WORKING CAPITAL, CORPORATE PERFORMANCE AND FINANCIAL CONSTRAINTS: EVIDENCE FROM LISTED FIRMS IN TEHRAN STOCK EXCHANGE

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EMAMI M.A.; FARID D.

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

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Journal: Financial Accounting Research Year:2016 | Volume:8 | Issue:4 (30) Page(s): 1-15

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Title

WORKING CAPITAL, CORPORATE PERFORMANCE AND FINANCIAL CONSTRAINTS: EVIDENCE FROM LISTED FIRMS IN TEHRAN STOCK EXCHANGE

Author(s)

EMAMI M.A. | FARID D. | Issue Writer Certificate

Keywords

WORKING CAPITALQ2

CORPORATE PERFORMANCEQ2

FINANCIAL CONSTRAINTQ1

Abstract

This study investigates the relationship between WORKING CAPITAL and CORPORATE PERFORMANCE and considering that financial situations may have an important role in this relationship, the quality of relationship between the optimal level of WORKING CAPITAL and FINANCIAL CONSTRAINTs was examined. The target sample consists of 82 of the listed companies in Tehran Stock Exchange from 1388 to 1392. Tobin’s Q is used as a proxy for CORPORATE PERFORMANCE, while net trade cycle (NTC) is used as proxy for WORKING CAPITAL and dividend (DIV), Interest coverage (IC), ww index (WW), kz index (KZ), cash flow (CF) used as a proxy for FINANCIAL CONSTRAINTs. In this research panel data method (with fixes effects) is used to test the hypotheses. The results show that there is an inverse u-shaped relationship between the WORKING CAPITAL and CORPORATE PERFORMANCE. The results also show that the optimal level of WORKING CAPITAL for companies that have greater FINANCIAL CONSTRAINTs (except Interest coverage) is lower.

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APA: Copy

EMAMI, M.A., & FARID, D.. (2016). WORKING CAPITAL, CORPORATE PERFORMANCE AND FINANCIAL CONSTRAINTS: EVIDENCE FROM LISTED FIRMS IN TEHRAN STOCK EXCHANGE. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, 8(4 (30) ), 1-15. SID. https://sid.ir/paper/155020/en

Vancouver: Copy

EMAMI M.A., FARID D.. WORKING CAPITAL, CORPORATE PERFORMANCE AND FINANCIAL CONSTRAINTS: EVIDENCE FROM LISTED FIRMS IN TEHRAN STOCK EXCHANGE. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH[Internet]. 2016;8(4 (30) ):1-15. Available from: https://sid.ir/paper/155020/en

IEEE: Copy

M.A. EMAMI, and D. FARID, “WORKING CAPITAL, CORPORATE PERFORMANCE AND FINANCIAL CONSTRAINTS: EVIDENCE FROM LISTED FIRMS IN TEHRAN STOCK EXCHANGE,” JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, vol. 8, no. 4 (30) , pp. 1–15, 2016, [Online]. Available: https://sid.ir/paper/155020/en

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