The role of management ability on the relationship between deviation from optimal capital structure and real performance and speed of capital structure adjustment

In this paper, the aim is to examine the role of management ability on the relationship between deviation from optimal capital structure and real performance and speed of capital structure adjustment. For this purpose, data on 143 companies listed in Tehran Stock Exchange for the period of 2006 to 2018 were extracted and a hybrid data regression model was used to test the research hypotheses. the results indicate that the management ability has a significant effect on the relationship between deviations from optimal capital structure and real performance. Also, the results show a significant effect of management ability in the relationship between positive deviation from optimal capital structure and no effect on negative deviation from optimal capital structure, with the actual return on assets or actual performance of the firm. In addition, effect of management ability on speed of capital structure adjustment Which is approved in firms with over-leverage capital structure and rejected in under-leverage capital structure. Finally, the results show in the case of over-leverage and under-leverage, there is no significant difference between them.