THE IMPACT OF FINANCIAL LEVERAGE ON AGENCY COST OF FREE CASH FLOWS IN LISTED MANUFACTURING FIRMS OF TEHRAN STOCK EXCHANGE

被引：1
|
作者：
Nozari, Amirhossein [1 ]
机构：
[1] Univ Guilan, Finance, Int Campus, Guilan, Iran
来源：
TURKISH ONLINE JOURNAL OF DESIGN ART AND COMMUNICATION | 2016年 / 6卷
关键词：
Agency Cost; Free Cash Flows; Panel Data; Financial Leverage;
D O I：
10.7456/1060AGSE/092
中图分类号：
J [艺术];
学科分类号：
13 ; 1301 ;
摘要：
In current research is examined The Impact of Financial Leverage on Agency Cost of Free Cash Flows in Listed Manufacturing Firms of Tehran Stock Exchange (Iran). Data of 80 companies, during 2007-2012 is used for doing research. For testing hypotheses, panel data has been used. Indices of financial leverage in this research are the ratio of debt to shareholder's equity and ration of long-term debt. The result of research denotes negative and significant effect of ratio of debt to shareholder's equity and ratio of long-term debts on agency cost of free cash flows. Also this result is consistent with the free cash flow theory.
引用
收藏
页码：2137 / 2144
页数：8
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