The Impact of Relations between the Supplier and the Customer on Capital Structure’s Reversibility with Moderating Role the Fundamental Uncertainty

Rapid technological changes are characteristic of today's markets and business decisions, in such a situation, the capital structure’s reversibility is considered an important financial criterion for companies, and since the behavior of investors and beneficiaries and their expectations from the market can also affect the capital structure and, as a result, the capital structure’s reversibility. this article examines the effect of relationships between suppliers and customers on the capital structure’s reversibility and also considers the moderating role of fundamental uncertainty.
This research is applied in terms of purpose. in terms of time, post-event, and in terms of nature, it is descriptive of the correlation type, which examines the properties and characteristics of the variables and the relationship between the variables with regression analysis. Then, after collecting the data of the statistical population samples, data analysis is done to test the hypotheses.  The research hypothesis was tested based on a statistical sample consisting of 131 companies during the period of 2010 to 2019 using multivariate regression based on combined data.
According to the stakeholder theory, the research findings show that supplier and customer relationships have a positive and significant effect on the capital structure’s reversibility. Also, according to the findings of the research, fundamental uncertainty weakens the effect of supplier and customer relationships on the capital structure’s reversibility.
The results show that when supplier relationships with major customers increase, the capital structure's reversibility period also increases. Also, in companies with high operating cash flow fluctuations, with the increase of supplier-customer relations, the reversibility period of the capital structure is reduced, which means that the operating cash flow fluctuations will reduce the speed of capital structure’s reversibility.