The Relationships Among Financial Constraint, Cash Value and Net Investment in Firms Listed
Abstract The aim of this study is to investigate relationships among financial constraint, cash value and investment. Financial constraint which most of firms struggle with is one of important issues for all companies in world-wide. The study samples consist of 86 firms listed in TSE for period o...
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| Format: | Article |
| Language: | fas |
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Alzahra University
2013-06-01
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| Series: | پژوهشهای تجربی حسابداری |
| Subjects: | |
| Online Access: | http://jera.alzahra.ac.ir/article_578_a5972154e1e5823cf3f1e4b97ba1d2c8.pdf |
| _version_ | 1818492963748052992 |
|---|---|
| author | Younes Badavar nahandi Saeed Darkhor |
| author_facet | Younes Badavar nahandi Saeed Darkhor |
| author_sort | Younes Badavar nahandi |
| collection | DOAJ |
| description | Abstract
The aim of this study is to investigate relationships among financial constraint, cash value and investment. Financial constraint which most of firms struggle with is one of important issues for all companies in world-wide. The study samples consist of 86 firms listed in TSE for period of 1384-1388(430 year-firm). Three index WW, KZ and KZIR are used for determining whether firms have financial constraint or not. The method of this study is descriptive. Our research method is correlation type and uses backward method for investigating correlation among variables.
The results from first hypothesis show that holding optimal level of cash is very important for firms and cash increases firms' value in constrained more than unconstrained firms. Increasing in firm cash value lead to increasing stockholders wealth.
Results from second hypothesis shows that cash and investment have positive relationship. Also favoring to companies always is seeking to maximum their profit and return, one of ways to achieve this goal is investment. Third hypothesis suggest that changing in level of cash holding result in excess return in constrained firms more than unconstrained firms. This changing in level of cash holding can improve firm`s return and performance. |
| first_indexed | 2024-12-10T17:49:09Z |
| format | Article |
| id | doaj.art-22e58b8843574f249b6126116c2647c4 |
| institution | Directory Open Access Journal |
| issn | 2251-8509 2538-1520 |
| language | fas |
| last_indexed | 2024-12-10T17:49:09Z |
| publishDate | 2013-06-01 |
| publisher | Alzahra University |
| record_format | Article |
| series | پژوهشهای تجربی حسابداری |
| spelling | doaj.art-22e58b8843574f249b6126116c2647c42022-12-22T01:39:06ZfasAlzahra Universityپژوهشهای تجربی حسابداری2251-85092538-15202013-06-012416718910.22051/jera.2013.578578The Relationships Among Financial Constraint, Cash Value and Net Investment in Firms ListedYounes Badavar nahandi0Saeed Darkhor1هیأت علمی دانشگاهاستاد دانشگاهAbstract The aim of this study is to investigate relationships among financial constraint, cash value and investment. Financial constraint which most of firms struggle with is one of important issues for all companies in world-wide. The study samples consist of 86 firms listed in TSE for period of 1384-1388(430 year-firm). Three index WW, KZ and KZIR are used for determining whether firms have financial constraint or not. The method of this study is descriptive. Our research method is correlation type and uses backward method for investigating correlation among variables. The results from first hypothesis show that holding optimal level of cash is very important for firms and cash increases firms' value in constrained more than unconstrained firms. Increasing in firm cash value lead to increasing stockholders wealth. Results from second hypothesis shows that cash and investment have positive relationship. Also favoring to companies always is seeking to maximum their profit and return, one of ways to achieve this goal is investment. Third hypothesis suggest that changing in level of cash holding result in excess return in constrained firms more than unconstrained firms. This changing in level of cash holding can improve firm`s return and performance.http://jera.alzahra.ac.ir/article_578_a5972154e1e5823cf3f1e4b97ba1d2c8.pdfKeywords: Financial ConstraintsCash ValueNet InvestmentFirm ValueExcess Return |
| spellingShingle | Younes Badavar nahandi Saeed Darkhor The Relationships Among Financial Constraint, Cash Value and Net Investment in Firms Listed پژوهشهای تجربی حسابداری Keywords: Financial Constraints Cash Value Net Investment Firm Value Excess Return |
| title | The Relationships Among Financial Constraint, Cash Value and Net Investment in Firms Listed |
| title_full | The Relationships Among Financial Constraint, Cash Value and Net Investment in Firms Listed |
| title_fullStr | The Relationships Among Financial Constraint, Cash Value and Net Investment in Firms Listed |
| title_full_unstemmed | The Relationships Among Financial Constraint, Cash Value and Net Investment in Firms Listed |
| title_short | The Relationships Among Financial Constraint, Cash Value and Net Investment in Firms Listed |
| title_sort | relationships among financial constraint cash value and net investment in firms listed |
| topic | Keywords: Financial Constraints Cash Value Net Investment Firm Value Excess Return |
| url | http://jera.alzahra.ac.ir/article_578_a5972154e1e5823cf3f1e4b97ba1d2c8.pdf |
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