The impact of company life on the relationship between corporate governance mechanisms and capital structure

In this paper, the impact of company life on the relationship between corporate governance mechanisms and capital structure is evaluated. In order to investigate this issue, there are two main hypotheses, each containing four sub-hypotheses. It is designed and tested to test the hypotheses using a multivariate regression model based on combined data and fixed effects method. The statistical population of the study consisted of 203 listed companies in Tehran Stock Exchange in accordance with the screening model and systematic elimination method over a period of 6 years from the end of 2011 to the end of 2016. Evidence showed that none of the corporate governance mechanisms had a significant impact on the capital structure. Also, the impact of corporate life and the relationship between corporate governance mechanisms and capital structure was not significant. Determining healthy goals and appropriate ways to achieve those goals and ultimately protecting the rights of all stakeholders (especially small shareholders) is the ultimate goal of corporate governance.