A Survey of Factors Affecting Financing of Small and Medium-Sized Businesses in the Tehran Stock Exchange (TSE)

The purpose of this research was to identify the factors affecting financing of small and medium-sized enterprises in the Tehran Stock Exchange (TSE). The method of this study was to use the multiple regression model and panel data to test the hypotheses. The statistical population included 63 small and medium-sized companies admitted to the TSE, which were tested for the period of 2006 to 2021. The contribution was the use of market cap as a criterion for determining small and medium-sized companies. According to the findings, company size has a significant effect on internal financing. In addition, company size had a significant relationship with external financing through debt and share issuance. Also, there was a significant relationship between intangible assets and internal financing, while the ages of the small and medium sized enterprises did not have a significant relationship with external financing. It is suggested that small and medium-sized enterprises pay more attention to the significant variables for financing.