THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURE, FINANCIAL CONSTRAINTS AND RATIO OF COSTS OF RESEARCH AND DEVELOPMENT COMPANY LISTED ON THE TEHRAN STOCK EXCHANGE

The aim of this study was to investigate the relationship between ownership structure, financial constraints and the ratio of R & D spending companies listed in the Tehran Stock Exchange. This research is study, library, scientific analytical and based on panel data analysis (panel data). The data of 102 financial companies listed on the Tehran Stock Exchange during the period 1389 to 1393 (512 firm - years). To analyze the results of the study is used Eviews 7 software. The results showed that the three hypotheses regarding the approval of the financial constraints and the ratio of R & D spending is reversed, also between Institutional ownership structure and the ratio R & D spending and Finally, the ownership structure of management than R & D spending significant inverse relationship exists. Also according to the analysis made in connection with the fourth research hypothesis to the conclusion that between Shareholder ownership structure split and the ratio of R & D spending, there is no significant relationship.