Social Trust and Financial Leverage

This study investigates the intricate relationship between social trust and financial leverage within the unique context of companies listed on the Tehran Stock Exchange (TSE) over the period ۲۰۱۸ to ۲۰۲۳. The statistical population comprised all TSE-listed companies, from which a final sample of ۱۴۵ firms, along with ۱۴۵ corresponding managers and financial experts, was selected based on stringent criteria. Data collection employed a dual approach: financial data were sourced from the Reheard Novian software (version ۳), the official TSE database, financial statements, and the CODAL system; while social trust data were gathered using a validated questionnaire. Analysis was conducted using SPSS software (version ۲۵). The findings robustly confirm the main hypothesis, indicating that social trust significantly and positively influences corporate financial leverage. Specifically, the sub-hypotheses revealed that cooperative tendencies (CO), corporate transparency (PE), honesty (HO), and reliability (AS) all have significant positive effects on financial leverage. The control variables—firm size, growth, and return on assets—also demonstrated significant relationships. This research underscores the critical role of intangible social factors in shaping corporate financial policies in an emerging market context, offering valuable insights for investors, creditors, and corporate managers.

کلیدواژه ها:

Social Trust ، Financial Leverage ، Cooperative Tendencies ، Corporate Transparency ، Tehran Stock Exchange ، Agency Theory ، Capital Structure