BUSINESS DIVERSIFICATION EFFECTS ON PERFORMANCE AND VALUE OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE

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DIDAR HAMZEH; IMANI BARANDAGH MOHAMMAD; SHAHREZAEI SAMANE

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Journal: JOURNAL OF ASSET MANAGEMENT AND FINANCING Year:2014 | Volume:2 | Issue:2 (5) Page(s): 65-86

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Information Journal Paper

Title

BUSINESS DIVERSIFICATION EFFECTS ON PERFORMANCE AND VALUE OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE

Author(s)

DIDAR HAMZEH | IMANI BARANDAGH MOHAMMAD | SHAHREZAEI SAMANE | Issue Writer Certificate

Keywords

FIRM’S VALUEQ2

PERFORMANCE ASSESSQ2

DIVERSIFICATIONQ1

HERFINDAHL _ HRYSHMN INDEXQ2

Abstract

In recent years, the relationship between performance and firm DIVERSIFICATION become as an important empirical matter. The diversity strategies in companyas business are able to affect the competitive balance of an industry. The aim of this study, investigate the effect of business DIVERSIFICATION on performance and value of accepted firms in Tehranas Stock Exchange. To achieve this goal, the Herfindahl-Hryshmn index and TobinQ index were used to assess the business DIVERSIFICATION and the companyas value from the market value in each year, respectively. This sample includes 125 accepted firms in Tehranas stock exchange within 7 industries, in the periods of 1381-1390. In order to verify the hypothesis, a multiple regression based on panel data by Estimated Generalized Least Square (EGLS) was used. The results from the study hypothesis indicate that there is significant and direst relationship between HERFINDAHL _ HRYSHMN INDEX and the performance of studied firms in comparative industries, in semi concentrated industries, there is a negative relationship between HERFINDAHL _ HRYSHMN INDEX and the performance of studied firms, but not significant. Also there is a negative relationship between HERFINDAHL _ HRYSHMN INDEX and the value of studied firms in competitive, concentrated and semi-concentrated industries, but are not significant. In conclusion we can say that the business DIVERSIFICATION have an significant and positive effect of performance and have non-significant and negative effects on value of studied firms.

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APA: Copy

DIDAR, HAMZEH, IMANI BARANDAGH, MOHAMMAD, & SHAHREZAEI, SAMANE. (2014). BUSINESS DIVERSIFICATION EFFECTS ON PERFORMANCE AND VALUE OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE. JOURNAL OF ASSET MANAGEMENT AND FINANCING, 2(2 (5) ), 65-86. SID. https://sid.ir/paper/245618/en

Vancouver: Copy

DIDAR HAMZEH, IMANI BARANDAGH MOHAMMAD, SHAHREZAEI SAMANE. BUSINESS DIVERSIFICATION EFFECTS ON PERFORMANCE AND VALUE OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE. JOURNAL OF ASSET MANAGEMENT AND FINANCING[Internet]. 2014;2(2 (5) ):65-86. Available from: https://sid.ir/paper/245618/en

IEEE: Copy

HAMZEH DIDAR, MOHAMMAD IMANI BARANDAGH, and SAMANE SHAHREZAEI, “BUSINESS DIVERSIFICATION EFFECTS ON PERFORMANCE AND VALUE OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE,” JOURNAL OF ASSET MANAGEMENT AND FINANCING, vol. 2, no. 2 (5) , pp. 65–86, 2014, [Online]. Available: https://sid.ir/paper/245618/en

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