Quarterly Publication

Document Type : Original Article


1 Department of financial Management,Kish International Branch, Islamic Azad University, Kish island, Iran

2 Assistant Professor, Department of Management and Accounting, University of Tehran

3 Assistant Professor, Department of Accounting, Islamic Azad University, Tehran, South Tehran Branch, Iran


Companies have access to a variety of financial resources to implement available profitable investment projects, to settle overdue debts, to increase working capital, and to pay dividends to shareholders
Correct decision making and the ability of companies to determine the appropriate financial resources are the main factors of company success. The effects of financing on the company's return and risk are the most important goals that management should pay attention to when choosing a financing method, and select resources that minimize financing costs. In this research, first, to identify financing methods and also the criteria for selecting the appropriate financing method, the fuzzy Delphi method has been used. Then, the AHP method was used to prioritize the parameters. The results of this study showed that the factors of efficiency, cost, sustainability, operationality, fairness, and transparency are the most important criteria for selecting financing methods in gas companies and also forming subsidiary consortia, receiving facilities, issuing participation bonds, creating an investing companies, presence in the stock market, creating a plan as a shareholder, have been identified as financing methods.