Librarianship
Tags/Keywords: capital - capital - Debt - Economic enterprises - Financial hierarchy - Lagging variables - stock exchange - The puzzle of capital structure
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  • Summary of The effect of delayed structures and variables on capital structure

    Dissertation for Master's Degree

    Major: Accounting

    Abstract:

    Capital structure theory presents two competing models for financing decisions of joint-stock companies. The parallel model and the preferred model. In the parallel model of companies, the optimal leverage is established by balancing They identify between the benefits and the costs of debts. According to the preferential model, the companies finance themselves first with accumulated profits, then with debts and finally with stocks. Experimental researches provide conflicting results about how to choose the capital structure for companies. In this regard, this research seeks to investigate the effect of effective factors and delayed information on the changes in financial leverage of companies (Namazi, 2016, p. 139) 1. For this purpose, the data required for this research was collected from 122 companies active in the Tehran Stock Exchange during the years 1381 to 1386. Then, the information related to the variables during a 5-year period was collected and tested in a centralized manner, as well as on an annual basis, in order to test the hypotheses using the statistical method of multiple regression, the effect of each of the financial factors was examined. And also from a statistical point of view, this relationship is very strong. Therefore, it is suggested that the managers of the companies admitted to the stock exchange first use internal sources (Sudanbank, savings, etc.) and then use external financial sources (loans, issuing new shares, etc.). Therefore, the findings of this research confirm the theory of financial hierarchy and reject the theory of stable or stable balance.

    Introduction:

    In today's world, due to competitive market conditions and rapid changes in technology, financial decisions require financial expertise. Economic enterprises need capital to enter a new business and to operate in that field or to develop their activity. The funds needed to provide this capital can be collected from various sources and in many ways.

    To the extent that some scientists refer to it as the mystery of the capital structure and ask themselves how companies choose their capital structure. Since then, many studies have been conducted in this field and very useful information has been provided. Studies in different aspects of this issue have been continued and are needed. Determining the target capital structure and the target debt ratio, as stated by the capital structure theory, is in the field of command theory. But the factors of deviation from this goal come from the real world, which should be investigated in the field of proof theory. By examining the behavior of the real world, this research aims to determine the influencing factors and delay variables on the changes in the financial leverage of companies admitted to the stock exchange. Therefore, the basic goal of this research can be said to be the development of awareness and necessary knowledge about the behavior of the real world in the financial field in relation to the capital structure (Namazi, 2016, p. 140). style="direction: rtl;">1-1 Introduction

    In today's world, due to competitive market conditions and rapid changes in technology, financial decisions require financial expertise. Economic enterprises need capital to enter a new business and to operate in that field or to develop their activity. The funds needed to provide this capital can be collected from various sources and in many ways. Capital markets are one of the most important sources of capital for most economic enterprises. In these markets, companies and other institutions that need funds to finance their operations are gathered together with individuals and institutions that have money to invest. The most obvious type of these markets is the secondary market, where securities transactions that have already been published take place. This market is active in Iran in the form of the Tehran Stock Exchange Organization.Therefore, in this research, the companies admitted to this stock exchange are examined. Modigliani[1] and Miller are among the pioneers of theorizing about capital structure. By presenting their theories, they have laid the foundation of scientific debates about capital structure and their composition. In the following years, other scientists, including Jensen[2] and Smith and Myers[3], also did not consider the existing knowledge of their time to be a satisfactory framework for solving all the problems faced by corporate financial affairs. In other words, the appropriate combination of the company's capital structure has been introduced from unsolved problems.

    2-1 Statement of the problem

    Financial and investment decisions in companies are decisions that are both made with foresight. In financing decisions, the company uses its desired funds in the present so that in the future it can fulfill its obligations to the suppliers of financial resources, and what plays a key role in investment decisions is the company's cost of capital, while the company's cost of capital. It is a function of its capital structure. The capital structure itself provides two competing models for financing decisions of joint-stock companies. These models include parallel model and preferred model. In the parallel model, companies identify the optimal leverage by establishing a balance between the benefits and costs of debts, but in the preferential model, companies finance first with accumulated profits, then with debts, and finally with stocks. Therefore, different methods can be used regarding how to choose the capital structure. which can include factors originating from the company itself and other factors originating from the market (Namazi, 1384, p. 76) 1.

    However, many accounting researchers have shown in their studies about the efficiency of the stock exchange that the Tehran Stock Exchange is ineffective in terms of efficiency at a weak level, as a result, the flow of the influence of company and market factors in the stock market is associated with a time delay (Namazi and Shushterian, 1374, p. 82) 2. In this regard, this research seeks to investigate the effect of effective factors and delayed information on changes in the financial leverage of companies, which financial leverage is used as a representative and representative of the capital structure.

    Therefore, the question that is raised in this connection is:

    Is there a relationship between the delayed variables of the research, which include profitability, company size, M/B ratio and assets Is there a relationship between collateral and the dependent variable, which is financial leverage? And if this relationship exists, which one is more effective?

    3-1 The importance of research

    One ??of the important issues that all financial experts and financial managers agree on. The issue is capital structure (financial leverage). A company that has no debt. It is a company with a completely capital structure. But in the real world, we do not know such a company and all companies use leverage in different proportions. Therefore, for interested individuals and institutions, it is significant and important that the company in question has used its assets from what amount of debt and what amount of stock (equity) to provide financial resources. Because this will affect their decisions regarding that company. Banks need to know the financial structure when granting loans to companies and investors when buying shares of companies, so that they can take loans and issue new shares if necessary. Therefore, taking a loan and issuing new shares need to have a proper financial structure. until both banks are willing to grant loans and investors welcome the capital increase (issuance of new shares). Therefore, due to the complexity of the conditions of the markets and their dynamic economy and the existence of various factors affecting the choice of capital structure and the fact that the appropriate combination of the capital structure of companies is one of the problems that have not been solved, therefore the basic issue is to find the appropriate combination of the capital structure.

    Abstract:

    The theory of capital structure offers two competing models of financing decision. In the trade-off model, firms identify their optimal leverage by weighting the costs and benefits. of debts.

  • Contents & References of The effect of delayed structures and variables on capital structure

    List:

    Abstract: 1

    Introduction: 2

    Chapter One: General Research

    1-1 Introduction. 4

    2-1 statement of the problem. 4

    3-1 The importance of research. 5

    4-1 research objectives. 6

    5-1 theoretical framework of the research. 6

    6-1 research hypotheses. 7

    7-1 Scope of research. 8

    8-1 operational definition of words and terms. 8

    Chapter Two: Review of Research Literature

    1-2 Introduction. 12

    2-2 capital structure. 12

    3-2 financing strategy. 13

    2-4 Financing methods. 14

    1-4-2 Short-term financing. 14

    2-4-2 medium-term financing. 14

    3-4-2 Long-term financing. 15

    5-2 Financing and capital structure. 16

    6-2 Financing cost. 17

    7-2 method of determining the capital structure. 18

    8-2 theories of capital structure. 19

    1-8-2 View of net profit. 19

    2-8-2 view of operating net profit. 20

    3-8-2 traditional view. 21

    4-8-2 Maud Yiliani and Miller's view. 22

    5-8-2 static view (parallel theory) or (compromise theory) 25

    6-8-2 preferred view. 26

    9-2 Determining factors of capital structure. 29

    1-9-2 Industry group. 29

    2-9-2 company size. 29

    3-9-2 Company growth rate. 30

    4-9-2 Profitability. 30

    5-9-2 Adjusting the volatility of needs against short-term resources. 31

    6-9-2 collateral assets. 31

    7-9-2 Operating lever. 32

    8-9-2 Other internal factors affecting the capital structure. 33

    9-9-2 External factors affecting the capital structure. 33

    10-2 Internal investigation. 35

    11-2 Foreign research. 37

    Chapter 3: Research Implementation Method

    1-3 Introduction. 40

    2-3 research methods. 40

    3-3 research objectives. 41

    4-3 research assumptions. 41

    5-3- Analytical model of research. 42

    6-3-how to calculate research variables. 43

    3-7 Statistical population. 44

    8-3 statistical sample. 45

    9-3 information gathering methods. 46

    10-3 Data analysis. 46

    11-3 Estimating regression coefficients and checking research assumptions using spss software 46

    3-12 Checking regression assumptions. 48

    Chapter Four: Data Analysis

    1-4 Introduction. 52

    2-4 Examining research hypotheses in 2011. 52

    1-2-4 Examining regression assumptions in 2008. 53

    2-2-4 Examining the assumption of normality of error distribution. 53

    3-2-4 Checking the assumption that errors are not correlated. 54

    4-2-4 independent variables are not correlated with each other. 54

    5-2-4 regression analysis. 55

    6-2-4 conclusions in 2011. 57

    3-4 examination of research hypotheses in 2012. 58

    1-3-4 examination of the assumption of homogeneity of error variance. 58

    2-3-4 Checking the assumption of normality of errors. 59

    3-3-4 Checking the assumption that the variance of the errors is not correlated. 59

    4-3-4 independent variables are not correlated with each other. 60

    5-3-4 regression analysis. 61

    6-3-4 drawing conclusions in 2012. 63

    4-4 checking research hypotheses in 2013. 64

    1-4-4 checking the assumption of homogeneity of error variance. 65

    2-4-4- Checking the assumption of normality of errors. 66

    3-4-4- Checking the assumption that the variance of the errors is not correlated. 66

    4-4-4 independent variables are not correlated with each other. 67

    5-4-4 regression analysis. 68

    6-4-4 conclusions in 2013. 70

    5-4 examination of research hypotheses in 2014. 71

    1-5-4 examination of the assumption of homogeneity of error variance. 72

    2-5-4 Checking the assumption of normality of the distribution of errors. 72

    3-5-4 Checking the assumption that the variance of errors is not correlated. 73

    4-5-4 Non-correlation of independent variables with each other. 74

    5-5-4 regression analysis. 75

    6-5-4 Conclusion in 1384. 77

    6-4 Checking research hypotheses in 1385. 78

    1-6-4 Checking the assumption of homogeneity of error variance. 79

    2-6-4 Checking the assumption of normality of the distribution of errors. 79

    3-6-4 Independent variables are not correlated with each other. 80

    4-6-4 Regression analysis: 81

    5-6-4 Conclusion in 2005: 83

    7-4 Examination of research hypotheses in 2016. 84

    1-7-4 Examination of the assumption of homogeneity of error variance. 85

    2-7-4 Checking the assumption of normality of the distribution of errors. 86

    3-7-4 Checking the assumption that the variance of the errors is not correlated.86

    4-7-4 Non-correlation of independent variables with each other. 87

    6-7-4 Regression analysis: 88

    7-7-4 Conclusion in 1386: 90

    8-4 Examining research hypotheses by the average of 1386-1381. 92

    1-8-4 Examining the assumption of homogeneity of error variance. 92

    2-8-4 Checking the assumption of normality of error distribution. 93

    3-8-4 Checking the assumption that the variance of errors is not correlated. 94

    4-8-4 Non-correlation of independent variables with each other. 94

    5-8-4 regression analysis. 95

     

    Chapter Five: Conclusion and Suggestions

    5-1 Introduction. 99

    2-5 summary and conclusion of the research. 99

    1-2-5 The results of the first hypothesis test. 99

    2-2-5 The results of the second hypothesis test. 100

    3-2-5 The results of the third hypothesis test: 100

    4-2-5 The results of the fourth hypothesis test. 101

    3-5 possible limitations in generalizing research results. 101

    4-5 practical suggestions. 102

    5-5 Suggestions for future research. 102

    Appendices

    Sources and sources

    Persian sources: 116

    Latin sources: 118

    English abstract: 120

    Source:

    Ahmedzadeh, M. et al., 1384, "Investigating the capital structure and financial resources of the Agricultural Bank and providing suitable solutions to optimize it", Accounting and Auditing Review Quarterly, 19th year, number 29.

    Azer, A. and Mahmoud Momeni, 1385, "Statistics for its use in management". Volume II. Najm, Tehran, Semt Publications. p. 71

    Afshar Mehr, G. 1378, "Investigation of the relationship between the financial structure and stock returns of companies listed on the Tehran Stock Exchange", master's thesis, Shahid Beheshti University.

    Bagherzadeh, S., 1382, "Explaining the pattern of capital structure of companies listed on the Tehran Stock Exchange", financial research, number 16. On the Tehran Stock Exchange", Master's Thesis of Management, University of Tehran

    Jahankhani, A. and Ali Parsaian, 1374, "Stock Exchange", first edition, Management Publications, University of Tehran, pp. 295-262.

    Jahankhani, A. and Ali Parsaian, 1376, "Investment Management and Securities Evaluation", Faculty of Management Publications, University Tehran

    Khshnoud, S., 2014, "Investigation of factors affecting the financial structure of companies listed on the Tehran Stock Exchange", master's thesis, Shahid Beheshti University

    Rahimian, N., 2015, "Reflections on the methods of providing financial resources in economic units, accountant", number 146, pp. 28-36

    Shapiro, A., Targeme Ali Jahankhani., 1373, "Strategy of long-term financing of companies", Financial Research, No. 2

    Shabahang, R. 1384, "Financial Management, Specialized Research Center for Accounting and Auditing, Audit Organization", 8th Edition, Volumes 1 and 2

    Sheikh Al-Maluki, M., 1386, "Investigating the Impact of Capital Structure Changes on the Value of Manufacturing Companies", Master's Thesis, Islamic Azad University, Arak Branch

    Abdollahzadeh, F. Vamir Madras, 1373, "Financial Management", Vol. Second, Sepidar Publishing, pp. 196-194

    Ferdowsen, J., Wikke Bricom, translated by Seyed Majid Shariat Panahi, 1376, "Financial Management 2", Aylar Publications

    Ghalibaf Asl, 1373, "Evaluation of the effect of capital structure on the systematic risk of ordinary shares of companies listed on the Tehran Stock Exchange", Bachelor of Management Thesis, University Tehran

    Mohammadi, R. 1384, "Investigation of factors affecting the capital structure of companies listed on the Tehran Stock Exchange", master's thesis, Al-Zahra University

    Namazi, M. and Zahir Shushterian, 1374, "Evaluation of the efficiency of the Tehran Stock Exchange", financial research, second year, numbers 7 and 8, pp. 104-82

    Namazi, M. and Jaafarzadeh Shir, 1384, "Investigation of the relationship between capital structure and profitability of companies listed on the Tehran Stock Exchange (with emphasis on the type of industry)", Accounting and Auditing Reviews, Year 12, Number 42, pp. 75-95

    Namazi, M. and Mohammad Hashmati, 1386, "Investigation of the impact of structures and delay variables on the capital structure of companies listed on the Tehran Stock Exchange", Accounting Reviews Quarterly and auditing, fourteenth period, number 49, pp. 139-160

    Niko Meram, H. et al., 1388, "Fundamentals of financial management", Terme Publications, second edition

    Vakili Fard, H., 1388, "Decision making in financial matters", Jangal Publications, first edition

    Yazdani, N.

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