지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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Purpose – The current research examines the effect of life cycle stages on capital structure of listed companies in Tehran Stock Exchange.
Research design, data, methodology – By aid of 685 year‐company data, which collected from financial statements of companies during 2006‐2012, first, the companies, are classified into three groups including companies in growth, maturity and decline stages. After removing the companies, which were not in accordance with life cycle model, 86 companies were selected to test two main hypotheses of the research.
Results – The results show that the capital structure of the sample companies is different in various life cycle stages. More investigation by LSD test also revealed that the total debt to total assets ratio means of the companies in growth stages were significantly different from those companies in maturity stages and those in growth stages had high level of debt to assets ratio.
Conclusions – The result showed the average amount of the working capital for companies in three stages are significantly different and due to high level of operation of the companies in maturity and decline stages, these companies held high amount of working capital than those in the growth stages.
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참고문헌 (19)
참고문헌 신청
/ / Macroeconomic Determinations of Capital Structure for Turkish firms: A panel data Analysis
Aharony, J. / 2006 / Corporate Life Cycle and the Value Relevance of Economics Information
Anthony, J.H. / 1992 / Association between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis / Journal of Accounting and Economics 15 (8)
Auerbach A.J. / 1983 / Taxation Portfolio Choice and Debt?Equity Ratios: A general equilibrium Model / Quarterly journal of economics 98 (4) : 55 ~ 69
Byoun, S. / / Financial Flexibility and Capital Structure Decision
Aharony, J. / 2006 / Corporate Life Cycle and the Value Relevance of Economics Information
Anthony, J.H. / 1992 / Association between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis / Journal of Accounting and Economics 15 (8)
Auerbach A.J. / 1983 / Taxation Portfolio Choice and Debt?Equity Ratios: A general equilibrium Model / Quarterly journal of economics 98 (4) : 55 ~ 69
Byoun, S. / / Financial Flexibility and Capital Structure Decision
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