Dete rminants of Capital Structure of Iranian Companies Listed in Tehran Stock Exchange: A Structural Equation Modeling Approach

Nasrin Yousefzadeh, Zeinab Aazami, Hilda Shamsadini and Mina Abousaiedi
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Nasrin Yousefzadeh: Lecturer, Department of Accounting, Vali-e- Asr University of Rafsanjan, Iran.
Zeinab Aazami: Lecturer, Department of Accounting, Faculty of Management and Economics of Baft, Shahid Bahonar University of Kerman, Kerman, Iran.
Hilda Shamsadini: Department of Accounting, Islamic Azad University, Bam Branch, Iran.
Mina Abousaiedi: Department of Accounting, Kerman Branch, Islamic Azad University, Kerman, Iran.

Indian Journal of Commerce and Management Studies, 2014, vol. 5, issue 2, 73-81

Abstract: The objective of the current research is to study the effective factors on capital structures. In line with achieving this objective, financial information of 97 companies, accepted in Tehran Stock Exchange during the research period (2003 to 2011) was analyzed using the structural equations approach. In the current study, in order to measure the capital structure, we used from the long-term debts to assets market value ratio and studied the influence of the variables including growth, uniqueness, assets structures, profitability, earnings volatility, size, stock returns and industry classification on capital structure, the results indicated that growth, uniqueness and the profitability has a negative effect on the capital structure, but assets structure and size has a positive effect on the capital structure. The current studies also showed that there is no significant relation between earning volatility, the firm stock returns and the capital structure.

Keywords: Capital structure; Debt; Latent variables; Structural equation modeling. (search for similar items in EconPapers)
Date: 2014
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