انتخاب ساختار سرمایه شرکت‌‎های‎ موجود در بازار سرمایه ایران تحت ادوار تجاری

فخرحسینی, سید فخرالدین

doi:10.22105/fbs.2023.178965

نوع مقاله : مقاله پژوهشی

نویسنده

سید فخرالدین فخرحسینی

گروه حسابداری، دانشکده مدیریت و حسابداری، واحد تنکابن، دانشگاه آزاد اسلامی، تنکابن، ایران.

https://doi.org/10.22105/fbs.2023.178965

چکیده

ساختار سرمایه به دلیل تاثیر بر ارزش شرکت با ریسک‌‎های مالی رابطه تنگاتنگ دارد ولی در شرایط مختلف فعالیت‌های اقتصادی می‌‎تواند متفاوت باشد و بر تصمیمات بهینه ساختار سرمایه اثر گذارد. هم‌چنین درنظر گرفتن متغیر تمرکز مالکیت بر انتخاب ساختار سرمایه تحت شرایط مختلف ادوار تجاری می‌‎‎‎تواند از موضوعات موردتوجه باشد. از‌این‌رو هدف مقاله حاضر انتخاب ساختار سرمایه شرکت‌‎های‎ موجود در بازار سرمایه ایران تحت ادوار تجاری بوده است. دوره زمانی پژوهش بین سال‌‎های 1388 تا 1399 برای 144 شرکت است. جهت تجزیه‌وتحلیل داده‌‎ها از آزمون‎‌های OLS، GLS و گشتاورهای تعمیم‎‌یافته استفاده شده است. نتایج نشان می‎‎‌‎دهد که اهرم مالی رابطه مثبت با نسبت دارایی‌‎های ثابت مشهود دارد درحالی‌که با اندازه شرکت رابطه منفی داشته است. هم‌چنین با رویکرد فیلتر هدریک پرسکات، در مرحله رونق تجاری، اهرم مالی رابطه مثبتی با سودآوری نداشته است اما در رکود اقتصادی اهرم مالی رابطه معکوسی با سودآوری و تمرکز مالکیت داشته است.

کلیدواژه‌ها

عنوان مقاله [English]

Choosing capital structure of the companies in the capital market of Iran under business cycle

نویسنده [English]

Seyed Fakhreddin Fakhrehosseini

Department of Accounting, Faculty of Management and Accounting, Tonkabon Branch, Islamic Azad University, Tonkabon, Iran.

چکیده [English]

Capital structure is closely related with financial risks to its impact on company value, but in different conditions economic activities can be different and affect optimal capital structure decisions. Also, consideration of the variable ownership concentration on the choice of capital structure under different business cycle conditions can be of interest. Therefore, the purpose of this article is to choice the capital structure of the companies in the capital market of Iran under the business cycle. The research period between 2009 and 2020 is for 144 companies. OLS, GLS and Generalized Method of Moments (GMM) tests have been used to analyze the data. The results show that the financial leverage has a positive relationship with the ratio of Tangibility assets, while it has a negative relationship with the firm size. Also, with the Hedrick & Prescot approach, in the business boom stage, the financial leverage did not have a positive relationship with profitability, but in the recession, the financial leverage had an inverse relationship with profitable and ownership concentration.

کلیدواژه‌ها [English]

Capital structure
Recession
Boom
GMM

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مطالعات راهبردی مالی و بانکی

انتخاب ساختار سرمایه شرکت‌‎های‎ موجود در بازار سرمایه ایران تحت ادوار تجاری

مراجع

مراجع

دوره 1، شماره 2
شهریور 1402
صفحه 117-125

انتخاب ساختار سرمایه شرکت‌‎های‎ موجود در بازار سرمایه ایران تحت ادوار تجاری

مراجع

مراجع

دوره 1، شماره 2شهریور 1402صفحه 117-125

دوره 1، شماره 2
شهریور 1402
صفحه 117-125