درخت حوزه‌های تخصصی

The purpose of this study is investigating and determining rate of seizing assets and acquisition other companies by public sector companies. We estimate this rate at various stages of the life cycle of the company. Therefore, according to their size and age, the companies have been divided into small, large, young, and mature groups, and for this purpose, we have collected data from a sample of 45 companies of the public sector from three Iranian provinces. We have tested our analyses from the viewpoints of agency and neoclassical theories and discussed the results of the independent t tests. The results showed that with increase in age and size, public sector companies are more likely to seize the fixed assets of other companies to restructure and achieve improved operations. However, in the case of assuming ownership of other companies done through buying the companies, most public sector companies do this in the middle of their lifetime and in the course of their growth.

The aim of this study is to evaluate the impact of cash dividend components on corporates earnings persistence and return on stock. The population of study consists of 109 companies listed in Tehran Stock Exchange from 2011 to 2016. Data was analyzed using regression model. According to results, the cash component of earnings is more persistent than accruals and it can be used to predict future earnings. Therefore, it is suggested that cash dividend component to predict future earnings. In addition, managers should pay attention to the cash component of earnings in their decisions made on the amount of optimal cash fund because this component can positively affect future earnings. Moreover, the cash flow component of earnings cannot be used to predict future return on stock. Therefore, investors are recommended not to rely on the cash component of earnings in their investments, This is because even if corporates have considerable cash funds, their shares will not necessarily be a suitable option for investment and they should take other factors into account.

In the world and in our country, Iran, many researches have been done in the field of financing, but due to the importance of this issue, it needs more thought and contemplation. Therefore, this study assessed “the impact of investments on financing of companies listed on the Tehran Stock Exchange”. The statistical sample is consisted of companies listed on the Tehran Stock Exchange during a five-year period (2010-2014). Ultimately, regarding the limitation of the study and using systematic elimination method, data of 155 companies has been collected. This study in terms of the purpose is a practical research. In terms of type of research design because of relying on historical data, is post-event and its inference method is inductive and in correlation type. This study includes four major hypotheses. In this study to assess the hypotheses, the linear regression has been used. To analyse the data and test hypotheses, EVIEWS software is used. After design and test the study hypotheses that have been done by the separation of each hypothesis, we founded that the current and long-term investments have impact on financing methods through the sale of stocks and debt.

Efficient financial markets with high degree of transparency do not substantiate the hypothesis that there are differences in the volatility of return. Generally, there are factors rejecting any perfect similarity in the volatility of return in the emerging stock markets, as previous studies in Iran have confirmed the complete difference. On the other hand, the hybrid model PANEL-GARCH has the benefit of high process accuracy, suggesting that the evaluation of the similarity in the volatility of return at the level of market or industry constituent units is better than the simple technique of time series GARCH model for the entire market (instead of evaluation at unit levels). Therefore, the present study intends to investigate complete similarities or differences in the volatility of return in Iran's industries. Results showed that the assumption of complete difference in the volatility of return in the industries did not hold. The results of this process for Iran's industries covering the timespan between 16/2/2013 to 18/3/2017 showed that there are similarities in terms of the y-intercept of conditional mean and variance equations (1.1) PANEL-GARCH between the volatility of stock returns of 23 industries in the Tehran Stock Exchange as confirmed by LRT test. 

This research aims to investigate the effect of conservative reporting on the investors' opinion divergence at the time of earnings announcement in a 5 year period during 2012-2016; the required data have been collected from Tehran Securities and Stock Exchange Organization and the population is consisted of 585 corporates-years which have been selected by the systematic removal sampling. To investigate the research hypotheses, linear regression and correlation were used and to analyze data and test the hypotheses, Eviews software has been utilized. In conclusion, it can be pointed out that the conservative measures are negatively related to the proxies of investors' opinion divergence at the time of earnings announcement and the relationship is stronger when the corporate reports bad news; also, conservation information content is stronger when the market is shocked by an announcement.Key words: Investors' opinion divergence at the time of earnings announcement, conservative reporting, bad news

Return on investment is a driving force that motivates and is a reward for investors. Investment returns are important for investors, in order for the entire investment game to be realized. Evaluating efficiency is the only logical way (Before risk assessment) that investors can do to compare alternative and different investments. Measuring real returns (relative to the past) is needed to better understand investment performance. Particularly, the study of past returns has a major role in predicting and predicting future returns. Therefore, the present study seeks to "investigate the effect of the internal rate of return on cash recycling on unusual returns as well as the effect of cost leadership strategies variables on the relationship between the internal rate of return on cash recycle and the unusual returns in the period from 2009 to 2013. In this research, the sample consists of 72 companies that have been selected by systematic elimination method, which is a total of 360 years. In this research, linear regression and correlation coefficient were used to investigate the hypotheses of the research. EVIEWS software has been used to analyse the data and test the research hypotheses. According to the regression results, the following results were obtained: 1. An internal rate of return on cash recycling affects unusual returns. 2. The internal rate of return based on the recycling of cash The abnormal returns affect the strategy of cost leadership.

Financial structure is a combination of debt and equity and regards as one of the most important issues in banking industry. The purpose of financial structure decision is to create an appropriate combination of financing resources to minimize the cost of capital and thus maximize the company's market value. This study investigates the impacts of banks financial structure on their Returns (ROA and ROE). In addition, it investigates the moderating roles of corporate governance, financial constraints, capital intensity and size. This research is an applied descriptive correlational research. To test the hypotheses, unbalanced panel data is used. The financial data extracted from “Rah Avarde Novin" software and the database of "Tadbir Pardaz" company. The statistical population includes all banks listed on Tehran Stock Exchange during the years 2009 to 2016. The results indicate a positive significant impacts of financial structure and the banks’ ROA and ROE. Moreover, the results show that capital intensity and the size significantly moderate the relation between financial structure with ROA and ROE.

How the investors react to the received information plays a crucial role in determining the return of stock exchange market. Supply and demand based upon incorrect decisions lead to the price deviation of inherent values. This paper aims to study the impact of salience phenomenon on disproportionate pricing and investor overreaction in the corporates in Tehran stock exchange. Research methodology is correlative. Statistical sample involves 120 corporates accepted by Tehran stock exchange during 2012-2016. To test the hypotheses, a regression analysis method has been selected. Research findings have indicated that there exists a promising phenomenon in Tehran stock exchange causing the investors overreaction followed by the disproportionate pricing and also, the results have shown that the impact of salience is different on strong and weak information environments.

According to the firm life cycle theory, companies go through certain behavioral patterns in various stages of their life. A thorough understanding and recognition of these behavioral patterns, new investment in assets and the optimal use of assets can considerably enhance the capital productivity. In the current study, the relationship between the stages of firm life cycle and capital productivity and mediation relationship of the capital investment choice in the two groups of companies have been examined, and methodically compared and contrasted. To examine the research hypothesis, the data were gathered from 118 companies accepted in Tehran Stock Exchange during a period of 7 years. Findings of the research clearly indicated that there is a positive relationship between introduction, growth and maturity stages with capital productivity in the cyclical and non-cyclical companies. Regarding the cyclical companies, a positive relationship was witnessed between the decline stage and capital productivity. Such a relation, however, was not found between the two variables in non-cyclical companies. Also, no significant relationship was observed among the stages of introduction, growth, maturity and the capital investment choice in both groups of companies. In non-cyclical companies, the relationship between the decline stage and the capital investment choice was positive, while there was no relationship between cyclical companies. Capital investment choice also failed to prove the assumed mediating role.