The aim of this study was to investigate the relationship between business cycles and capital structure choice of the companies listed in Tehran Stock Exchange. The study population according to the subject and its application is active companies in the Tehran Stock Exchange. In this study, 95 samples were selected. This studyused data from companies listed on Tehran Stock Exchange at the beginning of 2009 until the end of 2015 for one year to collect and test hypotheses have been proposed. In this study, multivariate regression analysis was used to test the hypothesis in panel data method with fixed effects. The results showed that financial leverage has significant relationship with the profitability and firm size. In the growth and decline stage, there is the inverse relationship between profitability and financial leverage andin maturity stage there is directly relationship. Financial leverage has also a significant relationship with the concentrated ownership. In the growth and decline stage, there is the inverse relationship between concentrated ownership and financial leverage and in maturity stage there is directly relationship. But the relationship between financial leverage and asset tangibility is not significant. Keywords:business cycles, capital structure choice, financial leverage, profitability JELClassification: G11,G14,G3
Sadeghi A, Faal Samarin M. An Investigation of the relationship between business cycles and capital structure choice of the companies listed in Tehran Stock Exchange. TFI 2023; 8 (1) :43-53 URL: http://tfe.raja.ac.ir/article-1-68-en.html