Purpose of this study is to investigate relationship between book leverage adjustments on market leverage in Tehran Stock Exchange companies. The research period is from 1390 to 1395 and 121 companies were selected as samples. In order to analyze research data in panel,
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Purpose of this study is to investigate relationship between book leverage adjustments on market leverage in Tehran Stock Exchange companies. The research period is from 1390 to 1395 and 121 companies were selected as samples. In order to analyze research data in panel, a multivariate regression model has been used in the Eviews econometric software. In this research, dependent variables of leverage changes were used. The difference between book leverage and market leverage is independent variable, and firm size, profitability, cash flow fluctuations, ratio of tangible assets and book value to the market are also used as control variables.The results obtained using the modified regression model for research hypothesis show that there is a significant relationship between changes in book leverage and difference between book and market leverage. However, there is a significant relationship between dependent variable (changes in book leverage) and control variables of profitability, market to book value, ratio of tangible assets and firm size.
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