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کاربرد نوع شرط:
- جایگاه : پژوهشی
- مجله: Advances in Mathematical Finance and Application
- نوع مقاله: Journal Article
- کلمات کلیدی: Information Asymmetry,Corporate Social Responsibility,Investment Efficiency,Agency Cost
- چکیده:
- چکیده انگلیسی: The purpose of the present study is to investigate the relationship between corporate social responsibility and investment efficiency with particular emphasis on the mediating role of agency cost and information asymmetry in a sample of 121 firms listed on the Tehran Stock Exchange during the time period from 2012 to 2017. The research hypotheses are tested using multivariate regression analysis based on panel data and Eviews software. The results indicate that corporate social responsibility is negatively correlated with investment inefficiency. In other words, corporate social responsibility leads to reduced investment inefficiency. Also, information asymmetry plays a mediating role in the relationship between corporate social responsibility disclosure and underinvestment, whereas the variable of agency cost mediates the association between corporate social responsibility disclosure and overinvestment.
- انتشار مقاله: 18-03-1398
- نویسندگان: Rohollah Arab,Mohammad Gholamrezapoor,Elyas Toraj
- مشاهده
- جایگاه : پژوهشی
- مجله: Advances in Mathematical Finance and Application
- نوع مقاله: Journal Article
- کلمات کلیدی: Institutional Ownership,Free Cash Flow,long-term Performance
- چکیده:
- چکیده انگلیسی: Performance appraisal is a process which help shareholders make informed and optimal investment decisions. In recent decades, a long stream of research has devoted particular attention to the importance and impact of financial decisions on firm performance and firm value. The present study thus is primarily concerned with investigating the association between free cash flow and institutional ownership and long-term performance of the firms listed on the Tehran Stock Exchange over the period of 2012-2016. Moreover, firm size, financial leverage and sale grows serve as the control variables of the research. A number of 89 firms listed on the Tehran Stock Exchange were selected, and then the research hypotheses were tested using multivariate regression model based on panel data. The results reveal that firm long-term performance is not significantly correlated with free cash flow, yet it has a significant relationship with institutional ownership.
- انتشار مقاله: 18-01-1398
- نویسندگان: Yasser Rezaei Pitenoei,Mohammad Gholamrezapoor
- مشاهده