The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power
The present study's primary purpose is to investigate the relationship between the company's market value, capital expenditures, value creation, and the product market power of the companies listed on the Tehran Stock Exchange. The study's statistical population consists of 129 compan...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Ferdowsi University of Mashhad
2021-08-01
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| Series: | Iranian Journal of Accounting, Auditing & Finance |
| Subjects: | |
| Online Access: | https://ijaaf.um.ac.ir/article_40760_9da09deb1f2346cb0ab15e54381ce72e.pdf |
| _version_ | 1817969371080818688 |
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| author | Arash Arianpoor Saleh Orfizadeh |
| author_facet | Arash Arianpoor Saleh Orfizadeh |
| author_sort | Arash Arianpoor |
| collection | DOAJ |
| description | The present study's primary purpose is to investigate the relationship between the company's market value, capital expenditures, value creation, and the product market power of the companies listed on the Tehran Stock Exchange. The study's statistical population consists of 129 companies during 2013-2018. The Combined data method has been used to test the research hypotheses. The Herfindahl–Hirschman, the Lerner, and the Industry-adjusted Lerner Index measure product market power. To measure the company's market value, Maditinos et al. (2011) were used to measure capital expenditures. The model presented in Liao, Lin and Lin, (2016) has been used, and the Pulic Model (2004) to measure value creation. The results show a positive (negative) correlation between the market value of the company and the Herfindahl–Hirschman Index and Lerner Index (Industry-adjusted Lerner Index). There is a positive (negative) correlation between capital expenditure and the Herfindahl–Hirschman index and Lerner Index (Industry-adjusted Lerner Index). The results show a negative (positive) correlation between value creation and the Herfindahl–Hirschman Index (Lerner Index and Industry-adjusted Lerner Index). |
| first_indexed | 2024-04-13T20:21:20Z |
| format | Article |
| id | doaj.art-9d161ae2a04148e0865c7a493bc3a71c |
| institution | Directory Open Access Journal |
| issn | 2717-4131 2588-6142 |
| language | English |
| last_indexed | 2024-04-13T20:21:20Z |
| publishDate | 2021-08-01 |
| publisher | Ferdowsi University of Mashhad |
| record_format | Article |
| series | Iranian Journal of Accounting, Auditing & Finance |
| spelling | doaj.art-9d161ae2a04148e0865c7a493bc3a71c2022-12-22T02:31:33ZengFerdowsi University of MashhadIranian Journal of Accounting, Auditing & Finance2717-41312588-61422021-08-015310712610.22067/ijaaf.2021.4076040760The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market PowerArash Arianpoor0Saleh Orfizadeh1Department of Accounting, Attar Institute of Higher Education, Mashhad, IranEconomics and Administrative Sciences, Shahrood Branch, Islamic Azad University, Shahrood, IranThe present study's primary purpose is to investigate the relationship between the company's market value, capital expenditures, value creation, and the product market power of the companies listed on the Tehran Stock Exchange. The study's statistical population consists of 129 companies during 2013-2018. The Combined data method has been used to test the research hypotheses. The Herfindahl–Hirschman, the Lerner, and the Industry-adjusted Lerner Index measure product market power. To measure the company's market value, Maditinos et al. (2011) were used to measure capital expenditures. The model presented in Liao, Lin and Lin, (2016) has been used, and the Pulic Model (2004) to measure value creation. The results show a positive (negative) correlation between the market value of the company and the Herfindahl–Hirschman Index and Lerner Index (Industry-adjusted Lerner Index). There is a positive (negative) correlation between capital expenditure and the Herfindahl–Hirschman index and Lerner Index (Industry-adjusted Lerner Index). The results show a negative (positive) correlation between value creation and the Herfindahl–Hirschman Index (Lerner Index and Industry-adjusted Lerner Index).https://ijaaf.um.ac.ir/article_40760_9da09deb1f2346cb0ab15e54381ce72e.pdfmarket valuecapital expendituresvalue creationproduct-market power |
| spellingShingle | Arash Arianpoor Saleh Orfizadeh The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power Iranian Journal of Accounting, Auditing & Finance market value capital expenditures value creation product-market power |
| title | The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power |
| title_full | The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power |
| title_fullStr | The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power |
| title_full_unstemmed | The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power |
| title_short | The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power |
| title_sort | relationship between market value capital expenditures value creation and product market power |
| topic | market value capital expenditures value creation product-market power |
| url | https://ijaaf.um.ac.ir/article_40760_9da09deb1f2346cb0ab15e54381ce72e.pdf |
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