Investigating Factors Affecting Debt Policies of Companies Accepted in Tehran Stock Exchange

Financial strength has always been, one of the influencing factors for the success of companies, and undoubtedly the company's capital structure, plays a key role in this context. Therefore, Capital structure and the influencing factors are the issues of interest for the researchers, especially in providing of finance. This study evaluated the impact of initial debt policy on Future debt policy, in the companies listed on Tehran Stock Exchange for the period of 2001 to 2015. In the following, along with the assessment the impact of particular Company’s factors on liabilities policy, this question is going to be answered that whether Chief Executive Office departure has effect on their liabilities policy? This research has the practical goal and the results of it are ex-post. With Systematic elimination, 115 cooperation companies have been chosen as a sample, and by the help of field study, the required data have been gathered.To analyze data and to assess relationships between variables, multivariate linear regression model and Statistical methods of panel data were used. The first hypothesis test results, show that the impact of initial liabilities policy on future liabilities policy is not significant. In the second hypothesis particular factors affecting on the company's liabilities policy examined and the results show the importance of the particular factors effects, on the company's liabilities policy. Based on test results in the third hypothesis, we come to this conclusion that the Chief Executive Office departure has no significant impact on corporate liabilities policy.