بررسي نظريه هاي توازي ايستا و سلسله مراتبي در تبيين ساختار سرمايه شركت ها در بورس و اوراق بهادار تهران

Researching Sialic trade off and pecking order theory in describing capital structure of Tehran Stock Exchangeʹs Listed companies

This research is based on study conducted by Shyam-Sunder and Myers. Major capital structure theories are investigated during study and two recent and major theories mean static tradeoff and pecking order are selected to explain capital structure pattern in Iranian companies. The study is conducted using historical data of 279 registered companies in Tehran Stock Exchange. Paneling criterion is industry and the companies are paneled in 21 industries during 5 years. In order to test given theories, regression equations are developed according to the literature and then equations ability in explaining capital structure patterns are evaluated.