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:: Volume 6, Issue 23 (quarterly journal of fiscal and economic policies 2018) ::
3 2018, 6(23): 205-229 Back to browse issues page
Simultaneous Effects of Company-Specific Characteristics and Macroeconomic Variables on the Capital Structure of Listed Companies in Tehran Stock Exchange
Abstract:   (321 Views)

The main objective of this research is to study the simultaneous effects of company-specific characteristics as well as macroeconomic variables on the capital structure of listed companies in Tehran stock exchange market for the periods of 2007 to 2014. For Consideration of Company-Specific Characteristics in this paper, we use the profitability ratios, the dividend payout, and stock price performance ratios. Moreover, variables such as GDP growth, exchange rate, inflation, interest rate and the ratio of banks credit as a percentage of GDP are given as macroeconomic variables. The research findings reflect that the profitability and dividend payout ratios impact capital structure throughout the industry. Moreover, GDP growth and bank credits (as percentage of GDP) influence the capital structure across the industry. Also, the results indicate that the effects of Company-Specific variables and macroeconomic variables on the capital structure vary across the industries.
 

Keywords: Capital Structure, Specific Corporative Traits and Macroeconomic Variables  
Full-Text [PDF 753 kb]   (93 Downloads)    
Type of Study: Research | Subject: Special
Received: 2017/01/19 | Accepted: 2018/10/10
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Simultaneous Effects of Company-Specific Characteristics and Macroeconomic Variables on the Capital Structure of Listed Companies in Tehran Stock Exchange. 3. 2018; 6 (23) :205-229
URL: http://qjfep.ir/article-1-598-en.html


Volume 6, Issue 23 (quarterly journal of fiscal and economic policies 2018) Back to browse issues page
فصلنامه سیاستهای مالی و اقتصادی Quarterly Journal of Fiscal and Economic Policies
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