IDENTIFYING THE EFFECT OF SELECTED FINANCIAL VARIABLES ON STOCK RETURN IN TEHRAN STOCK EXCHANGE

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IZADINIA N.; KARBALAEE A.

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Journal: Financial Accounting Research Year:2012 | Volume:4 | Issue:1 (11) Page(s): 17-30

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Title

IDENTIFYING THE EFFECT OF SELECTED FINANCIAL VARIABLES ON STOCK RETURN IN TEHRAN STOCK EXCHANGE

Author(s)

IZADINIA N. | KARBALAEE A. | Issue Writer Certificate

Keywords

FREE CASH FLOWQ2

CASH FLOW RETURN ON INVESTMENTQ2

ECONOMIC VALUE ADDEDQ2

Abstract

This study examines the claim that adjusted profit based variables are superior measures than earning per share (EPS) on the basis of stock return. In this paper, four hypotheses are set to test the research question and a sample of companies listed in Tehran Stock Exchange (TSE) for the time period of 2002-2008 is used. For hypotheses testing, single variable regression model presented. In this study FREE CASH FLOW, CASH FLOW RETURN ON INVESTMENT, ECONOMIC VALUE ADDED and earnings per share are independent variables. Also stock return is considered as a depended variable. To estimate the regression model panel data regression is used. The results show that performance evaluation indexes are not significantly related with stock returns. Also the results show that EPS, as a traditional performance evaluation measure, is yet superior to others measure. Collectively, results are ambiguous and do not provide strong evidence that show superiority of the three above mentioned measures to EPS for evaluating of firm performance.

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APA: Copy

IZADINIA, N., & KARBALAEE, A.. (2012). IDENTIFYING THE EFFECT OF SELECTED FINANCIAL VARIABLES ON STOCK RETURN IN TEHRAN STOCK EXCHANGE. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, 4(1 (11)), 17-30. SID. https://sid.ir/paper/155138/en

Vancouver: Copy

IZADINIA N., KARBALAEE A.. IDENTIFYING THE EFFECT OF SELECTED FINANCIAL VARIABLES ON STOCK RETURN IN TEHRAN STOCK EXCHANGE. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH[Internet]. 2012;4(1 (11)):17-30. Available from: https://sid.ir/paper/155138/en

IEEE: Copy

N. IZADINIA, and A. KARBALAEE, “IDENTIFYING THE EFFECT OF SELECTED FINANCIAL VARIABLES ON STOCK RETURN IN TEHRAN STOCK EXCHANGE,” JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, vol. 4, no. 1 (11), pp. 17–30, 2012, [Online]. Available: https://sid.ir/paper/155138/en

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