Investigating the effect of intellectual capital efficiency on capital structure with the role of adjusting risk and profitability of the company

The growing importance of intellectual capital in corporate value creation processes has significantly affected capital markets, corporate disclosure, and corporate financial management, as intellectual capital has contributed to increasing information asymmetry between firms and investors. Therefore, the purpose of this research is to investigate whether the efficiency of intellectual capital has an effect on the capital structure, and whether risk and profitability of the company moderate the relationship between the efficiency of intellectual capital and the capital structure. The statistical population of companies admitted to the Tehran Stock Exchange during the years 1390 to 1399 and using the information of 120 companies and the multivariable linear regression method, the hypothesis was tested. According to the results of the first hypothesis test, the efficiency of intellectual capital has a direct and significant effect on the capital structure, and the results of the second hypothesis indicate that the company's risk has a significant effect on the relationship between intellectual efficiency. Capital and capital structure and the results of the third research hypothesis show that the profitability of the company has a significant effect on the relationship between the efficiency of intellectual capital and the capital structure.