Relationships between managers financing attitude and their financing policies

Document Type : Research Paper


1 Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran

2 Faculty of Literature and Human Sciences, Guilan University, Guilan, Iran



Financing decisions and capital structure are very important for companies and are influenced by several factors. This study aims to examine the relationship between managers' financing attitudes (internal or external) and their financing policies. In this examination, the survey population consists of companies listed on Tehran Stock Exchange whose CEO or financial manager (at least one) was unchanged between 2019 and 2021. Redman et al.'s (2002) questionnaire was applied to determine the attitude toward financing. Financing policies used by the managers were collected by referring to the audited financial statements of the companies. Totally, 51 usable answers were received from the respondents. The research hypotheses were dragging using a multivariate regression equation model in the form of panel data. The results show a significant relationship between the financing methods through retained earnings and debt with the attitudes toward financing from the place of retained earnings and debt. In contrast, the financing tendency through debt has no significant relationship with the policy of financing the stock issue through the issuance of shares.


Articles in Press, Corrected Proof
Available Online from 19 April 2023
  • Receive Date: 01 May 2022
  • Revise Date: 12 August 2022
  • Accept Date: 18 August 2022
  • First Publish Date: 19 April 2023