نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشگاه ارومیه
2 دانشگاه صنعتی شاهرود
3 موسسه آموزش عالی آفاق
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
Purpose: In the field of finance, the golden ratio is mostly applied for technical analysis, and much less attention is given to its use in solving corporate finance problems, such as capital structure decisions. The purpose of this research was to investigate the role of golden-ratio capital structure in improving financial performance and capital market response.
Method: In order to test the research hypotheses, a sample of 140 companies listed on the Tehran Stock Exchange for the period 2007 to 2023 was collected and the results were reviewed by multiple regression and using panel data method.
Results: The results showed that deviation from the golden ratio-based capital structure has positive and significant effect on the deviation of the company’s income, net profit, stock price and the company’s market values.
Conclusion: The golden ratio-based capital structure can be an effective tool for firms to boost their performance and capital market reaction. Therefore, managers are expected to use the golden ratio in the capital structure decisions of companies.
Contribution: The golden ratio has a special place and applications in all fields of life and various sciences, including economics and finance. Despite the numerous use of the golden ratio in technical analysis, little use has been made in fundamental analysis. In this research, it was investigated how to use the golden ration to achieve the optimal capital structure of companies in order to improve the financial performance and stock market status of companies.
کلیدواژهها [English]
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