The relationship of ownership structure and capital structure with financial decisions in companies listed in the Tehran StockExchange

This study attempted to explore how ownership structure and capitalstructure are correlated with financial decisions taken in companies listedin the Tehran Stock Exchange. For this purpose, capital structure wasmeasured by financial leverage and ownership structure was determinedby two variables, institutional ownership and managerial ownership.Besides, financial decision was assessed through two variables, i.e. longtermand short-term financial decisions. This study was conducted usingdata from 60 companies operating in the Tehran Stock Exchange from2010 to 2016 that were included in the research sample. The researchhypotheses were tested using Stata software. The results revealed asignificant relationship between managerial ownership and capitalstructure, while no significant relationship was found betweeninstitutional ownership and capital structure. It was also shown that thereis a significant relationship between managerial ownership and long-termfinancial decisions and also between capital structure and long-termfinancial decisions.

کلیدواژه ها:

capital structure ، financial ، leverage ، institutional ownership ، managerial ownership ، Tobin s Q