Impact of the Capital Structure Tools on the Performance Indicators in the Listed Companies in Tehran Stock Exchange

Transcription

1 Journal of Invesmen and Managemen 2015; 4(5): Published online Augus 11, 2015 (hp:// doi: /j.jim ISSN: (Prin); ISSN: (Online) Impac of he Capial Srucure Tools on he Performance Indicaors in he Lised Companies in Tehran Sock Exchange Mosafa Zangiabadi 1, *, Amin Rahimzade 2, Mahdie Taboli 3 1 aculy of Managemen and Accouning, Allame Tabaabaei Universiy of Tehran, Tehran, Iran 2 aculy of Managemen and Accouning, Universiy of Qom, Qom, Iran 3 Scienific Group of Accouning, Deparmen of Payame Noor Universiy, Zangiabad, Iran address: m.zangiabadi229@gmail.com (M. Zangiabadi), a.rahimzade2002@gmail.com (A. Rahimzade), mhd.aboli@gmail.com (M. Taboli) To cie his aricle: Mosafa Zangiabadi, Amin Rahimzade, Mahdie Taboli. Impac of he Capial Srucure Tools on he Performance Indicaors in he Lised Companies in Tehran Sock Exchange. Journal of Invesmen and Managemen. Vol. 4, No. 5, 2015, pp doi: /j.jim Absrac: Today, one of he objecives of he financial managers is o maximize shareholder wealh, and in his conex, deermining he capial srucure is a key facor. Due o ax benefis, he use of financial leverage is considered. On he oher hand, due o higher ineres coss associaed wih obaining deb, bankrupcy may also exis. In conclusion, his sudy examines he impac of capial srucure ools on he reurn on equiy, reurn on asses and reurn on working capial. This paper examines he daa from 2001 o 2011 companies lised in Tehran Sock Exchange. And he resuls afer using he linear regression model, sugges ha deb raio is no affeced on he reurn on equiy, bu is affeced on he reurn on asses. while deb o ne worh raio and curren and long-erm deb o ne worh raio is affeced on he reurn on equiy. Also, he resuls show ha deb o asses raio and deb o ne worh raio and curren and long-erm deb o ne worh raio does no affec on he rae of reurn on working capial. And deb o ne worh raio and curren and long-erm deb o ne worh raio does no affec on he rae of reurn on asses. Overall, he resuls show ha he capial srucure affecs on he performance of lised companies in Tehran sock exchange. Keywords: Capial Srucure, Deb Raio, Deb o Ne Worh Raio, Deb o Asses Raio, Reurn on Equiy, Reurn on Asses, Reurn on Working Capial 1. Inroducion Capial srucure, is he main opic a he finance of enerprises. There is no sufficien knowledge from he capial srucure in he emerging markes and ransiion economies. Capial srucure heories have ended o principles of evaluaion and also play a developmenal role in he sock markes[4]. inance hrough an ineres-bearing loan has benefis. irs, ineres on loan is an accepable ax cos. And his will reduce he effecive cos of loans and especially if he rae of reurn from he use of he loan is greaer han he rae of financing coss shareholder, since he ineres rae and principal on long-erm loan is fixed, are no required o share he addiional benefis wih Lenders. and finally, because he lenders do no have he righ o voe, shareholders can apply more conrol of he company wih less money. On he oher side, ineres-bearing loans have some weak poins as follows: irs, on he one hand, he long-erm ineres-bearing deb make financial commimens and oo much rely on i, increase he financial leverage and consequenly, leads o increase he probabiliy of bankrupcy and failure o pay he principal and ineres on he loan. Especially in companies ha do no live in good condiion in view of he financial posiion, excessive use of long-erm deb, ouweigh he company's commimen and leads o increase he bankrupcy and financial risk and hereby damage o he shareholders. The second disadvanage of he use of he ineres-bearing deb is by increasing he raio of loans, crediors, o pay he loan, ac wih more cauious and also, due o he increasing of he loan paymens risk, consider higher ineres raes for loan paymens ha his issue will also affecs on benefis from ax credis[3]. Therefore, his sudy invesigaes he effec of capial srucure ools on he performance indicaors a lised companies in Tehran Sock Exchange. Capial srucure represens a combinaion of deb and equiy of he firms. Choosing he righ combinaion of deb

2 205 Mosafa Zangiabadi e al.: Impac of he Capial Srucure Tools on he Performance Indicaors in he Lised Companies in Tehran Sock Exchange and equiy, considered by many persons as company sakeholders, abou he company's abiliy o coninue and he poenial impac of deb on he company's bankrupcy, and specifically is of ineres o financial managers ha heir main mission is o maximize shareholder wealh. Thus, according o he mehods of financing, he managemen o accomplish is goal, chooses one of he mehods of financing or a combinaion of hem wih respec o advanages and disadvanages such he effec of sock reurns on he firm's performance. Thus, given he righ combinaion of capial srucure from he perspecive of financial managers, idenifying he effecs ha i has on firm performance has a paricular imporance. In his sudy, we ried o examine he influences of he capial srucure ools on performance indicaors and he main research quesion is wheher he capial srucure ools (deb o asse raio, deb o equiy raio, ec.) are effecive on he performance indicaors (ROE, ROA, ROWC) or no. 2. The Theoreical Basis and Background of Research 2.1. Capial Srucure There are differen heories of capial srucure and refer ha he companies o finance and coninue o operae consider hree groups of resources: The firs group resources ha apparenly does no have any coss include rade crediors and advances from Cusomers. Second,are he inernal financial resources ha o finance hrough he second group requiered o he pas profiabiliy of he company ha hrough he accumulaion of pas profis, he company provides a good source of financing ha insead of dividing he earnings among he shareholders, use he earnings primarily in operaional aciviies of company for higher yields. And hird, are he exernal financing such as bonds, loans and socks. Of course he company may use hese resources o shor-erm or long-erm mehods. On he one hand, he exisence of deb in he financial srucure of firms because of he exisence of he ax credis, hereby increasing earnings and consequenly increase he reurn on equiy and on he oher hand, because of he exisence of ineres coss and he possibiliy of non-paymen of deb a mauriies, hereby increasing financial risk and reducing he marke price per share, which consequenly reduced he reurn on equiy. The financial managers mus choose he capial srucure ha has lower cos of capial ha seek a beer performance for companies. Therefore he financial managers mus deermine he weighed average cos of capial and he marginal cos of capial o deermine he opimal capial srucure. Managers should also deermine he company's borrowing capaciy by considering he incoming and ougoing cash flows, and hen borrow by considering he oher condiions. Opimal capial srucure, is he following: deermining he percenages of iems ha formed he capial ha minimize he weighed average cos of capial of he company and hus o maximize he reurns of company [19] Theories of he Capial Srucure Modigliani and Miller Approach These wo scieniss, in heir heory wih he assumpion ha he capial marke is complee and he invesors like he corporaions can borrow and a a cos equal o companies sudied he relaionship beween leverage and he firm value under he assumpion of ax and no ax. A) The Absence of Tax: In he complee capial markes, he deb can no affec firm value, now ha he deb does no increase he share value, invesors insead of buying leveraged company shares, purchase he non-leveraged company shares ha have less risk and personally borrow and inves in a combinaion of socks and personal loans. B) The Exisence of Tax Using he deb because of he deb ineres cos is accepable ax cos creae a ax advanage for he company and increasing he ax advanage, reduced capial coss and hus increase he value of he company [15] A New Approach In he new approach, i is believed ha here are many facors ha he companies consider o deermine he level of he deb and socks. There are differen heories ha explain his issue includes: A) The Preference Theory: The enerprises iniially prefer he inernal financing. The company iniially uses he reained earnings and cash from he company o finance. If hey have more need, iniially issue bonds and finally issue common shares. B) The saic rade-off heory: According o his heory, he companies deermine a deb raio(opimal) and use various mehods o keep he opimal deb raio. The opimal deb raio of a company is deermined based on he balance beween coss and benefis of borrowing. And he company will ry o balance beween he ax credis and bankrupcy coss of deb [15] Signaling Theory Due o he fac ha managers ofen have more informaion o he ouside invesors of he company ha his is a case of asymmeric informaion ha has a major impac on he desirable capial srucure. Thus, firms ha have undesirable fuure ahead, end o sell he shares o new invesors o parner hem a he cos. While companies ha have a very good fuure do no provide capial needed hrough he sale of he new shares. Therefore declaraion of shares offering usually see as a warning signal ha he direcors do no see he company's fuure very brigh or shining [18] Prior Relaed Lieraure Shirzad (2001) in a sudy eniled The effec of capial srucure on profiabiliy of lised companies in Tehran Sock Exchange, found ha here is no a srong and significan relaionship beween capial srucure and profiabiliy of

3 Journal of Invesmen and Managemen 2015; 4(5): lised companies in Tehran Sock Exchange[17]. Ebadi Dowlaabadi (2002) in a sudy eniled The effec of mehods of financing on yields and price of shares of companies lised in Tehran Sock Exchange, found ha he impac of issue of shares han he long-erm deb, on he sock price is more. Also capial increases Compared wih bank borrowings has a greaer impac on sock reurns[5]. Bahrami Kia(2003) in a sudy eniled The effec of capial srucure on he capial cos and he marke price of shares of companies lised in Tehran Sock Exchange for he food indusry, found ha he capial srucure (deb raio) does no affec on he cos of capial and he marke price of shares and he oal marke value of he surveyed companies[2] Izad Nia and Rahimi dasjerdi (2009), in a sudy eniled he impac of capial srucure on he sock reurns and earnings per share, concluded ha here is meaningful relaion beween he deb-equiy raio and reurn on equiy and earnings per share and also here is a significan relaionship beween he deb o asse raio wih earnings per share[7] Khajavi and colleagues (2010),in a sudy pay o evaluae he effec of capial srucure on he cumulaive abnormal yields of companies lised in Tehran Sock Exchange. The resuls show ha he capial srucure does no meaningful influence on he cumulaive abnormal yields. Also he sysemaic risk, P / E, BTM and firm size have posiive and significan effec on he cumulaive abnormal yields[10] Izzie and Saidi (2012), in a sudy pay o evaluae he relaionship beween capial srucure and performance of companies lised in Tehran Sock Exchange for he pharmaceuical companies during he years And he resuls of heir analysis shows ha here is a significan relaionship beween he variables of capial srucure, deb raio, reurn on equiy and corporae performance[8] Anoniou e al (2002),in a research under he ile he deerminans of firms' capial srucure, examined he impac of leverage Raio on he capial srucure and achieved o resuls ha he companies configured he facors affecing on capial srucure o achieve he opimal capial srucure [1] Anoher sudy by Maeus and Balla (2002) was performed in he selecion of he opimal capial srucure. They have used regression analysis of mixed daa for 55 companies from 1995 o 1999 and concluded ha he firm's size is direcly relaed o leverage[11] Richardson and Sloan (2003) in a sudy under he ile he relaionship beween exernal financing wih fuure sock reurns, review all of he exernal financing and found here is a negaive relaionship beween he changes in he ne exernal financing and expeced sock reurns. They finally realized ha predic fuure sock reurns is largely dependen on he capial srucure[16] El-Sayed Ebaid (2009), in a sudy under he ile The impac of capial-srucure choice on firm performance: empirical evidence from Egyp Based on a sample of non-financial corporaions during he years And resuled ha he capial srucure decisions overall have low o he zero limi effec on firm performance[6] Chakrabory (2010),in a sudy invesigae he capial srucure in an emerging sock marke in India ha his research resuls show ha among he hree heories of capial srucure, seems ha Hierarchical heory and he heory of informaion asymmery vindicae he financing decisions of Hindi firms. However, lile evidence suppors he coss of agency heory [4] Muradoglu and Sivaprasad (2012) in a sudy under he ile Capial srucure and abnormal reurns examine he relaionship beween capial srucure and abnormal sock reurns and he resuls show ha he average abnormal reurns in he pars manufacuring indusry increase risky and considered he characerisics of he indusry in his research. This irregular behavior has seen in compeiive and irregular indusries and he low concenraion. The classificaion of he risk of faciliies increase abnormal efficiency in pars manufacuring companies ha are similar o he findings of Miller and Modigliani (1958) [13]. Jin Xu (2012), in a sudy under he ile profiabiliy and capial srucure showed ha he resuls of informaion asymmery approach (model) of capial srucure, predics a posiive relaionship beween leverage and coming profiabiliy. Their research evidence suggess ha inernal compeiions affecs on leverage hrough he change in he balance he ax benefis arising from deb and financing coss resuling from he sale of asses [9] 3. Research Hypoheses The firs hypohesis (original): There is an associaion beween he capial srucure and he performance of he firms lised in Tehran Sock Exchange. The second hypohesis (sub-prime): There is an associaion beween he deb o asses raio and he reurn on equiy. The hird hypohesis (sub-second): There is an associaion beween he deb o ne worh raio and he reurn on equiy. The fourh hypohesis (sub-hird): There is an associaion beween he curren deb o ne worh raio and he reurn on equiy. The fifh hypohesis (sub-fourh): There is an associaion beween he Long-erm deb o ne worh raio and he reurn on equiy. The sixh hypohesis (sub-fifh): There is an associaion beween he deb o asses raio and he reurn on asses. The sevenh hypohesis (sub-sixh): There is an associaion beween he deb o ne worh raio and he reurn on asses. The eighh hypohesis (sub-sevenh): There is an associaion beween he curren deb o ne worh raio and he reurn on asses. The ninh hypohesis (sub-eighh): There is an associaion beween he Long-erm deb o ne worh raio and he reurn on asses. The enh hypohesis (sub-ninh): There is an associaion beween he deb o asses raio and he reurn on working capial. The elevenh hypohesis (sub-enh): There is an associaion beween he deb o ne worh raio and he reurn on working capial.

4 207 Mosafa Zangiabadi e al.: Impac of he Capial Srucure Tools on he Performance Indicaors in he Lised Companies in Tehran Sock Exchange The welfh hypohesis (sub-elevenh): There is an associaion beween he curren deb o ne worh raio and he reurn on working capial. The hireenh hypohesis (sub-welfh): There is an associaion beween he Long-erm deb o ne worh raio and he reurn on working capial. 4. Mehodology This research regarding he ype is analyic and regarding he arge is applied. Library resources and lieraure on his subjec are used o wrie he heoreical foundaion and he main body of he research and daa are colleced by available sofware in he library of Tehran Sock Exchange and were colleced he Informaion lised companies from 2001 o By calculaing he research variables and logisic regression analysis beween hem, have esed he research hypoheses using SPSS sofware Daa Collecion Mehods There are several mehods of daa collecion. In a sudy may be used of several mehods o collec informaion. In his sudy are used of lieraure mehods o lieraure review, in his mehod was sudied lieraure and sources used in he research of heir producs. Ino analysis obained daa are used of descripive saisics and inferenial saisics. Daa analysis afer collecing and organizing daa and ess has been done wih using, SPSS and Miniab sofware Research Communiy Research populaion have been all lised companies in Tehran Sock Exchange for he years ha have been submied he required financial informaion in paricular is explanaory noes o he Sock Exchange Research Sample Samples seleced for analysis is all he companies ha provide he daa needed, and have he following condiions: They have been acive In he period in he sock exchange. They have provided he financial raios fully. I is he fiscal year ending in March. They have no included holding companies and credi financial insiuions and banks. 5. Research indings Table 1 shows he resuls of he descripive saisics, such as mean and sandard deviaion of he variables. sandard deviaion Table 1. The resuls of descripive saisics. mean Type of variable reurn on asses reurn on equiy reurn on working capial deb o asses raio deb o ne worh raio sandard deviaion mean Type of variable Long-erm deb o ne worh raio curren deb o ne worh raio According o Table 2, he significance level of he saisic is, which indicaes a regression model is significan a 99% confidence level. And he Adjused equal o 1%, which suggess ha abou 1% of he variaion in Performance of firms is due o he change in he capial srucure. The significance level of he saisic (probabiliy of independen variable) is equal o, which indicaes a confidence level of 95% capial srucure affecs on firm performance. The resuls of he firs hypohesis: Table 2. The resuls of he saisical es of he firs hypohesis bea Adjused R R According o Table 3, he significance level of he saisic is 0.850, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o, which suggess ha he variaion in reurn on equiy is no due o he change in he deb o asses raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.850, which indicaes a confidence level of 95% deb o asses raio does no affec on reurn on equiy. The resuls of he second hypohesis: Table 3. The resuls of he saisical es of he second hypohesis bea Adjused According o Table 4, he significance level of he saisic is, which indicaes a regression model is significan a 99% confidence level. And he Adjused R2 equal o 0.390, which suggess ha abou 39% of he variaion in reurn on equiy is due o he change in he deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o, which indicaes a confidence level of 95% deb o ne worh raio affecs on reurn on equiy. The resuls of he hird hypohesis: 0.0 Table 4. The resuls of he saisical es of he hird hypohesis bea Adjused According o Table 5, he significance level of he saisic is, which indicaes a regression model is significan a 99% confidence level. And he Adjused R2 equal o 0.380, which suggess ha abou 38% of he variaion in reurn on equiy is due o he change in he curren deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o, which indicaes a confidence level of 95% curren deb o ne worh raio affecs on reurn on equiy. The resuls of he fourh hypohesis:

5 Journal of Invesmen and Managemen 2015; 4(5): Table 5. The resuls of he saisical es of he fourh hypohesis. Table 9. The resuls of he saisical es of he eighh hypohesis bea Adjused bea Adjused According o Table 6, he significance level of he saisic is, which indicaes a regression model is significan a 99% confidence level. And he Adjused R2 equal o 0.232, which suggess ha abou 23% of he variaion in reurn on equiy is due o he change in he long-erm deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o, which indicaes a confidence level of 95% long-erm deb o ne worh raio affecs on reurn on equiy. The resuls of he fifh hypohesis: Table 6. The resuls of he saisical es of he fifh hypohesis. According o Table 10, he significance level of he saisic is 0.953, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o, which suggess ha he variaion in reurn on asses is no due o he change in he long-erm deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.953, which indicaes a confidence level of 95% long-erm deb o ne worh raio does no affec on reurn on asses. The resuls of he ninh hypohesis: Table 10. The resuls of he saisical es of he ninh hypohesis bea Adjused bea Adjused According o Table 7, he significance level of he saisic is 0.035, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o 0.001, which suggess ha abou 0.1% of he variaion in reurn on asses is due o he change in he deb o asse raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.035, which indicaes a confidence level of 95% deb o asse raio affecs on reurn on asses. The resuls of he sixh hypohesis: Table 7. The resuls of he saisical es of he sixh hypohesis baa Adjused According o Table 8, he significance level of he saisic is 0.944, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o, which suggess ha he variaion in reurn on asses is no due o he change in he deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.944, which indicaes a confidence level of 95% deb o ne worh raio does no affec on reurn on asses. The resuls of he sevenh hypohesis: Table 8. The resuls of he saisical es of he sevenh hypohesis bea Adjused According o Table 9, he significance level of he saisic is 0.945, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o, which suggess ha he variaion in reurn on asses is no due o he change in he curren deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.945, which indicaes a confidence level of 95% curren deb o ne worh raio does no affec on reurn on asses. The resuls of he eighh hypohesis: According o Table 11, he significance level of he saisic is 0.808, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o, which suggess ha he variaion in reurn on working capial is no due o he change in he deb o asse raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.808, which indicaes a confidence level of 95% deb o asse raio does no affec on reurn on working capial. The resuls of he enh hypohesis: Table 11. The resuls of he saisical es of he enh hypohesis bea Adjused According o Table 12, he significance level of he saisic is 0.997, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o, which suggess ha he variaion in reurn on working capial is no due o he change in he deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.997, which indicaes a confidence level of 95% deb o ne worh raio does no affec on reurn on working capial. The resuls of he elevenh hypohesis: Table 12. The resuls of he saisical es of he elevenh hypohesis bea Adjused According o Table 13, he significance level of he saisic is 0.998, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o, which suggess ha he variaion in reurn on working capial is no due o he change in he curren deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.998, which indicaes a confidence level of 95% he curren deb o ne worh raio does no affec on reurn on working capial.

6 209 Mosafa Zangiabadi e al.: Impac of he Capial Srucure Tools on he Performance Indicaors in he Lised Companies in Tehran Sock Exchange The resuls of he welfh hypohesis: Table 13. The resuls of he saisical es of he welfh hypohesis bea Adjused According o Table 14, he significance level of he saisic is 0.995, which indicaes a regression model is no significan a 99% confidence level. And he Adjused R2 equal o, which suggess ha he variaion in reurn on working capial is no due o he change in he long-erm deb o ne worh raio. The significance level of he saisic (probabiliy of independen variable) is equal o 0.995, which indicaes a confidence level of 95% he long-erm deb o ne worh raio does no affec on reurn on working capial. The resuls of he hireenh hypohesis: Table 14. The resuls of he saisical es of he hireenh hypohesis bea Discussion and Conclusions Adjused The es resuls of hypoheses indicae ha he deb o asses raio does no affec he reurn on equiy, bu affec he reurn on asses. While he deb o ne worh raio and curren and long-erm deb o ne worh raio affec he reurn on equiy. Also The resuls show ha he deb o asses raio and he deb o ne worh raio and curren and long-erm deb o ne worh raio does no affec he reurn on working capial. Also he deb o ne worh raio and curren and long-erm deb o ne worh raio does no affec he reurn on asses. Overall, he resuls sugges ha capial srucure affec he performance lised companies in Tehran sock exchange. Suggesions In his research from he financial saemens daa of lised companies in Tehran Sock Exchange has been used and suggesed ha in he fuure sudies use he financial saemens daa of OTC. In his research were examined he informaion from he financial saemens for he years 2001 o And suggesed ha in he fuure sudies use from he anoher ime inerval. I is suggesed ha in he fuure sudies use oher facors han he rae of reurn on asses, reurn on equiy and reurn on capial as he performance indicaors. References [1] Anoniou; Anonio s, G.; Paudyal Deerminans of Corporae Capial srucure: Evidence rom European Counries, social science research nework. [2] Bahrami Kia, G The effec of capial srucure on cos of capial and he marke price of shares of companies lised in Tehran Sock Exchange for he food indusry, MS Thesis, Universiy of Isfahan, IRAN [3] Berry, G.; O-Jean.; Gapnsky; dyvez The Inermediae inancial Managemen, Translaed by Ali Parsayyan, Tehran, Terme [4] Chakrabory, I Capial srucure in an emerging sock marke: The case of India, Research in Inernaional Business and inance 24: [5] Ebadi Dowlaabadi, M The effec of he mehods of financing (exernal sources) on he yield and price of shares of companies lised in Tehran Sock Exchange, MS Thesis, Universiy of Mazandaran, IRAN [6] El-Sayed Ebaid, I The impac of capial-srucure choice on firm performance: empirical evidence from Egyp, Journal of Risk inance, 10 (5): [7] Izadi nia, N.; Dasjerdi Rahimi M The effec of capial srucure on he rae of reurn on equiy and earnings per share, Accouning Research, 3: [8] Izzie, R.; Saeedi, P The relaionship beween capial srucure and he performance of companies lised in Tehran Sock Exchange, The Naional Conference of modern managemen science, sepember 2012 [9] Jin Xu Profiabiliy and capial srucure: Evidence from impor peneraion, Journal of inancial Economics 106: [10] Khajavi, S.; Valipur, H.; Hakemi, B The effec of capial srucure on he cumulaive abnormal reurns of companies lised in Tehran Sock Exchange, inancial Sudies, No. 5 [11] Maeus, D.; Balla Opimal capial srucure, social science research nework, [12] Miglo, A Capial srucure and earnings manipulaion, Journal of Economics and Business 62: [13] Muradoglu, Y. G. I.; Sivaprasad, SH Capial srucure and abnormal reurns, Inernaional Business Review 21: [14] Omran, M.; Poinon, J Capial srucure and firm characerisics: an empirical analysis from Egyp, Review of Accouning and inance, 8(4) : [15] Qalibafe asl, H The inancial Managemen (principles, conceps and applicaions), Eighh Ediion, Tehran, Pooran Pajoohesh [16] Richardson, S.; sloan2003. Exernal financing and fuure sock reurns, he rodeney1.whie cener for financial research, [17] Shirzad, J The effec of capial srucure on profiabiliy of lised companies in Tehran Sock Exchange. MS Thesis, Universiy of Shiraz, IRAN [18] Yu Jin,.; Brigham; Earhar, M.C inancial Managemen in Theory and Pracice, ranslaed by Alireza arahani, Tehran, Terme, 2012 [19] Zahmakesh, J The assessing he naure of he capial srucure and is impac on sock reurns of companies operaing in he cemen indusry in he years , MA hesis, Universiy of Science and Research, Tehran, IRAN.