Investigating micro and macro factors affecting business risk in listed companies on the Tehran Stock Exchange

Non-financial data may refer to variables that represent the dimensions of the company's management. Company size and industry are other non-financial dimensions used when assessing business risk. In this regard, the purpose of this study is to explain the effect of micro and macro factors (specific characteristics of the company, industry characteristics, corporate governance, ownership structure and macroeconomic variables) on business risk in listed companies on the Tehran Stock Exchange. In order to achieve this purpose, 1752 firm-year (146 companies for 12 years) observations collected from the annual financial reports of listed companies on the Tehran Stock Exchange during the period 2007 to 2018 have been tested.Findings show that firm size, firm liquidity, firm profitability, firm growth opportunity, firm size, number of firms in industry, board independence, existence of audit committee and management ownership have a negative effect on business risk. while debt ratio and the exchange rate have a positive and significant effect on business risk. The results also show that statistically, firm life, industry decentralization, board size, duality of CEO duties, board financial expertise, audit committee size, audit committee independence, audit committee financial expertise, ownership type, Institutional shareholder ownership, major shareholder ownership, government ownership, interest rates and oil price growth have no effect on business risk.