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Open Access Article
1 - Free Cash Flow, Institutional Ownership and Long-Term Performance
Yasser Rezaei Pitenoei Mohammad GholamrezapoorPerformance appraisal is a process which help shareholders make informed and optimal investment decisions. In recent decades, a long stream of research has devoted particular attention to the importance and impact of financial decisions on firm performance and firm valu MorePerformance appraisal is a process which help shareholders make informed and optimal investment decisions. In recent decades, a long stream of research has devoted particular attention to the importance and impact of financial decisions on firm performance and firm value. The present study thus is primarily concerned with investigating the association between free cash flow and institutional ownership and long-term performance of the firms listed on the Tehran Stock Exchange over the period of 2012-2016. Moreover, firm size, financial leverage and sale grows serve as the control variables of the research. A number of 89 firms listed on the Tehran Stock Exchange were selected, and then the research hypotheses were tested using multivariate regression model based on panel data. The results reveal that firm long-term performance is not significantly correlated with free cash flow, yet it has a significant relationship with institutional ownership. Manuscript profile -
Open Access Article
2 - The Mediating Effect of Information Asymmetry and Agency Costs on the Relationship Between CSR and Investment Efficiency
Rohollah Arab Mohammad Gholamrezapoor Elyas TorajThe purpose of the present study is to investigate the relationship between corporate social responsibility and investment efficiency with particular emphasis on the mediating role of agency cost and information asymmetry in a sample of 121 firms listed on the Tehran St MoreThe purpose of the present study is to investigate the relationship between corporate social responsibility and investment efficiency with particular emphasis on the mediating role of agency cost and information asymmetry in a sample of 121 firms listed on the Tehran Stock Exchange during the time period from 2012 to 2017. The research hypotheses are tested using multivariate regression analysis based on panel data and Eviews software. The results indicate that corporate social responsibility is negatively correlated with investment inefficiency. In other words, corporate social responsibility leads to reduced investment inefficiency. Also, information asymmetry plays a mediating role in the relationship between corporate social responsibility disclosure and underinvestment, whereas the variable of agency cost mediates the association between corporate social responsibility disclosure and overinvestment. Manuscript profile -
Open Access Article
3 - Cash Holding Adjustment Speed: The Role of Managerial Ability and Moderating Role of Political Connections in Tehran Stock Exchange
Mohammad Gholamrezapoor Pouria Kazemi Narjes AmirniyaOptimal cash is an amount of cash that balances benefits of cash holding; and the speed of cash holding adjustment is called the rate of actual cash response to the optimal cash. The question of how fast companies compensate for excess or inadequate cash to the optimum MoreOptimal cash is an amount of cash that balances benefits of cash holding; and the speed of cash holding adjustment is called the rate of actual cash response to the optimal cash. The question of how fast companies compensate for excess or inadequate cash to the optimum level in terms of how closely they hold cash flow and maximize company value has been an important topic of interest for academics and managers in recent years; and they have examined factors affecting the speed of cash holding adjustment. Since company managers play important roles in firm's key decisions such as cash holding, the present study investigated the impact of managerial ability as an important management feature on the speed of cash holding adjustment to an optimal cash flow and study as well as the moderating effect of political connection. To this end, data of on companies during 2013 to 2018 were analyzed using econometric software (Eviews), multivariate linear regression. Results of statistical tests indicated that the managerial ability decreased the speed of cash holding adjustment to an optimal level if the cash rate of a company is higher than its optimal level. Furthermore, In companies with political connections, the negative relationship between managerial ability and the speed of adjusting cash holdings towards the optimal level is higher than other companies. Manuscript profile
List of Articles Mohammad Gholamrezapoor
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