M.A. Thesis:

ajor shareholders and debt costs in family companies with a moderating role of Financial Interlocks Board of Directors

Corporate financing is one of the most challenging issues in the field of capital markets. Therefore, the type of financing and related costs are of great importance. The purpose of this study is to investigate the effect of managers' financial entanglement on the relationship between major shareholders and family ownership on the cost of corporate debt. For this purpose, information on 176 companies listed on The years 1395 to 1399 were collected and analyzed using panel data method and Ivory software. The results showed that major shareholders and family ownership have a significant negative effect on the cost of corporate debt. Managers' financial entanglement also moderates the relationship between major shareholders and family ownership with debt costs. Family companies are reluctant to write off debt. On the other hand, there are managers who are financially entangled due to access to economic resources Adequately reduce the cost of financing. This study can be valuable because it reveals some factors affecting the reduction of financing costs.and expertise.the stock exchange over a 5-year period between

Keywords: Keywords: Debt cost, Financial entanglement, Family ownership, Major shareholders