Strategic Research Institute of the Expediency Council Secreriat Quarterly Journal of The Macro and Strategic Policies 2345-2544 6 23 2018 10 23 The Effect of Macroeconomic Variables on Capital Structure in Iran The Effect of Macroeconomic Variables on Capital Structure in Iran 398 413 60212 10.32598/JMSP.6.3.398 FA Mansooreh Aligholi PhD. in Economics, Associate Professor, Department of Commercial Management, Faculty of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran. Journal Article 2017 05 19 In this research, the inflation rate, liquidity, bank interest rate, and exchange rate (the replacement for the dollar) are considered as economic variables. In addition, their impact on the structure of capital, which is the ratio of debt in companies, has been investigated. The method and nature of the present research is a correlational research and a combination of data approach was used for analyzing research data and estimating models. The study results indicate that three variables of inflation rate, exchange rate, and liquidity volume have a significant effect on capital structure, but interest rate does not have a significant effect on capital structure. Thus, changes in interest rates do not affect the debt ratio and the other two variables; inflation rate and the volume of liquidity have a negative effect on the capital structure. Hence, financial managers will pay special attention to the effects of changes in the inflation rate on the capital structure and the positive effects of the exchange rate when deciding the financials, combining the required cash resources, and studying the changing process made by these variables.<br />JEL Classification: E2, E22, E44 In this research, the inflation rate, liquidity, bank interest rate, and exchange rate (the replacement for the dollar) are considered as economic variables. In addition, their impact on the structure of capital, which is the ratio of debt in companies, has been investigated. The method and nature of the present research is a correlational research and a combination of data approach was used for analyzing research data and estimating models. The study results indicate that three variables of inflation rate, exchange rate, and liquidity volume have a significant effect on capital structure, but interest rate does not have a significant effect on capital structure. Thus, changes in interest rates do not affect the debt ratio and the other two variables; inflation rate and the volume of liquidity have a negative effect on the capital structure. Hence, financial managers will pay special attention to the effects of changes in the inflation rate on the capital structure and the positive effects of the exchange rate when deciding the financials, combining the required cash resources, and studying the changing process made by these variables.<br />JEL Classification: E2, E22, E44 https://www.jmsp.ir/article_60212_ca1b5bdac793ec2644311e91d44058a1.pdf