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The Impact of Capital Structure on the Business Cycle of Companies Active in the Automotive Industry and Parts, Pharmaceuticals and Chemical Products
Journal: Iranian Journal of Business and Economics
Issue: Iranian Journal of Business and Economics (Volume: 5, Issue: 4)
Author: Esmail Rafati , Seyed Kazem Ebrahimi , Mahmoud Bani
Keywords : pharmaceutical industry , Business cycle , capital structure , chemical products

The purpose of this study was to examine the impact of the business cycle on the capital structure and performance of companies active in the automotive industry, parts, pharmaceuticals, and chemical products in companies admitted to the Tehran Stock Exchange. According to the purpose of this study, six hypotheses were presented which were analyzed statistically. The statistical sample of the study consisted of 51 companies admitted to the Stock Exchange, whose data were analyzed during the 5 years (2011-2012) as a test period. We use the business cycle and capital structure as well as the company's performance. Multivariate regression has been used to analyze hypotheses. The results show that the coefficients of the independent variables of the research in the hypotheses according to the statistics obtained from these variables, the results indicate the significance of this coefficient. These findings indicate that there is a direct relationship between the business cycle and the capital structure of automobile and parts companies. Also, the business cycle has no significant effect on the capital structure of companies active in the pharmaceutical and chemical products industry.

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