M.A. Thesis:

The relationship between the size،Growths and profitability with the capital structure of the companies admitted to the Tehran Stock Exchange

Financial structure is one of the most important parameters affecting the valuation of companies. The financial structure consists of a combination of labilities and owners' equities in order to required companies' financing. The main focus of this study is to examine the relationship between growth, size and profitability of capital structure in companies listed on the Tehran Stock Exchange for the period of 6 years i.e. From 2011 to 2017. Therefore, growth, size and profitability of companies accepted in Tehran Stock Exchange are considered as independent variables and capital structure is assumed as dependent variable. The panel data is applied In order to test the research's hypotheses, by using multiple regression. The results of the first hypothesis of research indicate there is significance relation between the growth of the company and the capital structure considering result of the tests i.e. T-test of 2.55, .On the basis of the estimation coefficient of the increase of one unit in the growth of the company leads to a decrease of 1.07 units in capital structure. Therefore, the first hypothesis is accepted, The results of the second research hypothesis shows that there is no significance relation between the size and the capital structure, of the company according to the results of the tests i.e. t-statistic of 0.86. Therefore, the second hypothesis is rejected. The results of the third research hypothesis shows that there is significance relation between profitability and capital structure, according to the results of the tests, i.e. t-statistic of 2.67. Based on the estimation coefficient the increase of one unit in profitability leads to a decrease of about 12% units in the capital structure. Therefore, the third hypothesis was accepted.

Keywords: Growth, Size, Profitability and Capital Structure