[Home ] [Archive]   [ فارسی ]  
:: Main :: About :: Current Issue :: Archive :: Search :: Submit :: Contact ::
:: Volume 5, Issue 20 (quarterly journal of Fiscal and Economic Policies 2018) ::
3 2018, 5(20): 173-196 Back to browse issues page
Investigating the Capital Structure and its impact on stock returns of listed companies in Tehran Stock Exchange
Seyyed Mojtaba Mirlohi Dr, Mostafa Tehrani Mr, Amir Lotfi Siahkalroodi Mr, Masoomeh Ghostin Roodi Mrs
Graduate student of MBA, Shahrood university
Abstract:   (909 Views)

Nowadays, the credit rating of companies depends largely on the structure of their capital. The capital structure is a combination of debt and equity of shareholders which thereby the company finances long-term assets. Return on equity is the rate of return on investment in the purchase of the shares and the portion of earning that will be distributed to the shareholders (dividend yields). The purpose of this study is to examine the relationship between debt in the capital structure and the stock returns. For this purpose, the research library process is used and required data to test the hypothesis is collected from the reports published by the Tehran Stock Exchange. With regard to the presented issue and with using panel data for 42 non-financial listed firms in Tehran Stock Exchange in the period 2007-2012, we address the relationship between the stock return and capital structure. The results state that financial leverage has a significant positive correlation with stock returns. Moreover, operating leverage has not any significant relation with stock return. Furthermore, the findings confirm significant relationships between debt ratio and stock return and also equity ratio and stock return.
 

Keywords: Return on equity, capital structure, financial leverage, operating leverage ratio, equity, debt ratio  
Full-Text [PDF 804 kb]   (281 Downloads)    
Type of Study: Research | Subject: Special
Received: 2015/08/4 | Accepted: 2017/07/2 | Published: 2018/03/7
Send email to the article author

Add your comments about this article
Your username or Email:

CAPTCHA code


XML   Persian Abstract   Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Mirlohi S M, Tehrani M, Lotfi Siahkalroodi A, Ghostin Roodi M. Investigating the Capital Structure and its impact on stock returns of listed companies in Tehran Stock Exchange. 3. 2018; 5 (20) :173-196
URL: http://qjfep.ir/article-1-334-en.html


Volume 5, Issue 20 (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
Persian site map - English site map - Created in 0.05 seconds with 31 queries by YEKTAWEB 3742