The Effect of Family Ownership on the Adjustment Speed of Financial Leverage towards Optimal Leverage
سال انتشار: 1403
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 24
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شناسه ملی سند علمی:
JR_IJAAF-8-2_003
تاریخ نمایه سازی: 22 اردیبهشت 1403
چکیده مقاله:
Faster attainment of optimal financial leverage guarantees the company's survival and the growth of shareholders' interests. This paper investigates the effect of family ownership on the speed of adjustment of financial leverage toward optimal leverage. The data of ۱۳۳ companies listed on the Tehran Stock Exchange, selected according to the systematic exclusion pattern, was collected for ۱۰ years from ۲۰۱۲ to ۲۰۲۱ to achieve the research objectives. A multivariate linear regression model was used to test the research hypotheses. In order to measure the speed of adjustment of financial leverage, the partial adjustment pattern model of Öztekin (۲۰۱۵) has been used, and to evaluate the Family Ownership, Chen et al. (۲۰۰۸) method was used. The results showed that the speed of adjustment of financial leverage towards optimal leverage in family companies is faster than in non-family companies. Therefore, family owners in companies with a higher sense of responsibility towards the company's capital can create a safe environment for investors and ensure a return on their investment.
کلیدواژه ها:
Adjustment Speed of financial leverage ، Capital structure ، Family and non-family Ownership ، Optimal leverage
نویسندگان
Vahab Rostami
Assistant Prof., Department of Accounting, Payam Noor University, Tehran
Abdolrasoul Rahmanian Koushkaki
Department of Accounting, Payame Noor University, Tehran, Iran
Ali Akbar Alahyari
Department of Accounting, Payam Noor University, Tehran, Iran
Hamed Kargar
Department of Accounting, Payame Noor University, Tehran, Iran