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ISSN 2063-5346
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INVESTIGATING THE EFFECT OF THE FINANCING STRUCTURE ON THE ORGANIZATION'S PRODUCTIVITY WITH A MODERATING ROLE OF INTELLECTUAL CAPITAL IN COMPANIES LISTED ON THE TEHRAN STOCK EXCHANGE

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Mehdi Heydari, Abdul Qadir Bavardi
» doi: DOI: 10.48047/ecb/2023.12.si4.1060

Abstract

This research aims to investigate the effect of financing structure on the organization's productivity with an emphasis on the moderating role of intellectual capital in companies admitted to the Tehran Stock Exchange. The current research is a branch of experimental research and post-event type, which was conducted based on the real information of the stock market and the financial statements of the companies admitted to the stock exchange. The research is correlational. The current research statistical population includes all companies active in the Tehran Stock Exchange. The information related to 122 companies that have been analyzed in the period of 8 years from 2009 to 2016 to examine the relationship between the variables to test the research data. The Eviews software was used to analyze the statistical data. According to the results, short-term financing (short-term loans) does not significantly affect productivity based on total assets and fixed assets but there is a positive and significant relationship between long-term financing (long-term loans) and organization productivity (total assets and fixed assets). In addition, the capital level and capital increase do not have a significant effect on the organization's productivity (total assets and fixed assets). The results also showed that intellectual capital has a positive and significant effect on the relationship between short-term financing (short-term loans) and the organization's productivity based on fixed assets, while it does not affect overall productivity. In addition, intellectual capital positively and significantly influences the relationship between long-term financing (long-term loans) and the organization's productivity (total assets and fixed assets). Finally, intellectual capital does not significantly affect the relationship between the level of capital and the increase of capital with the productivity of the organization.

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