The Impact of Economic Growth on Ownership and Financial Structures of Companies Active in Tehran Stock Exchange

This study is an attempt to investigate the reciprocal effects of economic growth and financial structure on one hand, and economic growth and ownership structure of companies on the other. The study aim is to identify and clarify the implications of the aforementioned relationships in order to utilize the results in decision making policies and in implementing laws constraining financial as well as ownership structures of companies in the process of development. The analysis of the percentage of debt and capital variations with the assumption of compound growth revealed that by financing through increasing debt, companies failed to have an impact on economic growth. This finding is an indication of the significance of financing through increasing the capital and its role on the process of development. No significant result has been found between economic growth and other structural variables. Meanwhile, by utilizing the second and third assumptions to determine structural indices, no significant causal relationship has been found between economic growth and structural variables.