The impact of debt and operating cash flow ratios on bankruptcy risk of chemical products companies in the Tehran Stock Exchange based on the Dwyer model

This study investigates the impact of debt and cash flow ratios on the bankruptcy risk of chemical products companies listed on the Tehran Stock Exchange using the Dwyer model. The research is applied in nature and employs a descriptive–analytical methodology. The sample consists of ۵۰ firms in the chemical products industry, covering the period ۲۰۲۰–۲۰۲۴. The independent variables include the ratios of total debt to total assets and operating cash flow to total debt, while the Dwyer bankruptcy index is used as the dependent variable. The results reveal that higher operating cash flow relative to debt significantly reduces bankruptcy probability, whereas higher total debt relative to total assets significantly increases it. Overall, the findings emphasize the importance of effective debt management and operational cash flow in mitigating financial distress and provide practical implications for managers, investors, and market regulators.

کلیدواژه ها:

Bankruptcy ، Chemical Products Group ، Dowier Model