M.A. Thesis:

Cash flow fluctuations , capital structure and use of debt of different maturities

On the one hand, investigating the decisions of financing and optimal combination of capital structure and on the other hand, the creation of cash flows and the debt repayment ability is one of the issues that are important for management decision making. In this study, cash flow volatility as the independent variable and capital structure as the dependent variables are considered. In this study, 95 companies of listed companies in Tehran Stock Exchange (TSE) have been investigated. To test the hypotheses and analyze the results of the model, EVIEWS software was used. The results of the first hypothesis show the existence of a significant relationship between cash flow volatility and liabilities. To test this hypothesis, the dependent variable of the model was calculated in two ways. In the first case, the dependent variable was calculated using the equity market value, which the results of the test showed the existence of the direct relationship between cash flow volatility with liabilities. In the second case, the dependent variable was calculated using the equity book value, which results indicate the existence of the inverse relationship between cash flow volatility with liabilities. Also, the results of the second hypothesis show the existence of the inverse and significant relationship between cash flow volatility and debt of different maturities.

Keywords: Keywords: capital structure, cash flow volatility, debt of different maturities