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The Determinants of Capital Structure: Evidence from an Emerging Market

机译：资本结构的决定因素：来自新兴市场的证据

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This study investigates the determinants of capital structure of Iranian firms listed in the Tehran Stock Exchange. The investigation is performed using Generalized Method of Moment (GMM) approach for 146 listed firms in the Tehran Stock Exchange over the period 2003 to 2008. This study employs two alternative leverage measures (including book leverage and market leverage) as dependent variables and seven factors (including profitability, growth opportunity, liquidity, business risk, effective tax rate, size and tangibility) as determinants of capital structure. The results indicate that leverage decreases with profitability, liquidity and tangibility while increases with business risk. There is no significant relationship between leverage and effective tax rate. Moreover, the results show that firm size has a positive relationship with market leverage while has a negative relationship with book leverage. Furthermore, our findings indicate that growth opportunity is positively related to market leverage, but by contrast, growth opportunity is negatively related to book leverage. Finally, our results indicate that both trade-off and pecking order theories can explain financing decisions of Iranian firms. In the other words, none of these theories could be rejected.
机译：这项研究调查了在德黑兰证券交易所上市的伊朗公司的资本结构的决定因素。此调查是使用2003年至2008年期间对德黑兰证券交易所的146家上市公司的广义矩方法（GMM）进行的。本研究采用了两种替代杠杆措施（包括账面杠杆和市场杠杆）作为因变量和七个因素（包括盈利能力，增长机会，流动性，业务风险，有效税率，规模和有形性）作为资本结构的决定因素。结果表明，杠杆率随着盈利能力，流动性和有形性而降低，而随着业务风险而增大。杠杆率与有效税率之间没有显着关系。此外，结果表明，公司规模与市场杠杆作用呈正相关，而与账面杠杆影响呈负相关。此外，我们的研究结果表明，增长机会与市场杠杆作用正相关，但相比之下，增长机会与账面杠杆作用负相关。最后，我们的结果表明权衡和啄订单理论都可以解释伊朗公司的融资决策。换句话说，这些理论都不能被拒绝。

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