Examining the relationship between stock liquidity and debt maturity structure with emphasis on the role of representation theory of companies listed on the Tehran Stock Exchange

Liquidity of stocks in financial markets can be defined as the ability to attract smooth buy and sell orders, which is very important for investors and shareholders, and on the other hand, investigating agency costs and its effect on debt maturity structure is very important in investors’ decisions. The purpose of this research is to examine the relationship between stock liquidity and debt maturity structure with an emphasis on agency theory in companies listed on the Tehran Stock Exchange. In order to achieve the above goal, a sample consisting of 126 companies (including 1260 company year samples) was selected from among the companies admitted to the Tehran Stock Exchange in a 10-year period from 2010 to 2019. Multivariate regression with combined data was used to test the hypotheses. The results of the research hypothesis tests showed that the result of the first hypothesis has an inverse relationship between the liquidity of shares and the debt maturity structure of companies listed on the Tehran Stock Exchange, and according to the second hypothesis, agency theory research on the relationship between the liquidity of shares and the maturity structure of debt in listed companies It has the opposite effect on the Tehran Stock Exchange.