List of Articles هزینه سرمایه حقوق صاحبان سهام

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  1 - Comparing dividend discount model with residual income model
  R. Shabahang علی Rouhi
  One of the most important function of stock markets is stock pricing Dividend discount model(DDM) is a very traditional model to calculate stick prices. According to this model stock price isequal with present value of all of futures cash flows that will be generated fr More

  One of the most important function of stock markets is stock pricing Dividend discount model(DDM) is a very traditional model to calculate stick prices. According to this model stock price isequal with present value of all of futures cash flows that will be generated from stock (dividend andsale price). In contrast, according to Residual Income Model (RIM) stick price is equal with sum ofbook value and present value of future residual incomes.Residual income model caused to create a very strong relation between accounting, finance andeconomic concepts, because it uses residual income and it is equal with:Net income- (required rate of return * book value of stock). Residual income named goodwill oreconomic profit. To calculating required rate of return we use CAPM (capital assets pricing model).Thus we will have Risk and Return together. When we explain residual income we are speakingabout “creation of wealth” , and when we explain about dividend discount model we are speakingabout “distribution of wealth”, with this matter our hypotheses is:“Creation of wealth approach is more suitable to calculate stock price on comparing withdistribution of wealth approach”.Analyzing data with using regression models indicated:RIM is more accurate to analyze and prediction of stock prices on comparing with DDM. Manuscript profile
• Open Access Article
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  2 - Investigating the effect of company reputation on the cost of capital of companies listed on the Tehran Stock Exchange
  bagher mokhtari ali jafari
  Economic theories predict that reputation plays an important role in determining behavior, and that reputation also influences the actions of corporate professionals, including financial auditors and analysts, and stock financing. This means that more famous companies h More

  Economic theories predict that reputation plays an important role in determining behavior, and that reputation also influences the actions of corporate professionals, including financial auditors and analysts, and stock financing. This means that more famous companies have lower capital costs because high reputation indicates better company quality, proper transfer of competencies and doing business in accordance with the interests of shareholders. Therefore, the purpose of this study is to investigate the effect of company reputation on the cost of capital in companies listed on the Tehran Stock Exchange. The statistical population of this research is formed by companies listed on the Tehran Stock Exchange and a sample of 114 companies active in various industries was selected by screening method (systematic elimination) during the period between 2014 and 2019. To test the research hypotheses, multiple regression method was used using Eviews software version 9. Findings showed that company reputation has a significant and inverse negative relationship with capital expenditure. This means that the lower the company's reputation, the greater the company's need for financing to borrow and finance equity. Manuscript profile