The Relationship between cash Flow Volatility and Capital Structure in Tehran Stock Exchange
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2015, Vol 9, Issue 11
Abstract
Company's capital structure is under influence of a variety of factors, which fluctuations in cash flow has been mentioned as one of these factors. There are different points of view on how the change in operating cash flow process affects capital structure and asset of companies. The main purpose of this research is to test effect of fluctuations in cash flow on decisions of capital structure among the companies listed in Tehran stock exchange. For this, the relationship between fluctuations in cash flow and the criteria of ratio of total debt to total asset, ratio of long-term debts to total asset, ratio of interest bearing debt to total asset and rate of changes in these criteria were examined. The sample group consisted of 137 companies during 8 years (2006-2013). Multivariate linear regression has been used as the method to test hypotheses. Results from this research indicated that fluctuation in operating cash flows has no significant effect on decisions of capital structure among companies listed in Tehran stock exchange.
Authors and Affiliations
Seyed Ali Mosavi| Department of Accounting, Hamedan Branch, Islamic Azad University, Hamedan, Iran. email: Alimosavi9788@gmail.com, Mohamadreza Karimipoua| Department of Accounting, Hamedan Branch, Islamic Azad University, Hamedan, Iran., Mostafa Zarei| Department of Educational Sciences, Hamedan Education Organization , Hamedan, Iran, Mehdi Heidari| Department of Educational Sciences, Asadabad Education Organization , Asadabad, Iran
Keywords
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