رابطه انتخاب ساختار سرمایه، عدم‏ تقارن اطلاعاتی و ظرفیت بدهی در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 استادیار، عضو هیات علمی گروه حسابداری دانشگاه الزهراء (س)

2 دانش‏ آموخته حسابداری دانشگاه علامه طباطبایی

3 دانش آموخته حسابداری دانشگاه الزهراء(س)

چکیده

در این پژوهش پیش‌بینی‌های نظریه سلسله‌مراتب در میان شرکت‌های پذیرفته‌شده در بورس اوراق بهادار بررسی شده است. به این ترتیب که نمونه‌ای متشکل از 145 شرکت پذیرفته‌شده در «بورس اوراق بهادار تهران» طی دوره زمانی سال­های 1390 تا 1396، برای آزمون فرضیه‌ها مورداستفاده قرار گرفت. شواهد حاکی از آن است که شرکت‌های پذیرفته‌شده در بورس از نظریه سلسله‌مراتب پیروی نمی‌کنند و شرکت‌های کوچک، نسبت به شرکت‌های بزرگ، برای تأمین مالی بیشتر از انتشار سهام استفاده می‌کنند. علاوه بر این، نظریه سلسله‌مراتب در میان شرکت‌هایی که نگرانی در مورد ظرفیت بدهی ندارند بهتر عمل خواهد کرد. یافته­ها همچنین نشان می‌دهد که قدرت توضیحی نظریه سلسله‌مراتب بیشتر از نظریه توازن است؛ ولی تفاوت قابل‌توجهی وجود ندارد. درمجموع نتایج نشان می‌دهد که نظریه سلسله‌مراتب در توضیح انتخاب‌های تأمین مالی شرکت‏های نمونه ناموفق است.

عنوان مقاله [English]

Relationship of Capital Structure Choice, Information Asymmetry, and Debt Capacity in Tehran Stock Exchange Listed Companies

نویسندگان [English]

  • Parisa Saadat Behbahaninia 1
  • Reza Akbarian Shurkaei 2
  • Fatemeh Hosseinzadeh 3
1 Assistant Professor, Department of Accounting, Faculty of Social Sciences and Economics, Alzahra University
2 Graduated from Allameh Tabataba'i University
3 student of Alzahra University
چکیده [English]

Abstract
Information asymmetry costs are the most important driver for firms’ financing decisions that our understanding of this issue will lead to identifying the firms’ behavior. Hence, this study seeks to investigate the predictions of pecking order theory among companies listed in the Tehran Stock Exchange. In this research, the sample includes 141 companies listed the Tehran Stock Exchange and is during 1390 – 1394 years that is used for testing hypothesis. Evidence show that listed companies do not follow the pecking order theory, and small firms compared to large firms, use more stock issuance for financing. In addition, performing of pecking order theory among firms without debt capacity concerns is better. In addition, results show that explanatory power of pecking order theory is more than trade-off theory, but it is not remarkable. Overall, result shows that hat the pecking order theory fails to explain sample firms’ financing choices.

کلیدواژه‌ها [English]

  • Pecking order theory- Adverse selection costs- Debt capacity-Trade off theory

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