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Open Access Article
1 - The Relationship between Stock Mispricing and Corporate Investments with Emphasis on the Role of Financial Constraints and Time Horizon of Stockholders Investment
Younes Badavar Nahandi Elahe SarafrazThis research investigates the relationship between Stock Mispricing and Corporate Investments with Emphasis on the Role of Financial Constraints and Time Horizon of Stockholders Investment of listed companies in Tehran Stock Exchange (TSE). The goal of this present res MoreThis research investigates the relationship between Stock Mispricing and Corporate Investments with Emphasis on the Role of Financial Constraints and Time Horizon of Stockholders Investment of listed companies in Tehran Stock Exchange (TSE). The goal of this present research is application and the type of research methodology is causal. Statistic population is firms listed in Tehran Stock Exchange, and using systematic elimination sampling method, were selected as sample 128 firms, and time period has been during the years 2009 to 2014. The method used for information gathering is library research and this test hypotheses, we used of multivariate linear regression. The results of this research show that there is positive and significant relationship between Stock Mispricing and Corporate Investments. Financial Constraints and Time Horizon of Stockholders Investment has not effect on Stock Mispricing and Corporate Investments. There is not relationship between Overvalued Stock and Corporate Investments and there is not relationship between Undervalued Stock and Corporate Investments in this research Manuscript profile -
Open Access Article
2 - Relationship between Financial Constraint and Investment Efficiency and Working Capital Strategy
Karim Pouralireza Rasoul Baradaran Hasanzadeh Younes Badavar Nahandi Mehdi ZeynaliRegarding the limitation of resources and as a result of increasing importance of increase in investment efficiency and the important role of working capital in the business of the economic corporations, this study is devoted to the relationship between financial constr MoreRegarding the limitation of resources and as a result of increasing importance of increase in investment efficiency and the important role of working capital in the business of the economic corporations, this study is devoted to the relationship between financial constraint and investment efficiency and working capital strategy. Financial data of 171 firms in the time period of 2011-2016 is studied in this research. According to the conducted analyses of the first hypothesis, financial constraint has a positive and meaningful effect on inefficiency of the investment. The second hypothesis showed that financial constraint has no meaningful relationship with the working capital policies .The third hypothesis shows a positive and meaningful relationship between financial constraint and investment inefficiency in companies adopting risky strategies and finally the fourth hypothesis showed no meaningful relationship between financial constraint and investment inefficiency in companies adopting a conservative policy. The general conclusions show that a limitation in resourcing will entail a deviation from favorite investment. Also, the unwanted effect of the financial constraint on effective investment occurs only in companies with risky strategies of working capital and it does not exist in companies with conservative strategies. Manuscript profile -
Open Access Article
3 - Comparison of the impact of Covid-19 on financial restrictions and dividend payment policy of government and non-government companies of Tehran Stock Exchange
Fatemeh Mehralian Amir MohammadzadehAbstract: The purpose of this research is to investigate the impact of the outbreak of the Covid-19 disease on the financial restrictions and dividend payment policy in government and non-government companies admitted to the Tehran Stock Exchange. The research metho MoreAbstract: The purpose of this research is to investigate the impact of the outbreak of the Covid-19 disease on the financial restrictions and dividend payment policy in government and non-government companies admitted to the Tehran Stock Exchange. The research method is descriptive-correlative in terms of its applied purpose and in terms of its nature and method, and the data collection method is library and archival. The statistical population of this research includes all the companies accepted in the Tehran Stock Exchange from 2016 to 2021 and according to the considered conditions and limitations, 151 companies were selected as the statistical sample of the research. By using two multivariable regression models and with the help of a combined data model, the research hypotheses were tested and the results showed that the outbreak of the Covid-19 disease has a positive and significant effect on the financial limits of the companies admitted to the Tehran Stock Exchange, as well as the spread of Covid-19 has had a negative and significant impact on the dividend payment policy of companies listed in the Tehran Stock Exchange. The extent of the impact of the outbreak of the Covid-19 disease on the financial restrictions and dividend payment policy of government and non-government companies of the Tehran Stock Exchange has been different. Manuscript profile -
Open Access Article
4 - The Relationship between Corporate Investment and Stock Liquidity with an Emphasis on the Role of Financial Constraints in the Iranian Capital Market
Sara Mosayebi Roya DarabiThe main purpose of the present study is to examine the relationship between corporate investment and stock liquidity with an emphasis on the role of financial constraints of Iran's capital market in the companies accepted at Tehran Stock Exchange from 2013 to 2017. The MoreThe main purpose of the present study is to examine the relationship between corporate investment and stock liquidity with an emphasis on the role of financial constraints of Iran's capital market in the companies accepted at Tehran Stock Exchange from 2013 to 2017. The theoretical foundations of the present study were collected using the library research method through the books, theses papers, and the statistical information was collected using financial statements and relevant notes. The present study employed panel method as the analysis method, and it used EVIEWS7 for analysis. The results of the study suggest that there is a significant relationship between corporate investment and stock liquidity. In addition, the financial constraints have an inverse and significant effect on the relationship between corporate investment and stock liquidity Manuscript profile -
Open Access Article
5 - Managerial over Confidence, Corporate Social Responsibility Activities, Corporate Performance and Financial Constraints
Mohadeseh Shaghaghi Shahnaz MashayekhAbstract The purpose of this study was to investigate the relationship between management overconfidence and social responsibility, to investigate the relationship between corporate social responsibility and performance with the moderating role of managerial overconfid MoreAbstract The purpose of this study was to investigate the relationship between management overconfidence and social responsibility, to investigate the relationship between corporate social responsibility and performance with the moderating role of managerial overconfidence and to investigate the relationship between corporate responsibility and corporate performance with the role of moderating financial constraints. This study is an appliedresearch in terms of purpose and a descriptive-correlation research in terms of nature and method. The statistical population of this research is the companies listed on the Tehran Stock Exchange. Using the data collected from the statistical sample of the research, which includes 138 companies, the research hypotheses were tested. To calculate managerial overconfidence, the capital expenditure ratio was used and to calculate the corporate social responsibility index, data envelopment analysis (DEA) method was used. Social accountability Data envelopment analysis method was used. The results show that managerial overconfidence has a positive and significant relationship with corporate social responsibility. Also, managerial overconfidence weakens the relationship between corporate social responsibility and company performance, and financial constraints do not moderate the relationship between corporate social responsibility and company performance. Manuscript profile -
Open Access Article
6 - The financial development, financial constraint and firms investment
somayeh peyghambari fatemeh samadi Ahmad YaghbnezhadThe ratio of investment can have a significant impact on various criteria such as the ratio of cash flows and dividends. The long-term policies of managers are such that the ratio of cash flows of companies increases, and in the same way dividend profits will increase, MoreThe ratio of investment can have a significant impact on various criteria such as the ratio of cash flows and dividends. The long-term policies of managers are such that the ratio of cash flows of companies increases, and in the same way dividend profits will increase, and with increasing dividends, the amount of investment in research and development spending will also increase. The purpose of this study is to investigate the relationship between financial development, financial constraints and investment. This research is library and analytical-Ali research and is based on the analysis of panel data (data panel). In this research financial information of 104 companies accepted in Tehran Stock Exchange during the period 2012 to 2017 (624 companies - year) was investigated. The results of the research show that according to the analyzes carried out in relation to the confirmation of the first hypothesis of the research, it can be concluded that financial development has a significant and direct effect on the investment rate of firms, and finally, according to the analysis of the relationship By confirming the second hypothesis of the research, we conclude that financial constraints have a significant and inverse effect on the investment rate of firms.. Manuscript profile -
Open Access Article
7 - The role of research and development costs on the relationship between financial constraints and profit sharing on the value of pharmaceutical companies accepted in Tehran Stock Exchange
Hossein Akbari Moghaddam Meisam Vahedian Mousa EbrahimiPurpose: In the present study, the role of research and development costs on the relationship between financial constraints and profit sharing on the value of pharmaceutical companies admitted to the Tehran Stock Exchange has been investigated. Valuation of companies is MorePurpose: In the present study, the role of research and development costs on the relationship between financial constraints and profit sharing on the value of pharmaceutical companies admitted to the Tehran Stock Exchange has been investigated. Valuation of companies is one of the necessities of planning for managers and investors. If the company is successful in creating value, not only the investors and internal people of the companies, but also the society on a wider level will benefit from the creation of value.Methodology: In this research, the pharmaceutical companies admitted to the Tehran Stock Exchange between 2011-2018, including 34 companies, were investigated. The information was collected by using the data available in Rahavard Novin software and reviewing reports and financial statements by referring to the official website of the Tehran Stock Exchange; And correlation and regression tests of hypotheses were tested using Eviews10 software.Findings: The result of the first hypothesis test showed that there is an inverse and significant relationship between financial constraints and the value of pharmaceutical companies. The results of the second hypothesis test showed that there is a direct and significant relationship between profit sharing and the value of pharmaceutical companies. Finally, the results of the third hypothesis test showed that research and development costs have a significant effect on the relationship between financial constraints and company value, and the fourth hypothesis also showed that research and development costs have a significant effect on the relationship between profit sharing and company value.Originality / Value: The results of this research, in addition to developing the theoretical foundations of research and development expenses, especially in the country's pharmaceutical industry, will help the managers of this industry and investors to estimate the research and development costs by considering factors such as how costs change with the company's profitability change. and consider the positive effect of research and development costs in optimizing the value of companies and its negative effects when financial constraints over time. Manuscript profile -
Open Access Article
8 - Selecting the optimal model for impact of external financing variables on voluntary discretionary accruals in companies with high and low investment opportunities
Omid Sabaghiyan Toosi Zahra Moradi Shohreh YazdaniPurpose: This study explaining the effect of external financing on voluntary discretionary accruals in companies with high and low investment opportunities. In this research, the data of 320 companies during the years 2011-2021 have been analyzed using eviews econometri MorePurpose: This study explaining the effect of external financing on voluntary discretionary accruals in companies with high and low investment opportunities. In this research, the data of 320 companies during the years 2011-2021 have been analyzed using eviews econometric software.Methodology: To test the sub-hypotheses using the middle of 4 methods (MEQLDTA), (MB), (EQGMEQLD) and (Growth PPE), the statistical population was classified into two groups of companies with high and low investment opportunities. Then the hypotheses were tested using unstructured estimation and ordinary least squares (OLS) methods and maximum likelihood logarithm (ARMA).Findings: Results of group hypotheses: There is a positive significate relationship between the use of voluntary discretionary accruals and external financing in companies with high investment opportunities, that are separated by MEQLDTA method and there is a negative significate relationship with GROWTHPPE method, but there is a no significate relationship in other methods. Results of group hypotheses: There is a negative significate relationship between the use of voluntary discretionary accruals and external financing in companies with low investment opportunities, that are separated by PPEQGMEQLD method and there is a positive significate relationship with GROWTHPPE method, but there is a no significate relationship in other methods. Based on and D-W coefficients, optimal models were selected in companies with high and low investment opportunities..Originality / Value: To achieve the optimal investment opportunities, it is recommended to pay attention to the company's financing method in high and low investment opportunities. Manuscript profile
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