Paper Information

Journal:   JOURNAL OF ASSET MANAGEMENT AND FINANCING   WINTER 2016 , Volume 3 , Number 4 (11) #B0066; Page(s) 99 To 119.
 
Paper: 

DYNAMIC SIMULTANEOUS MODELING FOR CORPORATE FINANCIAL DECISIONS BEHAVIOR UNDER UNCERTAINTY IN TEHRAN STOCK EXCHANGE

 
 
Author(s):  TEHRANI REZA, FALLAHPOUR SAEID, TABATABAEI SEYED JALAL*
 
* KISH INTERNATIONAL CAMPUS UNIVERSITY OF TEHRAN
 
Abstract: 

In this study, a dynamic simultaneous modeling for financial behavior for Tehran Stock Exchange listed companies has been constructed. Four structural equation including investment, debt, dividend and equity issue are estimated by a system generalized method of moment method. Results indicate that simultaneity in investment, debt, dividend and equity issue decisions exists. Companies’ management facing with constraint in financing should consider sources and using choices together in order to preventing losses from un-optimal investment and increases in cost of capital. Pecking order theory in investing by companies confirmed. We argue that static models of financial decisions produce inconsistent coefficient estimates, and that models that do not acknowledge the interdependence among decision variables produce inefficient estimates and provide an incomplete and potentially misleading view of financial behavior.

 
Keyword(s): INVESTMENT, DIVIDEND, STOCK ISSUE, CASH FLOW
 
References: 
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