Capital Structure Modeling With Performance Evaluation Accounting Criteria ia a dynamic approach (case study of Iran Telecommunication Company)

Document Type : Research Paper

Authors

1 Ph.D. Student, Department of Industrial-Financial Management, Faculty of Management, North Tehran Branch, Islamic Azad University, Tehran, Iran.

2 Professor, Department of Financial Management and Insurance, Faculty of Management, Tehran University, Tehran, Iran.

3 Associate Professor, Department of Management, Faculty of Social Sciences and Economics, Alzahra University, Tehran, Iran.

4 Assistant Professor, Department of Industrial Management, Faculty of Management, North Tehran Branch, Islamic Azad University, Tehran, Iran.

Abstract

Subject and purpose of the article: Deciding on the capital structure is one of the most challenging and difficult issues facing the companies. The present study examines the effect of determining the type of capital structure on the performance of the company. And determining that there is an optimal capital structure?
Research method:. At first, the present research has examined and reviewed the existing theories in the field of capital structure. Considering that the determination of capital structure is a dynamic process, in this research, from the approach of system dynamics and using Vensim software, the relationship between the structure The capital and accounting standards of performance evaluation (ROE, ROA) of Iran Telecommunication Company have been discussed
Research findings: The results of model simulation with real data from 1395 to 1400 ensure the correctness of the behavior of the model. And the results indicate that financing through debt in the company's capital structure has a significant effect on the debt cost rate and the capital cost rate and has an effect on the asset return and equity return ratios (performance evaluation accounting criteria). There is no punishment.
Conclusion, originality and its addition to knowledge: the findings of the research showed that the company's capital structure does not affect the company's ROA, ROE evaluation criteria. Also, the sensitivity analysis shows that the increase in the level of debt, despite the effect on the cost of debt and the cost of capital, does not lead to a significant change in, ROA, ROE.

Keywords

References

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History

  • Receive Date: 17 October 2022
  • Revise Date: 18 December 2022
  • Accept Date: 30 November 2022

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