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Capital Structure of Iranian Listed Companies

Tavana, Pooriya | 2021

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 54974 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Keshavarz Hadad, Gholamreza; Abdoh Tabrizi, Hossein
  7. Abstract:
  8. Which capital structure theories have the power to explain the determinant of capital structure in capital market companies, assuming the difference between the institutional and fundamental structure of Iran with other countries, which affects the behavior and decision-making style of managers. After the emergence of capital structure theories, studies were performed to assess the explanatory power of theories. The results revealed the fact that the differences in the institutional structure of countries affects the behavior and decision-making style of managers for adopting the optimal capital structure, and the determinants of capital structure followed a limited number of theories. In this study, to answer the existing question, the data related to the financial statements of 358 member companies of the Iran Stock Exchange and OTC Organization between the years of 2000 to 2021 are used, and by panel data, fixed effect, and random effect model, we test the determinant factors of capital structure on short-term, long-term, and total debt ratios. The results give a picture of how managers and decision-makers of Iranian capital market companies use different debt and capital for their capital structure. And finally, the Pecking order theory is selected as the superior theory in explaining the determinant of capital structure in Iranian capital market companies
  9. Keywords:
  10. Debt Ratio ; Capital Structure ; Capital Structure Determinants ; Long-Term Debt Ratio ; Short-Term Debt Ratio ; Pecking Order Theory

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