جستجوی مقالات مرتبط با کلیدواژه « عملکرد شرکت » در نشریات گروه « مالی »

The purpose of this study is to explain the role of financing sources mergers and acquisitions on corporate performance based on Pecking Order Theory. What distinguishes this research from other mergers and acquisitions is the variable financing methods that are measured using a Pecking Order Theory of debt ratios, accumulated profits, and financial leverage. And to measure the firm's performance, variables such as equity returns, asset returns and the Kyotubin ratio are used.This study, using regression data on a sample of companies listed in the Tehran Stock Exchange that were acquired by other companies during the years 1391 to 1395, It shows that the source of financing of mergers and acquisitions has a different impact on the performance of the company. Whatever the company uses its debt ratio to fund, the company's performance has changed, increasing equity returns and decreasing returns on corporate assets. Also, increasing Retained earnings and Leverage as a source of financing , has increased the rate of return on assets and corporate performance, but the return on equity and value of the company has not changed.

This research was carried out with the aim of investigating the effect of corporate controversies on the performance of companies in the Tehran Stock Exchange.

In this research, the required data were extracted from Rahavard Novin software, financial statements of companies and text mining, as well as the Tehran Stock Exchange website. The statistical population of the current research is the companies listed in the Tehran Stock Exchange in the period from 1391 to 1400. In order to test the research hypotheses, the combined data model was used. The software used for data analysis is Stata version 14.

The results of research hypotheses show that three performance calculation criteria (return on assets, return on equity, economic added value) are negatively affected by company controversies. In other words, increasing the level of controversy with controversial and tension-causing factors reduces the ability of management to a significant extent.

The negative perception by the stakeholders can have various consequences, including increasing financial risk, increasing the cost of debt, reducing the company's reputation and credibility, which will reduce the company's performance.Keywords: corporate controversies, company performance, return on assets, return on equity, economic added value

The developmentof a new system of corporate governance after the collapse of Enron and WorldCom in the early years of the 21st century at the global level and the acceleration of the process of handing over government assets simultaneously with the development of the capital market and the strengthening of institutional investment at the country level, the issue of ownership and its impact has made the performance of companies a controversial topic in the field of financial literacy. The purpose of this research is to investigate the relationship between the ownership structure and the financial performance of companies listed in the Tehran Stock Exchange. Based on this, the research investigated the effect of the relationship between institutional and government ownership on the financial performance of 146 listed companies on the Tehran Stock Exchange from 2012 to 2021 using the dynamic panel(Panel GMM) method. The research results indicate the positive effect of institutional ownership on the performance of sample companies. Also, performance metrics based on accounting information show a significant and negative relationship between government ownership and company performance. Other findings of the research show the positive effect of financial leverage and the positive view of shareholders towards the shares of large and growing companies in evaluating the company's financial performance

The efficient market hypothesis is based on the assumption that investors behave rationally, but studies in behavioral finance have contradicted this notion. The irrationality of investor behavior can be attributed to risk in less efficient markets, which can lead them to make decisions based on emotions. These emotional decisions impact firm performance. This study is to determine the influence of two investor behaviors, "loss aversion" and "overconfidence," on the performance of companies listed on the Tehran Stock Exchange. Loss aversion serves as an indicator of negative emotions, while overconfidence serves as an indicator of positive emotions. This study, to the best of our knowledge, is among the initial research in Iran's financial field to utilize loss aversion and overconfidence as indicators of negative and positive emotions, respectively. Based on these objectives, two hypotheses were developed in this study. The statistical population of this research consists of companies listed on the Tehran Stock Exchange (TSE). Data required for the statistical analysis were obtained from various sources, including the Rahvard Novin software, the TSE Technology Management Company website, and the financial statements of the companies. To test these hypotheses, a sample of 156 companies, listed on the Tehran Stock Exchange between 2013 and 2020, was selected using the screening method. The research questions were answered using the panel data method, descriptive statistics, correlation analysis, and multivariate regression model. The findings shed light on the correlation between investors' behavior and the performance of companies on the TSE. The study reveals a strong negative correlation between investors' loss aversion and the economic performance of companies. This suggests that more loss-averse investors tend to contribute to the lower economic performance of companies. Furthermore, the study shows a positive correlation between investors' overconfidence and market performance. This suggests that companies with more confident investors tend to perform better in the market. Interestingly, the study also found that Iranian investors tend to be more overconfident than risk-averse, meaning that their overconfidence outweighs their tendency to be loss-averse. This generally optimistic attitude of investors in the TSE has a positive impact on the overall market performance by encouraging investment and boosting market confidence. Loss aversion bias can lead investors to hold onto loss-making investments due to their fear of realizing losses. Pessimism and unfavorable stock market conditions may cause investors to prioritize avoiding losses over making strategic investment choices, ultimately reducing the economic performance of the company. Additionally, the overconfidence bias can cause investors to underestimate the risks associated with assets, leading them to base their investment decisions solely on simple criteria they deem important in their minds, without exercising sufficient care and attention. The rise in demand may lead to an increase in the securities' price, ultimately enhancing the overall value of the company.

Impact management is an opportunistic and informed behavior that is expressed as a targeted management strategy in the presentation of a bi-directional financial statement by the managers in the organization, and by fully disclosing the effective information related to the performance appraisal of companies, affect the perceptions of users of information and their perceptions in the direction Acquiring or protecting its interests. The purpose of this study was to investigate the effect of supporting minority shareholders and the majority shareholders' fortitude on the relationship between managing information impact on corporate performance in companies admitted to Tehran Stock Exchange. For this purpose, the required data from 79 listed companies in Tehran Stock Exchange during the period of 2008 to 2017 was collected. The results of the research indicate that information management has a negative and significant effect on the company's performance, and support for minority shareholders strengthens the relationship between information management and performance, and the majority shareholder's patience strengthens the relationship between information management and performance impact, but the impact The recovery between the management of the impact of information on performance and the willingness of majority shareholders is no more than the protection of minority shareholders.

Impact management is an opportunistic and informed behavior that is expressed as a targeted management strategy in the presentation of a bias report by managers in an organization that affects users' perceptions of information and changes their perceptions to achieve or protect their interests. Applying appropriate supervision by majority shareholders tends to limit the opportunistic and profitable behavior of managers. Hence, the traditional role of corporate governance mechanisms is the suppression of opportunistic behavior to protect corporate shareholders, and is Carter's performance. The purpose of this study is to investigate the effect of the moderator of majority tolerance on information management and corporate performance in Tehran Stock Exchange. The purpose of this research is applied and from the methodological point of view is descriptive-correlational research. For this purpose, the required data from 79 listed companies in Tehran Stock Exchange during the period of 2007 to 2016 was collected. The results of the research indicate that the various corporate governance mechanisms that are used to direct and control companies internally and externally reduce the impact of information management practices. The results of assumptions indicate that information management has a negative and significant effect on the firm's performance, but the majority shareholder's patience reinforces the relationship between information management and performance impact.

Oppose to traditional risk management where individual risks are managed separately in "risk silos", corporate risk management enables companies to manage a wide range of risks in a seamless and comprehensive way. International studies have shown that the evolution of traditional risk management to a holistic perspective and the adoption of Enterprise risk management have enhanced the firm's performance from a strategic perspective. This study investigates the impact of enterprise risk management on the performance of listed companies in the Tehran Stock Exchange (measured by Tobin's Q ratio) in the merger and acquisition process using Heckman's two-stage model over the period 1392 to 1397. The statistical sample of the study consists of 54 target companies of Tehran Stock Exchange. The results of the first stage showed that the variables of firm size, financial leverage and industry control variable had a significant relationship with the determinants of enterprise risk management. Secondly, it was confirmed that organizational risk management had a significant impact on the performance of listed companies in the merger and acquisition process.

One of the main concerns of investors is the Stock price crash risk in the market and research in this field may be so important for the Capital. Increasing stock price crash risk makes investors pessimistic about investing in the securities exchange and this may cause them to go out of the capital market. This research studied the effect of the firm’s operation and the future risk of price fall of the equities in the firms accepted by the securities exchange of Tehran between 2012-2016. The sample includes 500 observation. The independent variables consist of rate of the return of the assets, ratio of market value to office value of the firm and Toobin’s Q index and the profit of each equity and the depended value is the future stock price crash risk. The findings suggested that there is negative significant relation between the firm’s operation (the rate of return of the assets, the ratio of the market value to office value of the firm, the Toobin’s Q index and the profit of each equity) and future stock price crash risk in the firms accepted by the securities exchange of Tehran. In other words we can anticipate the future mutation or stock price crash risk with looking at the firm’s operation and take action to buy or sell that firm’s equities.

The purpose of this study is to present an integrated management model for electronic supply chain of product and its effect on the National Iranian South Oil Company. Present study based on the purpose is an applied type and based on the nature is a descriptive - correlation type. The population under study consisted of all employees of National Iranian South Oil Company that 512 subjects were selected as sample. The data collection tool was a questionnaire that its reliability was confirmed using Cronbach's alpha, composite reliability and factors load. Validity of the questionnaire was confirmed using three methods of content validity, convergent validity and discriminant validity at partial least squares.Data analysis was performed using structural equations and partial least squares methods in SmartPlus software. The results showed that the proposed model is product fitted and the significant effect of integrated management for electronic supply chain and competitive advantage was confirmed on the performance of the National Iranian South Oil Company. But, the effect of the risk of electronic supply chain on the company's performance was rejected. Also, the results of moderator assumptions showed that competitive advantage affects the relationship between integrated management for the electronic supply chain and the performance of the National Iranian South Oil Company, but the risk of the electronic supply chain does not have a moderating role in this relationship.

This paper investigates the effects of primary and secondary equity markets on Tehran Stock Exchange’s firms’ performance after IPO in an integrated framework; because both markets interact closely in reality and firms are affected by both. This paper usesshare sold by initial owners in IPO as proxy for primary market and investment-to-price sensitivity and stock price informativeness as proxies for secondary market. This paper also utilizes EBIT-to-Assets, Sales-to-Assets and Net income-to-Assets as proxies for firm’s performance. A non-parametric quantile regression is employed for 51 firms over the period of 2001-2019. The results show that if we consider shares sold by initial owners as primary market, this factor does not affect firm’s performance; while in the secondary market, investment-to-price sensitivity hasat first negative effects thereafter affects performance positively and also there is a negative relationship between stock price informativeness and Sales-to-Assets.

Despite the importance of the issue of the dynamics of shareholders general meetings, little research has been done in this regard, and the theoretical findings have also predicted the inconsistency outcomes. The purpose of this study is to investigate the relationship between the shareholder participation in the general meeting of shareholders with financial and tax performance. In this regard, three criteria have been used to measure the return on assets, return on equity returns, and Tobin's Q ratio for measuring financial performance and tax avoidance criteria for measuring tax performance. This research is descriptive-correlative manner. Using the multivariate regression model, the results of the survey of 95 companies listed in the Tehran Stock Exchange between 2009 and 2017 show a positive and significant relationship between the shareholder's participation rate and the firm's performance. Thus, in companies with more dynamic meetings, the rate of return on assets, return on equity and Tobin's Q ratio is higher. In addition, the results show that there is no meaningful relationship between the amount of shareholders participating in the general meeting of shareholders and tax avoidance.

Today the importance of evaluating performance and factors affecting corporate performance is one of the most important areas of the financial Economics So that research has been done on this. In this regard, the main purpose of this research is to examine the factors affecting the performance of Bourse companies with an emphasis on monetary policy. Contrary to previous research that for corporate performance has been captured only an indicator such as profit or income In this research, FPT Comprehensive Index has been used to measure the performance of companies. The data used in this research is annual data for the period from 1385 (2006) to 1392 (2013) and for 94 companies admitted to the stock exchange. And monetary policy instruments include the growth rate of bank's loan facilities, liquidity growth rates, and legal deposit rates. The results of model estimation using GMM dynamic data panel show that there is a Significance relationship between monetary variables and firm performance. With the increase in bank facilities and the increase in liquidity, the Piotroski F-Score index is also increasing which reflects an increase and improvement in the company's performance. Therefore, given the direct impact of monetary policies on corporate performance indicators, policymakers should be more careful about acting any other policy.

Firms’ tax amounts represent cash outflows from firms to the governments. Cash flows which could be invested and create value for the firms. Therefore firms have been tried to restrict those cash outflows through implementing different tax policies. This research is about to develop and test a tax policy predictor model. Statistical model consist of 85 public firms listed on Tehran Stock Exchange (TSE). Structural equation modeling is the statistical instrument. Religion and trust in public sector are proxies for cultural values. Results indicate that cultural values affect firms’ tax policy while intermediating variables are in and have no impact when those intermediating variables are not included. Other findings show effects of capital structure on tax policy development by firms.

The present study is a comprehensive review of the relationship between capital structure, free cash flow, diversification and firms performance. A total of 107 companies who were listed on theTehran stock exchange from 2008 to 2013 were studied. Tobin’s Q was used to measure firm performanc, Debt leverage was used to measure capital structure and diversification was used to measure entropy. The Lehn and Poulsen (1989) model was used to measure free cash flow.The results showed that free cash flow and debt leverage had positive and significant effects on performance and that diversification had a negative and significant effect. Debt leverage had a negative and significant effect on free cash flow and free cash flow and debt leverge had a positive and significant effect on diversification.Tobin's Q index showed a negative and significant effect for diversification. Diversification and Tobin's Q index showed positive and significant effects on debt leverage.

Managerial financing decisions seem to change the predictions of the financial model about how often and under what circumstances firms use financial resources. The financial accounting literature uses market timing hypothesis, pecking order theories to explain management’s financing decision. We examine how market timing affects management’s net financing decision using a sample of firms listed in Tehran Stock exchange over the period of 2002 to 2011. Our results do not provide support for the market timing hypothesis. We also find a negative association between net financing and firms’ market return suggesting a negative impact of the net financing decision on firms’ return. Our results show no association between initial public offering and firms’ market return. This suggests that a suitable market return did not appear in initial public offerings. The findings also show that firms with an ability of using internal resources in its capital structure are more likely to perform well than expected in the capital market.

Risk and return of the firms are most important investing criteria in capital market so investors who have more pay attention to this criteria, are successful. Changing management company's cause different decisions in financial area of firms ,and therefore, it has an effective impact on risk and returns of the firms. In this study, the relationship between a company's management to change the default risk and capital market performance of companies in Tehran Stock Exchange for the period 1385 to 1390 was in total, 618 observation periods was used to measure the performance of three criteria: return on assets, return on equity, economic value added was. Statistical methods used in this study is multiple regression method. The results show that the change in corporate management with respect to default risk but there is a direct relationship between the change in corporate management with the three criteria to evaluate the performance efficiency of assets, return on equity economic value added, to reverse

Corporate governance is a set of rules، law and structure، which helps directors achieve a firm objective. There is relation between corporate governance mechanism and performance of the company. However، prior researches is show different results. Therefore، this article tries to retest this relation in an emerging market like IRAN. In this research، we gathered financial data of 140 companies during 1387-1383 (2004-2009) and tested by use of Panel data analyses. The finding shows a direct relation between insider ownership and independence manager ratio and performance of the company. There is negative relation between institutional shareholders with performance of the company and finally there is not any relation between duality and performance. This finding is very useful for decision - makers of Iranian stock exchange fulfill corporate governance rules in Iranian companies.

The purpose of this paper is to analyze the effect of ownership structure on performance of listed companies in Tehran Stock Exchange (TSE). In this paper, ownership structure is considered as independent variable and TobinQ as a financial performance criterion of companies is considered as dependent variable. Data is gathered from 93 listed companies during 2004 to 2008. Data structure is panel and analysis has been done using Ordinary Least Squared (OLS) with fixed effect and Generalized Least Squared (GLS) with fixed effect. The results, using OLS show that, there is no relation between ownership structure and company’s performance, but using GLS, we have found negative linear relation between ownership percentage of shareholder with greater than 5 percent and company’s performance.

Corporate financial performance is one of the criteria to select investment opportunities. it is influenced by many factors, such as stock liquidity. This research examines the relationship between stock liquidity and corporate performance in the Tehran Stock Exchange over 2002 to 2008. In this study, bid-ask spread was used as a standard indicator of liquidity and Tobin Q was applied as company performance measurement criteria. The relationship between dependent and independent variables was examined by multivariate regression model and conducted on the base of combined data. The results show a positive and significant relationship between stock liquidity and corporate performance.

This study is aimed to determine the role of ownership structure on firm performance. Using panel data regression analysis method, the role of variables of ownership structure which includes: ownership concentration, institutional ownership and institutional ownership concentration have been examined for 137 listed firms of Tehran stock exchange within the period 1380 to 1385. It is concluded that ownership concentration doesn’t have any significant effect on firm performance but the effect of two other variables are significant: institutional ownership has positive significant effect on firm performance but the effect of concentrated institutional ownership is negative. In the next part of this research the effect of ownership structure on firm performance based on type of the industry has been studied and it is concluded that the industry factor moderates this effectiveness relationship. The findings of this research shed light on the role of ownership structure plays in corporate performance and thus offer insights to policy makers interested in improving corporate governance system.