• Afsaneh Hajhosseini Islamic Azad University
Palavras-chave: Cash Holding. Capital Structure. Operational Cycle.


The aim of this study is to investigate the relationship between capital structure and cash holding regarding the moderating effect of the operational cycle at companies listed in Tehran Stock Exchange. The regression analysis was employed to analyze information and test hypotheses. The statistical sample includes 100 companies listed on Tehran Stock Exchange from 2008 to 2014. In a descriptive study, the correlation of relationships is investigated to provide investors and creditors with information for making decisions on cash holding at companies. The research results indicated that there was a positive and significant relationship between capital structure and cash holding. Moreover, the operational cycle moderated this relationship. It is suggested that company executives consider capital structure and operational cycle when they are making decisions on cash holding.


Não há dados estatísticos.

Biografia do Autor

Afsaneh Hajhosseini, Islamic Azad University

MA Management, Kerman Branch, Islamic Azad University, Kerman, Iran.


1. Al-Najjar, B. (2013). "The financial determinants of corporate cash holdings: Evidence from some emerging markets." International Business Review 22: 77–88.
2. Ardalan, K. (2015). Capital structure theory: rconsiderd, Journal of research in international business and finance, p: 1-46.
3. Balantein, pieretti, and s.zanaj. (2010). financial openness, disclosure and bank risk-taking in MENA countries, journal of emerging markets review, p: 283-300.
4. Bradley, Michael, Jarrell, Gregg, and Kim, E. Han. (1984). “On the Existence of an OptimalCapital Structure: Theory and evidence, Journal of Finance, 39:3, 857-878.
5. Brealey, R.A., S.C. Myers, and A.J. Marcus. (2011). Fundamental of Corporate Finance, SeventhEdition, McGraw-Hill, Inc., New York.
6. Connorkeefe, M and Yaghoubhi, M. (2016). The influence of cash flow volatility on capital structure and the use of debt of different maturities, Journal of corporate finance, p: 1-48.
7. Coteic, farhat j, Abugri b. (2011). Testing trade-off and pecking order models of capital structure: does legal system matter?, journal of managerial finance, p: 715-735.
8. DECHOW P M. HUTTON, A, P&. SLOANR, G. (2000). The Relation between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Offerings, Volume 17, Issue 1 ,Pages 1–32.
9. Faulkender& Wang. (2010). The determinants of bank capital structure , journal of rev. finance, p: 587-622.
10. Ferreira, M.A., and Vilela, A.S. (2004). "Why do firms hold cash? Evidence from EMU countries." European Financial Management, 10(2), 295-319.
11. Harford, J. (1999). "Corporate cash reserves and acquisitions." Journal of Finance, 54: 1969-1997.
12. Jensen, M. C. (1996). "Agency Costs of Free Cash Flow, Corporate Finance, and Takovers." American Economic Review, Vol. 76, No. 2, p. 323-329.
13. Michel Soon & Partech, B. (2012). "Strategic Cash Holdings and R&D Competition: Theory and Evidence."
14. Modigliani F. and Miller M.H. (1958). The Cost of Capital Corporation Finance and the Theory of Investment. American Economic Review, 48 (3).
15. Officer, J. (2013). Market timing and capital structure. The Journal of Finance, 57. 1–30.
16. Oina, I and Ukaaghu, B. (2015). The impact of profitability on capital structure and speed of adjustment: An empirical examination of selected firm in Nigerian stock exchange, journal of research in international, p: 111-121.
17. Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. (1999). "The determinants and implications of cash holdings." Journal of Financial Economics, 52: 3–46.
18. Ramjee, A., Gwatidzo, T. ( 2012). Dynamics in capital structure determinants in South Africa. Medit. Account. Res. 20 (1), 52–67.
19. Strebulaev I. A. (2007). Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance, 62(4), 1747-1787.
20. Sundaresan, S. (2013). A review of mertons model of the firms capital structure with its wide applications, Journal of review financial economics 5.
21. Wang, Y., Ji, Y., Chen, X., Song, C. (2013). "Inflation, operating cycle, and cash holdings." China Journal of Accounting Research. Article In Press.
22. Wolch, I. (2011). Two common problems in capital structure research: The financial debet to asset ratio is using activity versus leverage changes, jouvnal of international review of finance, pp: 1-17.
23. Yanchaowang, Yu ji, Xuchen, chunlei song. (2013). Inflation, operating cycle, and cash holdings, Journl of Accounting research, p: 1-14.