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Open Access Article
1 - The effect Privatization of Mellat banks on profitability
Sedigheh Tootian رضا یاری فر رضا جمالیThe purpose of the study is to examine the effect Privatization of Mellat banks on profitability. The realm of this research is the Mellat Bank and the realm of time from 2003 to 2015. Privatization as independent variable, ROA, ROE, as dependent variable are regarded. MoreThe purpose of the study is to examine the effect Privatization of Mellat banks on profitability. The realm of this research is the Mellat Bank and the realm of time from 2003 to 2015. Privatization as independent variable, ROA, ROE, as dependent variable are regarded. This is a kind of descriptive-correlative study. As data nature, this is a kind of quantitative study and as purpose, this is a kind of applied study. Jarque-Bra test is done for normality testing. Regression significance and coefficient significance tests are considered in order to investigate significance in regression pattern. Heterogenity, Brosh-Godfery are considered as regression pre-test as well. The results show that there is a significant relationship between Privatization of Mellat banks and profitability (ROA). There is not a significant relationship between Privatization of Mellat banks and profitability (ROE). Manuscript profile -
Open Access Article
2 - A Survey Of Information Content of Dividends and the Markets Differential Reaction in Tehran Securities Exchange.
R. Shabahang M. M. NorbakhshPrevious studies document that the stock market reacts to dividend changes (in industrial counteries).The signaling hypothesis suggests that the market reacts because dividend changes contain new informationabout future earnings.Some recent studies in these counteries f MorePrevious studies document that the stock market reacts to dividend changes (in industrial counteries).The signaling hypothesis suggests that the market reacts because dividend changes contain new informationabout future earnings.Some recent studies in these counteries find that dividend changes reflect mostlycurrent and past earning but not future eanings.This Article provides a model in which not all dividend changes contain new information about futureearnings. Some dividended decisions are (Non -forward - Looking) in that they simply reflect current andpast earnings. Other dividended decisions are Forward - Looking in that they reveal managers' newinformation about future earnings. The model helps identify the two types of dividend changes and preditsthat the market will respond further to Forward - looking diviend changes.By classifying dividend changes into the two groups, it is found that the market reacts further to Forward- looking dividend changes than to Non-forward-looking dividend changes, which is consistent withimplications of the above model. Therefore, the article not only provides evidence for the signalinghypothesis in Tehran securities exchange but also helps explain the weak and mixed results of previousstudies (in industrial counteries) that do not distinguish between the two types of dividend changes. Manuscript profile -
Open Access Article
3 - A Study of the Capital Raising Effect on the Forms Profitability Ratios
ابراهیم AbbasiCapital raising by common stock issue and its sale to the firm’s stockholders is one of the financing method in Tehran stock Exchange. In the prospectus subscription, one of the reasons of the capital raising is announced as the investment expenditures financing a MoreCapital raising by common stock issue and its sale to the firm’s stockholders is one of the financing method in Tehran stock Exchange. In the prospectus subscription, one of the reasons of the capital raising is announced as the investment expenditures financing and the firm’s growth. Financial theories have stated information content of the capital raising in the form of the information release hypothesis, information asymmetry, free cash flow hypothesis and the signaling hypothesis. In this research the financing ratios (DPS, EDS, ROA , ROE)of Tehran stock Exchange firms is compared and studied in both experimental and control groups before and after the dicision for the new stock publishing. Manuscript profile -
Open Access Article
4 - Survey of Governmental Effect on Financial Function (Profitability)
P. Saidi J. GhezelseflooThis paper investigates privatization including Return on Assets (ROA), Return on Equity (ROE) andReturn on Sale (ROS) in the Tehran stock exchange. From 1996 to 2004, 29 companies receivedgovernmental share in the private sector. This first sectorincludes two level ces MoreThis paper investigates privatization including Return on Assets (ROA), Return on Equity (ROE) andReturn on Sale (ROS) in the Tehran stock exchange. From 1996 to 2004, 29 companies receivedgovernmental share in the private sector. This first sectorincludes two level cession using a Wilcoxonsinged rank test and regression in the OLS method and second sector three level cession using theFriedman test. The results shows that first sector financial function companies increase, and secondsector do not. Manuscript profile -
Open Access Article
5 - بررسی تأثیر سیاست های سرمایه در گردش بر بازده سرمایه گذاری شرکت های پذیرفته شده در بورس اوراق بهادار تهران صنایع شیمیایی و مواد غذایی
امیر محمد زاده لیلا نوفرستی -
Open Access Article
6 - The Effect of Financial Strategies on Financial Performance in Chemical, Rubber, and Plastic Industries Compared to Total Companies Accepted in Tehran Stock Exchange
Reza Aghajan Nashtaei Ebrahim Chirani Mehrdad Goudarzvand CheginiThe purpose of this study was to determine the effect of effective strategies on financial performance in chemical, rubber and plastic manufacturing companies in comparison with the total companies accepted in Tehran Stock Exchange. In this regard, financial strategies MoreThe purpose of this study was to determine the effect of effective strategies on financial performance in chemical, rubber and plastic manufacturing companies in comparison with the total companies accepted in Tehran Stock Exchange. In this regard, financial strategies are considered including investment strategies, working capital, financing and profit sharing, and the variable of financial performance is measured by ROA, ROE and Q_TOBIN. The sample includes 124 companies listed in Tehran Stock Exchange during the period of 1386-1395. The number of chemical, rubber and plastic companies is 11 companies. To test the hypotheses, regression analysis of combined data has been used. The results showed that between working capital strategies, external financing with ROA; between internal financing strategy with ROE; between investment strategies, working capital, internal financing, and Q_TOBIN, the meaningful relationship of existence has it. Also, in chemical, rubber and plastic companies, between investment strategies, working capital, profit sharing with ROA; between investment strategies, working capital, profit sharing with ROE; between capital strategies There is a meaningful relationship with Q_TOBIN. Manuscript profile -
Open Access Article
7 - The impact of ownership concentration and dividend policy on the financial performance and capital structure of banks
Amirreza Keyghobadi Marjan DamankeshidehIn public companies, shareholders (employers) delegate decision-making power to their directors (ie, control, albeit to varying degrees, of ownership of this separation of interests). Managers are working in the best interests of the owners, as has been suggested by Mal MoreIn public companies, shareholders (employers) delegate decision-making power to their directors (ie, control, albeit to varying degrees, of ownership of this separation of interests). Managers are working in the best interests of the owners, as has been suggested by Mali's theory. In public corporations, ownership structures can be fragmented (large number of small shareholders) or concentrated (small number of major shareholders). When ownership is in the hands of the overwhelming agents, the centralized control system and when the ownership is distributed, the control system will be decentralized. Since ownership concentration is seen as an important determinant of corporate governance, it seems that the identity of the controlling owners has a fundamental role to play in ownership. In this paper, the effect of dividend policy and ownership concentration on the financial performance and capital structure of the banks listed in Tehran Stock Exchange is investigated using static panel estimators. The estimation of the regression model is done in 3 separate models. The research period is between 2012 and 2017 in 17 selected banks of the country. Manuscript profile -
Open Access Article
8 - Survey of the effects fundamental variables on stock price
Farhad Hanifi Mirfeyz Fallah Shams Leyla AbolfazliForecasting stock price and adopting proper strategy for stocks dealing are subject to many research works. Fundamental analysis is one of the interesting points in this regard. The present work surveys to what extent the fundamental variables represents the stock statu MoreForecasting stock price and adopting proper strategy for stocks dealing are subject to many research works. Fundamental analysis is one of the interesting points in this regard. The present work surveys to what extent the fundamental variables represents the stock status. The period under study was from 2006 to 2010 and 51 companies in the stock market were under consideration. The data were studied on the weekly and monthly bases. Panel data method was used to study the relation between the variables in the study. Except for stockholder rights turnover, the results showed a positive significant relation between the fundamental variables under consideration including profit per share, predicted profit per share, and book value on one hand and stock price on the other hand. That is, the majority of the variables represent price of stocks for more than 90%. Moreover, the regression model obtained from the annual fundamental variables illustrated higher representation power comparing with seasonal data, which shows merits of longer-term perspective. Manuscript profile -
Open Access Article
9 - تأثیرنسبتهای سودآوری برروی بازار سرمایه درشرکتهای پذیرفته شده دربورس اوراق بهادارتهران
یداله رجائی صبا کنگاور نظری -
Open Access Article
10 - بررسیرابطه سود خالص وROEبا ارزش بازار سهام و نسبت های P/EوP/B
افسانه توانگر محمد اسمعیل خباززاده، محمد رضا شاهد صادق -
Open Access Article
11 - رابطه سودآوری نسبی و بازده سهام در سطح صنعت
فرزین رضایی عاطفه مجیب یزدانی -
Open Access Article
12 - The Effect of Electronic Banking on Return on Equity for Selected Banks in Tehran Stock Exchange
سید شمس الدین حسینی حمید فرامرزی عبادElectronic banking is a result of entering information and communication technology in the field of banking that led to reduced bank’s and costumer's costs. Use of electronic banking instruments such as automated teller machine (ATM) and point of sales (POS) has r MoreElectronic banking is a result of entering information and communication technology in the field of banking that led to reduced bank’s and costumer's costs. Use of electronic banking instruments such as automated teller machine (ATM) and point of sales (POS) has released delivery of banking services from the liabilities of time and location and affect the profitability of banks. This study has investigated the effect of electronic banking expansion on return on equity (ROE) in eight banks in the Tehran Stock Exchange included four private banks (Eghtesad novin, Parsian, Pasargad, Sina) and for state-owned banks that has been transferred their shares to the Stock Exchange (Saderat, Mellat, Tejarat, Post bank); in period of 1385-1393. Based on Generalized Least Square (GLS) approach and panel data method we found a significant positive effects between ROE and independent variables such as ATM/Branch, SPOS, HHI and GDP . Manuscript profile -
Open Access Article
13 - The Impact of Business Cycle and Operational Efficiency of Cash Conversion Cycle on Performance Evaluation Criteria in Tehran Stock Exchange
Davoud Mostafazadeh Mohsen Hamidiyan Fatemeh SarrafOne of the most important goals of financial managers is to maximize shareholder profits. And working capital management using the optimal combination of working capital items, ie current assets and liabilities, and shortening the cash conversion period, which indicates MoreOne of the most important goals of financial managers is to maximize shareholder profits. And working capital management using the optimal combination of working capital items, ie current assets and liabilities, and shortening the cash conversion period, which indicates the period or number of days of the cash cycle in the production path through the purchase of inventories, sale of loans and Converting cash into accounts receivable and collecting receivables helps financial managers achieve their predetermined goals. Therefore, the purpose of this study is to investigate the effect of business cycle and operational efficiency of the cash conversion cycle on performance appraisal criteria in Tehran Stock Exchange. Therefore, a sample of 120 companies listed on the Tehran Stock Exchange in the period 1392 to 1397 was selected and analyzed using multivariate regression model and panel data using the fixed effects model method. Findings showed that the relationship between cash conversion cycle and business cycle with equity return is positive and significant and the relationship between cash conversion cycle and net business cycle with return on assets and economic value added was negative and significant. Manuscript profile -
Open Access Article
14 - بررسی اثرات پویای استرس مالی بر عملکرد صنعت بانکداری ایران
حمیدرضا کردلویی فائزه ذوالفقاری -
Open Access Article
15 - بررسی سودمندی میزان سود تقسیمی بر عملکرد شرکت های پذیرفته شده در بورس اوراق بهادار تهران
محمد حسین ستایش محمد جواد غفاری -
Open Access Article
16 - مقایسه مدلهای حسابداری و اقتصادی درتبیین بازده حقوق صاحبان سهام با استفاده از تئوری سود باقیمانده
علی اکبر محمدی زهرا پورزمانی -
Open Access Article
17 - Implementation of Direct Subsidy System and Profitability Indicators in Political Economy Theory
علی مسیبی بهروز فرزانه حاجی حسنیThe present paper investigates the effect of establishing a direct subsidy system on profitability indicators (sales return rate, shareholder return rate, asset return rate) within the framework of political economy theory. The statistical population of the present stud MoreThe present paper investigates the effect of establishing a direct subsidy system on profitability indicators (sales return rate, shareholder return rate, asset return rate) within the framework of political economy theory. The statistical population of the present study is Tehran Stock Exchange, which 168 companies were selected as the sample of the study from 2006 to 2020 period. In order to perform statistical analysis in the present study multiple linear regression method with panel-effects method was used. Findings from the analysis of research data show that profitability indicators decreased in the period after the establishment of the direct subsidy system. Also other findings show that the accruals based earnings management has increased in the period after the establishment of direct subsidy system. Based on the findings of the present study, it can be concluded that subsidizing targeting plan has reduced the profitability of companies and increased accrual-based earnings management through cost pressures on producers. Manuscript profile -
Open Access Article
18 - The Impact of Business Cycle and Operational Efficiency of Cash Conversion on Role-Playing Indicators in Tehran Stock Exchange
Davoud Mostafazadeh Mohsen Hamidiyan Fatemeh SarrafThe main purpose of this study is to investigate the effect of the business cycle and operational efficiency of the cash flow cycle on performance appraisal criteria in the Tehran Stock Exchange. In order to reach this purpose, we were using the data of 120 manufacturin MoreThe main purpose of this study is to investigate the effect of the business cycle and operational efficiency of the cash flow cycle on performance appraisal criteria in the Tehran Stock Exchange. In order to reach this purpose, we were using the data of 120 manufacturing companies active in the Tehran Stock Exchange during the period 1392 to 1397, using the independent variables of cash flow cycle and net business cycle of the company by multivariate regression method, with the help of Eviews software, economic value added indices, return on assets, return on equity as a dependent variable of role-playing performance indicators to achieve the objectives of the study.The results indicated that the cash cycle and the business cycle had a positive and significant effect on the return on equity. Finally, the results indicate that the cash cycle and the business cycle have an inverse and significant effect on value-added and return on assets, and the research hypothesis has been confirmed. Manuscript profile -
Open Access Article
19 - Investigating the impact of corporate controversies on the performance
Mehdi ershadi mozhgan safa Zohreh Hajiha Hossein MoghadamPurpose: This research was carried out with the aim of investigating the effect of corporate controversies on the performance of companies in the Tehran Stock Exchange.Method: In this research, the required data were extracted from Rahavard Novin software, financial sta MorePurpose: This research was carried out with the aim of investigating the effect of corporate controversies on the performance of companies in the Tehran Stock Exchange.Method: In this research, the required data were extracted from Rahavard Novin software, financial statements of companies and text mining, as well as the Tehran Stock Exchange website. The statistical population of the current research is the companies listed in the Tehran Stock Exchange in the period from 1391 to 1400. In order to test the research hypotheses, the combined data model was used. The software used for data analysis is Stata version 14.Findings: The results of research hypotheses show that three performance calculation criteria (return on assets, return on equity, economic added value) are negatively affected by company controversies. In other words, increasing the level of controversy with controversial and tension-causing factors reduces the ability of management to a significant extent.Conclusion: The negative perception by the stakeholders can have various consequences, including increasing financial risk, increasing the cost of debt, reducing the company's reputation and credibility, which will reduce the company's performance.Keywords: corporate controversies, company performance, return on assets, return on equity, economic added value Manuscript profile -
Open Access Article
20 - The Relationship Between JIT-Based Quality Management and Financial Performance in Car Company Listed on the Stock Exchange
aysan seyfi hossein Boudaghi Khajeh NobarNowadays, the quality management systems are important in the management of companies and organizations. Purpose of these systems is to increase profitability, survival of the organization and customer's satisfaction, along with steady decline of real costs. The impleme MoreNowadays, the quality management systems are important in the management of companies and organizations. Purpose of these systems is to increase profitability, survival of the organization and customer's satisfaction, along with steady decline of real costs. The implementation of these strategies can help organization to move from traditional form and led to dynamic and flexible structure. Thus many organizations cost a lot to achieve the benefits of establishment these systems. But in some cases, due to lack of correct understanding of the systems and particular conditions of the organization, implementation of these strategies leads to failure. The purpose of this paper is to examine the relationship between JIT-based quality management and financial performance of organizations. To do so, car companies listed on the stock exchange during the years 1389-1385 selected and their financial information examined. The results indicated that between JIT-based quality management and return on equity, there is a significant relationship at the 99% confidence level while, there is no any significant relationship between JIT-based quality management and return on assets. Manuscript profile
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