The Impacts of Financial Structure on Financial Performance of Banks listed in Tehran Stock Exchange: An Empirical Application مقاله

نویسنده: Balouei، Esmaeil ؛ Anvary Rostamy، Ali Asghar ؛ Sadeghi Sharif، Seyyed Jalal ؛ Saeedi، Ali ؛

Advances in Mathematical Finance and Applications Summer 2018, Volume 3 - Issue 3 ISC (‎16 صفحه - از 11 تا 26 )

کلیدواژه ها: Tehran Stock Exchange ROE ROA Financial Structure

چکیده:

Financial structure is a combination of debt and equity and regards as one of the most important issues in banking industry. The purpose of financial structure decision is to create an appropriate combination of financing resources to minimize the cost of capital and thus maximize the company's market value. This study investigates the impacts of banks financial structure on their Returns (ROA and ROE). In addition, it investigates the moderating roles of corporate governance, financial constraints, capital intensity and size. This research is an applied descriptive correlational research. To test the hypotheses, unbalanced panel data is used. The financial data extracted from “Rah Avarde Novin" software and the database of "Tadbir Pardaz" company. The statistical population includes all banks listed on Tehran Stock Exchange during the years 2009 to 2016. The results indicate positive significant impacts of financial structure and the banks’ ROA and ROE. Moreover, the results show that capital intensity and the size significantly moderate the relation between financial structure with ROA and ROE.

خلاصه ماشینی:

This research in order to help with decision making in setting financial structure, we deal with explaining the roles of corporate governance, financial limitations, Size and capital intensity on the relationship between financial structure and return on assets and return on equity of banks listed on the Tehran Stock Exchange. We applied E- views software to explain the roles of corporate governance, financial constraints, capital intensity and size on the relationship between financial structure with return on Asset and return on equity of banks listed on TSE. 4. 2 Research Assumption This study is based on the following research hypotheses: Assumption 1: Corporate governance, financial constraints, capital intensity and firm size significant- ly moderate the relationship between financial structure and return on assets (of banks listed on the TSE). Assumption 2: Corporate governance, financial constraints, capital intensity and firm size significant- ly moderate the relationship between financial structure and return on equity (of banks listed on the TSE). Table 9: Goodness of Model 2 (View the image of this page) 6 Conclusion The present study was designed to declare the roles of corporate governance, financial constraints, size and capital intensity on the relation between financial structure and return on Asset and return on equity of banks admitted to the Tehran stock exchange.

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