Document Type : Original Article
Authors
1 Assistant Professor, Department of Economics, Payam Noor University, Tehran, Iran
2 Faculty member of Payam Noor University
Abstract
Capital structure is one of the important topics in the field of corporate finance and refers to a specific combination of debt and equity that is used to finance the operations of a company. Internal and external factors affect the capital structure, and macroeconomic variables are among these factors. A s an applied research, using a multi variable regression model, the present research seeks to investigate the nature and how the macroeconomic variables influence the capital structure of companies admitted to the Iranian OTC market. For this purpose, a descriptive-analytical method and information related to 53 companies accepted in the Iranian OTC market have been used. Macroeconomic variables in this research include inflation rate, bank interest rate, exchange rate and liquidity volume as independent variables and variables of return on equity, return on total assets, ratio of fixed assets and ratio of dividends paid as control variables.
The research results show that macroeconomic variables have a significant effect on the country's capital structure. Therefore, companies should make decisions regarding their financing according to macroeconomic variables, and the government is also obliged to formulate economic policies in a way that improves the macroeconomic environment.
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