The Role of Credit Ratings in Capital Structure and its Adjustment Speed in Companies Accepted in Tehran Stock Exchange

In the present study, the role of credit ratings in capital structure and its adjustment speed was investigated in companies accepted in Tehran Stock Exchange. To this end, 138 companies were examined during the period 2011-2016. In this research, the data was extracted, classified and calculated using Excel software and ultimately, the hypotheses were tested at a 95% confidence level through Eviews‏ ‏and Stata software. The results obtained from hypothesis testing demonstrated that there is a significant negative relationship between credit ratings and adjustment speed to reach the optimal level of capital structure. Further, no reliable evidence was found regarding the existence of a significant relationship between credit ratings and capital structure at a 95% confidence level.