This paper examines the relationship between government debt and corporate capital structures (financing choices) for firms listed in Tehran stock market, during 1390-98. The results show that the there is a negative and significant relationship between government debt More
This paper examines the relationship between government debt and corporate capital structures (financing choices) for firms listed in Tehran stock market, during 1390-98. The results show that the there is a negative and significant relationship between government debt and corporate capital structure (financial leverage), although the estimated coefficient is relatively small. In other words, we can conclude that the financial crowding out effect is confirmed in Iranian companies. Also, the results show that corporate with larger size and more profitable are more likely to react to changes in government debt. In other words, if corporates have larger size and more profitability, then the financial crowding out effect is greater. Hence, the key conclusion is corporate managers should prioritize revenue diversification and profitability strategies in the reaction to government debt policies.
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This paper seeks to explore the nonlinear association between liquidity indicators and debt repayment capacity in relation to asset returns. For this purpose, the Panel Smooth Transition Regression (PSTR) method was employed to examine the nonlinear impact of liquidity More
This paper seeks to explore the nonlinear association between liquidity indicators and debt repayment capacity in relation to asset returns. For this purpose, the Panel Smooth Transition Regression (PSTR) method was employed to examine the nonlinear impact of liquidity indicators (including the ratios of current assets to total deposits, total loans granted to total deposits, and total loans granted to total assets and debt payment capacity indicators (such as the debt ratio and interest coverage ratio) on asset returns from 2011 to 2020. The findings revealed a nonlinear effect of all calculated indicators on asset returns. The magnitude and manner of the independent variables' influence on asset returns varied at different levels, with noticeable distinctions in the effect before and after the threshold value of 1.0586. In light of these results, bank policymakers can strategically select an optimal liquidity level to enhance bank profitability based on asset returns.
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In this study, the effect of the crisis transfer mechanism (with emphasis on the 2008 financial crisis and oil prices) is first investigated. Representative of the effect of this mechanism (oil price known as a factor in the mechanism for transmitting crisis) Identify a More
In this study, the effect of the crisis transfer mechanism (with emphasis on the 2008 financial crisis and oil prices) is first investigated. Representative of the effect of this mechanism (oil price known as a factor in the mechanism for transmitting crisis) Identify and how it affects the selected index of the stock exchange, including banks, petroleum products, metal ores, cars with daily data from 2003- 07-05 to 2021-03-17 Modeling with the possibility of regime change (MS-VAR) has been modeled using the common probability distribution of the yield of selected indices and the self-regression vector model. Then, using the causality method, despite the regime change, we examine the oil causality on the selected indices of the stock exchange, whether the causality is one-way or two-way. The results show that the zero regime is more stable than the one regime and the tendency to stay in this regime is higher and the causality is from the oil side to the selected indicators and not vice versa.
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Abstract
Security exchange has a particular spot in the country's financial system and development of capital market depends on this institutes activities within the country. Accumulating small amounts of deposits and available liquidity, and guiding them toward More
Abstract
Security exchange has a particular spot in the country's financial system and development of capital market depends on this institutes activities within the country. Accumulating small amounts of deposits and available liquidity, and guiding them toward the producing goods and service process in the country are two significant usages of the security exchange. Investors who take part in the security exchange include a vast variety of people that always are trying to decrease risk and increase proportional return. Thus recognizing the factors which effect the return on securities has a material effect on more in deeps analysis and making more proper by the investors. So in this case we study the effect of five important macro economic variables on the total risk and returns of the enterprises admitted in Tehran Security Exchange under cement, petro chemistry, and automobile industries within 1377-1390. The aim of this study is to recognize a balance relation between macro economic variables and their effects on the total stock return. This thesis studies includes 2 hypotheses. This study suggested that there is not correlated relation between the total risk ,returns of the stock and macro economic variables for enterprises admitted in Tehran Security Exchange.
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Abstract
Banks through the provision of banking services to customers, earn it. So, as banks will be able to use economies of scale to gain more profit. One of the most important source of information for investors, creditors, and other users, the benefits pr More
Abstract
Banks through the provision of banking services to customers, earn it. So, as banks will be able to use economies of scale to gain more profit. One of the most important source of information for investors, creditors, and other users, the benefits provided by the organization is in regular intervals. The forecast profit organizations is also of considerable importance. Because macroeconomic indicators, including indicators of economic openness on the financial performance and profitability are known to be effective, according to the above description, to examine the impact of asset growth and objectivity, openness and Iranian inflation on the profitability of banks during 1383 to 1392 will be discussed. In terms of purpose, the type of applied research and the method of deduction in the group of cross-correlation, because to explore the relationships between variables, regression and correlation techniques which will be used in this way, the argument inductive.Also, since the test data available, we will conclude this research group theory will be positive.
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