Seyed Kazem Ebrahimi; Bahraminasab Ali; mohaddeseh hamedi
Abstract
Investors need reliable information for decision making in order to make optimal economic decisions. This research investigates the effect of the modified auditor's opinion on the debt structure and excess stock returns of the companies admitted to the Tehran Stock Exchange. The type of auditor's opinion ...
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Investors need reliable information for decision making in order to make optimal economic decisions. This research investigates the effect of the modified auditor's opinion on the debt structure and excess stock returns of the companies admitted to the Tehran Stock Exchange. The type of auditor's opinion has been considered as independent variable and debt structure and excess stock returns as dependent variables. The statistical sample included 102 companies admitted to the Tehran Stock Exchange during the years 2012-2016. The required data have been collected from the Tehran Stock Exchange Library, Compact CD of Rah Avard Novin and the Codal site. Data analysis has been performed using Eviews 9 software. In the study, a multivariate regression model and panel data method were used. To study the relationship between the mentioned variables, two hypotheses were developed. The results show that there is a negative and significant relationship between the modified auditor's opinion and debt structure and excess stock returns
Seyed kazem Ebrahimi; Sadegh Sarbazi Azad
Abstract
Today's, knowledge-based economy represents a great change and shift from financial resources to knowledge. Although the role of physical and financial assets in order to achieve the organization's objectives cannot be denied, but what is important is that today's science, technology, ...
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Today's, knowledge-based economy represents a great change and shift from financial resources to knowledge. Although the role of physical and financial assets in order to achieve the organization's objectives cannot be denied, but what is important is that today's science, technology, good customer relations, information systems, those constitute organization’s Intellectual Capital, are known as key success factors in information era. It’s believed that intellectual capital, including human capital and structural capital, hasimportant and growing role in firm’s performance and effects on its financial achievements. This study examined the interactive effects of intellectual capital and its components on the value of the investment efficiency of listed companies in Tehran Stock Exchange. To do so, the information of 105 companies during 1388 to 1393 was selected from companies listed on the stock exchange. The results of the study indicate a significant and positive relationship between Interactive effects of the coefficient value added andintellectual capital and its components including efficiency of communicational and structural capital and investment efficiency on the value of the company.
Seyed Kazem Ebrahimi; Ali Bahraminasab; Sedigheh Parvaneh
Abstract
The goal of this paper is to examine the association between product marketcompetition and corporate investment decisions on particularly, over investment and low investment. The managers have different incentives to keep cash in firms. Product market competition is another powerful mechanism ensuring ...
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The goal of this paper is to examine the association between product marketcompetition and corporate investment decisions on particularly, over investment and low investment. The managers have different incentives to keep cash in firms. Product market competition is another powerful mechanism ensuring that management does not waste resources. When competition exists, shareholders can observe performance in other firms and use this information as a benchmark to evaluate managers. The aim of this research is to investigate impact of product market competition and Interactive relationship between product market competition and free cash flow on over- investment and low- investment in free cash flow. The Herfindahl-Hirschman index was used as measures of competitiveness. The sample consisted of 110 companies listed in Tehran Stock Exchange from 10 different industries over the period 2010 to 2015. Research findings indicate that there is no significant positive relationship between Herfindahl- Hirschman with the low_ investment and over_ investment. The interactive effect of product market competition on a negative free cash flow has significant relationship with low investment.
