文章基本信息

标题：The examination of signaling theory versus pecking order theory: Evidence from Tehran Stock Exchange ,
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作者：Mohammad Hassani ; Elahe Mahdavi Sabet
期刊名称：Management Science Letters
印刷版ISSN：1923-9335
电子版ISSN：1923-9343
出版年度：2013
卷号：3
期号：1
页码：119-128
DOI：10.5267/j.msl.2012.11.003
出版社：Growing Science
摘要：This study investigates the explanatory power of leverage and cash flows in future cash flow prediction in Tehran Stock Exchange by considering Signaling Theory and Pecking Order Theory. Based on theoretical foundations, the regression models of leverage and cash flow with a set of control variables was developed. Statistical samples consist of companies listed in Tehran Stock Exchange over the period 2005- 2011. The results show that there was a negative relationship between cash flow and leverage levels in contemporary time. This is consistent with pecking order behavior. While at intertemporer level, there was a positive relationship between current leverage and the firm's cash flows in the future. This is consistent with signaling theory.
关键词：Cash flow; Leverage level; Signaling theory; Pecking order theory