جستجوی مقالات مرتبط با کلیدواژه « Capital Expenditure » در نشریات گروه « حسابداری »

Considering the importance of investing in the capital markets for the growth and prosperity of the economy and regarding the negative impact of lack of financial transparency and information asymmetry on the level of investment in these markets on the one hand and the effect that competition in the product market can have on reducing information asymmetry be Therefore, in this research, we examined the impact of capital expenditures on the value of the company with emphasis on information asymmetry. It is expected that conducting this research will eliminate the gap and gap in the field of the impact of capital expenditure on company value and information asymmetry and help in the development of literature related to information asymmetry and product market competition and have a scientific contribution. It is also expected that investors, shareholders, managers of legislative institutions and other users will use the results of this research in making informed and useful decisions. In order to achieve the general goal of the research, two hypotheses were formulated. The statistical population of this research includes all companies present in the Tehran Stock Exchange from the beginning of 2016 to the end of 2015. The selected sample is 113 companies. The results of the hypotheses test show that capital expenditures have a positive effect on the value of the company. Also, information asymmetry does not affect the relationship between capital expenditure and company value.

One of the most important tasks for managers is decision-making. Life goes on today while the shadowing of uncertainty over all affairs has completely changed the decision-making process for various reasons. Companies, during their economic life, also face various factors that are unpredictable, and they are corporate managers who make the necessary final decisions for the company. Managers, like everyone else in the community, have different individual characteristics, talents, desires, attitudes, and value systems that can influence company policies. The present study aims to investigate the effect of managerial ability on companies' risk-taking behavior. In this regard, we analyzed the financial statements of 165 companies listed in Tehran Stock Exchange (TSE) for the period of 1388-1397. We measured managerial ability using the model introduced by Demerging et al. (2012). Also, we measured the risk-taking behavior of companies using two variables: standard deviation of the Return on Assets (ROA), the ratio of capital expenditures to total assets, and financial leverage of the company. Hypothesis testing is carried out through a multiple regression model with panel data. The results indicate that managerial ability has a positive and significant relationship with the ROA and the ratio of capital expenditures to total assets.

Identifying the factors affecting the cost of capital of the company is always one of the important issues for investors and managers. Therefore, in this study, the effect of quality of disclosure of financial information on the cost of capital of the company and also the effect of the CEO’s dual role on this relationship is examined. To calculate the company's capital cost, the Gordon model and the capital asset pricing model are used, and to measure the quality of disclosure, the quality of Kaznik's (1999) accruals and the disclosure index published by the Stock Exchange Organization are used. Also, the duality of the role of the CEO means that the CEO is simultaneously the chairman or vice-chairman of the board. Finally, the results of the test of research hypotheses on 148 companies listed on the Tehran Stock Exchange in the period 2012 to 2018 by regression method, showed that there are an inverse and significant relationship between the quality of disclosure and the cost of capital of companies. There was also no evidence of the duality of the role of the CEO on the cost of capital and the moderating effect of this variable on the relationship between disclosure quality and capital cost.

The purpose of this research is to investigate the relationship between capital expenditures and investment efficiency in different stages of company life cycle in companies admitted to Tehran Stock Exchange. Following a post-revolutionary approach, the study was conducted between 2011 and 2015 and the selected sample consists of 69 companies listed in admitted to the Tehran Stock Exchange. E-Views software version 9 was used to study the research hypotheses. The results showed that there is a negative and significant relationship between capital expenditures and investment efficiency. Also, in different stages of the life cycle, there is a relationship between capital expenditures and negative investment efficiency, the highest amount related to the growth stage and lower the amount related to the decline stage.

The purpose of this study is to examine the investigation to relationship between volatility of profitability ratios, retained earnings, capital expenditures, and changes in corporate dividend policy of the company. This study is based on data analysis of literature and analytical – causative panel (panel data). The research sample consists of 102 companies listed in Tehran Stock Exchange during the period 2008 to 2013.To analyze the results of the software is used toSpss20 ¡Eviews7andMinitab16.The results show that the criteria of profitability and changes in dividend policies of companies and there is a direct relationship. The analysis has been done suggests that the ratio of retained earnings and the ratio of capital expenditure to changes in a company's dividend policy and an inverse relationship exists

Executive overconfidence is one of the consequences of positive expectations about future performance, therefore failure to reach the specified goals may increase managers tendency to fraudulent financial reports. The purpose of this study is to analyze the behavior of executive overconfident in fraudulent companies listed on the Tehran Stock Exchange. In this regard, capital expenditure and overinvestment are used as the indicators of executive overconfidence. Auditing standards are used to measure fraudulent companies. The study sample is 99 companies listed on the Tehran Stock Exchange (990 years - the company), including 334 fraud samples and 334 instances of non-fraud samples to control over 2005-2014 period. Due to the nature of the dependent variable and the homogeneity of the sample, Logit regression method is used to test the hypotheses. According to the results of this study, executive overconfidence based on capital expenditure is higher in fraudulent companies. Also, the result of the second hypothesis rejection is based on overinvestment criteria.

The goal of this paper is to study of Relationship between cash flow sensitivity of investment with capital expenditure..the sample has been divided into two parts, over investment and under investment companies with using measure of investment mean and shown that the cash flow sensitivity of investment in over investment companies is greater than under investment companies. also Positive relationship have been shown between market to book ratio and capital expenditure. Also by using multiple measure (ratio of dividend, size and KZ index) representative of financial constraints, we understand that positive relationship is exist between cash flow sensitivity of investment with dividend ratio and size and negative relationship is exist between cash flow sensitivity of investment and KZ index.

In this paper, we investigated impact of corporate cash holdings and financial constraints on investment-cash flow sensitivity.In this regard, we studied and collected data of 130 listed companies in Tehran Stock Exchange for years 2002-2011. In this research, we used Whited Wu and Kaplan-Zingles indexes and payout ratio as measures of financial constraints. Results of this research showed a positive relationship between capital expenditure and cash flow and also unconstrained firms have higher investment-cash flow sensitivity than constrained firms. Other results showed that the interaction of cash holdings on investment-cash flow sensitivity is negative. In addition, we found that financially constrained firms have significantly higher impact of corporate cash holdings on investment-cash flow sensitivity than unconstrained firms.

The present research regards the Relationship among the Net Profit, Cach from Operations, Earning Before Interest and Tat (EBIT), Economic Value Added with creaded wealth for stockholder’s and so evaluate the validity of these indetes in Tehran’s stock exchange.
Population of this research contains the companies accepted in Tehran’s stock exchange that 73 of these companies have been choosen. Time zone in this research contains five years from 2005-2009 provided by financial statements. In order to testing the hypo thesis of the research, measurement the changes in the year (t) in compare with year (t-1) is inevitable, thus for measuring some of the varibles, the information o the years 2004 have been applied. Information required for the test was collected and then regression test was used to study the relationship Among Indexes and market value.
Result of the research shows that economic value added (EVA) after the net profit is an appropriate index for predicting the created shareholder value (CSV) and it is able to show holders that to what extent the management has been involved in their wealth. Another result of this research is that accounting indexes used up to now are not sufficient and confronting with increased challenges at capital markets and owners they win not be appropriated indicatives at stock market value. Mean while, net profit with 0.507 coefficient and operati and cash flow Operations with 0.015 coefficient bear, the most and the least correlation with stock market value and economic value added with 0.248 coefficient of correlation bears after the net profit and (EBIT) the most correlation with stock market value.