Comparative Study of the Effect of the Interdependence of Investment Opportunities with Competing Companies on the Stock Market Value of Companies with Financial Constraints Compared to other Companies

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ZHOLANEZHAD FATEMEH; BEKHRADINASAB VAHID

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Journal: Journal of Industrial Economic Research Year:2020 | Volume:4 | Issue:11 Page(s): 77-96

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Title

Comparative Study of the Effect of the Interdependence of Investment Opportunities with Competing Companies on the Stock Market Value of Companies with Financial Constraints Compared to other Companies

Author(s)

ZHOLANEZHAD FATEMEH | BEKHRADINASAB VAHID | Issue Writer Certificate

Keywords

Investment Opportunities Reciprocating Interdependence

Product Market

Cash Holdings

Financial Constraint

Threats and Aggressive Behavior of Market

Abstract

purpose of this study is to examine the effect of the interdependence of investment opportunities with competing companies on the stock market value of unconstraint and Financial Constraint. The study population includes all companies listed in Tehran Stock Exchange during the years 2012-2016. The sample was selected using 113 companies. The Financial Constraints are seasonally adjusted to follow BekhradiNasab (2014) and BekhradiNasab (2020) based on five net leverage indicators, free cash flows, operating flows, size and age (SA), Dividend and an indicator A constraint score of five of the five preceding criteria was identified from the 6032 observations. The research methodology is based on panel data for testing the first and second hypotheses and the cross-sectional data for testing the third hypothesis. Research evidence suggests that competition in the Product Market has affected key corporate decisions, and the interdependence of investment opportunities with competing companies as a driving force among managers leads to To raise the value of Cash Holdings. But when the companies in the market face the threats and aggressive behaviors of competing companies, the value of Cash Holdings has declined, but among firms with Financial Constraints, the interdependence of the investment opportunities of the company with Competitive companies lead to devaluation of Cash Holdings.

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