Modeling The Effective variables on investment efficiency: evidence from Tehran Stock Exchange.
Subject Areas : Journal of Investment Knowledge
Zahra Tahmooresi
1
(Department of Accounting, Kish International Branch, Islamic Azad University, Kish Island, Iran)
qodratallah talebnia
2
(Associate professor, Department of Accounting, Science and Research Branch, Islamic Azad University, Tehran, Iran.)
Rasoul Baradaran Hassanzadeh
3
(Associate Prof, in accounting Tabriz Branch, Islamic Azad University, Tabriz, Iran)
Nemat Allah Mousavi
4
(Associate Prof, in accounting Marvdasht Branch, Islamic Azad University, Fars, Iran)
hamidreza vakilifard
5
(associate professor. department of accounting science and research branch. islamic azad university tehran. iran)
Keywords: Investment Efficiency, Financial Ratio, Panel data, Tehran Stock Exchange,
Abstract :
The main aim of this study is to present a pattern for determining and measuring investment efficiency in accordance with the market conditions of Iran. To do so, studying previous studies and thematic literature, 17 variables were identified to present an optimal investment efficiency model. Using panel data and the use of eviews9 & stata 14 software, it was suggested to provide a concrete investment efficiency pattern based on the cash flow of investment activities was undertaken. The statistical population of this study includes 129 companies listed on the stock exchange during the time period of 2007- 2016. Finally, the final model of the research, with the abbreviation title of (ineff) and the participation of 11 variables including company size, leverage, company's age, Qtubin, sales growth, return on assets, ratio of operating profit to assets, ratio of operating cash flow to assets, liquidity ratio, standard deviation of operating cash flows and cash ratio with a coefficient of 45% was estimated
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