The net profit of any business entity for a particular time period can be conceptualized as the final outcome of its investing, financing and operating activities. These activities are influenced by Management’s decisions and several internal and external environmental factors. This paper investigates how profitability of firms, for 125 public limited companies listed at Tehran Stock Exchange for a period of 2006-2013, is influenced by Working Capital management and Capital structure of firms. The dependent variable is Earning before Interest and Taxes (EBIT) as a measure of profitability. The independent variable are current ratio (as representative of the result of Working Capital management policy) and financial leverage (as the bench mark for Capital structure). Supplementary variable were also undertaken to assess the impact of operating leverage and firm size on profitability. The regression results show that negative relationship between the Profitability measures of firms and Current Ratio and a posetive relationship between the profitability measures of firms and degree of Financial Leverage.

Objective Working Capital management is a vital part of corporates' financial management, which is also related to profitability and reflects the financial health of the company. Since Iran's business environment, as well as its prevailing economic and political conditions, are different from some other countries, it was decided to specifically examine how to manage Working Capital in Iran qualitatively. Methods In this study, a qualitative content analysis method and in-depth interview tools were used and for this purpose, 26 board members, managers, deputies and financial advisors of companies in 10 listed industries of Tehran Stock Exchange were interviewed. Results In this study, in addition to the factors affecting Working Capital management (external factors including: global commodity prices, macroeconomic factors, political conditions, the role of government, suppliers, industry; and internal factors including: financial factors, corporate governance mechanisms, board of directors, Company credibility, type of goods, type of sales, dividends policy, production volume, company's credit policy, non-systematic risk, company's life, geographical location) and consequences of optimal Working Capital management (improving liquidity, increasing profitability, developing market share, improving Company's credibility, company's survival), some factors such as background conditions (economic structures, cultural structures and state's actions) and strategies to improve optimal Working Capital management (management, board structure, establishing risk committee, budget forecasting, financial regulation for each Industry, conducting internal audits and operational audits, industry's partnerships with universities and scientific centers, and conducting analytical work) are provided. Obstacles and problems that industries and companies encounter in Iran for the optimal implementation of Working Capital management are also presented. Conclusion According to the research findings, the most influential factor on Working Capital management is made by the economic and political conditions of the country and the role of the government, which can be provided by developing long-term economic plans according to the political and economic conditions of the country. Besides, research findings also provide managers and financial deputies with a broader perspective for optimal Working Capital management.

The reason that most bankruptcy corporations’ does not succeed is the unfavorable status and improper management of Working Capital. These corporations have good financial status in the long run, but because of incompetent Working Capital, are not able to compete with other corporations’ and they expelled. Profit units are able to affect corporations’ rate of cash by applying various policies in relation to Working Capital management. These strategies can affect rate of risk and their return. The present study survey the affect of policies of corporations’ Working Capital over the rare of Companies risk.The Population in this research has the financial statements of accepted companies in Tehran Stock Exchange (TSE). In order to analyze data, panel analyzes and ANOVA were used. To measure the corporations’ risk Beta criteria was considered.The results of this research reveal that, there is a significant and positive relationship between the policies of Working Capital and corporations’ risk. Other findings of the present research show that there is a significant and positive relationship between corporations’ size and risk.

One of the challenges face corporate managers in the world is how Working Capital and growth opportunities influences Capital structure of their companies. Show this problem for all company managers and other decision-makers in finance will be effective. The main purpose of this research is the assessment of the effect Working Capital and the growth opportunity on Capital structure of accepted companies in Tehran Stock Exchange. In this research, the number of 107 companies in Tehran Stock Exchange has been examined during the period of 2009 until 2015. In order to test these hypotheses, we used Multiple-regression model for combined data. The results of research suggested that there was significant correlation between the financial leverage and sales growth rate, dividend growth rate, structural health ratio, debtor-sales ratio, liquidity ratio. In addition, no significant correlation between financial leverage and net income growth rate, inventory-sales ratio, cash-sales ratio, creditor-sales ratio, current asset-sales ratio.

A large part of organization’s Capital is dedicated to Working Capital and its management has great importance. There is an invert U-shaped relation between Working Capital management and firm’s financial performance. Regarding to this point that financing conditions may play important role in this relation, the aim of this study is to investigate the impact of financial constraints on the relationship between Working Capital management and financial performance. It’s a descriptive-correlation study and is based on analysis of panel data. Our sample includes the financial data of 90 listed companies in Tehran Stock Exchange during the period 1386 to 1392. Using cost of external financing as a proxy of financial constraints, it is shown that these financial constraints have meaningful impact on the relationship between Working Capital management and firm’s financial performance. And the optimal level of Working Capital is lower for firms that are more constrained financially. Our results suggest that because of cost of recede from it, managers should pay attention to the optimal level of Working Capital.