The Investigation of Factors Affecting the Capital Structure using the Tobit Models: An Empirical Examination of Static Trade-Off, Pecking Order and Agency Costs Theories

The objective of this research is investigation about the factors affecting on capital structure from the approaches of static trade-off، pecking order and agency costs theories for companies listed on the Tehran Exchange Stock. To obtain this objective، we selected 114 companies from the statistical population which had necessary information for the 11 year period of the research (2001 - 2011). Regarding the theoretical basis and related literature، six hypotheses were composed. The Tobit regression model، which has received little attention in behavioral science، was used to test the hypothesis.. The results indicate that there is a significant relationship between firm growth، firm size، profitability، liquidity and asset uniqueness with capital structure، but there is no significant relationship between business risk and capital structure.