dentifying the Factors Affecting the Financial Risks of Companies Using the Structural Equations Approach

The purpose of this study is to investigate the mediating role of the cost stickiness in the relationship between intangible assets and the purpose of this paper was to identify the factors affecting the financial risks of companies by considering the effects of fluctuations of those factors and selecting the selected variables. In this study, the information of 145 listed companies at Tehran Stock Exchange during 2011-2020 was used. Also, to analyze the findings, the structural equations modeling approach and 31 variables, including financial ratio, size factor, company growth, and competitive strategy, were utilized together and simultaneously. The results showed that 58.6% of financial risks were explained by fluctuations in the research variables. Also, by using the load factor values and beta coefficient test, the accrued financial ratios, such as net profit margin, operating profit margin, asset turnover period, accumulated profit-to-asset ratio, current ratio, and cash ratio, as well as cash financial ratios, including the ratio of operating cash flow to total assets and the ratio of operating cash flow to long-term liabilities, were found to be of particular importance. In addition, by using the t-test, the effects of financial ratios, firm size, growth factors, and competitive strategies on financial risks were observed to be significant.