The Impact of Investment Decisions and Tax Management on Stock Liquidity
Subject Areas : Journal of Capital Market Analysis
1 - Department of Accounting, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran
Keywords: Investment decision, Liquidity, stock liquidity, Tax Management,
Abstract :
The purpose of this study is to investigate the impact of investment decisions and tax management on stock liquidity and also to investigate the moderating role of company liquidity (current ratio) in the impact of investment decisions and tax management on stock liquidity. In this regard, 140 companies (1400 year-company views) during the period 2010 to 2019 have been studied. In order to test the research hypotheses, a multiple linear regression model has been used using panel data with a random effects pattern. The results of this study show that at the same time, investment decisions based on the growth of current and fixed assets and tax management have a significant positive effect on stock liquidity. The results also showed that investment decisions based on the growth of current and fixed assets and tax management separately have a significant positive effect on stock liquidity. In addition, the results indicate that the company's liquidity has a positive and significant effect on the impact of investment decisions based on the growth of current assets and tax management (simultaneously and separately) on the liquidity of the company's shares. However, in this study, no evidence of significant impact of corporate liquidity on the simultaneous impact of investment decisions based on fixed asset growth and tax management on stock liquidity was found and also based on the evidence presented in this study, it was claimed that corporate liquidity can not influence growth decisions based on growth. Adjusts fixed assets on stock liquidity.
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