A Comparative Study of the Role of Modern and Traditional Liquidity Indexes in Apprising Financial Performance of the Companies Listed in Tehran Stock Exchange

By separating management from ownership and after the advent of the genesis of agency theory، performance measurement is propounded as one of the major subjects in accounting. The aim of this study is to investigate the role of the modern and the traditional liquidity indexes groups in appraising financial performance. For this purpose، 15 hypotheses were set to test the significance of the relationship between liquidity indexes and the financial performance of the sampled companies. The statistical method used to test the proposed hypotheses was the regression method using “panel data”. The sample is restricted to 74 companies using their data for a period of 2000-2010. The results of the study indicated that all of the hypotheses were supported except the hypothesis related to Tobin-Q. Generally، the results of hypotheses tests showed that in corporates’ financial performance evaluation، modern liquidity indexes represent the most accurate illustration to financial information user.