چکیده:
The global economy faces crisis every so often. In recent years, the financial crisis has
affected the global economy; all countries, directly or indirectly, are involved. The purpose
of this research is to study the impact of the global economic crisis on the capital structure
of listed companies in Tehran Stock Exchange. To test this effect, 87 companies listed in
Tehran Stock Exchange during the period 2008- 2012 have been studied. In this study,
earnings before interest and tax, depreciation expense, assets, research and development
expenses, and global economic crisis are used as the independent variables. The book debt
ratios and the market debt ratios are used as the dependent variables (the capital structure).
The results suggest a significant relationship between the global economic crisis and the
market debt ratios but not the book debt ratios.
خلاصه ماشینی:
"The purpose of this research is to study the impact of the global economic crisis on the capital structure of listed companies in Tehran Stock Exchange.
3. 1 Formation of Hypotheses and Models This research puts two main hypotheses forward: Hypothesis 1:there is a significant relationship between world economic crisis and market debt ratio of companies.
Model 1 (Fosberg 2012) MDRi,t = β1+ β2ASSETSi,t-1 + β3 EBIT i,t-1 + β4PPE +β5 DEPER i,t-1 + β6 R&D i,t-1 +β7DECi,t- 1 + ɛit Hypothesis 2: there is a significant relationship between world economic crisis and companies’ book debts ratio.
Research’s variables bVlaeria Abbreviation Definition Manner of calculation MDR market debt ratio long – term book debts ÷ company’s total market value which is the total assets –shareholders’ equity net value+ shareholder’s equity market value BDR book debt ratio long-term book debt value ÷ total assets PPE Assets and machineries total amount of monies relating to properties and machineries EBIT earning before tax and interest net value prior to tax and interest deductions ÷ total assets ASSETS Size of company natural logarithm of total assets DEPER Depreciation total tangible and intangible fixed asset depreciation ÷ total asset R&D Development sapnedndingresearch development and research spending ÷ total assets DEC world economic cvrairsiiasble dummy in the event of world economic crisis, each year equates 1; otherwise it will equate 0 4.
Results demonstrated that there was a significant relationship between its independent variable (world economic crisis) and market debt ratio of companies."