Investigating the impact of deferred loans on capital structure adjustment, leverage deviation and company value
محورهای موضوعی : Economics
1 - گروه مدیریت مالی، واحد یزد، دانشگاه ازاد اسلامی ،یزد، ایران
کلید واژه: deferred loans, capital structure adjustment, leverage deviation, company value,
چکیده مقاله :
Capital structure and knowing the factors affecting it to achieve the optimal structure is one of the most important challenges in the corporate finance field. In the field of capital structure, there are two competing theories, i.e. balance and hierarchy. Empirical evidence has shown that none of these two competing theories could fully explain the changes in the capital structure alone. In addition, the speed of adjusting the leverage towards the target leverage has been subject to some characteristics of the companies and is not the same in all of them. The purpose of this research is to investigate the impact of overdue loans on capital structure adjustment, leverage deviation and the value of 119 companies admitted to the Tehran Stock Exchange, in the period of 2020-2024. The regression model of the research using panel data approach. It was investigated and tested with the fixed effects approach and EGLS method. The results showed that: the amount of overdue loans, the interactive effect of the amount of overdue loans - the threat of a high ratio of short-term loans have a significant effect on the capital structure, as well as on the value of the company. The amount of overdue loans and the interactive effect of the amount of overdue loans - leverage deviation has a significant effect on the speed of adjustment of the company's capital structure.
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