Financial Constraint

Open Access Article

1 - An investigate the effect managerial optimism on investment sensitivity to cash flow
Allahkaram Salehi Rohallah Mosavei Mohammad Moradi

The sensitivity of investment to cash flow is one of the issues that have recently been the focus of financial researchers. This measure through the changes in company capital expenditures to per unit change in cash flow, measurement is made. The aim of this study was t More

The sensitivity of investment to cash flow is one of the issues that have recently been the focus of financial researchers. This measure through the changes in company capital expenditures to per unit change in cash flow, measurement is made. The aim of this study was to evaluate managerial optimism measure and its impact on the sensitivity of investment to cash flow with regard to the presence or absence of financial constraints on listed firms in the Tehran Stock Exchange. Thus, financial information of 100 listed firms in Tehran stock exchange investigates during 2007 to 2013. The number of data collected for this study was 700 years–company. In order to test hypotheses, multiple regression with the panel data approach, and software’s SPSS21 and Eviews7 has been used. Our results’ study shows a positive and significant relationship between managerial optimism and investment cash flow sensitivity both for the full sample, and also between firms classified to firms with financial constraints and without financial constraints. Also findings indicate that the Investment cash flow sensitivity under managerial optimism stronger for constrained firms than unconstrained firms Manuscript profile

Open Access Article

2 - 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 Sarafraz

This 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 More

This 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

3 - Investigating the Effect of Risk of Non-Repayment of Debts on Credit Rating Due to the Adjusting Role of Financial Constraints
zohreh hajiha Auob Ghorbani

10.30495/jma.2021.19285

Objective: Today, identifying the factors affecting the credit rating is of particular importance in terms of comparing the credit risk of one firm with other firms and also in terms of competitiveness of the firm. The purpose of this study was the Investigating the Eff More

Objective: Today, identifying the factors affecting the credit rating is of particular importance in terms of comparing the credit risk of one firm with other firms and also in terms of competitiveness of the firm. The purpose of this study was the Investigating the Effect of Risk of Non-Repayment of Debts on Credit Rating Due to the Adjusting Role of Financial Constraints. Method: The present study is an applied research in terms of purpose. Also, in this study, according to the type of data and available analysis methods, the combined data method has been used. Data collection method, document mining method and referring to databases; and the method of data analysis is inferential. In the present study, the required data have been extracted from the new Rahvard software, corporate financial statements and documentation, as well as the Cadal site. The statistical population of the present study is all companies listed on the Tehran Stock Exchange in the period 2012 to 2021 and the software used to prepare data and estimate models is Eviews 10. Combined data model was used to test the research hypotheses. Results: The results of the research hypotheses test show that companies that perform poorly in repaying the principal and interest of their financial obligations cause distrust of creditors, which in turn reduces the credit rating of the company. The results also showed that financial constraints have a positive effect on the relationship between the risk of non-repayment of debts and the credit rating of the company. Thus, companies with financial constraints have a high risk of non-repayment of debts, and as a result, the distrust of creditors increases, which leads to a decrease in the credit rating of companies. Conclusion: Investors and lenders like to pay more attention to companies with less financial constraints. As a result, these companies find greater credibility with investors and lenders through easy financing. Also, the increased risk of non-repayment of debts causes the creditors to be pessimistic about the company for not paying their financial obligations; As a result, in such a situation, easy and varied financing will have a significant impact on reducing the risk of non-repayment of debts and lenders will increase the credit rating of companies. Investors and creditors can use the results of this study to select the right companies to invest. Also, organizations that rank companies can use the risk of non-repayment of debts and financial constraints as two very important and determining factors in the ranking. Manuscript profile

Open Access Article

4 - The Environmental, Social, Governance (ESG) Rating, and Stock Price Crash Risk: The Moderating Effect of Financial Constraints
omid faraji javad hoseini Somayeh Jahani

10.30495/jma.2023.22630

Stock price crash risk is one of the main concerns of investors since it cannot be mitigated through portfolio diversification. The purpose of this research was to investigate the effect of (ESG) rating on stock price crash risk. A sample of 129 companies listed on the More

Stock price crash risk is one of the main concerns of investors since it cannot be mitigated through portfolio diversification. The purpose of this research was to investigate the effect of (ESG) rating on stock price crash risk. A sample of 129 companies listed on the Tehran Stock Exchange was selected and tested for the period 2014 to 2020. The results of multiple regression analysis showed that ESG rating is negatively associated with stock price crash risk. The one-year lag ESG rating had no significant effect on the negative coefficient of skewness, but was negatively associated with down-to-up volatility. In addition, the two-year lag of ESG rating had no significant effect on stock price crash risk. The results also showed that financial constraints have a significant effect on the relationship between ESG rating and negative coefficient of skewness. However, it did not affect the relationship between ESG rating and down-to-up volatility. Manuscript profile

Open Access Article

5 - The Effect of Changes in the Banking Industry Structure on Firms Investment
ebrahim abdi Farhad khodadad kashi Yeganeh Mosavi Jahromi

This Study examines the impact of structural changes in the banking industry on firms investment listed on the Tehran Stock Exchange. For this purpose, data from 258 firms during the period from 2005 to 2014 and the dynamic generalized method of moments were utilized to More

This Study examines the impact of structural changes in the banking industry on firms investment listed on the Tehran Stock Exchange. For this purpose, data from 258 firms during the period from 2005 to 2014 and the dynamic generalized method of moments were utilized to put forward an investment model with financial constraints. The results of the study showed that these firms faced a financial constraints on investment and Concentration in the banking industry has affected the investment of the firms by reducing the financial constraints. The results also revealed that small firms have experienced greater financial constraints in comparison with larger firms and Larger firms have gained more benefits from concentration in the banking industry. Manuscript profile

Open Access Article

6 - Predict the Financial Limitations of Companies Accepted in Tehran Stock Exchange Using the Relief-Svm-Caiid methods
maryam salmanian hamid reza vakilifard mohsen hamidian fatemeh sarraf Roya darabi

Predict the Financial Limitations of Companies Accepted in Tehran Stock Exchange Using the Relief-Svm-Caiid methodsAbstractDiscussion of financial constraints is one of the key issues facing all companies. Predicting financial constraints is an important phenomenon for More

Predict the Financial Limitations of Companies Accepted in Tehran Stock Exchange Using the Relief-Svm-Caiid methodsAbstractDiscussion of financial constraints is one of the key issues facing all companies. Predicting financial constraints is an important phenomenon for investors, creditors and other users of financial information. This research uses the information of 7 financial years during the period 2012-2017 and using financial information of 213 companies to study the factors affecting financial limitation and its prediction using artificial intelligence algorithm method (backup algorithm classification algorithm and the rule-oriented algorithm Chaid). In the first step, using the Relief Algorithm, among the initial research variables, five variables of the ratio of total operational assets to total assets, the ratio of total debt to the total assets, the kbitwin, the return on sales, and the ratio of institutional owners were selected as important variables in the company's financial constraint, respectively. The results also showed that the three-class support algorithm using selected financial data has the ability to predict future financial constraints with a power greater than 80% and more than the law-governed algorithm.Keywords: financial constraints, Machine learning method, financial variables and corporate governancejel: M41-B26-C63 Manuscript profile

Open Access Article

7 - Impact of Financial constraints on Fluctuate down to up of stock returns with Credit rating
zohreh Hajiha Aiob Ghorbani

The accumulation of bad news by management is a key factor in stock price crash risks. In addition, the ability to hide bad news by executives is restricted by the fact that if the amount of hiding exceeds this limit, then these bad news spillover and can lead to a stoc More

The accumulation of bad news by management is a key factor in stock price crash risks. In addition, the ability to hide bad news by executives is restricted by the fact that if the amount of hiding exceeds this limit, then these bad news spillover and can lead to a stock price crash. The aim of current research was to survey the impact of financial constraints on fluctuate down to up of stock returns by emphasizing the moderator role of credit rating accepted companies in Tehran Stock Exchange. To implement such a research, 140 companies were selected during the period 2012 to 2017, and a combined data approach was used to test the research hypotheses. The results of the research indicate that the financial stock constraints have a positive and significant impact on fluctuate down to up of stock returns. Also, the results indicated that credit rating had significant impacts on the relationship of financial constraints with fluctuate down to up of stock returns. In other words, in companies with lower credit ratings, the relationship between financial constraints and stock price crash risk is more severe. In addition, the results of the sensitivity analysis (GMM method), has confirmed the results of the research. Finally, the findings indicate that the results have consistency with the representation theory. Manuscript profile

Open Access Article

8 - The Impact of risk-taking on performance according to financial constraints of companies
NASRIN DADASHI Mohammad Reza PourAli

Target: Risk is an inseparable part of the decision-making process in the organization. Managers 'and investors' decisions to increase return and wealth are made possible by reducing risk. Financial constraint also prevent funding for the desired investment.Method: we e More

Target: Risk is an inseparable part of the decision-making process in the organization. Managers 'and investors' decisions to increase return and wealth are made possible by reducing risk. Financial constraint also prevent funding for the desired investment.Method: we expect; Risk-taking variable have a significant impact on financial performance and this relationship is affected by the introduction of financial constraints on companies. The data used include a sample of 119 companies (952 years - company), during the years 2011 to 2018. In order to analyze the data and test the hypotheses, the pattern of fixed effects of multivariate linear regression by the combined data method has been used by Ives software. Findings: The overall results of the hypotheses show that risk-taking has a significant effect on assets returns and Q-Tobin ratios. Also, the financial constraint variable has a significant effect on the relationship between risk-taking with assets return and Q-Tobin ratio. Manuscript profile

Open Access Article

9 - Corporate Governance and Financial Constraints (Investment-cash flow sensitivity)
Nezamoddin Rahimian Reza Janfada

Superior corporate governance can reduce the extent to which controlling shareholders can engage in expropriation and thereby decrease the firm's financial constraints. If management is more committed to emphasizing shareholder value and financial discipline, the compan More

Superior corporate governance can reduce the extent to which controlling shareholders can engage in expropriation and thereby decrease the firm's financial constraints. If management is more committed to emphasizing shareholder value and financial discipline, the company has a more transparent information environment, and the board of directors is more independent of controlling shareholders, it is more difficult for the controlling shareholders to expropriate from minority shareholders. The main purpose of this study is investigating the impact of corporate governance mechanisms on the financial constraints in the companies listed in the Tehran Stock Exchange. The sample of this study, includes 102 companies listed in the Tehran Stock Exchange during the period 1386-1390 and for processing and testing hypotheses, linear regression and clustering methods are used. The study results showed that count of major shareholders and board independence have increasing and significant impact on financial constraints in companies listed in Tehran Stock Exchange. Manuscript profile

Open Access Article

10 - Relationship between Financial Constraint and Investment Efficiency and Working Capital Strategy
Karim Pouralireza Rasoul Baradaran Hasanzadeh Younes Badavar Nahandi Mehdi Zeynali

Regarding 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 More

Regarding 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

11 - Cash Flow Sensitivity Analysis on the Impact of Financial Constraints Based on the Bao Model
Masoumeh Hezarkhani Shadi Shahverdiani Iman Jokar

The purpose of this study was to evaluate the sensitivity of cash flow - cash in accepted companies in Tehran Stock Exchange. For this purpose, 124 firms were selected as examples of companies. In this study the difference in cash flow sensitivity in firms with negativ More

The purpose of this study was to evaluate the sensitivity of cash flow - cash in accepted companies in Tehran Stock Exchange. For this purpose, 124 firms were selected as examples of companies. In this study the difference in cash flow sensitivity in firms with negative cash flow, relative to other firms, were also examined. The results showed that the sensitivity pattern of cash flow - cash in companies with negative cash flow, relative to other companies is different. Other results of the survey also indicate that the sensitivity of this issue cash flow - cash in companies with high financial constraints less than the firms with low financial constraints. The results showed that an external monitor can be sensitive to the value of the cash flow - cash is vital because research shows that firms with high external monitoring, the sensitivity of cash flows - cash Which is more important. Manuscript profile

Open Access Article

12 - The Effect of Financial Constraint and Managerial Overconfidence on Investment-Cash Flow Sensitivity
Ramtin Falahat Fatemeh Samadi Mostafa Hashemi Tilehnouei

10.22034/sebaa.2023.704971

Purpose: Access to cash flow is primarily important for the substantiation of corporation investment plans but in various situations, the effect of cash flow on investment may change. Accordingly, the present study has dealt with the impact of financial constraints and More

Purpose: Access to cash flow is primarily important for the substantiation of corporation investment plans but in various situations, the effect of cash flow on investment may change. Accordingly, the present study has dealt with the impact of financial constraints and managerial overconfidence on investment-cash flow sensitivity. Method: The statistical sample consisted of 153 companies accepted in Tehran Stock Exchange from 2013 to 2021. The required data were collected from audited financial statements in Coda website. 8 hypotheses were proposed in this study and then tested using regression econometrics with fixed effects and Probit regression in EViews.Results: Cash flow has a significantly positive effect on investment and overinvestment. Moreover, financial constraint increases positive investment and overinvestment-cash flow sensitivity although managerial overconfidence has no significant impact on investment and overinvestment sensitivity to cash flow. Yet, when the correlation between financial constraint and managerial overconfidence is considered, positive investment and overinvestment-cash flow sensitivity is reinforced which indicates the important role of financial constraint on adopting investment decisions.Conclusion: By supporting the theory of investment-cash flow sensitivity, findings of the study show that financial constraint, managerial overconfidence, and cash flow all have a vital effect on corporation investment decision making. Manuscript profile

Open Access Article

13 - Firm Value, Tax Evasion, Tax Planning Opportunity and Financial Crisis of Firms
Navid Paidarmanesh Alireza Mehrazin Mohammad Reza Abbas zadeh Abolghassem Massihabadee

10.22034/amfa.2023.1967020.1795

The purpose of this research is to investigate the reasons for tax evasion in companies, which uses two independent variables (financial constraints and tax planning opportunities) and tow dependent variable (firm value and tax evasion by tax difference method) in the f More

The purpose of this research is to investigate the reasons for tax evasion in companies, which uses two independent variables (financial constraints and tax planning opportunities) and tow dependent variable (firm value and tax evasion by tax difference method) in the form of 13 models. The 11 indicators have been considered for the variable of financial constraints of companies, and the model is implemented for all these indicators. The research was conducted in the 5-year period from 2015 to 2019 in the Tehran Stock Exchange, and Eviews software was used to analyse the data and fit them for 3 research hypotheses. The results of the research show that the opportunity for tax planning has a negative effect on the value of the company, and the increase in the opportunity for tax planning and subsequently tax evasion causes a decrease in the value of the company. Also, the research results showed that there is a significant relationship between tax planning opportunity and tax evasion (by tax differences method) of companies, while there is no positive relationship between financial constraints and tax evasion (by tax difference method) in companies that have tax planning opportunities. Manuscript profile

Open Access Article

14 - Net Working Capital Investment Policies, the Value of Financial Flexibility and Financial Constraint, Evidence From the Tehran Stock Exchange
Maryam Karimi Rasoul Karami Mehdi Basirat Allah Karam Salehi

Companies pay attention to the value level of financial flexibility in making decisions related to optimizing investments and applying their net working capital policies. This issue will make profitable investment opportunities for companies more efficient and enable co More

Companies pay attention to the value level of financial flexibility in making decisions related to optimizing investments and applying their net working capital policies. This issue will make profitable investment opportunities for companies more efficient and enable companies to gain more efficiency, as well as apply more optimal policies to keep cash. The purpose of this research is to investigate the effect of financial flexibility value and financial constraint on the speed of adjustment of net working capital, as well as the effect of financial constraint on the relationship between the value of financial flexibility and the speed of adjustment of net working capital in companies listed on the Tehran Stock Exchange. The appropriate pattern recognition test in combined data indicates the use of the regression model of the research using the panel data method with the fixed and random effects approach for the panel and pooled data patterns to estimate the regression model. The statistical sample includes 100 companies accepted to the Tehran Stock Exchange during the period from 2005 to 2020. The findings indicate that the value of financial flexibility has a positive and significant effect on the speed of adjustment of net working capital in the models of partial adjustments and error correction. Financial constraint has a positive and significant effect on the speed of net working capital adjustment, and it also has a positive and significant effect on the relationship between the value of financial flexibility and the speed of net working capital adjustment. Manuscript profile

Open Access Article

15 - Investigating the Effect of Financial Constraints and Different Levels of Agency Cost on Investment Efficiency
Mahdi Agah Hossein Malekpoor Arman Bagheri

10.22034/amfa.2017.536264

Manuscript profile

Open Access Article

16 - The Relationship between Corporate Governance and Company's Growths with Emphasis on the Role of Financial Constraints
Ghasem Nosrat Younes Badavar Nahandi

The purpose of this research is to study the relationship between corporate governance and company's growth with an emphasis on the role of financial constraints among the companies listed in the Tehran Stock Exchange. In this study, using a sample of 121 listed compani More

The purpose of this research is to study the relationship between corporate governance and company's growth with an emphasis on the role of financial constraints among the companies listed in the Tehran Stock Exchange. In this study, using a sample of 121 listed companies in Tehran Stock Exchange between the years 2010 to 2015 which contains 726 observations, hypotheses were exmained. To measure corporate governance 2 indices (Concentration of ownership and the percentage of institutional ownership), to measure company's growth 3 indices (Asset growth, sales growth, profit growth), and to measure the financial constraints Kaplan and Zynglas model which has modified by Raiee and Hesarzadeh (2009) according to Iran's environment have been used. The results showed that there is a positive significant relationship between institutional ownership and ownership concentration with company's growth and financial constraints has no effect on the relationship between corporate governance and firm's growth. Manuscript profile

Open Access Article

17 - Investigating the Impact of Business Dependence on Financing Related Factors
amir hadi ali hakim Saeed Jabbarzadeh Kangarloui Hadi Karamad Sani Nasim Lotfi

AbstractIn general, in financing, companies affiliated with the business group have more benefits than other companies because these companies have more access to financial resources and the domestic capital markets also support them . Factors related to financing in Te More

AbstractIn general, in financing, companies affiliated with the business group have more benefits than other companies because these companies have more access to financial resources and the domestic capital markets also support them . Factors related to financing in Tehran Stock Exchange companies have been discussed. In this research, 118 companies listed on the Tehran Stock Exchange in the period 1397 - 1392 have been studied. To test the hypotheses, panel regression and difference test models were used . The research findings show that companies affiliated to the business group have a higher leverage ratio than research findings show that companies affiliated to the business group have a higher leverage ratio than independent companies. Have higher financing costs than independent companies. Finally, companies affiliated with business groups have different leverage ratios, financing constraints, and financing costs than other companies.Keywords: companies affiliated with business groups, leverage ratio, financial constraints, financing costs.. Manuscript profile

Open Access Article

18 - Investigate the relationship between management ability and financial constraints and cash holding value
alireza hassan maleki ali haghani

AbstractThe purpose of this research is to investigate the relationship between management ability with financial constraints and cash holding value. Demarjian et al.'s model was used to measure management ability, Falkander and Wong's model was used to measure cash hol More

AbstractThe purpose of this research is to investigate the relationship between management ability with financial constraints and cash holding value. Demarjian et al.'s model was used to measure management ability, Falkander and Wong's model was used to measure cash holding value, and White and Wu's index was used to measure financial constraints. The statistical population of the research was all the companies admitted to the Tehran Stock Exchange in the period from 2014 to 2019, and the purposeful elimination method was used to determine the size of the statistical sample. Finally, 151 companies were selected as a statistical sample. The statistical results showed that management ability in companies reduces financial restrictions and improves cash holding value. Hence, it can be concluded that the ability of management becomes an important factor in improving the company's investment decisions and the efficiency of its operations. The selection of capable managers has led to an increase in efficiency and productivity in the company, which can lead to the success of the company in the industry. Manuscript profile

Open Access Article

19 - The Relationship between the Financial Statements Comparability and Company Growth Opportunities Regarding the Mediating Role of Financial Constraints and Financial Reporting Quality
Younes Badavar Nahandi Mohammadreza Abbasi Astamal Zeinab Omarpour Mesrkanlo

This research is practical in terms of purpose, and from the point of view of correlation methodology, it is causal type (post-event). The statistical population of the research is the companies admitted to the Tehran Stock Exchange, and using the systematic elimination More

This research is practical in terms of purpose, and from the point of view of correlation methodology, it is causal type (post-event). The statistical population of the research is the companies admitted to the Tehran Stock Exchange, and using the systematic elimination sampling method, 129 companies were selected as the research sample in the 6-year period between 2017 and 2022. The results of the research show that there is a positive relationship between the comparability of financial statements and the company's growth opportunities. Financial constraints play a mediating role in the positive relationship between comparability of financial statements and company growth opportunities. In other words, the comparability of financial statements increases the growth opportunities of the company by helping to reduce financial constraints. The quality of financial reporting plays a mediating role in the positive relationship between the comparability of financial statements and the company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to increase the quality of financial reporting.company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to reduce financial constraints. The quality of financial reporting plays a mediating role in the positive relationship between the comparability of financial statements and the company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to increase the quality of financial reporting. Manuscript profile

Open Access Article

20 - 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 Darabi

The 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 More

The 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

21 - Managerial over Confidence, Corporate Social Responsibility Activities, Corporate Performance and Financial Constraints
Mohadeseh Shaghaghi Shahnaz Mashayekh

10.30495/faar.2023.707968

Abstract 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 More

Abstract 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

22 - Information Distribution Pricing Modeling Based on Financing Constraints, Business Strategy and Corporate Governance with Structural Equation Approach
محمود نوذر پور امیررضا کیقبادی

The flow of information in the market environment affects the behavior of market participants. It is natural for market participants to have a different share of this information flow. The purpose of this article is to investigate the effect of financial constraints, bu More

The flow of information in the market environment affects the behavior of market participants. It is natural for market participants to have a different share of this information flow. The purpose of this article is to investigate the effect of financial constraints, business strategies and corporate governance on the value of information and changes in the distribution of accounting information.In order to investigate the subject of the study, after extracting data related to companies listed on the Tehran Stock Exchange, the composite data regression model has been used to test the research hypotheses. Information asymmetry pricing decreases in the face of high financial constraints. It is also lower at higher levels of corporate governance. On the other hand, pricing information asymmetry is higher at levels with bold strategy. Financial constraints lead to differences in the cost of capital between companies with high information asymmetry and companies with low information asymmetry. , Pursuing a market-based and innovative strategy requires investing in several new technologies to design products and explore new markets. Manuscript profile

Open Access Article

23 - Explain the anomalies of accruals and financial constraints through value and momentum factors And test performance with GRS test at Tehran stock exchange
gholamreza soleimanian daruosh foroughi hadi amiri

Considering the inverse relationship between the value and momentum factors and the lack of simultaneous use of them in capital asset pricing models such as CAPM and Fama and French's three-factor model, the basis of this study is to provide a new functional model has b More

Considering the inverse relationship between the value and momentum factors and the lack of simultaneous use of them in capital asset pricing models such as CAPM and Fama and French's three-factor model, the basis of this study is to provide a new functional model has been replacing pricing models of investing in stocks based on value, momentum with market risk and explain the anomalies of accruals and financial constraints through it. By imposing restrictions during the period from 1386 to 1395, 120 companies were sampled and tested. The results of the test of models and assumptions indicate the existence of convergence between the value and momentum factors with the excess return on stocks based on value / momentum, value / size, accruals / size, financial constraints / size, and these factors lead to Risk taking in the embedding portfolios based on the property of value (momentum), accruals (size) and financial constraints (size). Also, the three-factor model of value, momentum with market risk, has less GRS test statistic among competing models, and has the best performance compared to capital asset pricing models such as the CAPM and the Fama and French three-factor model. Manuscript profile

Open Access Article

24 - The financial development, financial constraint and firms investment
somayeh peyghambari fatemeh samadi Ahmad Yaghbnezhad

The 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, More

The 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

25 - Evaluation of Delphi models in Explaining the pattern of relationships between financial constraints, life cycle and social responsibility In companies listed on the Tehran Stock Exchange
mohammadreza panahian Hasan Ghodrati hosein panahian Meytham Arabzadeh

Corporate social responsibility includes a set of corporate activities and actions that it performs with the aim of doing good for people inside the organization such as employees or people outside the organization, including suppliers, consumers and people. The result More

Corporate social responsibility includes a set of corporate activities and actions that it performs with the aim of doing good for people inside the organization such as employees or people outside the organization, including suppliers, consumers and people. The result of social responsibility motivations of participate in management has been better performance company in terms of better allocation of organizational resources and reform of organizational strutures in line with the companys value oriented goals. The purpose of this study was to investigate the relationship between social responsibility during different stages of the life cycle on the financial constraints of the company. It took place until 1398. The results showed that due to the inverse relationship discovered between social responsibility and financial constraints, firms at each stage of development face different goals of social responsibility and show different capabilities in performing social responsibility. Also, for companies that are in the stages of growth, maturity and decline, the higher their social responsibility scores, the less financial constraints they face. Manuscript profile

Open Access Article

26 - Application of methods radial neural network, Gaussian process regression in predicting financial constraints Companies admitted to the Tehran Stock Exchange
Mohammadreza Gholamzadeh Mahdi faghani ahmad pife

One of the important issues in predicting financial constraints is the choice of predictor variables. In this study, we investigated the Gaussian process machine learning method and radial neural network to predict financial constraints. For this purpose, 208 companies More

One of the important issues in predicting financial constraints is the choice of predictor variables. In this study, we investigated the Gaussian process machine learning method and radial neural network to predict financial constraints. For this purpose, 208 companies from 1390 to 1396 have been selected as the statistical population. Due to the availability of information, all companies have been considered as a statistical sample. The results of this study showed that machine learning methods have the ability to predict the financial constraints of corporations admitted to Tehran Stock Exchange. Therefore, the main hypothesis of this research is confirmed and machine learning methods are an effective way to predict financial constraints. Also, the results showed that the company's value, operating cash flow ratio, financial leverage, return on assets, and the percentage of institutional owners had the most importance in predicting financial constraints. Manuscript profile

Open Access Article

27 - 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 Ebrahimi

10.30495/afi.2022.1947065.1078

Purpose: 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 More

Purpose: 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

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