Effect of government presence in capital structure on the relationship between intellectual capital and financing decisions in Listed Companies in Tehran Stock Exchange; A structural equation model

The main purpose of present research is to investigate the effect of governmental ownership on the relationship between intellectual capital and financing decision. Empirical studies have identified other factors which are related to financing decisions and influence the intellectual capital efficiency. Therefore, in this research in addition to investigating the effect of intellectual capital and its dimensions on financing decisions, the moderating role of governmental ownership on the relationship between intellectual capital and financing decision has been considered as well. In order to attaining research goal, two main hypotheses and twelve sub-hypotheses have been provided. Research sample consisted of 107 listed companies in Tehran stock exchange during year 1389 to year 1397. Structural equation modeling based on variance approach and SmartPLS software were used for testing hypotheses and research conceptual model. Results show the positive effect of intellectual capital on using debts in capital structure. Also, results show that governmental ownership can enhance the positive relationship between intellectual capital and borrowing