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Capital Structure and Firm Performance : A case of Iran

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dc.contributor.advisorRhee, Yeongseop-
dc.contributor.authorElaheh Nazari-
dc.date.accessioned2019-10-18T16:05:50Z-
dc.date.available2019-10-18T16:05:50Z-
dc.date.issued2019-08-
dc.identifier.other000000158003-
dc.identifier.urihttp://hdl.handle.net/10371/161150-
dc.identifier.urihttp://dcollection.snu.ac.kr/common/orgView/000000158003ko_KR
dc.description학위논문(석사)--서울대학교 대학원 :국제대학원 국제학과(국제통상전공),2019. 8. Rhee, Yeongseop.-
dc.description.abstract자본 구조 및 기업 성과
이 연구는 이란의 증권거래소에 상장 된 22개 이란 석유화학그룹들의 자본구조와 재무성과 간의 관계를 다루고 있다. 이 연구는 2011-2017년 기간을 대상으로 패널 데이터 분석을 시행하였다. 자본구조의 지표로 장기부채, 단기부채, 총부채 및 총자본을 고려하였으며, 성과지표로 자기자본수익률과 자산수익률을 선택하였다. 한편 인플레이션, 위험성, 유형성 및 유동성을 포함한 제조 공업의 자본구조 결정요인들을 통제변수로 사용하였다. 주요 결과 중의 하나는, 부채가 자기자본수익률과 자산수익률에 긍정적인 영향을 미치지만 총자본에 부정적인 영향을 미친다는 것이다. 한편 자본구조 결정요인들은 자산수익성에 대해 혼합된 효과를 나타내고 있다. 이란 석유화학그룹들의 현재 자본구조와 본 연구의 결과를 기반으로, 이란 석유화합그룹들은 수익성을 증진시키기 위해 장기부채를 늘려야하고 단기부채를 줄여야한다는 정책적 시사점을 제시할 수 있다.
중요어: 자본구조, 기업성과, 석유화학그룹, 패널데이터, 자산수익률, 이란
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dc.description.abstractThis study aims to address the relationship between capital structure and financial performance in 22 Iranian petrochemical complexes listed on the Iran’s securities and exchange organization over a period of six-years (2011-2017). This study is based on the panel data analysis. Return on equity and return on assets are chosen as the measures for the complexes effectiveness while long-term debt, short-term debt, total debt, and total equity are considered as the indicators of capital structure. The determinants of the capital structure in the manufacturing industry including inflation, risk, tangibility, and liquidity are applied as control variables. The results indicate that debt has a positive impact on the return on equity and return on assets while total equity has a negative impact on it. The capital structure determinants show mix impacts on the profitability measures. Based on the current capital structure of Iranian petrochemical complexes and the results of this study, it is suggested that the mentioned complexes should increase long-term debt and decrease the short-term debt to boost their profitability.
Keyword: capital Structure, Firm Performance, Petrochemical Complex, Panel Data, Return on Asset, Iran
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dc.description.tableofcontentsChapter I . Introduction . 1
1. Study Background . 1
1-1. Firm Performance 1
1-2. Financial Ratios . 5
Chapter II. Petrochemical Industry . 9
1. Petrochemical Products in Everyday Life . 9
2. Market Value of Petrochemical Industry 11
3. Irans Petrochemical Industry . 12
4. The share of Petrochemical Industry in the Industrial Employment and Industrial value Added 15
5. Irans Petrochemical Industry Value Chain 16
Chapter III. Literature Review 19
1. Capital Structure Definition 19
2. Theorical Background . 19
2-1. Modigliani and Miller Theory (M&M) . 20
2-2. Theory off Theory . 21
2-3. Pecking-Order Theory . 23
2-4. Agency Cost Theory 24
3. Empirical Studies 25
4. Research Objectives 34
5. Research Contribution . 34
Chapter IV. Methodology . 35
1. Data . 35
2. Variables . 35
3. Empirical Model . 36
4. Multiple Regressions 38
5. Model Selection Criteria . 39
6. Results . 40
7. R-Squared . 49
Chapter V. Overall Conclusion and Recommendations . 50
Bibliography . 53
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dc.language.isoeng-
dc.publisher서울대학교 대학원-
dc.subjectcapital Structure-
dc.subjectFirm Performance-
dc.subjectPetrochemical Complex-
dc.subjectPanel Data-
dc.subjectReturn on Asset-
dc.subjectIran-
dc.subject.ddc382.9-
dc.titleCapital Structure and Firm Performance-
dc.typeThesis-
dc.typeDissertation-
dc.contributor.AlternativeAuthor엘라헤-
dc.contributor.department국제대학원 국제학과(국제통상전공)-
dc.description.degreeMaster-
dc.date.awarded2019-08-
dc.title.subtitleA case of Iran-
dc.identifier.uciI804:11032-000000158003-
dc.identifier.holdings000000000040▲000000000041▲000000158003▲-
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Graduate School of International Studies (국제대학원)Dept. of International Studies (국제학과)Theses (Master's Degree_국제학과)
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