JOURNAL OF INDUSTRIAL STRATEGIC MANAGEMENT (PAJOUHESHGAR)
Year:2010 | Volume:7 | Issue:SUPPLEMENT|Papers Count:8

Ownership structure one of determiner for corporate governance. This studying wants answer to this question: do the price performance of share affect from ownership structure in financial crisis period? In order to evaluate the effect of ownership structure on stock market performance in the financial crisis period.this research investigate whether a company’s ownership structure has an impact on its stock price performance during periods of crisis (1383-1384). Using Tehran Stock Exchange data. The final sample consists of 93 observations. Two molel GLS and OLS was tested.  The abnormal return (Index for Stock market performance) is Dependent variable. The CAPM model calculates risk-adjusted expected returns, comparing the real returns with the estimated returns gives us abnormal returns .Our results show that both ownership structuer concentration and number of significant shareholders and the number of financial institutions are important to explain stock price adjustments during periods of crisis. Stock market performance is positively related to ownership structuer concentration and positively related to ownership concentration and the number of financial shareholders.

Cost of capital is the minimum rate of return required to retain market value of the firm. Cost of capital is considered as an essential factor in making decisions on investment, capital budgeting, managing of working capital, establishment of optimal financial structure, helping with performance measurement and determination of the firm value through helping in discounting cash flows.   This research aims at examining the effects of some financial ratio and the firm age on the cost of capital for firms in various industries. In order to conducting this research, 27 of active industries in the research period(2003-2007), were reclassified in to 8 main industries and then a sample consisting of 61 firms from the 8 integrated industries was selected using Cochran method. The statistical method used in this research was multiple regressions together with pooled least square (PLS) method. In order to indicate role of the type of industry in this research, we used dummy variable and step by step method. We also used the lagged variable of the cost of capital in order to indicate its lagged effect. The result indicate the effect of the long term debt to equity ratio, the long effect to total investment ratio, net growth of fixed assets, age variable and the logged cost of capital of the firm on the current period cost of capital is significant.

One of the most important issues in the market of investment is to have knowledge about the risk rate of companies, especially systematic risk that has vital role in decision making. Because it is believed that the return of companies’ stock is affected by systematic risk which will represent the changes of return rate of one share to the changes of total return rate in stock exchange. In this research, we will show if there is a meaningful relation between systematic risk and the growth of companies’ income. Three hypotheses are going to be tested. in order to test these hypothesis 114 companies accepted in TSE are selected examples and the variables are the growth of gross income , the growth of operation income ,net income growth and their systematic risk are accounted for 6 year period from 1380 to 1386. Finally after statistically testing on related data, the result shows that there is a meaningful relation between systematic risk and the income growth of the accepted companies in TSE.

Capital structure is the issues that accepted companies in stock market have confronted for determining the optimum volumes of debt, and investment in the capital structure regarding minimizing costs and increasing stocks value. in this study, the effect of some characteristics of company such as, the size of company, asset structure, profitability, expected growth, ratio of  interest rate coverage cost, immediate ratio, and assets  return in determining company's capital structure are studied to help business managers, investors, loaners using the results. For this purpose 132 active companies in negotiable papers exchange in Tehran have been chosen as samples, mixture of interval data and time Series (merged data) were used. Using econometric methods like panel data, the relationship among variables is evaluated and tested. To estimate the model, first F-Test, Hasman-Test are carried out to choose the best model from ordinary panel data, fixed effect and random effect by using E-views and Excel software. According to research findings, there is a negative and significant relation between the companies’ capital structure and the assets structure, profitability, expected growth, their immediate ratio and assets output (outcome), and there is appositive and significant relation between the companies’ capital structure and the companies’ size and the ratio of expenditure coverage.

The main purpose of planning is reducing the amount of acceptable risk regarding probable events and offering some arrangement for better success. Due to limited resources and unlimited needs, the optimal resource allocation problem is discussed. Optimal resource allocation strategy is the most important tool for strategy implementation and long tem plans for research division of universities and it can reflect policies and goals of each research division. Since resource allocation is carried out traditionally and based on experiences and intuitions, its application has caused some dissatisfaction and can not be inferred and matched mathematically. The purpose of this research is to use mathematic theory for approaching quantity and quality of human deduction and mathematics, and will be tried by accurate studies to offer a suitable model for resource allocation in the research area of university.  

Value creation as a new paradigm is a factor in investment criterion, so it can measure and manage shareholder,s value to maximize wealth and return of shareholders. In this subject, management shareholder,s value(MSV) suggests some tools such as economical value added (EVA), market value added (MVA) and cash value added (CVA).In this paper we have examined management shareholder,s value in capital stock exchange companies during the years 1380 to 1385, number of companies existed in metal industry group were about twenty six but only twenty four companies financial information (observations) were available for our sample test.We have examined value based factors such as economical value added and market value added with shareholders value added (SVA) by regression analysis and according to the result, correlation between these variables (EVA & MVA) with (SVA) proved, there was a negative correlation between (EVA) and (SVA) and  positive correlation between (MVA) and (SVA) so, the results indicate that they are appropriate predictors in managing investment value added for investors.

The Purpose of this research is recognition of effective factors on income smoothing of accepted companies in stock exchange of Tehran.Income smoothing is an intentional action used by management by applying special tools in accounting for decreasing profit Vacillations.Because of importance of income management, this research first identified smooth income corporations by Coefficient variation model for variation in income time series to coefficient variation for variation on sale time series and then the effect of factors like corporation measure, profitability, kind of industry and exports activity on income smoothing was studied.After statistical analysis and test of hypothesis, it is inferred that normal income smoothing in some is achieved in some corporation and results of statistical tests of t and k2 for hypothesis , confirmed that income smoothing in sample corporation is not depended to corporation measure , profitability , kind of  industry and exports activity.

This study investigates the influence of risky factors on returns of companies in the petrochemical industry on the basis of monthly data in the period of 1382-1384 of the Iranian calendar. Using the Arbitrage Pricing Model (APT) excess returns of the market, percentage of the change in the foreign currency rates, percentage of changes in the inflation rates and the percentage changes in the oil prices are used of the variables in this study. Results show that the fluctuation of the excess returns of the market is significant and its coefficient is less than one which indicates that the petrochemical industry has a systematic risk less than that of the market. The percentage changes in the oil price shows a positive and significant correlation with the excess returns of the petrochemical industry. Other variables did not show significant relationships with the excess returns of the petrochemical industry.