Investigating the impact of financial restrictions on the investment of selected companies: PVAR model approach

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Maboudi Hamed; Seyfipour Roya; Mehrabiyan Azadeh

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Journal Paper

Paper Information

Journal: Financial Economics Year:2024 | Volume:18 | Issue:68 Page(s): 217-240

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Title

Investigating the impact of financial restrictions on the investment of selected companies: PVAR model approach

Author(s)

Maboudi Hamed | Seyfipour Roya | Mehrabiyan Azadeh | Issue Writer Certificate

Keywords

Investment

financial limitation

panel vector autoregression method

Abstract

The high importance of Investment at the micro level and the effects of its aggregation on macroeconomic variables and financial constraints in the Investment process in Iran have created an incentive to investigate the impact of shocks caused by financial constraints on the Investment of selected companies of the Tehran Stock Exchange. is For this purpose, data on the growth rate of companies' sales, return on assets, interest coverage rate, logarithm of companies' assets, financial leverage and also the financial constraint index for 163 selected stock companies in the period from 1390 to 1399 have been used with the Panel VAR method. . The results of this research show that the shocks of companies' sales growth rate and financial constraints will have a significant impact on the amount of Investment of companies in the short and long term. The shocks of the rate of return on assets, the amount of assets and financial leverage have little effect on the amount of Investment of companies in the short term. Also, the results indicate that the effect of the shock caused by the interest coverage rate on the amount of Investment of the selected companies under investigation is insignificant in the short and long term. The results of the analysis of variance also showed that the variables of companies' sales growth rate and financial limitations are the most explanatory in relation to explaining the Investment behavior of companies.

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