Investigating the effect of political behavior on the performance of Tehran stock companies

According to the relationship-based economic theory, political behavior can be an important source of value creation for companies with this type of relationship. Companies with political behavior can have easier access to capital resources and other things to gain a competitive advantage from this place and use it to perform better than their competitors. Therefore, it is expected that the performance of companies with political behavior is better than other competing companies. To test this hypothesis, the data related to 88 companies admitted to the Tehran Stock Exchange during the years 1386-1391 were examined. The results of multivariate regression analysis using the panel least squares method show that political behavior has a negative relationship with company performance, but this relationship is not statistically significant and therefore the research hypothesis will not be accepted. Also, the findings show that company size, growth opportunities and liquidity have a positive relationship with the company's performance and financial leverage has a negative relationship with it.