Investigating the Effect of Cash Flows on Stock Returns in Companies Listed on the Securities and Stock Exchange

The purpose of the present study is to investigate the effect of cash flows on stock returns in companies listed on the Securities and Stock Exchange. This research is applied in terms of purpose-based classification. The statistical population of the study is the companies listed on the Tehran Securities and Stock Exchange between 2016 and 2021. In the current study, a screening method was used to select the sample. One hundred and twenty companies were selected from among the statistical population, and the separation and grouping of companies in industries have been conducted according to Rahavard modern software; the spatial realm encompassed all companies listed on the Tehran Securities and Stock Exchange that meet the conditions mentioned for the statistical population. In order to control other possible factors influencing cash flows that are not considered by independent variables, company growth, financial leverage and company size have been considered as "control variables" according to Mahmoudabadi and Mansouri (2011) research. Data analysis was performed using multivariate linear regression, in such a way that after extracting the studied variables from the mentioned sources, this information is entered in the worksheet created in the Excel software environment and the necessary calculations are performed to obtain the study variables. Then, Eveiws software was applied for statistical analysis of the obtained information. Data analysis is divided into two general categories: descriptive analysis and inferential analysis. The results indicate that cash flows have a positive effect on capital productivity .