رقابت بازار محصول

Open Access Article

1 - Identification of Capital Structure Adjustment Speed Using a Dynamic Model of Optimal Capital Structure; Emphasis on Product Market Competition Factor
Amirmohsein Gorji Reza Raei

Over 50 years of researching into capital structure provides different and sometimes conflicting theories in corporate finance. Among these theories, the trade-off theory with a long background; has been considered in many studies and still is being considered. One of t More

Over 50 years of researching into capital structure provides different and sometimes conflicting theories in corporate finance. Among these theories, the trade-off theory with a long background; has been considered in many studies and still is being considered. One of the latest approaches of this theory is dynamic trade-off theory. Regarding to this approach, we have tried to identify the capital structure adjustment speed among the companies of Tehran stock exchange (TSE) in this thesis. Hence we employed a partial dynamic adjustment model with panel data and tried to estimate this speed with advanced econometric methods such as generalized method of moments. Our sample consists of 225 firms for 20 years (1992-2012). The results reveal that Iranian firms adjust quickly toward their target leverages (around 48% per year, according to instrumental variable method and 26% per year, according to generalized method of moments). These rapid adjustment speeds confirm the explanatory power of trade-off theory among Iranian firms in the analyzed period. The other purpose of this thesis is to analyze the relationship between product market competition (measured by Tobin’s Q) and the capital structure of Iranian firms. The results of generalized method of moments estimation, detect a positive relationship between the intensity of competition and leverage ratio, which supports the limited liability models. Manuscript profile

Open Access Article

2 - The Impact of Political Connections on Stock Price Crash Risk with an Emphasize on Product Market Competition in Tehran Stock Exchange listed companies
Jamal Bahri Sales Mohammadreza Ebrati

The purpose of this study is to investigate the effect of political connections on stock price crash risk in 110 listed companies in Tehran Stock Exchange for the period 2011-2016. To test the research hypotheses, the panel data model was used. In order to measure the s More

The purpose of this study is to investigate the effect of political connections on stock price crash risk in 110 listed companies in Tehran Stock Exchange for the period 2011-2016. To test the research hypotheses, the panel data model was used. In order to measure the stock price crash risk, two indicators of the negative conditional return skewness and down-to-up volatility were used. The results showed that political connections has a positive impact on stock price crash risk. In the sense that executives show good face from position firms by hoarding bad news and, this behavior of managers in the long run will lead to a stock price crash. The companies also split through the advertising cost into two groups of companies with high and low information asymmetry, and the findings showed that the positive impact of political connections on stock price crash risk is more severe in companies with high information asymmetries.     Manuscript profile

Open Access Article

3 - The Relationship Between Institutional Cross-Ownership and the Cost of Equity according to Product Market Competition
Mansour khojasteh ahvazi fatemeh Sarraf

As institutional investors can influence corporate decisions and product market strategies, institutional cross-ownership changes the way companies operate and make decisions. The relationship between Institutional Cross-Ownership and the cost of equity according to pro More

As institutional investors can influence corporate decisions and product market strategies, institutional cross-ownership changes the way companies operate and make decisions. The relationship between Institutional Cross-Ownership and the cost of equity according to product market competition. The statistical population of the study is all companies listed on the Tehran Stock Exchange and using the systematic elimination sampling method, 152 companies were selected as the sample of the research in an 8-year period between 2013 and 2021. The method used to collect information is a library and the relevant data for measuring variables were collected from Codal website and companies' financial statements and then Eviews software was used to test the research hypotheses. The results of the research hypotheses test showed that the cost of equity for companies with Institutional Cross-Ownership is lower than other companies, and the negative effect of Institutional Cross-Ownership on the cost of equity is greater in markets with higher product competition. Manuscript profile

Open Access Article

4 - investigate risk, financial flexibility and the role of product market competition in Tehran Stock Exchange companies
ahmed khodamipour Hadis Javanmard

It is important that financial flexibility is very important in the development of company financial decisions in the market. Financial by researchers is considered as one of the important components of the company's decisions, as well as the company's viewpoints to ris More

It is important that financial flexibility is very important in the development of company financial decisions in the market. Financial by researchers is considered as one of the important components of the company's decisions, as well as the company's viewpoints to risk the company's decisions. Therefore, this study was aimed at studying the relationship between risk, financial flexibility and the role of product market competition in Tehran Stock Exchange companies. Research method of this study based on the purpose of implementation, of the type of applied research, which is done in a correlation method. Information required for testing and analyzing hypotheses from financial statements and their accompanying commentary notes from 130 companies listed in Tehran Stock Exchange as a statistical sample of 2014 to 2019 and has been edited. Systematic removal method (screening) was also used to determine the sample size and size. Linear regression data and linear regression model are used to test the research hypotheses. The findings from the test hypotheses test showed that the risk and competitiveness of the product market are positively related to financial flexibility and that product market competition has no effect on the relationship between risk and financial flexibility. Manuscript profile

Open Access Article

5 - The effect of product market competition on dividend policy
ولی KHodadadi جواد Nik kar محسن Rashidi

 Competitive is defined as ability of the company to remain in the business market, protecting various company capitals, gain (return) capitals and guarantee the jobs at the future. According to the above definition can be stated that the competition has an importa More

 Competitive is defined as ability of the company to remain in the business market, protecting various company capitals, gain (return) capitals and guarantee the jobs at the future. According to the above definition can be stated that the competition has an important impact on the company's operations. On the other hand, studies in some countries show that dividend policy can be influenced by market competition. So, this study investigates the impact of different levels of competition on dividends policy. Accordingly, the survey required information the 120 companies listed in Tehran Stock Exchange and combined regression model was used to test the hypothesis. The results show that increasing product market competition, profits and dividend increases, too. Thus, firms due to competitive conditions and as a forced way to stay in the competition action distribute and pay cash dividend to the shareholders.   Manuscript profile

Open Access Article

6 - The Relationship between the Product Market Competition and Information Asymmetry; Structural Equation Modeling Approach
اکبر کنعانی رضوان حجازی مهرداد قنبری بابک جمشیدی نوید

Since competition in the product market is one of the factors influencing the decisions of managers and investors, it is therefore considered as an important component in the reduction of information asymmetry in terms of insiders and outsiders decision making.The purpo More

Since competition in the product market is one of the factors influencing the decisions of managers and investors, it is therefore considered as an important component in the reduction of information asymmetry in terms of insiders and outsiders decision making.The purpose of this study was to investigate the effect of competition in product market on information asymmetry.The statistical population of this research is the companies accepted in the TSE  by using structural equation modeling approach. In order to measure the level of competition, the Herfindahl-Hirschman index and to measure the information asymmetry, Bid-Ask criteria and firm size, earning forecast error and growth opportunities was used. After assuring the ability to measure the information asymmetry variable by the indicated indicators as well as the appropriate fit for the measurement and structural model of the research, the results indicate that the level of competition in the product market has a significant effect on the information asymmetry. In other words, with increasing competition in the product market, information asymmetry decreases. Manuscript profile

Open Access Article

7 - رابطه غیر خطی رقابت بازار محصول و کیفیت گزارشگری مالی
بهزاد کاردان محمد حسین ودیعی نوقابی مهدی امید فر

Manuscript profile

Open Access Article

8 - Investigating the efficiency internal capital markets of business groups in allocating resources and performance; the effect of ownership-control wedge and product Market competition
Faramarz Karami Taleghani Mohammad Reza Vatanparast Javad Rezazadeh Keyhan Azadi Hir

10.30495/afi.2023.1983050.1207

Purpose: The common feature of the theoretical approaches adopted to study business groups is the presence of internal capital markets in these groups. The accounting literature shows that the efficiency of these markets in allocating resources and performance can be af More

Purpose: The common feature of the theoretical approaches adopted to study business groups is the presence of internal capital markets in these groups. The accounting literature shows that the efficiency of these markets in allocating resources and performance can be affected by self-interested motives resulting from the agency problem. Therefore, the purpose of this research is to investigate the effect of the ownership-control wedge on the efficiency of internal capital markets of business groups in resource allocation and performance with regard to product market competition.Methodology: This descriptive-correlation research has been done from the perspective of practical purpose and using the post-event approach. . In order to achieve the goal of the research, the data of 18 business groups whose parent companies are listed in the Tehran Stock Exchange or OTC were collected during the years 2015 to 2022 and the study hypotheses were tested using multiple regression with panel data.Findings: the findings of the study show that the ownership-control wedge has a negative and significant effect on the efficiency of resource allocation and the efficiency of the internal capital markets of business groups. Also, the findings only show that the relationship between the ownership-control wedge and the efficiency of the internal capital markets of business groups weakens with the increase in product market competition. However, there was no evidence of the effect of product market competition on the relationship between ownership-control wedge and resource allocation efficiency.Originality / Value: It is important to pay attention to the internal capital markets of business groups as a potential mechanism to facilitate the efficient allocation of resources and achieve strategic advantages. Therefore, by knowing more about the phenomenon of ownership-control gap and its effect on the efficiency of internal capital markets of business groups in the allocation of resources and performance, basic steps can be taken to achieve strategic benefits (such as the development of the domestic economy). Manuscript profile

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