Document Type : Research Paper
Authors
Abstract
The aim of this study is to investigate the relationship between diversification strategy and cash holding with abnormal return of TSE listed companies. For this purpose, three hypotheses were developed to investigate the relationship between diversification strategy and cash holding with abnormal return of companies and the sample data were extracted from financial statement of listed Companies during the period 2004 to 2008. Results revealed that there is a negative and significant relationship between abnormal returns and diversification strategy, but relationship between abnormal returns and cash holding was not statistically significant. The results also revealed that diversification strategy has positive and significant impact on the relation between abnormal returns and cash balance.
Keywords
احمد پور، احمد و رسائیان، امیر. ) 7355
بررسی های حسابداری و حسابرسی، دوره 73 ، شماره .» پیشنهادی خرید و فروش سهام
- 06 . صص 30 67
.2 کابرد اقتصادسنجی در تحقیقات حسابداری، « .) افلاطونی، عباس و نیکبخت، لیلی. ) 7357
تهران، انتشارات ترمه. » مدیریت مالی و علوم اقتصادی
.3 ) آقایی، محمدعلی. نظافت، احمدرضا، ناظمی اردکانی، مهدی و جوان، علی اکبر. ) 7355
بررسی عوامل موثر بر نگهداری موجودی های نقدی در شرکت های پذیرفته شده در بورس «
فصلنامه پژوهش های حسابداری مالی، شماره اول و دوم، پاییز و » اوراق بهادار تهران
- زمستان، صص 53 07
.0 تهرانی، رضا. واحد احمدیان، هادی. ) 7355 (."بررسی رابطه بین تنوع محصولات با ریسک
و بازدهی سهام شرکت های تولیدی بورس اوراق بهادار تهران". فصلنامه پژوهشنامه
بازرگانی، شماره 35 ، بهار 7355 . - صص 750 272
.5 بررسی اثر محدودیت های مالی بر حساسیت « .) کاشانی پور، محمد و تقی نژاد، بیژن. ) 7355
- تحقیقات حسابداری، سال اول، شماره 2. تابستان، صص 02 73 .» جریان وجه نقد
6. Barberis, N., A. Shleifer, &Vishny, R. (1998). A Model of Investor Sentiment . Journal of Financial Economics .vol,49,pp: 307-343.
7. Bernard, Victor, and Jacob Thomas, 1990, Evidence that Stock Prices do not Fully Reflect the Implications of Current Earnings for Future Earnings, Journal of Accounting and Economics.. vol,13, pp:305-340.
8. Campbell,A. Goold, M. and. Marcus,A.(1995). The Value of The Parent Company. California management Review .vol, 38 .NO 1.
9. Drobertz, w. gruninger. M hirschvoghl,. (2010) "information asymmetry and value of cash" journal of banking and finance, vol. 34, issue 9, pp: 2168- 2184.
10. Faulkender, M., Wang, R., 2006. Corporate financial policy and the value of cash. Journal of Finance. vol,61,. Issue 4, pp:1957–1990, August 2006.
11. Ferreira ,. M,.A. Vilela (2004) "why do firms hold cash? Evidence from EMU countries" European financial managements ,vol 10, no 2,pp:295-319.
12. Garcia-Teruel, P. J., P. Martinez-Solano, J. P. Sanchez-Ballesta, (2009).Accruals Quality and Corporate Cash Holdings, Journal of Accounting and Finance, Vol 49, Issue 1, pp: 95–115, March 2009.
13. Garry, M.S.(2005). Implentation Strategy and performance Outcomes in Related Diversification. Strategic management Journal. .vol 26 . , Issue 7, pp: 643–664, July 2005
14. Goold, M. Alexander, M. and Campbell, A. (1994). Corporate Level Strategy: Creating Value in The Multibusineses Company, New York: Tohan Wiley and Sons. September(1994)
811 فصلنامه مطالعات تجربی حسابداری مالی، سال یازدهم، شماره 73 ، بهار 8732
15. Goold,M. and Luchs, K. (1993). Why Diversify Four decades of management Thinking. Academy of management Executive.Vol, 7.NO3
16. Han, S. andQiu J. (2006), “Corporate precautionary cash holdings”, Journal of Corporate Finance, Vol,13, Issue 1, march 2007, pp: 43-57
17. Hirshleifer, D., Hou, K., Teoh, S. H., & Zhang, Y. (2004). Do Investors Overvalue Firms with Bloated Balance Sheets? Journal of Accounting and Economics. Vol, 38, pp:297-331.
18. Hirshleifer, D., &Teoh, S. H. (2003).Limited Attention, Information Disclosure, and Financial Reporting. Journal of Accounting and Economics .vol, 36, pp: 337-386.
19. Jani, E., Hoesli, M., Bender، A.،w.d.،(2004). Corporate Cash Holdings and Agency Conflicts, available at www.ssrn.com,id=563863.
20. Jap,S.D.(2001).Perspectives on joint Compentitive Advantages in Buyer- Supplier relationship.international Journal Research in Marketing .Vol 18 , Issues 1–2, June 2001, pp:19–35
21. Maula,M.(2001). Corporate Venturing Capital and The value added For Technology – Based New Firms. Doctoral Dissertation. Helsininki University of Technology
22. Myers, S.C., Majluf, N.S. (1984). “Corporate financing and investment decisions when firms have information that investors do not have”; Journal of Financial Economics, Vol. 13, No. 2, 1984, pp:187-221
23. Opler, T., Pinkowitz, L., Stulz, R., Williamson, R., 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics .vol,52, pp:3–46.
24. Ozkan, A., Ozkan, N. (2004).“Corporate cash holdings: An empirical investigation of UK companies”;Journal of Banking & Finance, vol. 28, issue 9, pp: 2103-2134
25. Pinkowitz, L., Williamson, R., 2001. Bank power and cash holdings: Evidence from Japan. Review of Financial Studies. vol 14(2001) pp: 1059–1082
26. Rental,T.(2005).Oraganizational Value Creation and Destruction in Corporate venturing:in Search of international Competitive Advantage. Doctoral Dissertation .Helsininki University of Technology. ISSN 1795-2441; 2005/4
27. Stuart, T.E. (2000). Interorganizational alliances and The Performance Of Firms: a study of growth an innovoate in a high- Tecnology, industry strategic management Journal. vol 21 no,8.pp:791-811
28. Thornhill,S. and Amit,R.(2000).A Dynamic Perspective of international Fit in corporate venturing; Journal of Business Venturing .Vol, 16 n1 (200101) pp: 25-50
29. Zhenxu Tong.(2009). Firm diversification and the value of corporate cash holdings.Journal of Corporate Finance .vol,17 (2011) pp:741–758
30. Zook,C. (2004). Beyond The Core:Expand Your Market Without abandoning your Roots..Harvard Business School Press (Bain and Company, inc). Jan 02, 2004.
بررسی های حسابداری و حسابرسی، دوره 73 ، شماره .» پیشنهادی خرید و فروش سهام
- 06 . صص 30 67
.2 کابرد اقتصادسنجی در تحقیقات حسابداری، « .) افلاطونی، عباس و نیکبخت، لیلی. ) 7357
تهران، انتشارات ترمه. » مدیریت مالی و علوم اقتصادی
.3 ) آقایی، محمدعلی. نظافت، احمدرضا، ناظمی اردکانی، مهدی و جوان، علی اکبر. ) 7355
بررسی عوامل موثر بر نگهداری موجودی های نقدی در شرکت های پذیرفته شده در بورس «
فصلنامه پژوهش های حسابداری مالی، شماره اول و دوم، پاییز و » اوراق بهادار تهران
- زمستان، صص 53 07
.0 تهرانی، رضا. واحد احمدیان، هادی. ) 7355 (."بررسی رابطه بین تنوع محصولات با ریسک
و بازدهی سهام شرکت های تولیدی بورس اوراق بهادار تهران". فصلنامه پژوهشنامه
بازرگانی، شماره 35 ، بهار 7355 . - صص 750 272
.5 بررسی اثر محدودیت های مالی بر حساسیت « .) کاشانی پور، محمد و تقی نژاد، بیژن. ) 7355
- تحقیقات حسابداری، سال اول، شماره 2. تابستان، صص 02 73 .» جریان وجه نقد
6. Barberis, N., A. Shleifer, &Vishny, R. (1998). A Model of Investor Sentiment . Journal of Financial Economics .vol,49,pp: 307-343.
7. Bernard, Victor, and Jacob Thomas, 1990, Evidence that Stock Prices do not Fully Reflect the Implications of Current Earnings for Future Earnings, Journal of Accounting and Economics.. vol,13, pp:305-340.
8. Campbell,A. Goold, M. and. Marcus,A.(1995). The Value of The Parent Company. California management Review .vol, 38 .NO 1.
9. Drobertz, w. gruninger. M hirschvoghl,. (2010) "information asymmetry and value of cash" journal of banking and finance, vol. 34, issue 9, pp: 2168- 2184.
10. Faulkender, M., Wang, R., 2006. Corporate financial policy and the value of cash. Journal of Finance. vol,61,. Issue 4, pp:1957–1990, August 2006.
11. Ferreira ,. M,.A. Vilela (2004) "why do firms hold cash? Evidence from EMU countries" European financial managements ,vol 10, no 2,pp:295-319.
12. Garcia-Teruel, P. J., P. Martinez-Solano, J. P. Sanchez-Ballesta, (2009).Accruals Quality and Corporate Cash Holdings, Journal of Accounting and Finance, Vol 49, Issue 1, pp: 95–115, March 2009.
13. Garry, M.S.(2005). Implentation Strategy and performance Outcomes in Related Diversification. Strategic management Journal. .vol 26 . , Issue 7, pp: 643–664, July 2005
14. Goold, M. Alexander, M. and Campbell, A. (1994). Corporate Level Strategy: Creating Value in The Multibusineses Company, New York: Tohan Wiley and Sons. September(1994)
811 فصلنامه مطالعات تجربی حسابداری مالی، سال یازدهم، شماره 73 ، بهار 8732
15. Goold,M. and Luchs, K. (1993). Why Diversify Four decades of management Thinking. Academy of management Executive.Vol, 7.NO3
16. Han, S. andQiu J. (2006), “Corporate precautionary cash holdings”, Journal of Corporate Finance, Vol,13, Issue 1, march 2007, pp: 43-57
17. Hirshleifer, D., Hou, K., Teoh, S. H., & Zhang, Y. (2004). Do Investors Overvalue Firms with Bloated Balance Sheets? Journal of Accounting and Economics. Vol, 38, pp:297-331.
18. Hirshleifer, D., &Teoh, S. H. (2003).Limited Attention, Information Disclosure, and Financial Reporting. Journal of Accounting and Economics .vol, 36, pp: 337-386.
19. Jani, E., Hoesli, M., Bender، A.،w.d.،(2004). Corporate Cash Holdings and Agency Conflicts, available at www.ssrn.com,id=563863.
20. Jap,S.D.(2001).Perspectives on joint Compentitive Advantages in Buyer- Supplier relationship.international Journal Research in Marketing .Vol 18 , Issues 1–2, June 2001, pp:19–35
21. Maula,M.(2001). Corporate Venturing Capital and The value added For Technology – Based New Firms. Doctoral Dissertation. Helsininki University of Technology
22. Myers, S.C., Majluf, N.S. (1984). “Corporate financing and investment decisions when firms have information that investors do not have”; Journal of Financial Economics, Vol. 13, No. 2, 1984, pp:187-221
23. Opler, T., Pinkowitz, L., Stulz, R., Williamson, R., 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics .vol,52, pp:3–46.
24. Ozkan, A., Ozkan, N. (2004).“Corporate cash holdings: An empirical investigation of UK companies”;Journal of Banking & Finance, vol. 28, issue 9, pp: 2103-2134
25. Pinkowitz, L., Williamson, R., 2001. Bank power and cash holdings: Evidence from Japan. Review of Financial Studies. vol 14(2001) pp: 1059–1082
26. Rental,T.(2005).Oraganizational Value Creation and Destruction in Corporate venturing:in Search of international Competitive Advantage. Doctoral Dissertation .Helsininki University of Technology. ISSN 1795-2441; 2005/4
27. Stuart, T.E. (2000). Interorganizational alliances and The Performance Of Firms: a study of growth an innovoate in a high- Tecnology, industry strategic management Journal. vol 21 no,8.pp:791-811
28. Thornhill,S. and Amit,R.(2000).A Dynamic Perspective of international Fit in corporate venturing; Journal of Business Venturing .Vol, 16 n1 (200101) pp: 25-50
29. Zhenxu Tong.(2009). Firm diversification and the value of corporate cash holdings.Journal of Corporate Finance .vol,17 (2011) pp:741–758
30. Zook,C. (2004). Beyond The Core:Expand Your Market Without abandoning your Roots..Harvard Business School Press (Bain and Company, inc). Jan 02, 2004.
)