درخت حوزه‌های تخصصی

Efficient market hypothesis predicts that capital markets are beset with cer-tain biases which result from wrong estimation, and negatively influence shareholders’ expectations for higher returns, which in turn affects invest-ment efficiency, financial constraints and corporate performance efficacy in competitive markets, and eventually mitigates firm value. The present study aims at examining the impact of CEOs’ perceptual biases on investment efficiency and financing constraints of the firms listed on the Tehran Stock Exchange over the period 2013-2017. Earnings forecast error and CEOs’ overconfidence biases serve as the measure of CEO’s perceptual biases, the model developed by Biddle et al (2009) is employed to proxy for investment efficiency, and KZ model is also adopted to calculate financing constraints. The results reveal that both earnings forecast error and overconfidence biases negatively affect investment efficiency, while they positively influence cor-porate financing constraints.

Organizational risk is often defined as a change in the flow of profit, or as a sys-tematic or non-systematic changes in the stock return flow. The risk taking of management is conceptualized as the actual investment decisions that are indictors due to uncertainty results. The purpose of this study is to investigate the effect of financial characteristics on future corporate risk taking behavior. After designing the indicators for assessing financial characteristics, the transaction data were collected from the Stock Exchange in the five-year period of 2011-2015. A sample of 111 companies was selected by sampling method based on the Cochran formula, which resulted in a total of 555 year-firm observations. In this study, linear regression and correlation were used to investigate the hypothesis, and for analyzing data and hypothesis testing, we used Eviews software. What can be said in the summing-up and conclusion of the general test of research hypotheses is that the disproportionate changes in sales costs, advertising costs, rental costs, liquidity, financial leverage, and disproportionate changes in capital costs have a positive impact on future corporate risk taking behavior. In addition, other results indicate a negative impact of disproportionate changes in sales growth, inventory, liquidity, and asset turnover on future corporate risk-taking behavior. The results obtained in this paper are consistent with the documentation referenced in the research's theoretical framework and financial literature..

Chief executive officers (CEO), as the central pillar directing companies at the capital market level, plays a critical role in making investment decisions to de-crease agency costs and maximize shareholders’ wealth; however, their psycho-logical attitudes and perceptions lead to different investment functions of these companies in a competitive market. Accordingly, this study aimed to detect the propositional arrays of the investment functions using Q analysis in order to identify the CEOs’ mental typology in distinguishing investment functions. The present study was carried out with the participation of 13 CEOs from Tehran Stock Exchange companies during a one-year period (2018-2019). The study encompassed two different phases. In the first phase, content analysis was used to identify the phrase Q of the CEOs’ investment functions. In the second phase, Q analysis was adopted to typify the CEOs’ investment functions, which was based on the subjective cognition of the target population and contributed to the development of the approaches in line with the research objectives. The results confirmed the existence of three mental patterns in the CEOs regarding the in-vestment functions in the capital market. These mental patterns were ‘investment function in stock market indices’ as the first mental pattern, ‘investment function in risk control’ as the second mental pattern, ‘strategic investment function’ as the third mental pat-tern. The study results revealed different types of investment functions among the CEOs’ of stock exchange companies and thus contributed to the development of financial theories from the perspective of CEOs’ cognition.