ANALYZING THE EFFECT OF FINANCIALIZATION ON REAL INVESTMENT OF NON-FINANCIAL CORPORATIONS LISTED IN THE TEHRAN STOCK EXCHANGE

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FATHI S.; AZARBAYJANI K.; TAGAVIZADEH YAZDI I.; ASGARNEZHAD NOURI B.

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Journal: Financial Accounting Research Year:2013 | Volume:5 | Issue:1 (15) Page(s): 51-65

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Title

ANALYZING THE EFFECT OF FINANCIALIZATION ON REAL INVESTMENT OF NON-FINANCIAL CORPORATIONS LISTED IN THE TEHRAN STOCK EXCHANGE

Author(s)

FATHI S. | AZARBAYJANI K. | TAGAVIZADEH YAZDI I. | ASGARNEZHAD NOURI B. | Issue Writer Certificate

Keywords

FINANCIALIZATIONQ2

INVESTMENTQ2

FINANCIAL INVESTMENTQ2

REAL INVESTMENTQ2

Abstract

One of the outstanding features of economies of different countries is a significant change in the field of finance in recent decades, which means that financial markets and institutions have gained an increasing prominent position in the global economy. These changes have come to be known as FINANCIALIZATION. Also, the growth rate of fixed INVESTMENTs in different countries in the past decades has decreased. Hence, one of the common views in economic theory is that the FINANCIALIZATION phenomenon is effective in providing required conditions for increasing financial INVESTMENT of non-financial corporations by decreasing their fixed INVESTMENTs. Therefore, in this research, we analyze the effect of FINANCIALIZATION on fixed INVESTMENTs of non-financial corporations listed in the Tehran Stock Exchange. Income and financial expenses are recognized as aspects of FINANCIALIZATION as well as independent variables, and net fixed INVESTMENT of non-financial corporations is a dependent variable. Required data are gathered annually from 2002 to 2008. The suitable regression method is chosen based on econometric assumptions and the hypotheses analyses are based on this method. There is a dissimilarity variance problem in using the random effects method, and to solve, the generalized least square regression method for estimating the model is chosen. Based on the results of estimating the regression equation, the first hypothesis, financial expenses effect real INVESTMENT of non-financial corporations, is accepted, but the second hypothesis, financial incomes effect real INVESTMENT of non financial corporations, is rejected.

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APA: Copy

FATHI, S., AZARBAYJANI, K., TAGAVIZADEH YAZDI, I., & ASGARNEZHAD NOURI, B.. (2013). ANALYZING THE EFFECT OF FINANCIALIZATION ON REAL INVESTMENT OF NON-FINANCIAL CORPORATIONS LISTED IN THE TEHRAN STOCK EXCHANGE. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, 5(1 (15)), 51-65. SID. https://sid.ir/paper/155039/en

Vancouver: Copy

FATHI S., AZARBAYJANI K., TAGAVIZADEH YAZDI I., ASGARNEZHAD NOURI B.. ANALYZING THE EFFECT OF FINANCIALIZATION ON REAL INVESTMENT OF NON-FINANCIAL CORPORATIONS LISTED IN THE TEHRAN STOCK EXCHANGE. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH[Internet]. 2013;5(1 (15)):51-65. Available from: https://sid.ir/paper/155039/en

IEEE: Copy

S. FATHI, K. AZARBAYJANI, I. TAGAVIZADEH YAZDI, and B. ASGARNEZHAD NOURI, “ANALYZING THE EFFECT OF FINANCIALIZATION ON REAL INVESTMENT OF NON-FINANCIAL CORPORATIONS LISTED IN THE TEHRAN STOCK EXCHANGE,” JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, vol. 5, no. 1 (15), pp. 51–65, 2013, [Online]. Available: https://sid.ir/paper/155039/en

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