Volume 22, Issue 1 (Spring 2017)                   2017, 22(1): 73-101 | Back to browse issues page

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Rasouli Ghahroudi M, Fakhraei E. The Impact of Capital Structure and Ownership Structure on the Survival of Companies in Tehran Stock Exchange Market. The Journal of Planning and Budgeting. 2017; 22 (1) :73-101
URL: http://jpbud.ir/article-1-1509-en.html
Institute for Management and Planning Studies , m.rasouli@imps.ac.ir
Abstract:   (935 Views)

This study examines the impact of capital structure and ownership structure on the survival of companies. The ownership structure includes two types of ownership: major structure and institutional ownership. The statistical population consists of 484 companies listed in Tehran Stock Market for the period 2004-2014; eventually, through a systematic elimination method, our samples includes 234 companies. In this research, the logistic regression model and Eviews-9 software are used to analyze the data and test the hypotheses. The results of the research show that there is a negative and significant relationship between capital structure and company survival. In addition, major ownership has a negative effect on the survival of companies in the stock market. Moreover, the results indicate the positive and direct impact of institutional ownership on the survival of the companies. Therefore, our findings show that the increase in corporate debt and major ownership increases the probability of company's withdrawal from the stock market. However, the increase in institutional ownership and company stock prices will increase the probability of survival in the stock exchange market.

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Type of Study: Research | Subject: Special
Received: 2017/06/12 | Accepted: 2017/11/13 | ePublished: 2018/08/1

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