جستجوی مقالات مرتبط با کلیدواژه « market value » در نشریات گروه « مالی »

The present study empirically analyzes the impact of business model innovation on financial performance of companies operating in petrochemical industry. The statistical population includes companies listed in Tehran Stock Exchange operating in petrochemical industry during 2011 to 2018. A total of 15 companies are selected as statistical sample. The research method is causal. The related data for theoretical literature section and hypothesis testing are gathered using library method research and financial statement data mining, respectively. Panel data regression models are used to analyze the data. The results indicate materials and equipment supply innovation and product innovation directly and significantly impact on corporate asset returns. However, the impact of marketing innovation on return on assets is not significant. The results also show Q-tobin, as a measure of firm value, is not effected by materials and equipment supply innovation and product innovation , while marketing innovation has a direct and significant effect on corporate market value.

Financial ratios analysis is considered among the most widely used tools for evaluating the performance of companies and investments. In this regard, ROA and ROE ratios are among the most important criterias. This study seeks evidence about the role of market capitalization in the relationship between return on assets and return on equity with Stock prices and is compared with their book value. This study was conducted on 136 companies listed on the Tehran Stock Exchange between 2008-2016. In order to test hypotheses, we used of 8 multivariate regression. The results indicate that both of ratios with book value and market value have a significant and positive relationship with stock prices; But the strength of this relationship is not the same, market value has more strongest relation than book value, return on assets can explain the stock price changes alone and about 66% and Combined return on assets to book value and return on equity to market value have strongest correlation with the stock price changes.

In this paper, by using different cash flow benchmarks (dividends, net income and free cash flow) for the period of 1381 to 1390 for listed companies in Tehran Stock Exchange, we showed that investors are changing their attitudes from dividends cash flow measure to net income and free cash flow methods in recent years which can be interpreted as increase in the Iranian capital market maturity and efficiency. On the other hand, in line with the hypothesis of interference of speculators on small company’s stock prices, by dividing companies in two groups of small and large, we find that because of their ability to manipulate small company’s stock prices, theyuse net income as a suitable cash flow measure.

The purpose of this paper is to investigate the effect of financial decisions on the market value of firms with excess cashflow and firms with low investment opportunities. Financial decisions can be seen from three aspects, which are investment decisions, dividend policy, and debt policy. The data of 123 publicly traded companies in Tehran Stock Exchange were collected from the years 1383 to 1387. The hypotheses were analyzed, using panel data method and multiple regression models. The results indicated that in the firms with low investment opportunities, investments are understated, while debts are overstated. Moreover, in this kind of firms, shareholders were interested in more cash dividends. Analysis showed the same results for the firms with excess cashflow.

This study aims at exploring relationship between Working Capital Management with criterions for value-based performance. Therefore, the information of 107 companies listed in Tehran Stock Exchange between 2007-2011 (1386-1390) was studied and the effect of various variables for Working Capital Management (including Days Sales Outstanding, Days Sales of Inventory, Days Payable Outstanding, and Cash Conversion Cycle) on criterions for value-based performance (including Economic Value-Added (EVA), Market Value-Added (MVA), and Q Tobin index) was tested through employing 3 hypotheses and 9 sub-hypotheses all along with the main research question. Test of hypothesis was carried out by multiple regression analysis by Estimated generalized least square (EGLS). Findings of the study show that the increase of Days Sales Outstanding results in the increase of both Economic Value-Added (EVA) and Market Value-Added (MVA), and the increase of Days Sales of Inventory also results in the decrease of criterion for value-based performance of both Economic Value-Added (EVA) and Market Value-Added (MVA).

The emergence of the knowledge economy, cause of the increasing importance of intellectual capital as an intangible asset and source of competitive advantage. purpose of this study was firstly to investigate the relationship between intellectual capital with performance and value superior of companies listed in 1390  Using Value Added Intellectual Coefficient Ante Pulic (2000) and the multiple regression model is. In the second stage, these companies using principal component analysis (PCA) based on intellectual capital indicators are ranked and finally using Spearman's rank correlation coefficient , Their ranking of position intellectual capital with the ranking they based stock indexes are compared . The software used for data analysis are Eviews7 is. The results of the research indicates that there is a significant correlation between the intellectual capital with the worth of the company's financial performance and market superior stocks, , but there is not a significant correlation between the ranking of those companies based on index and ranking them based on intellectual capital index. as well as the results of the research show that among the constituent elements of intellectual capital, the capital employed efficiency has created the most influence is the superior companies EPS and human capital efficiency has not a significant impact on the financial performance and market value of the superior companies.

It is of crucial importance to identify and measure the factors influencing the holding period in order to examine the various structures of the capital market. The results of some foreign studies indicate that there is a relation between stock return volatility, market value, bid-ask spread and the holding periods. The present study also aims at surveying the relation between stock return volatility, market value, bid-ask spread and the holding periods in Tehran Stock Exchange. To do so, among the companies which were accepted in Tehran Stock Exchange and whose required data during a nine years period of research (1381-1389) were available, 110 companies were chosen. In the present study, the holding period is dependant variable and bid-ask spread, Stock return volatility and market value are independent variables. The hypotheses were examined using multi-variable regression and the data were analyzed using the panel data method. The results of the study indicate a positive correlation between market value, and the holding periods. The results also indicate that there is no significant relationship between stock return volatility, bid-ask spread and the holding period of the selected companies.