Determining the effective factors on financing the optimal capital structure in oil and gas companies

سال انتشار: 1399
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 264

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شناسه ملی سند علمی:

JR_PBR-4-3_001

تاریخ نمایه سازی: 30 فروردین 1400

چکیده مقاله:

Companies have access to a variety of financial resources to implement available profitable investment projects, to settle overdue debts, to increase working capital, and to pay dividends to shareholders. These resources include cash from operating activities and the sale of assets (as intra-organizational sources of financing), borrowing loans from the bank, issuance of bonds, and issuance of new shares (as outside the organization sources of financing). Financing and its effects on the returns and risk of the company choose sources that minimize financing costs. Then, to prioritize the parameters, the hierarchical method, Topsis, and ANP were used. The results of this study indicated that the factors of efficiency, cost, sustainability, being operational, fairness, and transparency have been the most important criteria for choosing the financing method, as well as forming sub-consortia, receiving facilities, issuing participation bonds, establishing investment companies, presence in the securities market, creating a shareholder plan, and finally attracting foreign capital have been identified as financing methods. Also, the transparency of the financing method in the surveyed companies to identify the appropriate financing method had the least importance.

کلیدواژه ها:

working capital ، oil and gas reserves ، TOPSIS ، ANP ، Financing

نویسندگان

Somayeh Alimoradi

Ph.D. Candidate, Financial Engineering, Islamic Azad University, South Tehran Branch, Kish, International Branch, Tehran, Iran, Email: sm_alimoradi@yahoo.com

Mohammad Reza Mehrabanpour

Assistant Professor, Department of Management and Accounting, University of Tehran, Iran, Email: mehrabanpour@ut.ac.ir

Ali Najafimoghadam

Assistant Professor, Department of Accounting, Islamic Azad University, Tehran, South Tehran Branch, Iran, Email: alinajafimoghadam@gmail.com