Investigating the Impact of Social Responsibility on Capital Structure

Subject Areas : Journal of Capital Market Analysis

sajjad movahedi ¹ , Seyedeh Atefeh Hosseini ²

1 - Accountants
2 - Head of department of accounting

Received: 2021-08-24 Accepted : 2021-09-20 Published : 2021-08-23

Keywords: Tehran Stock Exchange, Capital Structure, Social Responsibility,

Abstract :

The present study investigates the effect of social responsibility on the change in the capital structure of companies listed on the Tehran Stock Exchange. The research is based on the question of whether corporate social responsibility affects their capital structure. The statistical population of this research is the companies listed on the Tehran Stock Exchange. Based on this, the information of 71 companies was selected as a sample. To test the hypothesis of this research, multivariate regression method and regression defaults test and to analyze the data, EViews and Excel software have been used. The data of this study include time series data and cross-sectional data. The time series data of this study show the data between 1393 and 1398 and cross-sectional data express the data of companies with the maximum available information. The data used were extracted from Cadal site and collected as a data panel.The results of data analysis show that there is a significant relationship between tax to sales ratio as a measure of corporate social responsibility and the degree of financial leverage as a measure of capital structure and also between the ratio of fixed assets to total assets as a measure of responsibility. There is a significant relationship between corporate social and the degree of financial leverage as a measure of capital structure.