The Relationship between of the Value of Financial Flexibility, Investment Efficiency and Adjustment Speed of Working Capital

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DADASHZADEH GHADER; HEJAZI REZVAN

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Paper Information

Journal: JOURNAL OF FINANCIAL MANAGEMENT STRATEGY Year:2020 | Volume:8 | Issue:28 Page(s): 177-196

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Information Journal Paper

Title

The Relationship between of the Value of Financial Flexibility, Investment Efficiency and Adjustment Speed of Working Capital

Author(s)

DADASHZADEH GHADER | HEJAZI REZVAN | Issue Writer Certificate

Keywords

The Value of Financial FlexibilityQ1

Investment EfficiencyQ1

Adjustment Speed of Working CapitalQ1

Financial ConstraintQ1

Abstract

The purpose of this research is to investigate the relationship between The Value of Financial Flexibility, Investment Efficiency and adjustment rate of working capital. This research is an applied one based on the perspective of the purpose and descriptive-correlation research. Of the listed companies in Tehran Stock Exchange, 118 companies, have been selected based on systematic elimination sampling method during the years 2010-2016. The multivariate linear regression has been used to test the research hypotheses. The results of the research show that there is a positive and significant relationship between The Value of Financial Flexibility with the efficiency of investment in net working capital and adjustment rate of working capital. Companies have also focused on the level of financial flexibility value in decisions to optimize their investment and working capital policies. This can, in the long term, enhance the financial flexibility value of the company and make investment opportunities more profitable. The relationship between The Value of Financial Flexibility and the adjustment rate of working capital in firms that are financially more restricted is higher. This relationship is in turn lower in companies with no Financial Constraints and there is no non-linear relationship (U shaped) between working capital and firm performance.

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APA: Copy

DADASHZADEH, GHADER, & HEJAZI, REZVAN. (2020). The Relationship between of the Value of Financial Flexibility, Investment Efficiency and Adjustment Speed of Working Capital. JOURNAL OF FINANCIAL MANAGEMENT STRATEGY, 8(28 ), 177-196. SID. https://sid.ir/paper/382219/en

Vancouver: Copy

DADASHZADEH GHADER, HEJAZI REZVAN. The Relationship between of the Value of Financial Flexibility, Investment Efficiency and Adjustment Speed of Working Capital. JOURNAL OF FINANCIAL MANAGEMENT STRATEGY[Internet]. 2020;8(28 ):177-196. Available from: https://sid.ir/paper/382219/en

IEEE: Copy

GHADER DADASHZADEH, and REZVAN HEJAZI, “The Relationship between of the Value of Financial Flexibility, Investment Efficiency and Adjustment Speed of Working Capital,” JOURNAL OF FINANCIAL MANAGEMENT STRATEGY, vol. 8, no. 28 , pp. 177–196, 2020, [Online]. Available: https://sid.ir/paper/382219/en

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