جستجوی مقالات مرتبط با کلیدواژه « Investment Efficiency » در نشریات گروه « اقتصاد »

Considering the different views on social responsibility and the expansion of the corporate social responsibility concept, the purpose of this research is to investigate the relationship between investment efficiency and corporate social responsibility with regard to the effectiveness of managers' behavior with emphasis on the hierarchical approach.

The data of 102 companies admitted to the Tehran Stock Exchange in the period from 2011 to 2020 have been analyzed using the dynamic panel data approach and the GMM method.

The findings of the research showed that although increasing the social responsibility of companies does not improve the efficiency of investment, increasing the overconfidence of managers improves the efficiency of investment. Despite of managers who are not willing to increase the efficiency of investment through internal financing, companies with high social responsibility tend to increase investment efficiency by internal financing.

The purpose of the current study was investigating the effect of managing director`s overconfidence on financing policies and investment efficiency in Tehran stock exchange. The statistical population of this study included listed companies in the Tehran stock exchange and its statistical sample included the data of 139 companies during 2011-2018, for seven years. The methodology of this research was done through systematic deletion and the method used for estimating the pattern was multivariate regression method using the estimation of integrated data having constant effects. The results showed that overconfidence of managers had a reversed and significant effect on the investment efficiency and it had a direct and significant relationship on over-investment. Moreover, more investigations showed that in case company managers have access to internal financial resources, they would tend to have over-investments; however, financing from resources outside the company would lead to under-investment. Therefore, managers` overconfidence, as a characteristic feature, affected their financing decisions and investment. Most of these managers have boldly behaviors due to overconfidence on their own decisions which may lead to taking non-optimal decisions regarding the investments so that through increasing over-investments, it may lead to a reduction in the investment efficiencies of the companies.

Intellectual capital is considered by many scholars as an important resource in organizations, as well as for the impact that can have on corporate performance.  In this research, the relationship between methods of measuring intellectual capital and investment efficiency has been investigated. The research, in terms of target type is a part of applied research and the method of research, in terms of substance and content, is a correlation research. The research framework is deductive-inductive reasoning. Research hypotheses have been analyzed based on information gathered from 141 companies accepted in the Tehran Stock Exchange during the period from 2009 to 2015. The results of the hypotheses test showed that there is no significant relationship between intellectual capital calculated using conventional value method and investment efficiency and the existence of a significant and positive relationship between the intellectual capital calculated by the coefficient of intellectual-Pulic value added and the calculated intellectual capital calculated using the intangible value coefficient with more investment and there is a significant and negative relationship between the intellectual capital calculated by the coefficient of intellectual-Pulic value and intellectual capital calculated using the intangible value coefficient with low capitalization

A secure environment for investment and lack of information asymmetry are characteristics of a good business which managers working toward the promotion of shareholder’s interest. In such an environment, the managers tend to increase the firm value by applying optimal investing strategies and also preventing the severe price volatility. Therefore, the purpose of this study is to investigate the relationship between investment efficiency and stock price crash risk in the listed companies in Tehran Stock Exchange. In this order, data are collected from 120 companies for the period of 2010-2015. Panel data model is used to test the research hypotheses. The findings related to the first hypothesis show that there is a positive relationship between the investment efficiency and the stock price crash risk. In this research, the sample companies are categorized by the output market competition index and the advertising cost. Low level of competition in output market and high level of the advertising costs measure high information asymmetry in the companies. The results of the second hypothesis show that the positive relationship between the investment efficiency and stock price crash risk in a company with high information asymmetry is stronger than one with low information asymmetry.

This study investigates the impact of financial reporting quality and debt maturity on the investment efficiency in the companies registered in Tehran Stock Exchange during the years between 2009 to 2013. In this research, for measuring the quality of financial reporting, we have used Francis et al. (2005) model, and for debt maturity date of short-term debt ratio to total debt and investment efficiency, we have applied Biddle et. al. (2009) model. Data analysis of this research was conducted using multiple linear regression and concatenated data. The findings of the first hypothesis test have demonstrated that there is a significant relevance between financial reporting quality and efficiency of investment. The findings of the second hypothesis have shown that there is a significant relevance between the financial reporting quality and the investment efficiency. In other words, we could reach to the conclusion that the improvement of the quality of financial reporting and the reduction of debt maturity due to reduced information asymmetry and prolonging the period of debt maturity contracts and strengthening of creditors monitoring on senior managers and the whole company operation, leads to increased efficiency of investment.

The goal of this study is to test the impact of tax purposes on relationship between financial reporting quality and investment efficiency. In this study، we consider discretionary accruals، discretionary revenues، accruals quality and average of these proxies to measure financial reporting quality. Negative deviation from the expected investment is considered as proxies for investment efficiency. The statistical population of the study is 134 companies listed in Tehran stock Exchange (TSE) for the period of years between 2003 and 2009. The results show that there is a positive relationship between the financial reporting quality and investment efficiency. Also financial reporting quality for firms with strong incentives to manage their earning for tax purpose has a negative relationship with investment efficiency. Thus in this situation، the financial reporting quality does not increase investment efficiency.