机构投资者所有权与资本结构的非线性关系——来自伊朗公司的证据

IF 1.2 Q3 BUSINESS, FINANCE

International Journal of Managerial and Financial Accounting Pub Date : 2019-02-14 DOI:10.1504/IJMFA.2019.10019091

M. Ashrafi

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引用次数: 2

摘要

本研究的主要目的是考察机构投资者和不同类型的机构投资者如何影响公司的资本结构。利用2012 - 2016年伊朗240家主要市场企业的面板数据，本文的研究结果表明，机构所有权与资本结构之间存在非线性关系。首先，我们寻找一个二次关系，但我们没有找到任何证据来支持它。此外，我们在下一阶段测试立方关联。结果表明，机构所有权与资本结构之间存在立方关系，但这种关系对不同类型的机构投资者来说是不同的。对压力敏感的机构有积极、消极和积极的影响;相反，对压力不敏感的机构在不同的所有权水平上对负债率有消极、积极和消极的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Nonlinear relationship between institutional investors' ownership and capital structure: evidence from Iranian firms

The main objective of this study is to examine how institutional investors and different types of them influence the firms' capital structure. Using a panel data including 240 the main market Iranian firms from 2012 to 2016, the results of this study show that there is a nonlinear relationship between institutional ownership and capital structure. First, we look for a quadratic relationship but we did not find any evidence to support it. Further, we test for a cubic association in the next stage. The results reveal a cubic relationship between institutional ownership and capital structure but this association is different for different types of institutional investors. Pressure-sensitive institutions have positive, negative and again positive influence; while inversely pressure-insensitive institutions have a negative, positive and again negative impact on debt ratio in different levels of their ownership.

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来源期刊

International Journal of Managerial and Financial Accounting BUSINESS, FINANCE-

CiteScore

2.10

自引率

7.10%

发文量

期刊介绍： IJMFA covers all aspects of managerial and financial accounting. The key difference between managerial and financial accounting is that managerial accounting information is aimed at helping managers within the organisation, while financial accounting is aimed at providing information to external parties. In today''s advanced manufacturing environment, various issues arise for accounting standard-setting practicing professionals. Solving the separate issues of managerial and financial accounting is a significant challenge, and IJMFA assists researchers in overcoming these challenges in an efficient, effective manner.