هزینه سرمایه

The lack of reliable information disclosure contributes to information asymmetry, which in turn raises the equity cost of capital. Voluntary information disclosure can mitigate unsystematic risk and this reduction can enhance investor confidence through financial signaling. When investors perceive a company as more resilient to specific market fluctuations, the company’s beta—a measure of systematic risk—tends to decrease. This shift in risk perception can ultimately lower the equity cost of capital. Furthermore, when a company improves the quality of its disclosures, it not only affects its own valuation, but can also influence the broader market. In this sense, the disclosure practices of one company can shape public perception and impact the risk assessments of other companies as well.  This study explored the mediating role of information asymmetry in the relationship between voluntary information disclosure and the equity cost of capital, utilizing the Capital Asset Pricing Model (CAPM). To achieve the research objectives, a sample of 159 companies listed on the Tehran Stock Exchange (TSE) from 2018 to 2023 was selected. Panel data analysis and multivariate linear regression were employed to test the hypotheses. The findings indicated that voluntary information disclosure did not significantly affect the equity cost of capital. Moreover, the mediating variable of information asymmetry also did not significantly influence the relationship between voluntary information disclosure and the equity cost of capital. This lack of significance might be attributed to the generally low level of voluntary disclosure, inefficiencies within the Iranian capital market, and the limited scope of disclosed information. Additionally, the absence of financial analysts and insufficient investor attention had hindered voluntary disclosures from effectively reducing information asymmetry in the capital market.

In This paper we examines the leverage deviation on the cost of capital of Tehran Stock Exchange companies .furthermore the sensitivity of the cost of equity to leverage deviation, has been analyzed to deduce the reasons of heterogeneity in capital structure among firms. the hypothesis of model released according to miller and Modigliani theorem 2. required data form 112 listed companies from the period of 1390 to 1400 to construct variables of model has been gatherd.to examine the hypothesis the companies categorized into overleverage and under leverage. Confirming theoretical predictions, we find that the cost of equity is positively related to leverage deviation and that firms whose cost of equity is more sensitive to leverage deviation exhibit faster speed of adjustment toward the target. Collectively, our findings imply that capital structure targeting is not equally important to all firms. Indeed, we argue that while evidence of the trade-off theory will tend to be obscured in broad samples, it can hold strongly in meaningfully chosen sub-samples of firms — namely, those characterized by high sensitivity of equity cost to leverage deviation.

Several empirical studies have tested the relationship between information asymmetry and the cost of equity capital and have reported conflicting results. Some studies evaluate this relationship as positive, some as negative, and some as insignificant. The discovery of divergence factors has an effective role in managing information asymmetry, the cost of equity capital, and shareholder wealth. In this study, this issue is followed by the meta-analysis approach. This meta-analysis was carried out in seven stages. For this meta-analysis, 36 studies published between 1986 and 2022 from journals with an H index at least equal to 1 of SCOPUS were used. The number of samples is 260 tests which were extracted from the mentioned studies. Using CME2 software, divergence test, and one-sample t-test with random effects approach in addition to testing 12 hypotheses, the robustness check of the results was tested based on 18 categories of analysis, of which 15 categories confirmed the robustness. The results showed that information asymmetry affects the cost of equity capital. All dimensions of information asymmetry affect the cost of equity capital, except analysts’ quality and income volatility. In addition, information asymmetry has a positive effect on all dimensions of the cost of equity capital.

the purpose of this study is to investigate the feasibility of financial structure of investors in tehran stock exchange ( tse ) . the population studied in this research is the listed companies in tehran stock exchange , and the sample is selected by systematic elimination method equivalent to the company 's size . the method of gathering information in the literature section and the theoretical basis of the research by referring to fish and fish is the source of information . also in order to collect data to test the hypotheses , the audited financial statements of the statistical society and the other variables accepted in tehran stock exchange is used . the method of data collection has also been done by observing the audited financial statements of the tehran stock exchange by collecting data from the tehran stock exchange ( tse ) , such as software such as software such as software such as software such as software such as software products software . in order to analyze the data , the information obtained from the software of " " software products " " and " " stock exchange " " and " " stock exchange " " was gathered in excel spreadsheet . the results showed that there is a positive and significant relationship between financial structure flexibility and firm size , firm growth and intrinsic value of equity and the control variable of asset return and financial leverage have positive and significant relationship with firm growth and firm growth . there is no significant relationship between flexibility and capital cost and the control variable of asset return and financial leverage have positive and significant relation with capital cost variable .

in this study, the effect of political relations on the relationship between investment efficiency and capital cost of the company was examined and tested. In order to investigate this issue, three hypotheses have been designed. To test these hypotheses, multivariate regression models based on composite data and fixed effects method have been used. The statistical population of the study according to the screening pattern and systematic elimination method includes 181 companies listed on the Tehran Stock Exchange and in a period of 6 years from the beginning of 1392 to the end of 1397. Evidence from the model brush related to the first hypothesis proved that the efficiency of investment has a negative and significant effect on the cost of capital. But political connections do not have a significant effect on the cost of capital. Studies have also shown that political communication has a negative and significant effect on the relationship between investment efficiency and the cost of capital.

The main purpose of this research is to investigate the relationship between stock liquidity and cost of capital and family ownership in 113 companies among the companies listed in the Tehran Stock Exchange during the period of 1391 to 1395. The research method is correlational and multivariate regression has been used using combined data with a fixed effect regression model approach. The research findings indicate that there is a positive and significant relationship between the Amihud lack of liquidity variables and the number of trading days with cost of capital equity, and there is a negative and significant relationship between the spread ask – bid price and the cost of capital equity. Also, there is a positive and significant relationship between the percentage of free floatation shares and the number of trading days with the cost of capital debt and there is a negative and significant relationship between the bid – ask spread and with the cost of debt capital. Also, there is a positive and significant relationship between the Amihud lack of liquidity variables and the number of trading days with the weighted average cost of capital, and there is a negative and significant relationship between the price bid – ask spread and the value of transactions with the weighted average cost of capital. In addition, the family ownership variable has a positive and significant effect on the between stock liquidity and weighted average cost of capital.

The power of profitability and increasing the wealth of shareholders in the enterprise requires the optimal use of resources and performance efficiency, especially in investment; In this regard, the effect of accounting information quality on investment performance was investigated by the role of auditing quality adjustment and capital cost; Therefore, the proposed theoretical model was first evaluated by distributing a questionnaire among 44 experts by Delphi method and analyzing it by structural equation method. Thus, the most effective factor was the quality of accounting information (profit forecasting) and audit quality (institutional size); Then, the theoretical model designed with selected factors with 138 companies listed on the Tehran Stock Exchange in the period 2013 to 2020 were tested by data panel method. The results showed that the quality of accounting information improves investment efficiency and more or less reduces investment; Also, the quality of the auditor and the cost of capital as moderators strengthen the relationship; These results were confirmed both by questionnaire analysis by structural equations and by regression method. The proposed model of this research can provide a good view of the factors affecting the efficiency of investment for stakeholders to provide the ground for improving the quality of investment and on the other hand to monitor the efficiency of investment.

This study evaluates the D-CAPM and A-CAPM models in comparison with the standard model in explaining the cost of capital in companies accepted in Tehran Stock Exchange. The period of research from the period of 1385-1396 is 12 years. Independent variables used in this research are various risk measurement indicators (beta coefficient) based on different models of capital asset valuation including standard capital investment pricing model, price model Redeeming capital assets and modeling the costing of asset-adjusted assets. The dependent variable of the present study is the weighted average cost of corporate capital. In this research, the control variables of financial leverage, company size, instant ratio, ratio of debt to equity, fixed asset ratio and net profit growth were also used. In this study, data of 153 companies during the years 1385-1396 The whole of the companies, the study and the results show that the model of pricing of declining capital and adjusting capital in explaining the cost of capital compared to the model of standardized capital asset pricing has more power Has enjoyed. It should be noted that the variables of the research are calculated with Excel software, and then the data are combined / combined at the company level using the software EViews9

The competitive business environment is growing, accordingly, companies are forced to compete with various national and international factors and expand their activities through their new investments. To make these investments, they need financial resources. The importance of accessing useful information for decision-making is important, as it is considered an investor right. Credit rating is useful information for investment decision-making. This study examines the relationship between credit rating and the cost of capital. Its purpose is to examine whether an increase in credit rating leads to an increase in the cost of equity and a decrease in debt costs or not. Because of the narrow background of ranking institutions in Iran and the reluctance of the companies toward the ranking system, a general ranking model is commonly used to determine the rank of the investigated companies.
This study examines a sample of 142 companies listed on the Tehran stock exchange from 2014 to 2020. The companies were selected through a systematic elimination process. The credit rating for each company was measured using the Emerging Market Credit Scoring Model. This rating was then adjusted in three steps: (1) considering the company's vulnerability to exchange rate fluctuations, (2) assessing the degree of credit rating of the industry, and (3) evaluating the company's competitiveness within the industry. A dummy variable was used to indicate an increase or decrease in credit rating from the previous year, where an increase takes the value of one and a decrease takes the value of zero. The cost of debt was calculated by dividing the interest expense in year t+1 by the average debt during years t and t+1, while the cost of equity was calculated by dividing net profits by the equity market value in year t. We used multiple regression with the Generalized Least Squares (GLS) method.
According to the obtained results, there is a positive relationship between credit ratings and equity costs, and any increase in credit ratings can reduce the costs of debts.
Based on the achieved results, there appears to be a positive correlation between credit ratings and the cost of equity. Furthermore, any increase in credit ratings has the potential to decrease the cost of debt. As a result, an increase in credit rating may lead to an increase in profits, because debt costs decrease and equity costs are affected. This subsequently influences investment decisions. Additionally, the risk of a company can have an impact on its expected rate of return. These findings align with Chen, Chen, Chang, & Yang (2013) as well as Kissgen and Esrahan (2010). It is worth noting that the Emerging Market Model has been validated by comparing its rankings to those announced by the rating agencies. This model takes into account both quantitative and qualitative factors. Therefore, we suggest that rating agencies consider utilizing these results as a guideline for ranking purposes.

The theory of signaling indicates the role of the signal in the management of the company's stock market. Information asymmetry that cannot be removed for confidentiality reduces shareholders` wealth. But by sending a signal (dividend ratio, debt ratio, ownership concentration), the relationship between information asymmetry and discount rate is adjusted, leading to increasing the wealth of shareholders. Due to the cost of signaling for companies, error signaling strategy that do not benefit the shareholders, reduces the shareholders` wealth. Using three corporate financial signals, three required return proxy and one information asymmetry proxy, 18 information asymmetry management strategies were designed and tested. With the information of 300 companies listed on the Tehran Stock Exchange and the OTC market of Iran from 2008 to 2020, the difference between the relationship of information asymmetry (PIN) and the cost of capital between signaled and not signaled companies was studied. The results indicate that debt ratio and ownership concentration signals have been able to moderate the relationship between the discount rate resulting from the Gordon model and information asymmetry. In addition, the dividend ratio signal has been able to moderate the relationship between the discount rate of CAPM and information asymmetry.

In recent years, religiosity as an important part of human culture has attracted the attention of many researchers. The present study thus employs structural equation modeling approach with the aim of investigating the relationship between managers’ religious beliefs and corporate cost of capital. In doing so, three various methods including OSM, capital asset pricing model and earnings-to-adjusted industry price were employed to measure the cost of capital. To compute the religious beliefs, the questionnaire designed by Khodayarifard et al (2013) was used. The questionnaire of interest is sent to 141 managers, among which 92 ones were answered back. Having ensured the good-fitness of the structural and measurement models, the research found that manager’ religious beliefs increases investors’ trust and market participation, which, in turn, mitigates cost of capital. The research findings not only fill research gap within the domain of Islamic finance, but also help investors, capital market regulators and other stakeholders make informed decisions.

The opportunistic approach of managers leads to decisions on personal interests and the imposition of costs on the part of shareholders through increased agency costs. This paper, aims to examine the interaction between cost of capital and manager change based on operational diversification and investment opportunities.

To empirically examine this effect, data on companies listed on the Tehran Stock Exchange for the period of 2009 to 2018 were collected and a hybrid data regression model was used to test the research hypotheses.

The results of the research show that cost of capital (expected returns) and investment opportunities have a significant effect on management turnover. On the other hand, we do not find evidence on the impact of under-investment and operational diversification on the possibility of CEO change. Furthermore, the interactive effect of investment opportunities and cost of capital on management turnover is also confirmed. Finally, our results Indicate that the change of CEO is a function of the interactive effect of operational diversification and cost of capital.

Managerial opportunism and inefficiency of investment increase the cost of corporate capital because the manager's inappropriate decision leads to an increase in the risk of wrong choices for investors. Changing the managerial decision approach leads to the transmission of information to shareholders in order to maintain or change management.

The cost of capital is one of the most significant criteria in making financial decisions as well as evaluating the financial performance of management. This criterion affects the internal variables of the company and at the same time, it is affected by the environmental factors of the company, especially the macroeconomic variables. Considering the recent major changes of macroeconomic variables in our country, the aim of this study was to investigate the long-term and short-term effects of macroeconomic variables on the cost of capital. Using data from 219 companies listed in Tehran Stock Exchange from 2006 to 2016, five research hypotheses were tested and analyzed by using Autoregressive Distributed Lag (ARDL) method. The findings of the study based on the results of long-run relationship estimation show that interest rate coefficients, inflation rate, and oil price change rate are significant as expected and these variables have a positive and significant effect on company capital cost. So, in the long run, by increasingthe amount of these variables, the corporation cost of capital increases, and by reducing them, the cost of capital can be reduced. Likewise, in the short run, interest rate variable with one period delay, inflation rate variable with three periods delay, exchange rate variable with four periods delay, liquidity variable with four periods delay, and oil price variable with two periods delay have shown their impact on corporate capital cost. Therefore, although the period of impact of these variables is not the same, they have a positive and significant impact on corporate capital cost.

One of the challenging decisions that business unit managers always face is how to choose investment projects. Capital budgeting is a process that use to evaluation and select the various investment opportunities by the manager. On the other hand, research and development spending is expected to be a factor in influencing decisions related to the budgeting of capital. Therefore, the purpose of this research is to investigate the relationship between R&D expenditures and capital budgeting methods, including net present value, payback period, return on investment and capital cost. For this purpose, 97 companies survey in Tehran Stock Exchange between 1391 and 1395. The results of the hypotheses were that research and development expenditures were significantly associated with capital budgeting methods, with the exception of the cost of capital. In general, the results indicate that research and development expenditures have affected the capital budgeting methods, which could be considered by managers in the field of management accounting.

Cost of capital is the minimum output rate expected by investors; this expected output rate is determined considering the risk of the company. Cost of capital refers to the cost of financing the company in order for investment or provision of working capital that consists of two parts: The cost of financing from long-term debts with interest and the cost of financing from the rights of shareholders. Cost of capital is the cost of long-term financing of the company. Companies, using debts and rights of shareholders, provide financial sources and use them in assets. In this research, using financial information of 97 company during the years of 2011 to 2017, using with help of accounting variables, it was attempted to predict cost of capital in companies listed on Tehran Stock Exchange. The results showed that there is a significant relationship between debt ratio ratios, growth opportunity, sales growth, ownership type (political relationship), fixed asset ratio, size of company with capital cost; and Vector machine regression and firefly algorithm, using the mentioned variables, has about 93 percent ability to predict cost of capital of the companies listed on Tehran Stock Exchange.

The purpose of this study is to measuring the the effect of financing approaches on the total real rate of return of the Companies listed in Tehran stock exchange of listed companies in Tehran stock exchange. In this regard, we have tried to test some variables such as, cost of capital, Retained Earning, leverage, Profitability, firm’s Size to measure their impact on total real rate of return. In this study, at the first step there are 43 companies were studied in the field of producing companies and then there 39 companies were examined in the field of petrochemicals in the period from 1390 to 1394. At the next step, data is extracted from the financial statements of companies and then is analyzed by Eviews software and using panel data approach. The results show that research’s variables (incloading: cost of capital, Retained Earning, leverage, Profitability, firm’s Size) have positsve impact firm’s total real rate of return. It can be concluded that the relationship between financing approaches and independent variables. Finally, some recommendations are presented to inform shareholders and investors in this fims on how to use financing approaches.

Government intervention and existence of politicians on boards may affect companies’ decision making and business trajectory. A stock market should display informational efficiency and, therefore, should appropriately reflect the value of political connections, if any value exists. This study is aimed to investigate of the relationship between political connections and the cost of equity capital in listed firms on Tehran Stock Exchange. This research in terms of method is descriptive - correlation. The sample consists of 114 companies listed on Tehran Stock Exchange for the period 2009 to 2015. Multiple linear regression analysis for hypothesis test is used.
The findings show a significant negative association between political connections and the cost of equity capital. In other words, by increasing political connections on firms, cost of equity capital is reduced. These results suggest that political connectedness could represent an important determinant of the cost of equity capital.

Using structural equation modeling, we investigated the direct and indirect links between corporate governance, industry competition structure and the cost of equity capital. Our investigation was motivated by analytical models that specify both a direct and an indirect link that is mediated by financial reporting quality and financial performance. For 61 companies listed in Tehran Stock Exchange during 1384-1393, we used Partial Least Squair (PLS) method to analyze the models and used Smart PLS2 software to do that. We found statistically reliable evidence of both a direct path from corporate governance to the cost of equity, and an indirect path that is mediated by financial reporting quality and financial performance, with the weight of the evidence favoring the direct path as the more important. Also, we found statistically reliable evidence of an indirect path that is mediated by financial reporting quality and financial performance from industry competition structure to the cost of equity. The direct path between them was not statistically significant.

Project finance investments are a key backbone for a wide range of sustainable and bankable new infrastructures; being long term investments, they are highly exposed to inflation risk, which in Public Private Partners hips is mostly borne by the private counterpart and its backing lenders. Prompt monitoring and resilient contractual designed as inflation risk detection, man Project finance investments are a key backbone for a wide range of sustainable and bankable new infrastructures; being long term investments, they are highly exposed to inflation risk, which in Public Private Partners hips is mostly borne by the private counterpart and its backing lenders Prompt monitoring and resilient contractual designed as inflation risk detection, management and mitigation, together with proper and flexible financial modelling, alleviating its potentially is erupting impact, especially if unpredictable or chronically enduring. Inflation risk periodically emerges as an extreme-albeit hardly perceived-event, to which infrastructural investments especially in developing countries are particularly vulnerable, creating disrupting agency costs among different take holders. An increasingly wide target audience of both practitioners and academics is interested in the precocious detection, assessment and management of this relevant interdisciplinary problem, so as to find resilient solutions able to mitigate its potentially devastating systemic repercussion segment and mitigation, together with proper and flexible financial modelling, alleviating its potentially disrupting impact, especially if unpredictable or chronically enduring. Inflation risk periodically emerges as an extreme hardly perceived-event, to which infrastructural investments especially in developing countries are particularly vulnerable, creating disrupting agency costs among different take holders. An increasingly wide target audience of both practitioners and academics is interested in the precocious detection, assessment and management of this relevant interdisciplinary problem, so as to find resilient solutions able to mitigate its potentially devastating systemic repercussions.

In this study, the relationship between weighted average cost of capital (as one of the economic approach to assess the performance) with intellectual capital was studied. In order to compute intellectual capital Value-Added Intellectual Coefficient (VAIC) model and to compute weighted average cost of capital (WACC) Gordon model were used. Statistical sample consists of 80 companies and 380 company-year observations for period of 2010 till 2014. To examine the relationship between independent and dependent variables linear regression model and to perform calculations and data analysis Excel, SPSS  and Eviews  have been used. The results showed that in the case of banks the relationship between human capital efficiency (HCE), structural capital efficiency (SCE), and intellectual capital efficiency (ICE) with weighted average cost of capital (WACC) is positive and significant. So, intellectual capital caused an increase in company wealth and a decrease in the cost of capital. While relationship among capital employed efficiency (CEE) and weighted average cost of capital (WACC) regardless of positive or negative relationship coefficient is not significant. Also, in the case of both banks and companies, the relationship between human capital efficiency (HCE), intellectual capital efficiency (ICE) and capital employed efficiency (CEE) with weighted average cost of capital (WACC) regardless of positive or negative relationship coefficient is not significant. In other words, intellectual capital did not lead to an increase in company’s wealth. While relationship between structural capital efficiency (SCE) and weighted average cost of capital (WACC) is positive and significant. Also, the results showed that the relationship between value-added intellectual coefficient (VAIC) with intellectual capital efficiency (ICE) is positive and significant. The correlation coefficient in banks was 0.99 and correlation coefficient for both banks and companies calculated to be 0.94. Therefore, intellectual capital causes an increase in value-added intellectual coefficient