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Open Access Article
1 - Moderating effect of managerial ability in the relationship between Corporate governance features and financial distress likelihood: (PLS Approach)
Elham Eghbali Ali Asghar Anvary Rostamy Farhad HanifiThe purpose of this research is to examine the effect of ownership structure and audit features on the financial distress likelihood by considering the moderating effect of managerial ability. This study utilized partial least squares structural equations modeling (PLS- MoreThe purpose of this research is to examine the effect of ownership structure and audit features on the financial distress likelihood by considering the moderating effect of managerial ability. This study utilized partial least squares structural equations modeling (PLS-SEM) analysis and data from 107 firms listed in the Tehran Stock Exchange. Audit features measured by auditor size and audit opinion and ownership structure measured by the block-holder ownership and institutional ownership. Backward logit analysis was used to calculate the financial distress likelihood. DEA technique and Tobit regression were used to measure the managerial ability. The results of the study show that audit features have a positive effect on the likelihood of financial distress. Moreover, the effect of ownership structure on the financial distress likelihood and the moderating effect of manage-rial ability were not confirmed. This paper offers evidence on the extent to which distress is associated with corporate governance and managerial ability from a developing country. The paper should be of interest to the regulatory bodies and practitioners because in many developing countries the implementation of corporate governance mechanisms is voluntary and is not yet required. Manuscript profile -
Open Access Article
2 - The Impacts of Financial Structure on Financial Performance of Banks listed in Tehran Stock Exchange: An Empirical Application
Esmaeil Balouei Ali Asghar Anvary Rostamy Seyyed Jalal Sadeghi Sharif Ali SaeediFinancial structure is a combination of debt and equity and regards as one of the most important issues in banking industry. The purpose of financial structure decision is to create an appropriate combination of financing resources to minimize the cost of capital and th MoreFinancial structure is a combination of debt and equity and regards as one of the most important issues in banking industry. The purpose of financial structure decision is to create an appropriate combination of financing resources to minimize the cost of capital and thus maximize the company's market value. This study investigates the impacts of banks financial structure on their Returns (ROA and ROE). In addition, it investigates the moderating roles of corporate governance, financial constraints, capital intensity and size. This research is an applied descriptive correlational research. To test the hypotheses, unbalanced panel data is used. The financial data extracted from “Rah Avarde Novin" software and the database of "Tadbir Pardaz" company. The statistical population includes all banks listed on Tehran Stock Exchange during the years 2009 to 2016. The results indicate a positive significant impacts of financial structure and the banks’ ROA and ROE. Moreover, the results show that capital intensity and the size significantly moderate the relation between financial structure with ROA and ROE. Manuscript profile
List of Articles Ali Asghar Anvary Rostamy
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