Modeling the Factors Affecting the Capital Structure in Companies Listed on the Tehran Stock Exchange, the Approach of Bayesian Averaging Model

The capital structure, meaning the way the company is financed, affects the value of the company, the relationship between the components of the capital structure, which is a mixture of bonds and stocks for financing, has a significant effect on the performance results of companies, the aim of the research is to model the factors affecting the capital structure in companies listed on the Tehran Stock Exchange (the approach of Bayesian averaging (BMA), This research is practical in terms of purpose and correlational in terms of nature. In order to achieve the goal of the research, 175 companies were selected from among the companies admitted to the Tehran Stock Exchange during the years 1390 to 1400 by systematic elimination method and considered as the main sample.In order to identify the most important variables affecting the capital structure, the BMA model has been used. Based on this, 61 identified variables affecting the capital structure were included in the Bayesian averaging model. These variables were divided into two categories of internal and external factors. Based on previous probabilities, 17 variables were identified as important variables on capital structure. Among these variables, 10 intra-company variables (type of ownership; net operating profit; current ratio; total assets turnover ratio; interest rate coverage ratio; debt-to-equity ratio; beta per share; accrual profit management; financial distress and tax) and 7 external variables (inflation, exchange rate, budget deficit, business climate index, economic resilience index, sanctions index, capital market depth) were effective on the capital structure