Document Type : Research Paper
Authors
Abstract
In this paper the functional fixation hypothesis is tested from investors’ viewpoint of net operating assets (bloated balance sheet phenomena). The study is at firm level in Tehran Stock Exchange using the data of 153 firms for 7 years (1382- 1389). The functional fixation hypothesis states that If investors with limited attention focus on accounting profitability, and neglect information about cash profitability, then net operating assets, the cumulative difference between operating income and free cash flow, measures the extent to which reporting outcomes provoke over-optimism. Our findings from Univariate and Multivariate regressions show that the hypothesis is accepted based on multivariate test and is rejected based on univariate test. These findings show that with control variables consideration bloated balance sheet affect investor decision process in Iran, too.
Keywords
- سهام؛ مجله توسعه و سرمایه؛سال سوم، شماره 5، بهار و تابستان 1331 ، ص 7 21
.2 عسگری، محمدرضا و بائی لاشکی، لیلا؛ ارزیابی ارتباط میان خالص دارایی عملیاتی
( NOA - ؛ ( و بازده سهام در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران 1331 1337
- پژوهشنامه اقتصاد کسب و کار؛سال اول، شماره 2، زمستان 1331 ، ص 73 11
.3 کردستانی، غلامرضا و نجفی عمران، مظاهر؛ بررسی تاثیر روش های تأمین مالی بر بازده
سهام؛ مجله پیشرفتهای حسابداری دانشگاه شیراز؛دوره دوم، شماره 2، پاییز و زمستان
- 1331 ، ص 113 75
.4 کرمی، غلامرضا و عمرانی، حامد؛ تاثیر چرخه ی عمر شرکت و محافظه کاری بر ارزش
- شرکت؛ بررسی های حسابداری و حسابرسی؛دوره 17 ، شماره 51 ، بهار 1331 ، ص 11 71
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