نویسندگان
دانشکدۀ علوم اداری و اقتصاد، دانشگاه اصفهان
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسندگان [English]
The aim of this study is to investigate the relationship between capital structure and financial performance of companies and the impact of product market competition and business strategy on this relationship. The sample consisted of 95 manufacturing companies listed on Tehran Stock Exchange in the period 2006-2011 and the statistical methods used in this study is a panel data approach. Results indicate that capital structure has a negative impact on financial performance (the ratio of the companies’ market value to asset book value and economic value added). Based on the ratio of companies’ market value to asset book value, the lower will be the level of the product market competition; the higher will be the benefits of using financial leverage. On the other hand, product market competition has no impact on the relationship between financial leverage and economic value-added. Furthermore, the impact of financial leverage on ratio of companies’ market value to asset book value is more negative for those companies with a cost leadership strategy than the companies with differentiation strategy. Meanwhile, the type of business strategy has no impact on the relationship between financial leverage and EVA
کلیدواژهها [English]