The pattern of capital increase and its role on abnormal stock returns in Tehran Stock Exchange member companies using the structural equation model

Financing patterns should minimize the weighted average of capital and maximize shareholder value. This study aimed to evaluate the factors affecting the financing model through a capital increase and its effect on abnormal stock returns. This mixed study was conducted based on interviews with ۱۶ experts. Factors such as investment purposes of the capital increase, sources of the capital increase, and differences in the rules of the Tehran Stock Exchange, such as the scope of oscillation and characteristics of the company, are the essential components affecting the pattern of capital increase. In addition, the results of the qualitative analysis were measured by using the questionnaire tool and asking the opinions of ۴۰۰ financial managers and university professors using the structural equation analysis method. The results showed that the investment objectives of the capital increase, the methods of increasing cash from shareholders and stock premium, and stock dilution significantly affected capital increase and, consequently, abnormal and negative stock returns.

کلیدواژه ها:

Capital Increase ، purposes of capital increase ، sources of growth ، abnormal stock returns