The Effect of Financial Structure on Stock Price Volatility in Firms Listed at Tehran Stock Exchange

Document Type : Research Paper

Authors

1 Graduate Student, Islamic Azad University, Qazvin Branch, Department of Management

2 Assistant Professor, Islamic Azad University, Karaj Branch, Department of Industrial Engineering

Abstract

Financial structure is one of the most important issues in modern financial theories that is not studied in recent years, but in the last few decades, the researchers have been focus on it. Different financing resources, have provided favorable investment and can cause to increase stockholder’ wealth. For this reason, recognition of different financing resources and their effect on stock price volatility is very important. So, this research has dealt with the study of relationship between financial structure and volatility of stock price in firms listed in Tehran stock exchange during 2010-2014. Financial structure included short term and long term bank borrowing and capital increase) are considered as independent variables while volatility of stock price is the dependent variable. The size of company and the financial leverage are the control variables. The statistical population of research includes accepted companies in stock exchange that of which 123 firms are selected by systematic removing method. Line regression and EViews9 software was used for testing of research hypothesis. The research results showed that there is negative significantly relationship between short term borrowing and capital increase with stock price volatility but no significant relationship between long term bank borrowing with stock price volatility was found. 

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Main Subjects


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