M.A. Thesis:

R&D Investment٫ Capital Structure٫ and Agency Conflict

Decisions related to the structure of capital will play an effective role in the efficiency and credibility of companies with investment institutions, and as a result, understanding the theory of capital structure can allow managers to achieve the desired capital structure to maximize shareholder wealth. The main purpose of this study is to determine the impact of investment in research and development on capital structure by considering the role of adjusting agency problems in the Tehran Stock Exchange. The study was conducted for a five-year period between 1993 and 1997. Sample information of the studied companies was analyzed and analyzed after reviewing the availability of their information by collecting with the help of Excel classification software and with the help of Iveoz software. The research results showed; There is a positive relationship between research and development and capital structure, and this relationship is significant. Given that the criterion of capital structure in this research is financial leverage, so companies in which more research and development is done, therefore, need more financial resources to conduct research and development, which can be financed by foreign financing and He mentioned financial leverage. On the other hand, there is a negative relationship between research and development and agency problems, and this relationship is also significant. Companies that do more research and development reduce agency problems. Since the criterion for agency problems is managerial ownership, further research and development will result in a reduction in managerial ownership. Representative problems also moderate the relationship between research and development and the structure of capital, and communication is negative and significant.

Keywords: Keywords; Investment in research and development - capital structure - agency problems