Cost of capital, optimal financing policies and growth opportunities in Companies Active in Pharmaceutical Industries Listed in Tehran Stock Exchange

چکیده مقاله

This study aimed to investigate the relationship between capital costs and financing policies and growth opportunities. Today, cost of capital plays a large and significant role in financing policies that could affect growth opportunities, market value of the company, and its credit risk. Accordingly, it is necessary to conduct a study in order to investigate the relationship between cost of capital and growth opportunities, value market, and credit risk given the dynamics of pharmaceutical companies in the field of investment and financing. Moreover, the primary objectives of the research is as follows:
 Understanding the relationship between cost of capital and growth opportunities in pharmaceutical companies listed in Tehran Stock Exchange.
 Understanding the relationship between cost of capital and market value of pharmaceutical companies listed in Tehran Stock Exchange.
 Understanding the relationship between cost of capital and credit risk of pharmaceutical companies listed in Tehran Stock Exchange.
For this purpose, information of pharmaceutical companies listed on the Tehran Stock Exchange during 2003 to 2013 was reviewed. The research is applied in terms of purpose and is descriptive correlational and ex post factor in terms of nature and method. In this study, sampling was done by using the systematic elimination including 26 pharmaceutical companies. To test the research hypotheses, linear and logistic regression tests have been used with the help of SPSS and Minitab softwares. The research results indicate a significant relationship between capital costs and financing policies and growth opportunities, market value and credit risk and it was observed that the results of this research are consistent with those obtained in other research in this area. Weighted average cost of capital (WACC) in Iran for pharmaceutical companies listed on the Tehran Stock Exchange during the survey conducted was equal to 0.675.

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