RELATIONSHIP BETWEEN OF MEMBERSHIP IN BUSINESS GROUPS AND STOCK RETURN

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MORADI M.; DELDAR M.; MOHAMMADPOUR M.

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Journal: Financial Accounting Research Year:2014 | Volume:6 | Issue:4 (22) Page(s): 89-108

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Information Journal Paper

Title

RELATIONSHIP BETWEEN OF MEMBERSHIP IN BUSINESS GROUPS AND STOCK RETURN

Author(s)

MORADI M. | DELDAR M. | MOHAMMADPOUR M. | Issue Writer Certificate

Keywords

STOCK RETURNQ2

BUSINESS GROUPSQ2

INFORMATION ASYMMETRYQ2

EXTERNAL FINANCIAL DEPENDENCEQ2

Abstract

The main objective of this research is to investigate the relationship between membership in BUSINESS GROUPS and STOCK RETURN in companies listed in Tehran Stock Exchange. Our sample based on cumulative data includes 1394 firms - year observations that are related to 144 companies listed in Tehran Stock Exchange during the period of 2001-2011. We use multivariate linear regression model to test the research hypotheses. Our findings indicate that STOCK RETURN rate in business group companies is higher than those of independent companies. Also, STOCK RETURN rate in firms affiliated with large and diversified BUSINESS GROUPS is higher than other BUSINESS GROUPS. Our findings of this research indicate that with increasing the levels of INFORMATION ASYMMETRY, decreases companies STOCK RETURN rate. Also, with increasing level EXTERNAL FINANCIAL DEPENDENCE, companies STOCK RETURN rate is higher. Also, findings indicate that STOCK RETURN rate of BUSINESS GROUPS affiliated companies compared with independent companies and STOCK RETURN rate of companies affiliated with large and diversified BUSINESS GROUPS compared with other groups are less sensitive to INFORMATION ASYMMETRY. Also, findings indicate that STOCK RETURN rate of BUSINESS GROUPS affiliated companies compared with independent companies and STOCK RETURN rate of companies affiliated with large and diversified BUSINESS GROUPS compared with other groups did not show sensitivity to EXTERNAL FINANCIAL DEPENDENCE. In addition, results indicate that in the Tehran Stock Exchange, there is no significant relationship between STOCK RETURNs and corporate life cycle.

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APA: Copy

MORADI, M., DELDAR, M., & MOHAMMADPOUR, M.. (2014). RELATIONSHIP BETWEEN OF MEMBERSHIP IN BUSINESS GROUPS AND STOCK RETURN. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, 6(4 (22)), 89-108. SID. https://sid.ir/paper/155089/en

Vancouver: Copy

MORADI M., DELDAR M., MOHAMMADPOUR M.. RELATIONSHIP BETWEEN OF MEMBERSHIP IN BUSINESS GROUPS AND STOCK RETURN. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH[Internet]. 2014;6(4 (22)):89-108. Available from: https://sid.ir/paper/155089/en

IEEE: Copy

M. MORADI, M. DELDAR, and M. MOHAMMADPOUR, “RELATIONSHIP BETWEEN OF MEMBERSHIP IN BUSINESS GROUPS AND STOCK RETURN,” JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, vol. 6, no. 4 (22), pp. 89–108, 2014, [Online]. Available: https://sid.ir/paper/155089/en

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