The Impact of Environmental Uncertainty on Financing Companies Listed in Tehran Stock Exchange

Financing methods for continuing to operate and execute profitable projects are very effective in the growth process of companies and contribute to the viability of companies in today's competitive world. Financing policies and appropriate financing decisions are based on futures and the expected future benefits, so these financial decisions can affect the performance and value of the company. Providing capital in order to invest and develop appropriate financial plans is one of the factors for growth and development of any company. Companies can raise funds from within (for example, from accumulated profits), or from outside the company (through the issuance of stocks or bonds, borrowing from the banking system). Environmental uncertainty confronts the company with an unpredictable environment characterized by rapid changes in technology, severe variations in customer demand, and severe fluctuations in material supply. The purpose of the present study is to investigate the impact of environmental uncertainty on the financing of listed companies in Tehran Stock Exchange. In this study, 109 companies were surveyed using systematic sampling method during the period of 2011-2012. B