Isa Bakhtyari Mansourabad
Abstract
Economic Value Added is one of the most useful measures for managers’ performance evaluation. Another economical criterion used for distinguishing between company’s market value and invested capital in the company is market value added. In this paper it has been tried to study the relationship ...
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Economic Value Added is one of the most useful measures for managers’ performance evaluation. Another economical criterion used for distinguishing between company’s market value and invested capital in the company is market value added. In this paper it has been tried to study the relationship between economic value added with liquidity and returns of listed companies in Tehran Stock Exchange. For this purpose we have a sample of 510 companies who have been present in exchange market during the years of 2005-2010. The companies selected for our sample are those which their financial statements are available for the mentioned period, their fiscal year hasn’t been changed during the above mentioned period, the end of their fiscal year is the same, i.e. the last month of each year in Iran and their stock have been traded during the mentioned years. With application the above mentioned conditions the number of research sample reduces to 98 companies. Liquidity and returns are dependent research variables, economic value added is independent variable and controlled variables include company size and the ratio of book value to market value of equity. In this paper the regression model has been used. The results of the research indicate that there is a positive and significant relationship between economic added value and stock liquidity. Also there is a significant and positive relationship between economic added value and returns. Finally the results indicate that there is a significant difference in the relationship between economic added value with liquidity in listed companies in Tehran Stock Exchange and returns.
Javad Sadeghi Panah; Rahebeh Boroumand; Amir Hassan Susaraie; Karim Esgandari; Leila Beigloo
Volume 7, Issue 3 , July 2018, , Pages 318-325
Abstract
This study investigates the separate relationships between three macroeconomic variables the consumer price index, oil prices, and foreign exchange rates and the consolidated price movements of a 24-industry index of stocks listed on the Tehran Stock Exchange during 2003–2009. We hypothesize a ...
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This study investigates the separate relationships between three macroeconomic variables the consumer price index, oil prices, and foreign exchange rates and the consolidated price movements of a 24-industry index of stocks listed on the Tehran Stock Exchange during 2003–2009. We hypothesize a significant and direct relation between each macro variable and price movements of the 24-industry index. To test our hypotheses, we use econometric methods that include ordinary least squares (OLS), linear regression, the Dickey–Fuller test, the Phillips–Perron unit root test, the F test, and the White test. Results indicate a direct and significant relation between the CPI and the 24-industry index. However, results confirm that there is no significant relation between either the oil price or the exchange rate and the index during the period examined.
Amrollah Zaynali Kermani; Farzaneh Bigzade; Ahmad Khodamipour
Volume 7, Issue 3 , July 2018, , Pages 326-340
Abstract
The main objective of this research is the level of conservatism and its effect on earnings management of listed companies in Tehran Stock Exchange. The research methodology is a descriptive research from methodology point of view and is an analytical research. Therefore for data collection the scientific ...
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The main objective of this research is the level of conservatism and its effect on earnings management of listed companies in Tehran Stock Exchange. The research methodology is a descriptive research from methodology point of view and is an analytical research. Therefore for data collection the scientific websites, journals and books related to the topic of the study will be used. The research result showed that taking note of the statistical tests for the main hypothesis we can see that there is a significant relationship between the level of conservatism and earnings management. Considering the results of the statistical test of the secondary hypothesis we can see that there is a significant relationship between the level of conservatism and discretionary accruals.
