Many scientists have studied coaxial model which examines the relationship between Environment Risk, Corporate Strategy and Capital Structure on Firm Performance. The present study tries to use the existing structures and theories in the context of financial management More
Many scientists have studied coaxial model which examines the relationship between Environment Risk, Corporate Strategy and Capital Structure on Firm Performance. The present study tries to use the existing structures and theories in the context of financial management and corporate strategy to examine the influence of these variables on the performance. It also aims to shed light on the relationship between financial management and corporate strategy. To examine the relationship between
structures and dimensions and to understand the existence of their relationship, some alternatives investigated by the previous studies have been reviewed. In designing this project, the data on petrochemical companies gathered within a period of 5 year (2001-2005) were investigated. All companies holding shares in Tehran Stock Exchange Hall of Petrochemical Industries comprise the statistical population of the study. To analyze the research data, descriptive statistics including means, standard deviation as well as inferential statistics including correlation coefficients, Pearson and ANOVA tests were carried out by SPSS software. In general, the results show that the variable of coaxial model consisting of the environment risks, corporate strategy and capital structure have somehow an impact on the company performance. To sum up, the use of the model such as the coaxial model has a positive effect on corporate performance.
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The impact of corporate strategy decisions on capital structure has attracted researchers and managers for decades, though these decisions have so far yielded complex and uncertain results. While previous studies have focused on the effective effects of a single strateg More
The impact of corporate strategy decisions on capital structure has attracted researchers and managers for decades, though these decisions have so far yielded complex and uncertain results. While previous studies have focused on the effective effects of a single strategy at one point in time, this study attempts to provide an overview of the impact of strategic decisions on capital structure. According to the hierarchical strategy theory, there are three effective strategies, namely external activity, diversification and integration (integration), at the company level. This study was conducted using the annual data of listed companies in Tehran Stock Exchange during the period 2013-2019. By screening, 152 companies were identified as the sample of the study. Multivariate linear regression based on panel data was used to test the research hypotheses. The results of empirical evidence show that the aforementioned strategies influence the structure of corporate capital simultaneously and independently. Integration and external activity are inversely related to debt ratio, whereas diversification is directly related to debt ratio. The findings of this study contribute to the richness of the work on capital structure / strategy and help more academics and managers understand the impact of strategy on firm capital structureKeywords: Capital structure, corporate strategy, integration, diversification, External activity
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in the theoretical literature based on normal theory, dividend policy as a mediator is the intermediary between corporate governance and free cash flow. This requires empirical testing for users to confirm the mediating role of dividend policy. Accordingly, the purpose More
in the theoretical literature based on normal theory, dividend policy as a mediator is the intermediary between corporate governance and free cash flow. This requires empirical testing for users to confirm the mediating role of dividend policy. Accordingly, the purpose of the present study is to test the Sobel test to examine the mediating role of dividend policy on the relationship between corporate governance and free cash flow. The statistical population of this study includes all companies listed in Tehran Stock Exchange. The timeframe for doing the research is from 2011 to 2018. The sample size is 94 companies based on the systematic elimination method. The research method is based on hybrid data and multivariate least squares regression model using Sobel test. Evidence suggests that the mediating role of dividend policy has a significant effect on the relationship between corporate governance and free cash flow, meaning that because of the importance of dividend policy and corporate governance mechanisms with free cash flow, intermediary role The total dividend policy has a minor effect on free cash flow because not all interpretations are absorbed by corporate governance mechanisms.
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