The Interactive Effect of Capital Productivity and Accounting Conservatism on Cost of Capital in Tehran and Istanbul Stock Exchange Markets

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Navidi Abbaspour Ebrahim; Orhan M.Suphi

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Journal: PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT) Year:2019 | Volume:12 | Issue:47 Page(s): 213-233

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Title

The Interactive Effect of Capital Productivity and Accounting Conservatism on Cost of Capital in Tehran and Istanbul Stock Exchange Markets

Author(s)

Navidi Abbaspour Ebrahim | Orhan M.Suphi | Issue Writer Certificate

Keywords

Accounting ConservatismQ1

Capital ProductivityQ2

Cost of CapitalQ2

Abstract

Capital Productivity concerns the measurement of managerial capacity to make optimal use of capital as one of the company's most important and restricted resources and Accounting Conservatism is one of the qualitative characteristics of accounting information. More conservative companies are expected to have lower Cost of Capital and the increase in Capital Productivity is assumed to intensify this relationship. The present study explored the interactive effect of Capital Productivity and Accounting Conservatism on Cost of Capital in Tehran and Istanbul stock exchange markets. Accounting Conservatism was measured as the chronological asymmetry between the profit and relative market value of stock to book value while Capital Productivity was operationalized in terms of the ratio of operating profit to the difference between total equity and debt in cash and short-term investment. The research sample comprised 118 companies listed in Tehran and 194 companies listed in Istanbul stock exchange markets over a period of 10 years from 2006 to 2015. The findings revealed that Accounting Conservatism, as the ratio of market to book value, was negatively correlated with Cost of Capital both in Tehran and Istanbul stock exchange markets; Capital Productivity was found to have a synergistic effect on this relationship. Additionally, Accounting Conservatism, as chronological asymmetry, was found to be negatively correlated with Cost of Capital in Istanbul stock exchange market.

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APA: Copy

Navidi Abbaspour, Ebrahim, & Orhan, M.Suphi. (2019). The Interactive Effect of Capital Productivity and Accounting Conservatism on Cost of Capital in Tehran and Istanbul Stock Exchange Markets. PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT), 12(47 ), 213-233. SID. https://sid.ir/paper/182069/en

Vancouver: Copy

Navidi Abbaspour Ebrahim, Orhan M.Suphi. The Interactive Effect of Capital Productivity and Accounting Conservatism on Cost of Capital in Tehran and Istanbul Stock Exchange Markets. PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT)[Internet]. 2019;12(47 ):213-233. Available from: https://sid.ir/paper/182069/en

IEEE: Copy

Ebrahim Navidi Abbaspour, and M.Suphi Orhan, “The Interactive Effect of Capital Productivity and Accounting Conservatism on Cost of Capital in Tehran and Istanbul Stock Exchange Markets,” PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT), vol. 12, no. 47 , pp. 213–233, 2019, [Online]. Available: https://sid.ir/paper/182069/en

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