نوع مقاله : مقاله علمی پژوهشی
نویسندگان
1 حسابداری، دانشگاه پیام نور، تهران، ایران
2 استادیار، حسابداری، دانشکده مدیریت، حسابداری و اقتصاد، دانشگاه پیام نور، تهران، ایران.
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
Objective
The existing theories regarding the capital structure show that information asymmetry is an important factor for adjusting the target leverage. The signaling theory about capital structure shows that the stock market reacts positively (negatively) to the announcement of debt (stocks). In addition, the theory of dynamic balance allows companies to consider the balance between the financial structure below the target leverage limit and the leverage adjustment costs. Therefore, according to this theory, companies with higher transaction costs tend to adjust their leverage ratios at a slower rate than their goals. In this article, we have examined whether the risk of falling stock prices can affect the decision-making process regarding the adjustment of financial leverage. Therefore, it is expected that with the increase in the risk of falling stock prices, the tendency of companies to adjust the leverage will decrease.
Methods
The available population was selected based on 4 selection criteria from the Tehran Stock Exchange, and the data of these 143 companies were collected during 2013 to 2024, and the research models were estimated based on multivariate regression, taking into account the fixed effects of year and industry.
Results
The risk of future price fall has a negative effect on the speed of leverage adjustment and the leverage level of companies cannot adjust this relationship.
Conclusion
Two interesting results may shed light on how dynamic capital structure decisions are made. First, the empirical results of the present study show that companies that are more exposed to the risk of falling stock prices adjust their leverage ratios at a slower rate than their target leverage ratio. In the explanation of this result, it can be stated that the companies that are more exposed to the risk of collapse face more transaction costs in adjusting their financial leverage. Recent evidence regarding stock price crash risk shows that stock price crash risk is related to information asymmetry. Therefore, according to the dynamic balance theory, companies with higher transaction costs have more tolerance for choosing levers less than the maximum and have a slower speed to reach their target leverage.
Second, the experimental results of the present study showed that the effect of exposure to the risk of collapse on the speed of adjustment of financial leverage does not depend on the level of actual financial leverage. According to the signaling theory about the capital structure, it is predicted that the stock price will increase (decrease) after the announcement of debt (shares). Therefore, in companies with less leverage, with the increase in the risk of falling stock prices, the speed of lever adjustment decreases ; Because they usually need to issue shares. On the other hand, for companies with more leverage, this effect is less, because issuing debt can help them hide bad news. Therefore, the expectations of the researchers regarding the role of adjustment of financial leverage of companies, on the relationship between the risk of falling stock prices and the speed of adjustment of financial leverage, were not confirmed. Among the possible reasons for this result, we can mention the weak efficiency of the Iranian capital market, the significant volume of transactions of new investors entering the market, and the low level of financial leverage of the sample companies.
کلیدواژهها [English]
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