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Pdf 526.97 K International Journal of Advanced Studies in Humanities and Social Science (IJASHSS) Available online at http://www.ijashss.com Volume 3, Issue 1 (2014) pp. 15-23 Original Article Effect of Capital Structure on Cumulative Abnormal Returns in the Companies Listed in T.S.E Ehsan Ajami1, Mohammad Reza Pourali2 1Department of Accounting, Science and Research Branch, Islamic Azad University, Gilan, Iran 2Assistant Professor of Accounting, Department of Accounting, Facult of Management and Accounting, Chaloos Branch, Islamic Azad University ,Chaloos, Iran Received: 11 December 2013, Revised: 20 January 2014, Accepted: 29 February 2014 ABSTRACT Finance and capital structure is determined by one of the most important tasks of financial management and plays an essential role in determining firm value the company's main objective is to maximize shareholder wealth. This study examines the impact of capital structure on cumulative abnormal returns in listed companies in Tehran Stock Exchange. This study will try to finance companies and how it affects abnormal returns, obtained information. In total, 121 companies were selected from various industries between the years 1380-1390. Data collected from this study are analyzed using a theoretical model proposed software Eviews. In statistical analysis was performed the aim is to examine the relationship between cumulative abnormal returns and the factors presented in series of cross-sectional periods of time. Statistical analysis will be used to test the significance of the Pearson correlation coefficient, Hausman test, Panels, D-W and test F (Fisher) and t. The results indicate that capital structure does not significantly affect the cumulative abnormal returns. Keywords: Cumulative abnormal returns, Financial leverage, Capital structure. Introduction In today's world, one of the principal of the main tasks of managers, is concerns is create competition ability in maximization shareholder wealth, impact different markets. Management in this of financing methods and how to regard, always trying to value creation consumption the proceeds of these using a tools available for enterprise until methods on cumulative abnormal returns, in addition, access to the targets set forth the benefit of great importance for them. able their shareholder wealth people to Also, method of financing may affect maximum. So far, much research has been earnings per share, financial risk and in done on capital structure, there is ownership stakeholders. Try this research however, little information finance is to examine method finance companies companies and although this method how that this method how it affects on it affects on abnormality return. Since one abnormality return. So the main problem 15 | Page Ajami & Pourali Int. J. Adv. Stu. Hum. Soc. Sci., 2014, 3(1):15-23 with this study is that what effect does capital Structure on cumulative abnormal In this study, the effect of financial returns in listed companies the Tehran leverage on abnormality return it is Stock Exchange? Financing decisions and estimated considering the several risk investment companies, decisions are that factors, included office value to market and both are made with anticipating the future. other factors described by Fama and In the decisions financing the company French (1992). will use the desired funds at the moment to act in the future its obligations about Theoretical Foundations financial resources suppliers. Sources of Capital Structure refers to combination of corporate financing according to its financing sources such short-term debt financial policies, is divided to two parts and long-term debt and preference shares "Inner Financial resources" and "External and ordinary. Its capital structure planning financing" company. Internal financial to so that is able utilization of funds up to resources, company profits from where and their status to adapt the more easily the action is financing so the question with changing circumstances. Capital arises, which how to apply to companies structure decisions the rate of return risk financing to maximize their positive and shareholders influenced and the value impact on profit and efficiency of stock market also may be affected with . shareholders For example, the nature of effect from capital structure decisions. activity may be such that cash flows Characteristics of securities effective on provided input easily. In the situation of capital structure: debt instead of stock (Financed by debt) it is cheaper than equity and adds on 1- Proprietary rights corporate profits. Therefore in this study, 2-Requirements for debt repayment be checked that is considered capital 3-Claims than assets structure and related value for capital 4-Claims than benefits investors. Table 1. Summarizes the Characteristics of the securities Common stock Preferred Stock Bond Description Full rights None, Unless with the right vote None, In most cases Proprietary rights If shareholders do not willing to their ownership rights are shared with new investors instead of ordinary shares use of preferred stock or bonds. None None, it may be redeeming Full obligation to repay Repayment obligations If the companies not wish to be confronted with repayment obligations, preference shares or ordinary is preferred to bonds. A downstream The preferred than ordinary Preferred securities and Claim than assets securities, The last shares, The second claim privileged, The first claim claim If the company will not grant relative priority assets to new investor’s common stock is the preferred. Full claims on the The first claim, but only up to None, but first must be paid Claim than profits remaining profit the amount specified interest If the company wants to limit new investment the company's share bonds or preferred stock is preferred. The relationship between risk and Basically, the more risks, by investors are return associated with increased risk of expected 16 | Page Ajami & Pourali Int. J. Adv. Stu. Hum. Soc. Sci., 2014, 3(1):15-23 returns. This means that their risks are concerned for measurement problems more demanding greater efficiency from market portfolio. The arbitrage pricing market portfolio than risk-free model can we tested even if only have investments (Structure, such as treasury information for a sample proportion risky. bills). “The difference between the market return and interest rates the so-called only Materials and Methods markets risk. Only risk market This research is the descriptive method, expectations × b =only expected risk one and the inductive logic, and in terms of contribution practical results. Since the study of time ri – rf =( rm – rf ) series data of several companies in one or Expected return on shares ri : i more fiscal years shall be determined, Market efficiency rate: rm thus, according to the outline of the Rate of return without Risk: rf required data collection, this research is Slope of the line securities market also in the kind of solidarity after the event. terms called only market risk. Material gathered in this research is E(RM) – Rf libraries. The model used in this study, it is taken from the research is that way) Arbitrage Pricing Theory 1 (APT) Khajavi 1389): Capital asset pricing model checks how to CAARi,t = a +b1 LEVERAGEi,t + b2 BETAi,t + choose efficiency portfolio by investors b3 SIZEi,t + b4 BM I,t+ b5 PEi,,t + et while the arbitrage pricing model which is provided by Astfanras instead of being LEVERAGE = Financial leverage (main efficient portfolio, consider the important variable) factor in economic and information about Control variables: the company. The theory says the return per share the widespread impact of BETA= β macroeconomic (Systematic risk) that in SIZE= Company size terms called "Factors" and the events that BM= Ratio of stock price to book value of are located for certain companies net assets (unsystematic risk) it depends or as news P/E= Price to earnings per share ratio of company-specific information. Dependent variable a + b1(r1) + b2(r2) + b3(r3) + … + news = The dependent variable in this study is as Expected Returns abnormal returns. The efficiency is Arbitrage pricing theory says the only calculated by the difference between the expected Risk a contribution expected risk actual price that comes stock price of a premium associated with is associated capital asset pricing model (CAPM). But with every agent and sensitivity of the according to research that has been stock relative to each factor (b1, b2, b3…). conducted in Iran, since stock returns generally do not follow the same trend, the b1( r – rf ) + b2 ( r – rf ) + ... = r - rf = Only capital asset pricing model can not provide expected risk a good model to predict stock returns. Note that should be raised here this is Hence, the following model is used to market portfolio plays a major role the calculate stock returns and we consider pricing model capital assets not worth in return equal to the yield loss in the period arbitrage pricing theory so other was not t and t-1 (Lashkari Amri, 1387). 17 | Page Ajami & Pourali Int. J. Adv. Stu. Hum. Soc. Sci., 2014, 3(1):15-23 Rit=[Dt+Pt(1+α1+α2)-(Pt-1+Ca1)/Pt- measuring of financial leverage 1+Cα1]*100 ARit=Rit-Rit-1 (LEVERAGE) is used in the following Dt = cash dividends paid proportions: α1 = percent capital increase brought of Total Debts receivables and cash Total Assets α2 =% increase brought of receivables and cash Control Variables Pt = stock price In end of period t Size: This research was also used to Pt-1 = price of the stock at
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