چکیده:
In this study, the relationship between the debt ratio and the cost of capital in companies listed on the Tehran Stock Exchange during the period 1358-1381 has been investigated. The main hypothesis of this research states that there is a significant relationship between the debt ratio and the cost of capital in listed companies. To test this hypothesis, this relationship was examined once for all sample members, and again, companies were divided into two groups: leveraged and non-leveraged, where one group was considered the experimental group and the other the control group. The research method for this hypothesis is quasi-experimental. Other objectives of this research include investigating the relationship between business risk and net profit with the debt ratio. In terms of general research methodology, the present study is descriptive-analytical based on past experiences or ex-post facto. The research findings indicate the absence of a significant relationship between the debt ratio with the cost of capital and return on equity in Iran. While an inverse relationship between the percentage change in net profit and business risk with the debt ratio, and their lack of independence (dependence) on this ratio, has been proven.
خلاصه ماشینی:
The main hypothesis of this research states that there is a significant relationship between the debt ratio and the cost of capital in companies listed on the stock exchange.
Figure 3: Pearson and Spearman correlation coefficients between the debt ratio and other variables (refer to the image on the page) Testing the first hypothesis of the research The first hypothesis stated that there is a significant relationship between the debt ratio and the cost of capital.
Figure 4: Examination of simple linear regression between the debt ratio and the cost of capital (refer to the image on the page) Testing the second hypothesis of the research: With an increase in the debt ratio, the return on common equity increases.
Figure 5: Examination of simple linear regression between the debt ratio and stock return (refer to the image on the page) According to Figure 5, the hypothesis of the existence of a positive linear relationship between the debt ratio and stock return is rejected at a 59 percent confidence level, and in the model under study, only the constant value can remain.
Figure 8: Existence of difference in the mean ranks obtained related to the variables in the two leveraged and non-leveraged groups (refer to the image on the page) To examine the research's fifth hypothesis, observing Figures 9 and 10, it can be noted that a significant linear relationship between the cost of capital and debt ratio variables in the two leveraged and non-leveraged groups cannot be confirmed.
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