Study of the Relationship between Capital Structure Measures and Performance: Evidence from Iran

Mahdi Salehi · Kumars Biglar

49 citations0/0 files storedInternational Journal of Business and Management

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Corporate Finance and Governance Financial Analysis and Corporate Governance Financial Reporting and Valuation Research

Abstract

Financing decisions is one of the important areas in financial management to increase shareholder’s wealth. To determine how managers achieve this object, it can say performance measurement of company. In this paper we have studied the issue of whether the capital-structure decision impacts firms’ performance. For this reason, we used 3 definition of capital structure in scope of book value to market value and 5 measures were assumed for financial performance. In this paper, we applied the data of 117 corporates in Tehran Stock Exchange (TSE) in a 5-year time horizon (2002-2007).Results of our study demonstrated that capital structure influences financial performance. The significance of the influence of capital struture on performance respectively is belonged to measures of adjusted value, market value and book value.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1999Corporate Ownership Around the World 1996Agency costs of free cash flow, corporate finance, and takeovers 2008The cost of capital, corporation finance and the theory of investment 1984The Capital Structure Puzzle

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2010The Role of Inflation in Financial Repression: Evidence from Iran 2015The Relationship between Capital Structure and Performance in Gulf Countries Banks: A Comparative Study between Islamic Banks and Conventional Banks 2018The Relationship between the Ownership Structure, Capital Structure and Performance 2015THE EFFECT OF CAPITAL STRUCTURE ON PROFITABILITY: AN EMPIRICAL ANALYSIS OF LISTED FIRMS IN IRAQ 2013Impact of Leverage and Managerial Skills on Shareholders’ Return

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