Selecting an appropriate investment position in order to maximize the benefits is one of the most important decisions of people in each community. The natural desire of people is finding an investable unit with high returns and low risk. The performance of leadership components determines the major part of company's risk and return. This research was conducted to investigate the relationship between reward, financial leverage, and risk taking in listed companies in Tehran Stock Exchange. The research sample included 675 companies during the period of 2012-2016. Financial data were analyzed using panel data and using generalized least squares regression. The results of testing the research hypotheses showed that reward increases risk taking. In other words, by increasing voluntary motivations such as reward, the value of risk taking can be increased. Moreover, evidence suggests that financial leverage has a moderating effect on the positive relationship between voluntary motivations in current reward and management risk-taking.
