Investigating the Impact of Commercial Credit and Government Subsidies on the Relationship between Digital Financing and Innovation of Companies Listed on the Tehran Stock Exchange

The present study investigated the impact of commercial credit and government subsidies on the relationship between digital financing and innovation of companies listed on Tehran Stock Exchange. The spatial scope of the research covered companies listed on the Tehran Stock Exchange, and the temporal scope targeted the interval between 2015 and 2021. A total of 154 companies were selected based on systematic omission. According to the categorization of studies based on their nature and methods, the present applied research was a descriptive quest following a cause-and-effect methodology and using the library method for data collection. The data of the sample companies were collected by reference to financial statements, explanatory notes, and the monthly journal of the Tehran Stock Exchange. The multivariate regression test run in the EViews software was employed to confirm or reject the respective hypotheses. The results revealed a significant relationship between digital financing and independent organizational innovation and the contribution of commercial credit to the association between companies’ independent innovation and digital financing. Likewise, government subsidies impacted the relationship between digital financing and independent innovation of companies.