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Investigating the Impact of the Effective Factors on Capital Structure of Listed Companies in Tehran Stock Exchange
oleh: Mohammad Hossein Setayesh1 Setayesh, Farhad Kashanipour
Format: | Article |
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Diterbitkan: | University of Tehran 2011-01-01 |
Deskripsi
The aim of this research is the investigation the relationship between the capital structure and institutional ownership mid to the other effective factors on this relation in Tehran Stock Exchange. The others factors include the percentage of stock dividend, profitability, business risk, assets structure, liquidity, growth, and company size. The statistical population of the research is 117 listed companies in TSE based on 7 industrial groups during 1383-1388. To testify of the research hypotheses applied pooled regression models with fixed effects by econometric software Eviews 6. The findings indicate all factors except the percentage of institutional structure were the effective factors on the capital structure in the level of total companies. However, in chemical industry, the percentage of institutional structure, the percentage of stock dividend, business risk, liquidity, and company size; in food industry, assets structures, liquidity, and company size; in metal industry, the percentage of institutional structure, the percentage of stock dividend, business risk, assets structure, liquidity, and company size; in non-metallic mineral industry, liquidity; in tile industry, business risk, and liquidity, and in materials and pharmaceutical products industry, liquidity, and company size were effective on the capital structure.