JOURNAL OF FINANCIAL MANAGEMENT STRATEGY
Year:2016 | Volume:4 | Issue:12|Papers Count:7

The main objective of this study was to investigate the effect of investment opportunities and corporate finance structure on the payment of the dividend policies of listed companies in Tehran Stock Exchange. The research sample was studied in the period between during of 2006 to 2014. In order to analyze the data, the Statistical tests such as Durbin-Watson (D-W) test, Kolmogorov-Smirnov, Dickey-Fuller (DF), Augmented Dickey-Fuller (ADF), Phillips-Perron (PP), and LM-ARCH were used. To determine the significance of the linear regression equation, the Fisher test (F-test) and for the significance of the coefficients, the T-student (T-test) were employed. Moreover, reviewing the related literature of the study shows that dividend payment policy determinants are classified into financial and economic factors. Financial factors consist of variables such as financial leverage, debt maturity, profitability, Return on Assets, Return on Equity, Return on capital employed, net profit margin, and size of company. Economic factors include variables such as exchange rates, inflation, the share capital of GDP, growth of liquidity, the ratio of Q-Tobin, as independent variables. The payment policy is considered as the dependent variable. In the end, the results of the study indicate that at the confidence level of 95%, the investment opportunities and corporate finance structure have significant effects on the payment of the dividend policies of listed companies in Tehran Stock Exchange.

Decision making about capital structure, i.e. financing of the organizations, like other decision makings of managers, affects the value of the organizations. Therefore, it is one of the most complicated and challenging decision makings of the organizations. In this case study, financial data of 89 listed companies in Tehran Stock Exchange from 2010 - 2015 are analyzed and the relationship between capital structure with annual inflation rate and return on assets rate are studied. The results show that there is a meaningful negative relationship between the rate of return on assets and capital structure (ratio of short term debt to total assets, ratio of long term debt to total assets, ratio of total debt to total assets as independent variables). There is, however, no significant relationship between the capital structure (ratio of short term debt to total assets, ratio long term debt to total assets, ratio of total debt to total assets) and annual inflation rate.

Nowadays, the liquidity management is one of the biggest challenges facing the banking system. For proper management of liquidity, identifying the influencing factors is necessary. This study is aimed to discuss factors that affect liquidity in Iran banking system. The population of the research includes all active banks and financial institutions in Iran between the years of 2009-2013.The study is in terms of purpose applied, in nature correlational, in analysis method Panel data model and in the type of statistic test regression. Considering the literature, in this study, factors affecting liquidity are classified into four categories: opportunity costs and financing shock, bank characteristics, macro-economic variables, banking characteristics and security of financing network. The results show that last year liquidity, the capital, ratio of interest income, bank size, interest gap, changes in deposit and the ratio of foreign currency deposits to total deposits have significant effects on banks` liquidity. Hence, in order to identify factors affecting future cash, the bank management during their annual operations, is suggested to consider the factors approved in this study for solving liquidity problems accordingly less reference to the central bank or to other banks to finance high-rate be required.

The current research is intended to study the relationship between the method of financing (capital structure) and abnormal returns of the firms listed in Tehran Stock Exchange. The research was done within the time range of 2009-2013. The sample included 133 firms of 23 different industries. This study is applied in purpose and correlation- descriptive in method. To test the models, the Chaw test was firstly used and it was indicated that Panel method should be applied. Then, Hausman test was applied for incorporating Panel method’s random effects or proof effects. Finally, the value of presentation model and the results obtained from classic regression assumptions were stated, separate hypotheses have been tested by using regression models. The findings showed that there is a reverse meaningful relationship between firms’ book leverage and their cumulative abnormal returns. However, there is not a meaningful relationship with a 95% confidence between market leverage and cumulative abnormal returns.

The present research investigates the relationship between predicting profit by management and firm value and risk via using historical data of 110 companies listed in Tehran Stock Exchange during 2009 to 2013. It is expected that companies, which have policy of profit forecast disclosure, have higher returns and less risks in comparison with other companies. It can be said that it is the reason of higher assurance of capital market to these companies. The research method is descriptive and solidarity. Beta coefficient was used as the criterion of systematic risk and Q Tobins as the criterion of firm value in this research. Moreover, in order to test the research hypotheses, regression models were used in which predicting profit by management is considered as independent variable and firm value as dependent variable. The results of the research indicate that predicting profit per share of management has significant effect on firm value, while those predictions have no impact on stock risk of the companies under study.

This paper investigates the effect of the economic value added (EVA) performance evaluation on the value of the cash holdings of Tehran Stock Exchange firms. The aim of this study is to investigate the influence of the underinvestment modification and overinvestment restraint on cash holding. To do so, Pinkowitz and Wiliamson model was used to investigate 127 companies between 2004 and 2013. This study is applied in purpose and descriptive correlational in method. Eviews software was used to analyze the data. The results of the study show that economic value added performance evaluation decreases the underinvestment and the overinvestment of Tehran Stock Exchange firms and on the other hand, economic value added performance evaluation increases the value of cash holding. This study contributes to the emerging literature related to cash holdings and the economic consequences of the economic value added performance evaluation policy. It expands the literature related to investor protection in countries experiencing economic transition.

In the present study, the effect of credit power in companies listed in Tehran Stock Exchange on market value of equity volatility will be discussed. To measure the credit power of companies, the quick ratio measures amount of trade credit (net amount of liabilities to affiliated companies) and total current liabilities (including bank loans and trade accounts payable) was used to measure the volatility of the market value of equity, five-year standard deviation of the operation. In the course of this research, formulation of hypotheses and systematic removal of 137 companies by sampling, the 5-year period 2011- 2014 were selected with reference to their financial statements, the information necessary to measure the variables, extraction and statistical tests on they were carried out. Research data analysis, using multiple regression using panel data and random effects, suggests that firstly, quick ratio decrease has significant positive effect on the equity market value in volatility; secondly, reducing the amount of credit commercial (net amount of liabilities to affiliated companies) has non-significant negative impact on the market value of equity volatility, and ultimately, an increase in total current liabilities (including bank loans and trade accounts payable) has positive and significant effect on the volatility of the equity market.