چکیده:
Managers when making decisions regarding capital structure, look for a way of financing so
that it can add to the company's value. Many researches have been done and different
theories have been emerged to explain the best model to justify the formed capital structure.
It is expected that institutional shareholders, because of their supervisory mechanism, affect
decisions regarding the financing and somewhat decrease problems of representativeness;
therefore, the aim of this study was to investigate the effect of short-term and long-term
institutional shareholders on the capital structure. In this regard, the level of financial
leverage was used to examine changes in the capital structure. In order to analyze data,
multiple linear regressions in the panel data were used. For this purpose, financial
information of 98 listed companies in the Tehran Stock Exchange during the years 2010 to
2014 was collected. The results suggested a positive and significant effect of the percentage
of short-term institutional shareholders on financial leverage. Moreover, the percentage of
long-term institutional shareholders had a significantly negative impact on the company's
financial leverage
خلاصه ماشینی:
ISSN 2382-9745 Study of the effect of short-term and long-term institutional shareholders on the capital structure of companies listed in the Tehran Stock Exchange Keyvan Valipoor Hafshejani1, Mojtaba Motalebian Chaleshtori 2* and Bahareh Banitalebi Dehkordi3 1Post-Graduate Student of Accounting, Islamic Azad University, Shahrekord Branch-Iran 2Department of Accounting, Farsan Branch, Payame Noor University, Chaharmahal va Bakhtiari, Iran 3 Faculty member of Department Accounting, Islamic Azad University, Shahrekord Branch, Iran.
Given that there are major shareholders in the ownership board of most listed companies in the Stock Exchange who are more capable of exerting control and supervision compared to minor shareholders according to the corporate governance theory, it seems necessary to study the effect of institutional ownership structure on the capital structure (Hu and Lian, 2016).
Dhingra and Kapil (2016), in a study entitled "determinants of capital structure: a case study of the India oil industry" investigated the effect of accounting variables including financial strength, profitability in the long run, tangibility of assets and properties, and business risk on capital structure of listed oil companies in the India National Stock Exchange.
Moin-ud-Din and Ardakani (2014) conducted a study entitled "study of the impact of corporate governance system on the relationship between capital structure and company’s value using the structural equation modeling approach in companies listed in the Tehran Stock Exchange".
Study of the impact of corporate governance system on the relationship between capital structure and the company’s value with structural equation modeling approach in companies listed in the Tehran Stock Exchange.