The Effect of Exchange Rate Volatility on Marketing and Profitability of Companies Agricultural
الموضوعات :
Nasrollah Maghsoudi
1
(Department of Economic, Islamshahr Branch, Islamic Azad University, Islamshahr, Iran)
تاريخ الإرسال : 17 الإثنين , محرم, 1444
تاريخ التأكيد : 15 الأربعاء , ربيع الثاني, 1444
تاريخ الإصدار : 07 الخميس , جمادى الأولى, 1444
الکلمات المفتاحية:
Financial Leverage,
profitability,
Stock Product,
ملخص المقالة :
The stock exchange market is a subset of the economy and a component of the capital market. The economy, especially the Iranian stock market, has been affected more deeply than other countries due to US sanctions because concerns about capital devaluation are associated with fears due to economic instability. Variations in return on investment risk caused by macroeconomic variables might alter investment options. This research aimed to evaluate the exchange rate volatility on financial leverage and profitability of companies listed in the Tehran stock exchange. Therefore, a model was estimated to examine the research objectives using annual data of companies listed in the Tehran stock product in 2015-2020 through the panel data regression method and Eviews software. The results indicated that exchange rate volatility positively and significantly affected financial leverage. In addition, stock product volatility had a negative and significant effect on the profitability of companies.
المصادر:
Pourheidari, Omid, (2018), "Study of factors determining the financial structure of companies listed on the Tehran Stock Exchange", Master Thesis in Management, University of Tehran.
Zibaei, Mansour and Zahra Mazaheri (2017), "The size of government and economic growth in Iran with emphasis on the growth of the agricultural sector: a threshold regression approach", Journal of Agricultural Economics and Development, No. 23, pp. 11-20.
Jahankhani, AS; Parsaiyan, A. (2020), "Financial Management", Volume 2, Seventh Edition. Tehran: Samat, p. 275.
Ross, Stephen, Randalls Westerfey and Bradford Jordan. (2011), "New Financial Management (Vol. I) (translated by Ali Jahankhani and Mojtaba Shouri, Tehran: Organization for the Study and Compilation of University Humanities Textbooks).
Praise, Mohammad Hussein. Kashanipour, Farhad. (2019), "Study of factors affecting the capital structure of companies listed on the Tehran Stock Exchange", Financial Research, Volume 12, Number 30, pp. 57-74
Sinai, Hassan Ali. Rezaian, Ali. (2018), "Study of the effect of corporate characteristics on capital structure" www.Sid .ir
Ghadiri Moghaddam Abolfazl, Asadian Fatemeh, (2016), "Study of the effect of company characteristics on the structure of capital", Journal of Development and Capital, third year.
Gujarati, Damodar, (2010), "Fundamentals of Econometrics". Translated by Hamid Abrishami. University of Tehran Publications, Second Edition.
Meiser, Stuart, (Spring 1994), "The Riddle of Capital Structure". Translated by Farhad Abdullahzadeh, Financial Research Quarterly, First Year, Second Issue.
Methane, Mojtaba. Yahya Zadeh, Mahmoud Nabavi Hashemi, Seyed Ali, (2010), "The effect of company characteristics on its capital structure in companies listed on the Tehran Stock Exchange", Quarterly Journal of Management.
Mehrara, M., Zarei, M. (2016), "Nonlinear effects of energy consumption on economic growth based on the threshold approach" Quarterly Journal of Economic Growth and Development Research, Year 2, Number 5, p: 11- 43.
Nadiri, Mohammad, Mohammadi, Teymour, (Autumn 2019), "Study of the effect of institutional structures on economic growth with GMM dynamic panel data method", Economic Modeling, Fifth Year - No. 15, pp. 1-24.
Namazi, Mohammad and Jalal Shirzadeh (2016), "Study of the relationship between capital structure and profitability of companies listed on the Tehran Stock Exchange", Accounting and Auditing Reviews, No. 42.
Ahmad, Abd Halim and Nur Adiana Hiau Abdullah, “Investigation of optimal structure in Malaysia: a panel threshold estimation”, Studies in Economics and Finance, Vol. 30 No. 2, 2013, pp. 108-117
Al-najjar B, P Taylor (2008). “The Relationship between Capital Structure and Ownership Structure”, Managerial Finance, Vol. 34: 919-933.
Altman, E. I. (1984), “A Further Empirical Investigation of the Bankruptcy Cost Question”, The Journal of Finance, 39(4), 1067-1090.
Ang, J. (1992). “On the theory of finance for privately held firms”, Journal of Small Business Finance, 1(3), 185–203.
Antoniou, A., Guney, Y., Paudyal, K. (2006), “The determinants of debt maturity structure: evidence from France, Germany and the UK”, European Financial Management, 12(2), 161-194.
Antoniou, A., Guney, Y., Paudyal, K. (2008), “Determinants of capital structure: capital market oriented versus bank oriented institutions”, Journal of Financial and Quantitative Analysis, 43(2), 59-92.
Balla, A. and Mateus, C. (2002), “An Empirical Research on Capital Structure Choices”, University of Pecs / Faculty Business and of Economics Working Paper,Hungary.
Chan, K.S. (1993), “Consistency and Limiting Distribution of the Least Squares Estimator of a Continuous Threshold Autoregressive Model”, The Annals of Statistics, 21, 520-533.
Didier, Tatiana &Schmukler.( 2013), “The Financing and Growth of Firms in China and India: Evidence from Capital Markets”, Policy Research Working Paper Series, No. 6401.
Du, Jun &Girma, Sourafel. (2012), “Firm Size, Source of Finance and Growth: Evidence from China”, International Journal of the Economics of Business, Vol. 19, Issue. 3.
Fottouh, B., Scaramozzino, P., & Harris, L.(November,2002), “NON-Linearity in The Determinants of Capital Structure: Evidence from Uk Firms”.
Frank,M.Z. and V.K. Goyal(2004), “The effect of market conditions on capital structure adjustment”, Finance Research Letters, 1, 47–55.
Franklin, Allen &etal. (2012), “Financing Firms in India", Journal of Financial Intermediation, Vol. 21, Issue. 3.
Gaud, P., Hoesli, M., Bender, A. (2007), “Debt-equity choice in Europe”,International Review of Financial Analysis, 16(3), 201-222.
Giroud, X., Mueller H. (2008), “Corporate Governance, Product Market Competition, and Equity Prices”, ECGI - Finance Working Paper No. 219/2008.
Graham,j. Lemmon,m. and Schallheim, J. (2003), “Debt, Leases, Taxes and the Endogeneity of Corporate Tax Status”, Journal of Finance. 53, 131-162
Greene, W., H., (2008), “Econometric Analysis”, 7ed Edition., Prentice Hall.
Griffith, R., (2001), “Product market competition, efficiency and agency costs: an empirical analysis”, Institute for Fiscal Studies
Guadalupe, M., Cunyat, V. (2017), “Globalization and the Provision of Incentives Inside theFirm”, Forthcoming at the Journal of Labor Economics.
Hansen, B., E., (May 1997), “Threshold Effect in Non Dynamic Panels: Estimation, Testing and Inference”, Department of Economics, Boston College, Page: http://www2.bc.edu/” hansenb”/.
Harris, M &Raviv, A. (1991), “The Theory of Capital Structure”, Journal of Finance, No. 46.
Harris, M., Raviv, A. (1991), “Capital structure and the informational role of debt. Journal of Finance”, 45(2), 321-349.
Healy, P.M. and K.G. Palepu, (2001), “Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature”, Journal of Accounting and Economics 31, 405-440.
Hsiao, C., (2003), “Analysis of Panel Data”, 2nd Edition, Cambridge University Press.
Jensen, M.C. (1986), “Agency costs of free cash flows, corporate finance and takeovers”, American Economic Review, 76(3), 323-329.
Lindenberg, E.B., Ross, S.A. (1981), “Tobin‟s Q ratio and industrial organization”, Journal of Business, 54(1), 1-32.
Michael Faulkender, Mitchell, A. Petersen. (2002), “Does the Source of Capital Affect Capital Structure?”, Forthcoming Review of Financial Studies. 1-72.
Miller, M. H. (1977), “Debt and Taxes,” Journal of Finance”, 32, 261-275.
Mische, M.A. (2001), “Strategic Renewal: Becoming a high-performance organization”, Prentice Hall, Englewood cliffs.
Modigliani, F. and M. H. Miller (1958), “The cost of capital, corporate finance, and the theory of investment”, American Economic Review, 48, 261-297.
