تحقیق با موضوع of، dependent، criterion

dependent var
0.142433
S.E. of regression
0.141940
Akaike info criterion
-0.967524
Sum squared resid
1.027495
Schwarz criterion
-0.752466
Log likelihood
33.57444
Hannan-Quinn criter.
-0.883945
F-statistic
1.077928
Durbin-Watson stat
1.650411
Prob(F-statistic)
0.383686
Dependent Variable: L
Method: Least Squares
Date: 02/04/11 Time: 06:36
Sample: 1 56
Included observations: 56
HAC standard errors & covariance (Bartlett kernel, Newey-West fixed
bandwidth = 4.0000)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
-0.670064
0.021845
-30.67317
0.0000
A1
0.015368
0.017947
0.856283
0.3959
A2
-0.001595
0.002836
-0.562316
0.5764
A3
0.108438
0.094338
1.149470
0.2558
A4
-0.029650
0.010987
-2.698669
0.0095
A5
-0.072898
0.095573
-0.762746
0.4492
R-squared
0.229282
Mean dependent var
-0.670792
Adjusted R-squared
0.152211
S.D. dependent var
0.093704
S.E. of regression
0.086279
Akaike info criterion
-1.961515
Sum squared resid
0.372199
Schwarz criterion
-1.744513
Log likelihood
60.92243
Hannan-Quinn criter.
-1.877384
F-statistic
2.974922
Durbin-Watson stat
1.619099
Prob(F-statistic)
0.019910
Dependent Variable: L
Method: Least Squares
Date: 02/04/11 Time: 06:37
Sample: 1 57
Included observations: 57
HAC standard errors & covariance (Bartlett kernel, Newey-West fixed
bandwidth = 4.0000)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
-0.993296
0.022957
-43.26850
0.0000
A1
-0.059455
0.026053
-2.282028
0.0267
A2
0.020767
0.008198
2.533133
0.0144
A3
0.088824
0.118270
0.751030
0.4561
A4
0.026860
0.016953
1.584428
0.1193
A5
-0.068978
0.120004
-0.574793
0.5680
R-squared
0.135691
Mean dependent var
-0.968145
Adjusted R-squared
0.050955
S.D. dependent var
0.127389
S.E. of regression
0.124101
Akaike info criterion
-1.236146
Sum squared resid
0.785450
Schwarz criterion
-1.021088
Log likelihood
41.23016
Hannan-Quinn criter.
-1.152567
F-statistic
1.601337
Durbin-Watson stat
1.928786
Prob(F-statistic)
0.176564
Dependent Variable: L
Method: Least Squares
Date: 02/04/11 Time: 06:37
Sample: 1 56
Included observations: 56
HAC standard errors & covariance (Bartlett kernel, Newey-West fixed
bandwidth = 4.0000)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
-1.577342
0.045200
-34.89682
0.0000
A1
-0.061031
0.032574
-1.873595
0.0668
A2
0.032580
0.017986
1.811405
0.0761
A3
0.027289
0.237215
0.115040
0.9089
A4
-0.006258
0.026511
-0.236071
0.8143
A5
0.089455
0.248375
0.360159
0.7202
R-squared
0.253784
Mean dependent var
-1.525579
Adjusted R-squared
0.179162
S.D. dependent var
0.218599
S.E. of regression
0.198051
Akaike info criterion
-0.299624
Sum squared resid
1.961216
Schwarz criterion
-0.082622
Log likelihood
14.38948
Hannan-Quinn criter.
-0.215493
F-statistic
3.400943
Durbin-Watson stat
2.465153
Prob(F-statistic)
0.010107
جدول(1-پ)
Dependent Variable: L
Method: Panel EGLS (Cross-section weights)
Date: 02/05/11 Time: 05:12
Sample: 1/01/1983 1/01/1988
Periods included: 6
Cross-sections included: 94
Total panel (balanced) observations: 564
Iterate weights to convergence
White cross-section standard errors & covariance (d.f. corrected)
Convergence achieved after 22 weight iterations
WARNING: estimated coefficient covariance matrix is of reduced rank
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
-0.009232
0.014900
-0.619623
0.5358
A1
-0.109097
0.022711
-4.803647
0.0000
A2
0.000971
0.000170
5.725078
0.0000
A3
0.109743
0.028513
3.848899
0.0001
A4
-0.166798
0.063862
-2.611832
0.0093
A5
0.059665
0.055871
1.067906
0.2861
Effects Specification
Cross-section fixed (dummy variables)
Weighted Statistics
R-squared
0.903310
Mean dependent var
0.218102
Adjusted R-squared
0.882932
S.D. dependent var
1.623235
S.E. of regression
0.534761
Akaike info criterion
0.969685
Sum squared resid
132.9757
Schwarz criterion
1.730626
Log likelihood
-174.4512
Hannan-Quinn criter.
1.266720
F-statistic
44.32831
Durbin-Watson stat
1.490249
Prob(F-statistic)
0.000000
Unweighted Statistics
R-squared
0.720228
Mean dependent var
-0.001331
Sum squared resid
132.9758
Durbin-Watson stat
1.231995
جدول(2-پ)
Dependent Variable: L
Method: Panel EGLS (Cross-section weights)
Date: 02/05/11 Time: 05:13
Sample: 1/01/1983 1/01/1988
Periods included: 6
Cross-sections included: 94
Total panel (balanced) observations: 564
Iterate weights to convergence
White cross-section standard errors & covariance (d.f. corrected)
Convergence achieved after 24 weight iterations
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
1.690100
0.007279
232.1830
0.0000
MVOCF
-1.893298
0.006549
-289.0904
0.0000
Effects Specification
Cross-section fixed (dummy variables)
Weighted Statistics
R-squared
0.997532
Mean dependent var
-0.297356
Adjusted R-squared
0.997037
S.D. dependent var
3.371619
S.E. of regression
0.182650
Akaike info criterion
-2.517601
Sum squared resid
15.64624
Schwarz criterion
-1.787405
Log likelihood
804.9634
Hannan-Quinn criter.
-2.232568
F-statistic
2016.226
Durbin-Watson stat
1.848924
Prob(F-statistic)
0.000000
Unweighted Statistics
R-squared
0.967070
Mean dependent var
-0.001331
Sum squared resid
15.65158
Durbin-Watson stat
1.449141
جدول(3-پ)
Dependent Variable: L
Method: Panel EGLS (Cross-section weights)
Date: 02/05/11 Time: 05:15
Sample: 1983 1988
Periods included: 6
Cross-sections included: 94
Total panel (balanced) observations: 564
Iterate weights to convergence
White cross-section standard errors & covariance (d.f. corrected)
Convergence achieved after 33 weight iterations
WARNING: estimated coefficient covariance matrix is of reduced rank
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
1.667174
0.005881
283.4903
0.0000
A1
-0.003329
0.002372
-1.403479
0.1611
A2
-2.49E-05
1.67E-05
-1.493805
0.1359
A3
0.045758
0.014572
3.140196
0.0018
A4
-0.005971
0.002826
-2.112590
0.0352
A5
-0.030225
0.013657
-2.213148
0.0274
MVOCF
-1.866300
0.006579
-283.6567
0.0000
Effects Specification
Cross-section fixed (dummy variables)
Weighted Statistics
R-squared
0.997599
Mean dependent var
-0.333288
Adjusted R-squared
0.997087
S.D. dependent var
3.346705
S.E. of regression
0.179689
Akaike info criterion
-2.533252
Sum squared resid
14.98168
Schwarz criterion
-1.764625
Log likelihood
814.3770
Hannan-Quinn criter.
-2.233217
F-statistic
1947.354
Durbin-Watson stat
1.865996
Prob(F-statistic)
0.000000
Unweighted Statistics
R-squared
0.968479
Mean dependent var
-0.001331
Sum squared resid
14.98196
Durbin-Watson stat
1.451415
Abstract
Accroding importance of financial flexibility in companies in this research, marginal value of cash as a financial flexibility criteria and it’s effect on capital structure decisions has been studing. In this study we use 94 firms’ data during 83 to 88 periods for manufacturing companies and we use panel data to test the haypothesis. First we test that if marginal value of cash has positive value in Iran Stock exchange and do financial flexibility have any value for investors. Resualt shows that marginal value of cash with Farkland and Wang has positive value for investors, but we did not find any reason that financial flexibility with Clark model has positive value. Second haypothesis declare there is negative relation between leverage and financial flexibility. We get result as we haypothes that. Also third haypothesis shows that marginal value of cash is most imperesive factor in capital structure decisions.
Key words: financial flexibility, marginal value of cash, panel data, capital structure
Islamic Azad University
Arak Branch
Faculty of Management- Department of Accounting
((M.A)) Thesis
Subject:
The Effect of Financial flexibility on Capital Structure Decisions
Thesis Advisor:
M. Zanjirdar Ph.D.
Consulted by:
Gh.Haji Ph.D.
By:
Hamzeh Mighani
Winter 2011
1 .Douglas,2001
2 .Warnd,1977
3 .Rawally & Sinder,2001
4 . Myers and Majluf’s ,1984
5 . DeAngelo and DeAngelo, 2007
6 . Faulkender and

مطلب مشابه :  تحقیق با موضوعسلسله مراتب، خانواده ها، نرم افزار