Capital Structure and A Comparison to Its Determinants in Real Estate and Oil, Gas and Petroleum Companies: Evidence from Tehran Stock Exchange

This article investigates firm -specific and macroeconomic factors influence capital structure and compare these factors in real estate and oil, gas and petroleum companies listed in Tehran Stock Exchange from 1390 (3/21/2011) to 1396 (3/20/2017). The methods harnessed in this research are ordinary least square with fixed effects and generalized least square in the firm-specific level and dynamic panel data model in the macroeconomic level. The results evince that in real estate companies, leverage as dependant variable has a positive and significant relationship with growth opportunities and a negative one with tangibility of assets, profitability and liquidity. Moreover, there is no relationship between leverage, size and debt interest. In macroeconomic level, it is determined that inflation rate and interest rate positively and GDP rate negatively affect leverage. In oil, gas and petroleum companies, it is performed that tangibility of assets, profitability and liquidity in firm-specific level and interest rate and GDP rate in macroeconomic level are determinants of capital structure.

Keywords:

Capital structure , Real estate , Oil gas and petroleum , Firm-specific factors , Macroeconomic factors.