The Effect of Capital Productivity Management on Capital Asset Pricing Models with a Focus on Life Cycle

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ALIMOHAMMADPOUR ALI; ZABIHI ALI; FAGHANI MAKRANI KHOSRO

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Journal: PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT) Year:2020 | Volume:14 | Issue:52 Page(s): 171-194

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Title

The Effect of Capital Productivity Management on Capital Asset Pricing Models with a Focus on Life Cycle

Author(s)

ALIMOHAMMADPOUR ALI | ZABIHI ALI | FAGHANI MAKRANI KHOSRO | Issue Writer Certificate

Keywords

Capital Asset PricingQ1

Capital Productivity ManagementQ2

Corporate Life CycleQ1

Explanatory Predictive PowerQ1

Stock ReturnQ1

Abstract

Capital productivity concerns the measurement of management power in making optimal use of capital as one of the important and limited company resources. In companies with highly efficient capital productivity, stocks are expected to offer higher returns and the explanatory power of the models proposed to predict Stock Returns is assumed to increase. The purpose of this study was, thus, to examine the extent to which capital productivity might influence the explanatory power of stock market predictive models and to scrutinize this viable effect at various stages of Corporate Life Cycle. The Operating Profit Ratio (ROIC) was used to operationalize Capital productivity, the Tripartite Factor Model (Fama & Franch, 1993) and the Pentagonal Factor Model (Fama & Franch, 2013) were employed to predict Stock Returns and Corporate Life Cycle was categorized via the Dickinson Cash Flow (2011). The research sample comprised 110 companies with specific descriptive characteristics selected from among all those listed on the Tehran Stock Exchange during a ten-year period from 2005 to 1394. The results of the hypothesis testing analyses demonstrated that capital productivity affects the relationship between market factor and risk-free growth at all stages of the life cycle, but size was found significantly correlated with risk merely at the maturity stage of the life cycle.

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APA: Copy

ALIMOHAMMADPOUR, ALI, ZABIHI, ALI, & FAGHANI MAKRANI, KHOSRO. (2020). The Effect of Capital Productivity Management on Capital Asset Pricing Models with a Focus on Life Cycle. PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT), 14(52 ), 171-194. SID. https://sid.ir/paper/181954/en

Vancouver: Copy

ALIMOHAMMADPOUR ALI, ZABIHI ALI, FAGHANI MAKRANI KHOSRO. The Effect of Capital Productivity Management on Capital Asset Pricing Models with a Focus on Life Cycle. PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT)[Internet]. 2020;14(52 ):171-194. Available from: https://sid.ir/paper/181954/en

IEEE: Copy

ALI ALIMOHAMMADPOUR, ALI ZABIHI, and KHOSRO FAGHANI MAKRANI, “The Effect of Capital Productivity Management on Capital Asset Pricing Models with a Focus on Life Cycle,” PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT), vol. 14, no. 52 , pp. 171–194, 2020, [Online]. Available: https://sid.ir/paper/181954/en

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