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The impact of IT investments and intellectual capital on firms’ performance Pages 867-872 Download PDF

Authors: Meysam Ghaderi, Mohsen Hamidian, Hosein Jabari

DOI: 10.5267/j.msl.2015.6.010

Keywords: Communication capital, Human capital, Information technology capital, Innovation capital, Tehran Stock Exchange

Abstract:

This paper presents an empirical study to determine the effects of four different factors including human capital, innovation capital, communication capital and information technology (IT) capital on firms’ return. The study selects the information of 50 selected firms from Tehran Stock Exchange over the period 2007-2013. Using regression analysis, the study has determined that there were some positive and meaning relationships between human capital, innovation capital, communication capital and information technology capital and firms’ return, however, each of these four factors had various effect. Other results indicate that IT capital had the greatest impact on future returns of companies and among intellectual capital components, communication capital had the highest impact on future earnings.

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The incremental information content of earnings, working capital from operations, and cash flows Pages 889-894 Download PDF

Authors: Simin Banifatemi Kashi, Mohsen Hamidian, Ali Baghani

DOI: 10.5267/j.msl.2015.6.007

Keywords: Earnings forecast, Profitability, Tehran Stock Exchange

Abstract:

This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.

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The impacts of product market competition on the quantity and quality of voluntary disclosures Pages 597-602 Download PDF

Authors: Mojgan Saeidi, Fatemeh Saraf, Mohsen Hamidian

DOI: 10.5267/j.msl.2015.4.006

Keywords: Product market competition, Tehran Stock Exchange, Voluntary disclosures

Abstract:

This paper presents an empirical investigation to study the relationship between product market competition and voluntary disclosure among 124 selected firms listed on Tehran Stock Exchange over the period 2004-2013. The study uses Herfindahl–Hirschman Index (HHI) and Lerner (LLIA) index to measure competition in terms of capacity and price, respectively. In addition, the study uses the questionnaire developed by Botosan (1997) [Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 72(3), 323-349.] to measure voluntary disclosure. Using linear regression technique, the study has determined that there was a meaningful, direct and positive relationship between voluntary disclosure and competition in terms of price (LLIA). In addition, the results indicate that there was a meaningful and reverse relationship between voluntary disclosure and competition in terms of capacity (HHI).

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The effect of corporate disclosure policy on risk assessment and market value: Evidence from Tehran Stock Exchange Pages 481-486 Download PDF

Authors: Raziyeh Masalegooha, Mohsen Hamidian

DOI: 10.5267/j.msl.2015.3.006

Keywords: Corporate disclosure, Risk assessment, Tehran Stock Exchange

Abstract:

This paper investigates the role of corporate disclosure policy on risk assessment and market value on selected firms from Tehran Stock Exchange over the period 2004-2012. The study considers four risk namely; business risk, cash flow risk, financial risk and systemic risk. Using regression analysis with panel data under fixed effect, the study shows that there was a meaningful relationship between two risks, business risk and systematic risk, and market value before and after corporate disclosure. In other words, after corporate disclosure, the relationship between risk and market value becomes stronger.

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A study on the effects of subsidies on market value: Evidence from Petrochemical and steel industries Pages 387-392 Download PDF

Authors: Batool Norouzi, Mohsen Hamidian

DOI: 10.5267/j.msl.2015.2.006

Keywords: Petrochemical industry, Steel industry, Subsidy removal, Tehran Stock Exchange

Abstract:

Iran’s 4th development plan has enrolled the federal government to increase energy prices and remove any subsidies paid to energy sector in an attempt to increase productivity and provide better social welfare. It is, therefore, important to investigate the effects of the law on different industries and the subsequent effects on economic growth. This study investigates the impacts of subsidies on the market value of listed companies in Tehran Stock Exchange in Petrochemical and Steel industries. The study selects two firms, Esfahan & apos; s Mobarakeh Steel Company and Fanavaran Petrochemical Co. using Auto Regressive Distributed Lags (ARDL) over the period 2008-2013. The results have indicated that there was a meaningful relationships between removal of subsidies and market value of the firms.

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A study on the effects of subsidies on market value of listed companies in Tehran Stock Exchange Pages 401-406 Download PDF

Authors: Leyla Osati, Mohsen Hamidian

DOI: 10.5267/j.msl.2015.2.003

Keywords: Subsidy removal, Auto industry, Cement industry, Tehran Stock Exchange

Abstract:

According to the 4th Iran’s development plan, there must an increase in energy prices and removal of subsidies paid to energy sector. Therefore, it is necessary to study the effects of removing subsidies paid on energy on different industries and the subsequent impact on economic growth. This study aims to investigate the effects of subsidies on the market value of listed companies in Tehran Stock Exchange in automotive and cement industries. The study selects two firms, Fars & Khuzestan Cement Co. and Irank Khodro using Auto Regressive Distributed Lags (ARDL) over the period 2008-2013. The results of study have indicated that there was a meaningful relationship between removal of subsidies and market value of the firms.

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The impact of product market competition on transactions with related parties and company performance Pages 289-294 Download PDF

Authors: Mojtaba Asadi, Norouz Nouralahzadeh, Mohsen Hamidian

Keywords: Competition, Herfindahl-Hirschman Index, Product market competition, Tehran Stock Exchange

Abstract:

This paper presents an empirical investigation on the effect of product market competition on transactions with related parties and company performance. The study selects a sample of 250 randomly selected firms whose common shares were traded on Tehran Stock Exchange. The study uses Herfindahl-Hirschman Index (HHI) to measure the market concentration and uses historical information over the period 2008-2012 to examine the hypotheses of the survey. Using simple regression analysis, the study has detected a positive relationship between HHI and related party transactions. In addition, the study has detected a negative relationship between competition and company performance measured by return on assets.

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Investigating the effect of different factors on profitability Pages 2351-2356 Download PDF

Authors: Mohsen Hamidian, Shohreh Asghari Gildeh

Keywords: Petrochemical industry, Profitability, Tehran Stock Exchange

Abstract:

This paper presents an empirical investigation to study the effects of different factors influencing on profitability of shares of petrochemical industry. The study gathers the information of three firms whose stock prices were listed on Tehran Stock Exchange over the period 2006-2012. Using different regression analysis, the study has determined that while stock price, currency rate and material influence on profitability of these firms, energy price, liquidity and gold price had no impact on profitability in petrochemical industry.

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Investigating banks’ financial structure on profitability and price volatility of banks’ shares: Evidence from Tehran Stock Exchange Pages 2221-2228 Download PDF

Authors: Zeinab Mirzaei, Mohsen Hamidian, Mohammad Khodaei Valahzaghard

Keywords:

Abstract:

This paper presents an empirical investigation to study the relationship between financial structure on profitability and price volatility of banks’ shares, which are operating in Iran. The proposed study considers the information of 21 Iranian banks over the period 2006-2012. Using some regression techniques, the study has determined that there was a negative relationship between leverage and return on assets but there was not any meaningful relationship between leverage and price volatility when the level of significance is five percent. In addition, the study has determined that there was a positive relationship between equity ratio and return on assets and there was a positive relationship between equity ratio and price volatility when the level of significance was five percent.

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