INVESTIGATION OF THE OUTCOMES RESULTING FROM MANAGERS' MYOPIA BASED ON AGENCY THEORY AND FREE CASH FLOW HYPOTHESIS

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MORADI JAVAD; KESHAVARZ FATEMEH

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Paper Information

Journal: THE IRANIAN ACCOUNTING AND AUDITING REVIEW Year:2017 | Volume:23 | Issue:4 Page(s): 527-546

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Title

INVESTIGATION OF THE OUTCOMES RESULTING FROM MANAGERS' MYOPIA BASED ON AGENCY THEORY AND FREE CASH FLOW HYPOTHESIS

Author(s)

MORADI JAVAD | KESHAVARZ FATEMEH | Issue Writer Certificate

Keywords

FREE CASH FLOWQ2

MANAGERS' MYOPIAQ2

MARKETING & RESEARCH & DEVELOPMENT EXPENDITURESQ2

STOCK RETURNQ2

Abstract

The purpose of this study is to investigate the relationship between FREE CASH FLOWs and STOCK RETURN considering MANAGERS' MYOPIA. Two hypotheses have been designed and tested, selecting 96 firms from accepted companies in the Tehran Stock Exchange for sixyear period from 2005 to 2010 and using STOCK RETURN for three years ahead (to 2012). The results show that FREE CASH FLOWs are negatively related to short-term and long-term STOCK RETURNs. The sensitivity of STOCK RETURN to FREE CASH FLOWs in myopic firms is more than the other firms and, with an increase in FREE CASH FLOWs, more decrease in return is occurred in such firms. Therefore managers’ myopia and FREE CASH FLOWs, increase opportunistic behavior of managers in order to increase their personal interests and have negative influence on firm performance.

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APA: Copy

MORADI, JAVAD, & KESHAVARZ, FATEMEH. (2017). INVESTIGATION OF THE OUTCOMES RESULTING FROM MANAGERS' MYOPIA BASED ON AGENCY THEORY AND FREE CASH FLOW HYPOTHESIS. THE IRANIAN ACCOUNTING AND AUDITING REVIEW, 23(4 ), 527-546. SID. https://sid.ir/paper/8170/en

Vancouver: Copy

MORADI JAVAD, KESHAVARZ FATEMEH. INVESTIGATION OF THE OUTCOMES RESULTING FROM MANAGERS' MYOPIA BASED ON AGENCY THEORY AND FREE CASH FLOW HYPOTHESIS. THE IRANIAN ACCOUNTING AND AUDITING REVIEW[Internet]. 2017;23(4 ):527-546. Available from: https://sid.ir/paper/8170/en

IEEE: Copy

JAVAD MORADI, and FATEMEH KESHAVARZ, “INVESTIGATION OF THE OUTCOMES RESULTING FROM MANAGERS' MYOPIA BASED ON AGENCY THEORY AND FREE CASH FLOW HYPOTHESIS,” THE IRANIAN ACCOUNTING AND AUDITING REVIEW, vol. 23, no. 4 , pp. 527–546, 2017, [Online]. Available: https://sid.ir/paper/8170/en

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