Examining the Moderator's Life Cycle Stages on the Relationship Between Capital Structure and Financial Performance of Listed Companies in Tehran Stock Exchange

Document Type : Research Paper

Authors

1 Professor of Accounting Alzahra university of Tehran

2 . Department of Accounting Nourabad Mamasani Branch Islamic Azad University Nourabad Mamasani

3 Department of Accounting Bandar Abbas Branch Islamic Azad University of Bandar Abbas

4 Department of Human Science Accounting Payam Noor University

Abstract

The capital structure of a financial instrument that will help determine how to choose the capital structure of the company. A company's capital structure, composition or structure of its debt. In this study, we attempted to examining the moderator's life cycle stages on the relationship between capital structure and financial performance of listed companies in Tehran Stock Exchange During fiscal years 2007 to 2013 is analyzed. For this purpose, in this study, data from company financial statements 55 samples were extracted. Correlation analysis, multiple regression and Wald test was used for this analysis. The study variables debt to total assets ratio, debt to equity ratio, long-term debt related to the gross profit margin, net profit margin, return on capital employed, return on total assets and return on equity of performance. financial, is used. The results show a significant relationship between capital structure and financial performance there. The results also show that firms are mature, better financial performance than companies that are in the process of growth and decline.

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