摘要：The main purpose of this paper is to determine whether imposing oil sanctions have a significant impact on oil, gas and petroleum companies’ capital structure or not. The most innovative aspect of our study is to evaluate the influence of sanctions on a firm-specific variable rather than macroeconomic level. To address this problem, we investigate oil companies listed in Tehran Stock Exchange from 2006 to 2018. Furthermore, a comparison between oil industry and cement industry and a prediction of oil companies’ capital structure trend is conducted.The results indicate that 2012 oil sanctions against Iran affect the oil companies’ capital structure and the future trend reveals that the share of equity in capital structure will increase. Moreover, we inspect no significant relationship between oil sanctions and cement companies’ capital structure.
