The Investigate Relationship between Working Capital with Corporate Governance and Pecking Order Theory in listed company in Tehran stock exchange (TSE)

Subject Areas : Management Accounting

هادی هرمزی ^{1 *} , سعید علی احمدی ^{2 *}

1 - ندارد
2 - ندارد

Received: 2012-03-01 Accepted : 2012-06-21 Published : 2013-03-09

Keywords: cash conversion cycle, Corporate Governance, Pecking Order Theory, and Tehran stock exchange (TSE,

Abstract :

This paper investigates the relationship between working capital with corporategovernance and Pecking Order Theory in listed company in Tehran stock exchange(TSE). The period is 2000 to 2009. This research is used the pool data. The resultsindicate that is significant relations between manager tenure, Size Company, growthcompany and free cash flow with working capital. But, is a not significant relationbetween working capital with Debt, government owner and institutional owner. Also,the results indicate that it is Pecking Order Theory in listed company in Tehran stockexchange (TSE).