The impact of external financing methods on firm's future return: focusing on working capital accruals

In this study، the Impact of external financing methods on firm’s future return focusing on working capital accruals were studied. To do so، 80 companies listed in Tehran Stock Exchange during the period 1384 to 1388 have been surveyed using multivariable panel data linear regression model using fixed effects by panel data approach was used. The results of this study shows that under conditions of low levels of working capital accruals، external financing through the capital has significant negative relationship with future stock returns. But the relationship between the financing activities through debt and future stock returns، in low and high levels of working capital accruals is not significant. Consequently، the activities financed through debt، have no effect on future stock returns.