چکیده:
The most important decisions of corporate managers are their capital structure
decisions. These decisions have a direct impact on the value of the company and
maximize shareholder wealth.Economic Value Added is a new way of evaluating
performance which in recent years has been a lot of attention as effective as a
method of measuring corporate value and shareholder interests is reflected.
However, the value added of different companies with different earnings even if
they are similar. On the other hand, based on the life cycle hypothesis stages of life,
including birth, infancy, growth, maturity and decline.Thus, it can be argued that
the decisions of external financing (debt - equity) will be affected by a critical stage
in which the company. The aim of this study was to investigate the association
between firms' capital structure with EVA considering the period of life that is in
the period 2008-2013 and for 1452 year is now. To test the hypothesis of
multivariate regression analysis using panel data. The results indicate the existence
of external financing priority on growth, maturity and decline stage is the absence
of this priority.
خلاصه ماشینی:
The relationship between the components of the capital structure and the company's economic value added at different stages of the life cycle of listed companies in Tehran Stock Exchange Sedigheh Karimi Zarchi1&2, Mohammad Ali Dehestani3 and Alireza Farimani4 1department of Accounting, Tabas science and research branch, Islamic Azad University, Yazd, Iran.
Haghighat and Bashiri2012 In a study titled, Effects of financial flexibility through the stages of the life cycle of birth, growth and maturity on the capital structure of listed companies in Tehran Stock Exchange during the years 1999 to 2007 paid.
According to the results of the hypotheses about the relationship between the ratio of short-term debt to total assets and economic value for companies that are in growth stage, in error of less than 5% will be confirmed.
0244), calculated for the variable in the regression coefficients significant error of less than 5%Hence statistical hypothesis H0 at 95% for companies that are in growth stage, be rejected According to the results of the hypotheses about the relationship between the ratio of short-term debt to total assets and economic value for companies that are in growth stag and The level of error is less than 5% The results of the regression model for the first hypothesis for companies that in adolescence.
According to the results of the hypotheses about the relationship between the ratio of short-term debt to total assets and economic value for companies that are in a period of decline, In less than 5% error level was not confirmed.