Download or read book Investigating the Effect of Company Financial Leverage and Growth Opportunities on the Investment Decisions in the Companies Listed on Tehran Stock Exchange written by Lafte Sarkhe and published by . This book was released on 2016 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigated the effect of company financial leverage and growth opportunities on the investment decisions using information on Iranian companies listed on Tehran Stock Exchange. This paper aims to answer is whether financial leverage influences the investment decisions in Iranian context. By answering this question, the author attempts to add to the existing literature by bringing new evidence on the relationship between leverage and investment decisions of firms listed in Tehran Stock Exchange in Iran. For the study purpose, the 83 companies with the desired condition were selected for this purpose and panel data with fixed effects was used to test hypotheses. The results of this research show that companies with higher Financial Leverage adjust their investment decisions. The results of this study can be used by shareholders, managers and finance researchers.
Download or read book The Effects of Corporate Investment Financing and Dividend Decisions on Firm Value in the Bursa Malaysia The Moderating Role of Growth Opportunities written by Chaleeda Som Sak and published by . This book was released on 2019 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between corporate investment decisions, corporate financing decisions and corporate dividend decisions with firm value and the potential moderating effect of growth opportunities in these relations. In consequence, this study is organised to achieve the following research objectives: To validate the applicability of MM theorems in the context of Malaysia:To identify the effect of capital expenditure and increment of investment on firm value of Malaysian companies listed on Bursa Malaysia:To verify the effect of leverage and debt maturity on firm value of Malaysian companies listed on Bursa Malaysia:To determine the effect of dividend payout, dividend yield, and dividend to total assets on firm value of Malaysian companies listed on Bursa Malaysia:To assess the moderating effect of growth opportunities on the relationship between investment decisions and firm value of Malaysian companies listed on Bursa Malaysia: To investigate the moderating effect of growth opportunities on the relationship between financing decisions and firm value of Malaysian companies listed on Bursa Malaysia:To examine the moderating effect of growth opportunities on the relationship between dividend decisions and firm value of Malaysian companies listed on Bursa Malaysia.
Download or read book Investigating the Effect of Corporate Sovereignty Mechanisms on the Stock Returns of Listed Companies of Tehran Stock Exchange written by Saeed Samimi and published by . This book was released on 2017 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Facilitating domestic and foreign investment and the expected stock returns of shareholders are issues that are typically important for all stakeholders of the company. The alignment of the interests of stakeholders and managers of companies can be achieved by reducing the problems of the agency. The decrease of these problems increases the shareholder's interest in trading on the capital markets and results in the increase of stock liquidity and expected return of shareholders. This study aims to explore some of the corporate governance mechanisms on the stock returns of listed companies in Tehran Stock Exchange. The explored governance mechanisms of the study included non-executive members of the board of directors, the duality of responsibility of the managing director, ownership of institutional shareholders, and audit quality. To this end, 93 companies were chosen through the systematic elimination from 2007 to 2014 which were analyzed using panel data regression analysis. The results of the study indicated that institutional ownership and auditor specialization in industry had an effect on the stock return. In addition, independence of the board of directors, managing director responsibilities and the size of audit institution had no effect on the stock return.
Download or read book A Study of the Impacts of Leverage on Labor and Capital Productivity written by Peyman Akbari and published by . This book was released on 2013 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Productivity is a primary objective of increasing competition in modern economy and any increase in productivity level helps development of organization in the competitive market. The purpose of this paper is to investigate the relationship between operating leverage, financial leverage, compound leverage as independent variables and productivity indices including labor and capital productivities as dependent variables. The study includes 102 companies accepted in Tehran Stock Market based on screening, systematic deletion, over the period 2005-2010. The required data are gathered through official financial statements, committee reports, and other available documents in Tehran Stock Market. Stepwise regression and Pearson correlation are used to analyze the data. The results of the study have indicated that there were significant relationships between independent variables including leverage ratios with labor productivity. In addition, there is also a significance relationship between leverage ratios with capital productivity of total assets.
Download or read book Relationship Between Financial Constraints Economic Crises and Working Capital Management of Companies Listed on Tehran Stock Exchange written by Dr Ebrahim Mansoori and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to examine the relationship between financial constraints and economic crises, and working capital management of companies listed in Tehran Stock Exchange (TSE) for the period of 2014-2015. Cash conversion cycle and net liquidity balance were used to assess working capital management. KZ index was used to calculate the financial constraints, and to determine the economic crisis, dummy variable of economic growth rate was used. The results of panel data analysis showed that financial constraints and economic crisis has adversely affected working capital Management. In other words, managers decrease the level of investment in working capital during financial and economic crisis. Moreover, we found that firm size, profitability and financial leverage have negative impact on cash conversion cycle.
Download or read book The Impact of Financing Decision Dividend Policy and Corporate Ownership on Firm Performance at Presence or Absence of Growth Opportunity written by Huson Joher Aliahmed and published by . This book was released on 2008 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: [Enter Abstract Body]The aim of this paper is to analyze the impact of a company's level of financing policy, dividend policy and corporate structure on firm performance measured by Tobin Q of Malaysian-listed at the presence or absence of growth opportunities. The study uses panel based regression approach to address whether or not policy variable such as dividend, leverage and corporate structure play differently in explaining the market based firm performance once firm faces growth opportunities or absence of growth opportunities. The analysis is based on a sample of 100 Composite Index components Companies on Kuala Lumpur stock exchange over a period of 4 years, from 1999 to 2002. Findings suggest that firm debt policy affect firm performance differently once firm face presence or absence of growth opportunities. The relationships are unique for each scenario. Once the firm faces no growth opportunities, increase in corporate debt has adverse effect on firm performance. In contrast, firms, which face growth opportunities, resorting external funding provide a multiplier effect on firm performance. While corporate dividend policy seems to be indifferent for the firms which face growth or no growth opportunities, but provide a greater explanation for the potential impact on firm performance implying that dividend policy remain most stable in Malaysian capital market which is valued by corporate investors. Corporate structure proxied by managerial ownership may not provide any meaningful explanation for firm performance over the analysis period. However, firms based both on domestic and multinational ownership provides strong explanation for firm performance once firms face no growth opportunity. Hence this study provide a new lights on issue of corporate structure on firms performance.
Download or read book Determinants of Capital Structure written by Masoud Nadem and published by . This book was released on 2013 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main objective of this research is to investigate the determinant factors of capital structure of companies listed on Tehran Stock Exchange. Based on pecking order theory (Static and Dynamic Version) and using data of companies listed on Tehran Stock Exchange during 2002 till 2010, we investigated the effect of return on investment, tangible fixed assets, net working assets, firm size and profitability index on debt ratio. The results show that in static version of pecking order, all variables have significant relationship with capital structure. But, in dynamic version of pecking order, fixed assets have positive relationship and net working assets have negative relationship with capital structure.
Download or read book The Study of Issuance of Stocks in Venture Companies Listed in Tehran Stock Exchange written by Ali Amiri and published by . This book was released on 2019 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: In order to implement the profitable projects, achieve the maximum efficiency, and increase their shareholders, companies may use different types of financial resources in different ways. The ability of companies to identify the internal and external resources for providing capital and financial programs is considered as one of the main factors that affects on the growth and development of the companies. Financing resources and their usage volume are factors that affect on the companies' operating performance. In this regard, companies and economic institutions can be financially provided from both inside and outside. Companies can issue and sell new common stocks to investors to provide their required financial resources. This study was conducted to investigate the issuance of stocks as one of resources of financing in the companies. Statistical population of this study was active listed companies in Tehran Stock Exchange. The sample of study was selected among listed companies raising capital through applying stage random sampling and simple random sampling. Sampling was conducted during the period 2008-20013 and finally the sample size including 40 companies were chosen using a Cochran formula. To analyze the obtained information, t-test and correlation coefficient were used. Although the results of the study revealed that there was no significant difference between the internal sources of financing and the issuance of stocks among the studied companies, there is a significant relationship between companies' issuance of stocks and their size. Companies increase the use of retained earnings and stocks for financing through expanding the size of companies. Also, due to the existence of relationship between financing and the fixed assets of the companies through issuing the stocks of companies, no statistically significant relationship were observed between financing and companies' profitability. Finally, there was no significant relationship between financing and future stock returns through the issuance of stocks.
Download or read book Investigating the Predictability of Sales and Costs Using Financial Statement Items of Companies Listed in Tehran Stock Exchange written by Azam Jari and published by . This book was released on 2013 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of business entities is earning income and the most important factor in survival of business entities is sales revenue. Thus, the forecasting of sales and costs of business entities become an important issue. The aim of this study is to investigate the ability of financial statement items in forecasting sales and costs of companies listed in Tehran Stock Exchange (TSE). To test the research hypotheses, 89 companies from five industries (auto and auto parts, food and drinks, metals, pharmaceutical and chemical) had been selected through cluster sampling. For analyzing and testing hypotheses, two regression models and panel data method were used. Research results show that forecasting sales and costs of companies listed on TSE is possible using financial statement items.
Download or read book The Effect of Corporate Governance Mechanisms on the Volume of Share Trading in Companies Listed in Tehran Stock Exchange written by Seyyed Oskuee and published by . This book was released on 2016 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lack of monitoring the performance of managers not only has trampled the rights of shareholders and other stakeholders of the company, but also has increased the personal interests of managers in the absence of adequate monitoring on their performance. The aim of this study is to investigate the effect of some of the corporate governance mechanisms on the volume of share trading in companies listed in Tehran Stock Exchange.93 companies listed in Tehran Stock Exchange are selected as sample using systematic removal method for the period 2007-2014. Data were also collected as combined panel data and were tested using multiple regression and econometrics models. The results showed that the independence of board of directors has a significant negative impact on the volume of share trading in companies. Moreover, the separation of the responsibilities of the manager and his membership in board of directors has no significant effect on the dependent variable of the study. Institutional investors ownership and auditor industry specialization have also a significant negative impact on the volume of share trading in companies. Eventually, the size of audit firm as one of the other audit quality standards has no significant effect on the volume of share trading in companies.
Download or read book The Effects of R D Investment and Firm Size on Growth Opportunities of Newly Listed Firms written by Salim Chahine and published by . This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data for 831 IPO firms listed from 1986 to 1998 in the UK, France, Germany and Italy, this paper investigates the inter-relationships between Ramp;D and growth opportunities in different national systems of corporate governance. Results indicate that growth opportunities are positively related to Ramp;D investments, and negatively related to financial leverage and firm size. Growth opportunities are also negatively related to the interaction between financial leverage and Ramp;D investments, particularly countries with weak minority shareholder protection, such as Germany, Italy and France. Further, a positive effect of the interaction between leverage and Ramp;D activities is greater in larger UK firms, but negative in smaller UK firms. The interaction of leverage and Ramp;D has a negative effect on growth in small firms and this is stronger in continental Europe than in the UK.
Download or read book Investigate of Relationship Between Components of Intellectual Capital and Financial Performance in Listed Companies in Tehran Stock Exchange with Using of Pulic Model Modified written by Davoud Khanhossini and published by . This book was released on 2018 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapid growth of knowledge and Increased use of major economic institutions of science and technology for wealth creation in recent decades, Finance researchers have attempted that to study in distinct characteristic of the successful companies, trying in modeling for other enterprises. One of the results of this research indicate that there is capital as the intellectual capital in the leading companies that by variety of tools and techniques are identified and evaluated. One such tool that is largely consistent with accounting principles approach is pulic model.Therefore, in this study we intend to investigate the relationship between intellectual capital (pulic model and pulic model modified) and financial performance of listed companies in Tehran stock exchange will action. We will also continue to compare the two models.Research findings show that, there is a significant relationship between intellectual capital and financial performance and also Research findings show that pulic modified model than pulic model has a higher correlation with financial performance.
Download or read book Capital Structure Ownership Structure and Information Content of Reported Earnings written by Arezoo Aghaei Chadegani and published by . This book was released on 2013 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effect of capital structure and ownership structure on the information content of reported earnings among companies listed on Tehran Stock Exchange. The aim of this research is to answer the fundamental question, whether the amount of reliance of companies on debt financing has effect on information content of their reported earnings or not? In this research, to review the impact of ownership structure, role and impact of institutional owners on information content of reported earnings and for checking the information content of reported earnings, stock price changes against reported earnings is considered. The research sample consists of 96 companies listed on Tehran Stock Exchange during the period 2002 to 2009. For investigating the impact of capital structure and ownership structure on the information content of reported earnings, Multiple Linear Regression models were used and these models tested at 95% confidence level. The result of testing hypothesis shows that the capital structure has a negative significant effect on information content of earnings so with increasing reliance of companies on debt financing the information content of earnings is reduced. The results also show that the ownership structure has a positive significant effect on information content of earnings so with increasing presence of institutional shareholders in corporate ownership structure, information content of earnings will increase too.
Download or read book Capital Structure Decisions written by Yamini Agarwal and published by John Wiley & Sons. This book was released on 2013-03-29 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inside the risk management and corporate governance issues behind capital structure decisions Practical ways of determining capital structures have always been mysterious and riddled with risks and uncertainties. Dynamic paradigm shifts and the multi-dimensional operations of firms further complicate the situation. Financial leaders are under constant pressure to outdo their competitors, but how to do so is not always clear. Capital Structure Decisions offers an introduction to corporate finance, and provides valuable insights into the decision-making processes that face the CEOs and CFOs of organizations in dynamic multi-objective environments. Exploring the various models and techniques used to understand the capital structure of an organization, as well as the products and means available for financing these structures, the book covers how to develop a goal programming model to enable organization leaders to make better capital structure decisions. Incorporating international case studies to explain various financial models and to illustrate ways that capital structure choices determine their success, Capital Structure Decisions looks at existing models and the development of a new goal-programming model for capital structures that is capable of handling multiple objectives, with an emphasis throughout on mitigating risk. Helps financial leaders understand corporate finance and the decision-making processes involved in understanding and developing capital structure Includes case studies from around the world that explain key financial models Emphasizes ways to minimize risk when it comes to working with capital structures There are a number of criteria that financial leaders need to consider before making any major capital investment decision. Capital Structure Decisions analyzes the various risk management and corporate governance issues to be considered by any diligent CEO/CFO before approving a project.
Download or read book Examining the Impact of Mental Accounting on the Investment Decisions in the Tehran Stock Exchange International Journal of Accounting Research 2013 Vol 1 No 5 written by Elmira Rezaei Pile Road and published by . This book was released on 2000 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Market Conditions and Corporate Investment Decisions written by Ding Ding and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Managerial Finance written by John Fred Weston and published by . This book was released on 1970 with total page 848 pages. Available in PDF, EPUB and Kindle. Book excerpt:
