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<p style="text-align:justify;"><span style="color:rgb(51,51,51);">According to the results&nbsp;of recent studies, the main causes of companies’ failure are inadequate and&nbsp;inappropriate financing. Therefore, one of the key tasks of financial managers is to determine the best combination of the company's financial resources, or&nbsp;in other words, the target financial leverage. On the other hand, growth cycles are very useful for analyzing business cycles in countries that have&nbsp;experienced severe recessions and booms, such as Iran. The purpose of this&nbsp;study is to investigate the drivers of the target financial leverage and the&nbsp;speed of adjustment of financial leverage at different Stages of the life&nbsp;cycle. The statistical population is small and medium-sized companies active in&nbsp;Tehran Stock Exchange. For this purpose, 112 companies were selected by&nbsp;systematic elimination sampling method between 2015 to 2020 and Eviews 9&nbsp;software was used. The results indicate that for firms in the growth and&nbsp;maturing stages of their lifecycle, profitability, firm size, and tangible&nbsp;assets are stronger positive drivers for target leverage and when the company&nbsp;One stage of the life cycle goes to the next, the company slows down its gap&nbsp;with the target lever, and the speed of adjusting the optimal structure is&nbsp;reduced.</span></p>

mbrq.2023.25.02.pdf

Original Research 

mbrq.2023.25.02.xml

Drivers of the Target Financial Leverage and Speed of Adjustment in Small and Medium-Sized Companies at Different Stages of Life Cycle