“…It is the logarithm of the number of years since the company has been listed on the Tehran Stock Exchange (Salehi, Tahervafaei and Tarighi, 2018) Leverage It is calculated through long-term debt scaled by total assets (Salehi, Tahervafaei and Tarighi, 2018) Loss It is an indicator variable which equals one if the net income is negative and, zero otherwise (Salehi, Tahervafaei and Tarighi, 2018) Industry indicator It is based on the two-digit SIC code Tax avoidance of Iranian companies boycott, investors are reluctant to invest in Iranian companies, and most of these companies have to use debt to cover their capital requirements. With respect to dummy variables, it can be also stressed that in 237 fiscal years, the auditor has issued an unqualified opinion without any additional language and the rest, which is 57 percent of the total financial years of the research, has provided a qualified audit report.…”