Study on the Impact of Financial Crisis on the financial leverage of listed companies in Tehran Stock Exchange

The global economy faces financial crisis every so often. In recent years, the financial crisis has affected the global economy and all countries are involved in, diirectly or indirectly. The purpose of this research is to study the impact of the global economic crisis on the financial leverage of listed companies in Tehran Stock Exchange. To test this effect, 87 companies listed in Tehran Stock Exchange are studied during the period 1385 to 1390. In this study are used earnings before interest and tax, depreciation expense, assets, research and development expenses and the dummy variable, global economic crisis as the independent variables. The book debt ratios and the market debt ratios are used as dependent variables (the financial leverage). The results suggest a significant relationship between the global economic crisis and the market debt ratios. But no significant relationship is found between the global economic crisis and the book debt ratios.