Contents & References of The relationship between financial flexibility and investment decisions with the future extraordinary returns of shares of manufacturing companies admitted to the Tehran Stock Exchange.
List:
Table of Contents
Title
Page
Abstract ..
Y
Chapter One: Research Overview
1-1. Introduction ..
1
1-2. Statement of the problem..
1
1-3. The importance and necessity of research.
3
1-4. Research objectives ..
4
1-4-1. The overall goal..
4
1-4-2. Special research objectives.
4
1-5. Research assumptions ..
5
1-6. Research method ..
5
1-7. Research conceptual model..
6
1-8. The statistical population of the research..
7
1-9. Definitions of variables and technical terms (conceptual and operational).
7
1-10. Company size..
10
1-11. The overall structure of the research..
10
1-12. Chapter summary..
11
Chapter Two: Theoretical and background research basics
2-1. Introduction ..
13
2-2. Theoretical foundations..
13
2-2-1. Financial flexibility.
13
2-2-2. Perspectives of flexibility.
14
2-2-3. Basic sources of financial flexibility.
14
2-2-4. Methods of measuring financial flexibility.
14
2-2-5. Financial markets..
16
2-2-6. Financial reporting.
17
2-2-7. Objectives of financial reporting.
18
2-2-8. Conceptual framework of financial reporting.
19
2-2-9. Conservative reporting.
20
2-2-10. Types of conservatism.
21
2-2-10-1. Unconditional conservatism.
22
2-2-10-2. Conditional conservatism.
22
2-2-11. Investment decisions.
24
2-2-12. The nature of investment.
25
2-2-13. Identifying investment opportunities.
26
14-2-2. Communication of investment opportunities and financing.
26
2-2-15. Investment opportunities and its relationship with profits and returns.
27
2-2-16. Factors affecting investment decisions.
27
2-2-17. Investment cash flow.
29
2-18-2. Future extraordinary return on shares.
29
2-2-18-1. Stock returns.
29
2-2-18-2. Factors affecting stock returns. ..
30
2-2-19. Views related to stock evaluation.
33
2-2-19-1. The view of fundamentalist analysts.
33
2-2-19-2. The point of view of technical analysts (chartists).
34
2-2-19-3. Modern portfolio theory.
35
2-2-20. Definition of stock exchange.
35
2-2-20-1. Benefits of stock exchange.
36
2-2-20-2. Stock market index.
37
2-2-21. Influential factors in the occurrence of price bubbles in the stock market.
40
2-2-22. Company size ..
41
2-3. Research background. .
43
2-3-1. The internal background of the research.
43
2-3-2. External background of research.
44
Chapter three: research method
3-1. Introduction ..
47
3-2. Definition of research..
47
3-3. research hypotheses..
47
3-4. Society and statistical sample..
48
3-5. Research method. ..
48
3-6. Statistical method of hypothesis testing..
49
3-6-1. Multivariate regression.
49
3-6-2. The significance test of the regression line equation.
49
3-6-3. LR heterogeneity of variance test.
50
3-6-4. Voldridge autocorrelation test.
52
3-6-5. The test of the equality of the average of two groups.
53
3-6-6. Theoretical method in using panel data.
53
3-6-7. Different models of combined data.
55
3-6-7-1. Fixed effect model. .
55
3-6-7-2. Random effect model.
56
3-6-8. Diagnosis tests.
56
3-6-8-1. Chow's test .
57
. 2-8-6-3 Brosh Pagan test. .
57
3-6-8-3 Hausman test.
58
Chapter four: data analysis
4-1. Introduction
60
4-2. Descriptive statistics.
60
4-2-1. Examining the descriptive statistics of the variable of financial flexibility.
60
4-2-2. Investigating variable descriptive statistics of investment decisions.
62
4-2-3. Examining the stock market price index and return.
62
4-3. Inferential statistics.
63
4-3-1. Examining the usage model for hypothesis testing.
63
4-4. Data analysis and testing of hypotheses.
64
4-5. Summary of the chapter and conclusions.
70
Chapter five: conclusions and suggestions
5-1. Introduction.
73
5-2. Summary and conclusions of the hypothesis test. 74 5-3. Suggestions. .
75
5-4. Suggestions for future research. .
76
5-5. Research limitations.
76
Resources and sources.
77
Appendices.
80
Resources:
Introduction
They reach the decline of their economic life. Companies usually face a lot of expenses and have negative economic profits in the early years of their establishment. Also, during their economic life, they also face fluctuations that are usually caused by internal factors of the company or environmental factors. Therefore, the survival of companies is closely related to concepts such as obtaining appropriate returns and meeting the expectations of shareholders. Therefore, most of the companies' policies are related to policies aimed at increasing returns, of course, investment risk should be considered along with return.
In this research, the relationship between financial flexibility and investment decisions with the future extraordinary returns of shares of manufacturing companies admitted to the Tehran Stock Exchange was investigated. The statistical population of this research included the companies that were members of the Tehran Stock Exchange from 1388 to 1391, which made up the number of 248 companies in the statistical population of the research.
The hypotheses of the research include the following;
The first hypothesis: there is a direct relationship between financial flexibility and the future extraordinary returns of the shares of companies listed on the Tehran Stock Exchange.
The second hypothesis: between investment decisions and returns There is a direct relationship between the extraordinary future stock returns of the companies listed on the Tehran Stock Exchange.
The third hypothesis: the degree of relationship between financial flexibility and the extraordinary future stock returns in small and large companies is not the same.
Fourth hypothesis: The degree of connection between investment decisions and future extraordinary stock returns is not the same in small and large companies.
Data analysis tools include; Panel data was a theoretical method using panel data, estimation methods, pooled least squares method, fixed effect, and random effect, and the research variables included financial flexibility, investment decisions, and extraordinary future stock returns.
5-2. Summary and conclusion of hypothesis testing
The method of data analysis in this thesis is the use of econometric tools and the specified model for data analysis is the regression model of combined data, although descriptive analysis of variables has been used as much as possible to complete the analysis. The results of Limer's F test in this study show that; The method of estimating the equations is the type of consolidated data because the significance level of the test is more than 5%. Next, to estimate the equations, it is necessary to perform the tests of heteroscedasticity of variance and serial autocorrelation, which the results of performing the LR heteroscedasticity test in Table 4-5 show that; The significance level in the above test was 0.000, so the null hypothesis that the variances are equal is rejected and it is concluded that the variances are unequal. Also, to measure the serial autocorrelation between the errors, the Voldridge autocorrelation test was used. The absence of serial autocorrelation between the data is accepted