The investigation of the affectivity of various types of cash flows in a diversified capital structure based on the type of strategy

Abstract

The intensity of competition in business markets is to the extent that even the slightest strategic mistakes will lead to the failure of the organizations. The lack of knowledge and implementation of appropriate competitive strategies in such markets and, on the other hand, the failure to review the effects of these strategies on the types of cash flows in diverse capital structures is no also an exception to this rule. The subject of this study is to design and explain the affectivity model of types of cash flows in a diversified capital structure based on the type of strategy. The present study is an applied one in terms of objective, a quantitative one in terms of data type and a descriptive survey one regarding how to conduct. The statistical population consisted of all companies listed on the Tehran Stock Exchange during 2013 to 2017, among which 139 companies were selected as the sample by systematic elimination method. The statistical method used is the panel data method and fitting the regression models has been conducted using the same data. The results indicated that there is no significant difference between the effect of the differentiation strategy on the cash flow of accounting and cash flows to equity in companies that have a debt-based capital structure with companies whose capital structure is based on equity.