Objective: The recent strategic shift of firms toward the accumulation of financial assets has highlighted the phenomenon of corporate financialization in the management of capital structure. This approach influences debt financing decisions. The present study aims to examine the effect of corporate financialization on the level of debt financing, while also analyzing the moderating roles of risk-taking and earnings management in this relationship.

Method: This applied research was conducted using secondary data comprising 1,010 firm-year observations from 101 companies listed on the Tehran Stock Exchange over the period 2015 to 2024. Regression models were employed to analyze the data and test the research hypotheses.

Findings: The results indicated that corporate financialization has a negative and significant effect on the level of debt financing. In addition, earnings management, as a moderating variable, significantly intensified the negative effect of financialization on debt financing, whereas risk-taking did not play a significant moderating role in this relationship.

Conclusion: The findings of this study underscore the importance of asset composition in capital structure decisions. An increase in financialization, particularly in the presence of earnings management, may lead firms to rely less on debt financing. It is recommended that regulatory authorities prevent the structural risks arising from excessive financialization by strengthening disclosure transparency and enhancing oversight of earnings quality.