Investigating the Relation between Social Capital and Financial Leverage and Debt Maturity of Companies Listed on the Tehran Securities stock

Previous research has often shown the benefits and costs of using leverage and shortening debt maturities to create agency problems. Financial leverage motivates managers to work more effectively in many ways. However, the use of risk leverage also increases the financial crisis and exacerbates the conflictbetween owners and shareholders. Similarly, the use of short-term debt reduces the opportunities available to managers for the benefit of other stakeholders. It is assumed that companies achieve the desired level of social capital structure by adjusting their capital structure and debt maturity. This study examines the relationship between financial leverage, debt maturity and social capital. The main hypotheses and research of the present study are as follows: 1- There is a significant relationship between social capital and book leverage of companies. 2- There is a significant relationship between social capital and market leverage of companies. 3- There is a significant relationship between social capital and corporate debt maturity. The results of model estimation show that the first two hypotheses are not confirmed but the third hypothesis is confirmed. According to the findings of the first and secondhypotheses of the research, it is suggested that companies invest more in the field of social responsibility and with the aim of increasing social capital to make these activities easier to finance foreign debt and create debt as well as value. Experience the company's market. According to the findings of the thirdhypothesis of the research, it is suggested that companies pay more attention to paying taxes, sharing cash benefits with employees, providing retirement benefits and increasing the quality and safety of products in order to increase the strengths of their social capital and Experience shorter debt maturities as well. In this research, the data of companies listed on the securities stock and data panel regression are used. After formulating the research hypotheses, in order to test them, the theoretical model of the research was presented based on the research of Huang and Shang (2018). 153 companies from among the companies active in Tehran securities Stock as a statistical sample of research during the period 1391 to 1397 have been studied, so the number of 1224 year-company observation rows were fully available and calculable and information about variables The research was extracted through new software and financial statements of companies.

کلیدواژه ها:

social capital ، financial leverage ، debt maturity.