%0 Journal Article
%T Determinants of Capital Structure and Moderating Role of Financial Distress; Structural Equations Modeling (SEM) Approach
%J Financial Accounting Research
%I University of Isfahan
%Z 2322-3405
%A Heidari, Mehdi
%A Mansourfar, Gholamreza
%A Ghasemzade, Mortaza
%D 2018
%\ 08/23/2018
%V 10
%N 2
%P 23-44
%! Determinants of Capital Structure and Moderating Role of Financial Distress; Structural Equations Modeling (SEM) Approach
%K Capital Structure
%K Capital Structure Determinants
%K Financial Distress
%K Structural Equations.
%R 10.22108/far.2018.111021.1263
%X The purpose of this study is to investigate the effect of financial distress on the relationship between capital structure decisions determinants by using Structural Equations Modeling (SEM) Approach. So, the population of study consists of the companies listed on the Tehran Stock Exchange during the period from 2006 to 2017 of which, through systematic sampling and screening process, 101 companies were taken as the sample. To measure the capital structure it has been used four observed variables such as total debt over the total assets, total debt over the book value of equity, total long-term debt over the sum of book value of long-term debt and equity and total debt over the market value of equity. After having trusted the acceptable process of the research measurement and structural models, the results indicate that firm size and assets structure have a significant positive effect on the capital structure and growth opportunities and dividend ratio have a significant and negative effect on capital structure. Also, there may seem no relation between that firm age, earnings volatility, and profitability with capital structure. for measuring the moderating effect of financial distress, sample companies with the KZ model were classified into two groups and results show that financial distress has a moderating role on the relationship between firm size, growth opportunities, dividend ratio, assets structure and earnings volatility with capital structure. While no meaningful effect was detected for moderating role of financial distress on the relationship between profitability and firm age with capital structure.
%U https://far.ui.ac.ir/article_22959_f79e980524b9f2ca675882975d45dca1.pdf