Determinants of risky financial assets holding by industrial firms in Tehran Stock Exchange & contribution of these holdings to firm value

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Shirkavand Saeed; Mazaheri Tahmasb; SADEGHI SHARIF SEYED JALAL; AQAMIRI NAFISEH

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Journal: JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE Year:2019 | Volume:9 | Issue:3 (27) Page(s): 169-197

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Title

Determinants of risky financial assets holding by industrial firms in Tehran Stock Exchange & contribution of these holdings to firm value

Author(s)

Shirkavand Saeed | Mazaheri Tahmasb | SADEGHI SHARIF SEYED JALAL | AQAMIRI NAFISEH | Issue Writer Certificate

Keywords

Corporate governanceQ1

Robust regressionQ1

Abnormal returnQ1

Precautionary motiveQ1

Abstract

Some industrial firms in Tehran Stock Exchange invest a considerable part of their assets in financial assets and sometimes risky financial assets like stocks & fixed income securities. This research investigated motivations that affect industrial firms’ demand for risky financial assets and the effect of this asset management on creating Abnormal return for stockholders and increasing firm’ s value. The data set we used in this research were cash, cash equivalent, short term investment, long term investment and other assets. Research time frame was from 2009 to 2016 and the sample was from industrial firms of Tehran Stock Exchange. The results confirmed the impact of Precautionary motive on this investment demand but not transactional and speculative motive. It also showed as Corporate governance and ownership concentration improve, these investments increase. It also showed Abnormal return could be attributed to financial assets but it could not increase firm’ s value based on Fama-French approach, also investigating financing resources showed that the internal cash flow is the main source of investing in risky financial assets and firms usually did not use money from debt and equity issues for these investments.

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APA: Copy

Shirkavand, Saeed, Mazaheri, Tahmasb, SADEGHI SHARIF, SEYED JALAL, & AQAMIRI, NAFISEH. (2019). Determinants of risky financial assets holding by industrial firms in Tehran Stock Exchange & contribution of these holdings to firm value. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, 9(3 (27) ), 169-197. SID. https://sid.ir/paper/387203/en

Vancouver: Copy

Shirkavand Saeed, Mazaheri Tahmasb, SADEGHI SHARIF SEYED JALAL, AQAMIRI NAFISEH. Determinants of risky financial assets holding by industrial firms in Tehran Stock Exchange & contribution of these holdings to firm value. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE[Internet]. 2019;9(3 (27) ):169-197. Available from: https://sid.ir/paper/387203/en

IEEE: Copy

Saeed Shirkavand, Tahmasb Mazaheri, SEYED JALAL SADEGHI SHARIF, and NAFISEH AQAMIRI, “Determinants of risky financial assets holding by industrial firms in Tehran Stock Exchange & contribution of these holdings to firm value,” JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, vol. 9, no. 3 (27) , pp. 169–197, 2019, [Online]. Available: https://sid.ir/paper/387203/en

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