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Abstract
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Article Information:
The Moderating Effects of Growth Opportunities on the Relationship between Capital Structure and Dividend Policy and Ownership Structure with Firm Value in Iran: Case Study of Tehran Securities Exchange
Kamal Ghalandari
Corresponding Author: Kamal Ghalandari
Submitted: July 17, 2012
Accepted: July 31, 2012
Published: February 01, 2013 |
Abstract:
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The purpose of this study is to investigate the moderating effect of growth opportunities on the relationship between Financial Decisions (capital structure and dividend policy) and Ownership Structure with Firm Value for firms listed in Tehran Securities Exchange. Totally, 120 firms were selected for sample and their data for five year (2007-2011) were extracted from their financial statements using software Tadbir Pardaz. In order to estimate models, software Eviews was used. Before data analysis, variable reliability test and Chow and Haussman tests were used in order to determine the model suitable for estimation of parameters and effect of independent variables on dependent ones. Then research hypotheses were tested using combined data and fixed effect model. Finally the results of data analysis showed that there was a significant relationship between capital structure (leverage) and dividend and firm value which in the case of presence of growth opportunities, this relationship was negative and significant but in the case of absence of it, that was positive and significant. Also results showed that there was a non-linear and significant relationship between ownership structure and firm value and that growth opportunities exerted a significant effect on this relationship.
Key words: Capital structure, dividend policy, firm value, growth opportunities, ownership structure, ,
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Cite this Reference:
Kamal Ghalandari, . The Moderating Effects of Growth Opportunities on the Relationship between Capital Structure and Dividend Policy and Ownership Structure with Firm Value in Iran: Case Study of Tehran Securities Exchange. Research Journal of Applied Sciences, Engineering and Technology, (04): 1424-1431.
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ISSN (Online): 2040-7467
ISSN (Print): 2040-7459 |
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