hamid khalegimoghaddam; Maghsoud Amiri; Jalal Shirazadeh
Abstract
Deciding on the financing and composition of capital structure in Corporates depends on a variety of factors. Several studies have shown that financial flexibility is the most important factor affecting capital structure and corporate financing decisions. The main objective of the research is to measure ...
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Deciding on the financing and composition of capital structure in Corporates depends on a variety of factors. Several studies have shown that financial flexibility is the most important factor affecting capital structure and corporate financing decisions. The main objective of the research is to measure the financial flexibility of Corporates accepted in Tehran Securities Exchange (in accordance with the corporate environment and conditions). Therefore, according to the purpose of the research, in the first Step, based on the conceptual and theoretical framework derived from the exploration and exploration in specialized texts, the views of financial experts (including university professors and market experts) in order to understand their views and identify the dimensions, components , indexes and factors determining the financial flexibility of the Corporates were obtained through a questionnaire. In the second step, after referring to the model, the correlation method as one of the subsections of the descriptive research methodology for measuring the components of cash holdings, debt capacity, and capital market measure of Tehran Securities Exchange Corporates with the actual and historical information of financial statements and information Corporate stock trading (through multivariate regression tests and confirmatory factor analysis) The results of the measurement of the three components indicate that the amount of cash holdings, the size of the debt capability, and the relatively downward trend of the size of the capital market (stock liquidity) of the Tehran Securities Exchange corporations during the years 1380 to 1394, are. Measuring the dual dimension of financial flexibility also implies the use of internal financial flexibility and the non-use of external financial flexibility. Which can be explained by Trade off Theory, Pecking Order Theory and of asymmetric information Theory
Maghsoud Amiri; Rouhalah Moradi
Abstract
This study survey and tests the underlying psychological mechanisms on how investors’ past perceived portfolio returns affect their trading and risk-taking, and is these psychological mechanisms are significant mediators. This study by use of structural equation modelling –partial least squares ...
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This study survey and tests the underlying psychological mechanisms on how investors’ past perceived portfolio returns affect their trading and risk-taking, and is these psychological mechanisms are significant mediators. This study by use of structural equation modelling –partial least squares look into the relationship between past return and financial behavior and use psychological biases as a mediate variable. The statistical population of the present study is real investors who have come to Tehran Stock Exchange or close brokers in January and December of the year 2017. The research tool is a Likert Scale questionnaire distributed among investors. In this research, we use psychological biases as multiple mediators for first in Iran. The results lead to the conclusion that the presence of psychological biases plays as a full variable mediator in this study. The relationship between investor’s behavior and past return is indirect by a variable mediate called psychological biases.The results lead to the conclusion that the presence of underlying biases deteriorates financial behaviors
