مطالب مرتبط با کلید واژه

Profitability


۱.

Investigating the Effect of Profitability and Operating Cash Flow on Trademarks Value(مقاله علمی وزارت علوم)

تعداد بازدید : ۲۳۹ تعداد دانلود : ۱۶۰
In the recent years, intangible assets and corporate brand have found a significant importance for corporates. These assets are accounted as essential for value making and even stabilizing the continuation of corporate trend. The purpose of the present study is to investigate the effect of profitability and operating cash flow on trademarks value in accepted corporate in Tehran stock exchange. The data were obtained from a sample of 76 different corporates from 2010 to 2015. The data were analysed using the least regular squares regression and integrated method. Considering the lack reassessment of assets in corporates and the effect of financial statement articles, to avoid the probable false distance between market value and stock book value per share (as assessment index of trademark) stock book value per share has been modified using annual inflation rate. Findings, both before and after modification of commercial values by annual inflation rate showed there was a positive and significant relationship between profitability and operating cash flow and trademarks value in the corporates studied.
۲.

The Relationship between Diversification Strategy, Capital Structure and Profitability in Companies Listed in the Stock Exchange by Combining the Data Line and VAR Methods(مقاله علمی وزارت علوم)

تعداد بازدید : ۲۸۲ تعداد دانلود : ۲۲۵
The present study investigates the relationship between diversification strategy, capital structure and profitability in companies listed in the stock exchange through a combination of data panel and VAR methods. The present research was conducted for companies admitted to the Tehran Stock Exchange from 1387 to 1395 and 78 companies were selected as case study. Stationary and static tests were used to check the rationality of the behavior of variables. After assuring the rational behavior of variables over time and carrying out the correlation test, Chow (Flemmer) and Hausman tests were performed to determine the probability of collinearity in the regression model, and finally these tests were examined in the regression model using panel data with fixed effects. To ensure that the data panel model is evaluated, the residual was normalized and waste graph survey was performed. The research findings showed that the diversification strategy, capital structure and profitability in the companies accepted in the stock exchange has have a significant relationship. Also, the results of this study showed that diversification strategy has a significant effect on profitability.
۳.

Application of the two-stage DEA model for evaluating the efficiency and investigating the relationship between managerial ability and firm performance(مقاله علمی وزارت علوم)

تعداد بازدید : ۲۵۰ تعداد دانلود : ۲۴۱
The aim of this study is to investigate the relationship between managerial ability and firm performance. First, we introduce a new two-stage DEA model with a fuzzy multi-objective programming approach for evaluating the performance of companies listed on the Tehran Stock Exchange. In this regard, the stable operation of companies, into two sub-process, have divided, which includes the profitability (first phase) and the value, creativity (the second phase), that is, the outputs of the first stage are inputs for the second stage, which can be used to identify the status of the company's operations and potential for future growth. Second, In order to measure the ability of managers, we use the model provided by Demerging. Finally, the relationship between managerial ability and firm performance are also investigated by means of the truncated-regression model. The results show that there is a positive relationship between the ability of management and firm performance. It means that managerial ability to be significantly related to the performance of the company. In this sense, the performance of the company improves by increasing managerial ability to better use resources and consequently increase overall efficiency.
۴.

The effect of R&D on performance of high- tech industries: new evidence from Iran(مقاله علمی وزارت علوم)

نویسنده:
تعداد بازدید : ۸۲ تعداد دانلود : ۸۴
The main objective of this paper is to evaluate the effect of R&D on profitability of high -tech industries with new evidence from the Iranian industries carrying four- digit codes. The Structure- Conduct- Performance (SCP) paradigm, which is relatively well known in industrial economics and in organization management, provides the theoretical construct that guides our empirical model formulation and execution. The data is compiled from observations made at the plant level covering all industrial plants employing ten or more persons and carrying four- digit codes within the time span of 1994-2007. The model used essentially consists of a simultaneous equation system framework grounded into a panel data approach and estimated by Two-Stage Least Squares (2SLS). Our findings indicate a positive and significant effect of R&D expenditures, measured in intensive form, on profitability of high-tech industries as evidenced by the Iranian case. Our more notable finding is the positive effect of lagged profits on R&D expenditure intensity, revealing a likely mutually enforcing relationship between profitability and R&D intensity in high tech industries
۵.

Determinants of Profitability in Banking Network of Iran(مقاله علمی وزارت علوم)

تعداد بازدید : ۲۲۸ تعداد دانلود : ۵۰
This paper seeks to investigate the determinants of banking network profitability in Iran from 2007 to 2012. The results of our study indicate that both bank-specific factors and macroeconomic factors influence banks’ profitability in Iran. Results confirm that bank profitability is significantly influenced by investment to total assets ratio, non-performing loans to total assets ratio, and time deposit to total assets ratio. Among external factors, it turns out that economic growth rate has a significant positive impact on bank profitability. JEL Classifications: C23, G21, M20
۶.

Effective Factors on Bank Profitability in Iran(مقاله علمی وزارت علوم)

تعداد بازدید : ۹۲ تعداد دانلود : ۱۱۶
Not only in Iran, but throughout the world, banks and banking industry are considered as very important parts of the economy. This study seeks to investigate the impact of the internal characteristics of banks, the structure of the banking industry and the economic situation of Iran on the profitability of the banking system of Iran by exploring the theory of the Structuralism school concerning the impact of structure on profitability. To this end, data relating to 18 private and public banks of Iran during 2003 to 2012 are analyzed by using panel data methods. First, the profitability of the banking system is calculated using relevant indicators; and then, the impact of various internal, structural and environmental factors on bank profitability is evaluated. The results show that internal factors - the amount of capital and the size of the bank - have a positive impact on profitability. Besides, structural factors including market share and concentration are shown to have a positive impact on profitability whereas ownership appears to have no significant impact. Furthermore, inflation and economic cycles – among environmental factors – exhibit a positive impact on profitability. JEL Classifications: C23, D22, L22, L25
۷.

Degree of Leverage Ratio Analysis in the Iranian Banking Network(مقاله علمی وزارت علوم)

تعداد بازدید : ۱۴۱ تعداد دانلود : ۴۳
The banks’ response to their changes in leverage ratios is examined and evaluated in this paper. This reaction can be interpreted as if the coefficient of total debts to equity (lev1) and total assets to equity (lev2) are positive as anticipated in the banking network of Iran. The paper uses data from 31 Iranian banks’ annual databases during the course of 2006-13 in order to estimate an empirical panel data model of banks’ balance sheet adjustment. We identify the leverage ratio degree to show that both equity and liabilities tend to adjust to move leverage positively without considering the state of the Iranian economy. On the other hand, the index of leverage coefficient conditioned by the state of the economy is negative which replicates that banks tend to experience a negative impact of leverage on the return to equity as a result of cost push due to higher ratio of assets to equity in the bust and inappropriate return on investment. Furthermore, the non-performing loans ratio coefficient is negative and significant which proves that one percent increase in the nonperforming loans has led to a less than one percent decrease in the return on equity ratio as expected, but the total loans to total deposits ratio depicts a negative-significant coefficient which denotes the higher non-performing loans have caused that loans ratio increase will not necessarily give rise to higher returns for the banks. Besides, the leverage ratio (lev2) is positive as expected and banks gain higher returns through higher leverage. However, the leverage measure’s coefficient conditioned by the state of the economy (dummy) is negatively significant owing to cost push from lower return on investment and higher ratio of assets to equity in the bust. JEL Classifications: C23, E32, E44, E51, G21, M20
۸.

Measuring Liquidity Risk Management and Impact on Bank Performance in Iran(مقاله علمی وزارت علوم)

نویسنده:
تعداد بازدید : ۵۲ تعداد دانلود : ۹۵
A bank as a business units needs to have liquid assets which can be easily converted into cash at short notice. Thus the concept of liquidity risk management is important for any commercial banks. The impact of liquidity position in management of banks have remained significant, though very elusive in the process of investment analysis vis-à-vis bank portfolio management. In addition, liquidity risk management affects banking performance. In this paper, according to existing theoretical and empirical literature, the suitable system for measuring liquidity risk management is defined. Then, the effect of liquidity risk management on the profitability and survival of banks has been investigated. For this purpose, a model is estimated using panel data method and the financial statements of banks for the period 2005-2017. The results of the study show that there is a significant relationship between risk management and profitability and bank survivability. As poor liquidity risk management reduces the profitability and survival of banks.
۹.

Privatization in the Banking System and its Impact on the Profitability Indices(مقاله علمی وزارت علوم)

تعداد بازدید : ۲۰۶ تعداد دانلود : ۱۲۷
Privatization which refers to the transition of ownership and management of state-owned enterprises to the private sector, is one of the main drivers of economic prosperity. In this paper, the performance of the state, private, and privatized banks have been compared through examining the effects of privatization in the banking system on its performance. The data from 11 banks during the 13-years period (2005-2017) has been used in this research. Due to the time of major privatization (2009) and the imposition of restrictions on the banking system in the form of sanctions, two dummy variables are used to distinguish their effects. To this purpose, panel regression, parametric and non-parametric tests have been used that have all the same results. The results of panel regression model which is used to examine the effects of privatization on the profitability of the entire banking system showed that privatization has had a positive and significant effect on the performance of banks in terms of profitability. In the first step, parametric and non-parametric tests have been used with the aim of comparing the performance of privatized banks with that of private and state banks in the period before and after privatization; then, these tests were used with the aim of comparing the performance of privatized banks in the period before and after the privatization. The results showed that there were significant differences in these two periods. In the third step, the performance of privatized banks in the period before and after privatization with state and private banks were compared. The results showed that the performance of privatized banks was only improved compared with state banks and was almost the same as private banks.
۱۰.

Bank Liquidity and Bank Performance: Looking for a Nonlinear Nexus(مقاله علمی وزارت علوم)

تعداد بازدید : ۱۴۴ تعداد دانلود : ۳۳
Liquid assets are critical for banking operations. They guarantee avoiding liquidity risk and widens managerial decision options to invest in emerging profitable projects; however, holding extra liquidity entails opportunity costs. Accordingly, empirical literature does not provide a conclusive relationship between liquidity and profitability. The purpose of this research is to analyze the asymmetric effects of holding liquid assets by commercial banks on their profitability. Parallel to a detailed review of contradicting theories and empirical evidence, we have developed an econometric model to capture the nonlinear effects of liquidity on performance. The proposed model is tested for a sample of seven listed Iranian commercial banks during 2006-2018 by Arellano-Bond dynamic panel-data estimation. We found that the nonlinear relationship, if any, is not an inverse U as Bordeleau and Graham (2010) suggested. Results show a positive (holding more liquid assets increases the profitability of Iranian banks), and even an accelerating effect for liquidity, likely due to the low level of liquid assets maintained by Iranian banks.
۱۱.

Non-linear Dynamics of Size, Capital Structure and Profitability in Threshold Panel Regression Framework in TSE

تعداد بازدید : ۱۴۶ تعداد دانلود : ۱۶
The purpose of this research is to investigate the non-linear effect of size and capital structure of companies on profitability in the framework of threshold panel regression in companies listed on Tehran Stock Exchange. For this purpose, 105 companies from different industries were selected as a statistical sample between 2010 and 2021. Hypotheses testing were analyzed under two scenarios: linear multivariate regression and non-linear multivariate regression (threshold panel regression method). Profitability as a dependent variable, capital structure and company size as independent variables and equity, sales growth and company life as control variables were examined. The results of statistical analysis showed that there is no significant relationship between company size and profitability in a non-linear mode. In the case of a threshold panel, the size of the company is known as the threshold variable and the capital structure is known as the dependent variable of the regime. The threshold value was estimated at 15.89, since the model has a threshold limit, so two different regimes were obtained for the capital structure variable. In both regimes, the relationship between capital structure and non-linear profitability is negative and significant. In this way, in the first regime, the capital structure up to the threshold value of the company's size reduces the profitability, and in the second regime, when the capital structure value exceeds the threshold value, the capital structure has less effect on the profitability and increases the profitability. It reduces less than before. According to the obtained results, the companies that are in the second regime have a more favorable capital structure and profitability than the companies in the first regime.
۱۲.

The Role of Profitability in Estimating Stock Returns by Following a Model of Belief Updating in Iran's Capital Market

تعداد بازدید : ۱۱ تعداد دانلود : ۳
Analysis of investors’ behavior is a new scientific field in financial behavior, which is a good tool for acquiring this knowledge. Uncertain circumstances cause investors to make systematic mistakes and face cognitive biases in their expectations and decision making, including in assessing stock returns. The purpose of this study is to investigate the extent to which investors follow the pattern of belief updating as a cognitive bias in the use of earnings accounting information to evaluate the stock returns of 205 active companies in Tehran Stock Exchange. Multivariate regression analysis was performed using Eviews 9 software. The results show that by controlling year and industry effects, investors use profitability for most of the past years in following the pattern of belief updating based on two indicators of reducing realized earnings per share and equity returns. The research model is also confirmed by the sensitivity analysis and controlling company effects based on the equity return index. However, it is not confirmed by the two indicators of realized earnings per share and return on assets.