The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies
This research explores the influence of additional investment inworking capital on stock’s excess return as stockholders’ index of Value creation. To do this, the effect of additional investment in cash holding and net operating working capital were examined individually. Sample of the study include...
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University of Tehran
2013-07-01
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Online Access: | https://acctgrev.ut.ac.ir/article_35527_b3155e778e09587ed2d2eb2fc9be1e19.pdf |
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doaj-06bb84897b504e11a108e3386e6a2c1b2020-11-24T22:08:38Zfas University of Tehranبررسیهای حسابداری و حسابرسی2645-80202645-80392013-07-0120210913210.22059/acctgrev.2013.3552735527The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted CompaniesMoradi Moradi0Najjar Najjar1استادیار حسابداری، دانشگاه تربیت مدرس، تهران، ایرانکارشناس ارشد حسابداری، دانشگاه سیستان و بلوچستان، زاهدان، ایرانThis research explores the influence of additional investment inworking capital on stock’s excess return as stockholders’ index of Value creation. To do this, the effect of additional investment in cash holding and net operating working capital were examined individually. Sample of the study included 66 companies accepted in Tehran Stock Exchange between 2004- 2011(1383-1390). Test of hypothesis was carried out by multiple regression analysis byEstimatedgeneralized least square (EGLS). The results show that there is a negative significant relationship between additional investment in net operating working capital and stock’s excess return. The results also indicate that in Leveraged companies, cash holding compared with additional investment in net operating working capital, increase shareholders’ wealth.https://acctgrev.ut.ac.ir/article_35527_b3155e778e09587ed2d2eb2fc9be1e19.pdfcash holdingNet Operating Working CapitalStock’s Excess Return |
collection |
DOAJ |
language |
fas |
format |
Article |
sources |
DOAJ |
author |
Moradi Moradi Najjar Najjar |
spellingShingle |
Moradi Moradi Najjar Najjar The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies بررسیهای حسابداری و حسابرسی cash holding Net Operating Working Capital Stock’s Excess Return |
author_facet |
Moradi Moradi Najjar Najjar |
author_sort |
Moradi Moradi |
title |
The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies |
title_short |
The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies |
title_full |
The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies |
title_fullStr |
The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies |
title_full_unstemmed |
The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies |
title_sort |
relationship between additional working capital and stock’s excess return in tehran stock exchange accepted companies |
publisher |
University of Tehran |
series |
بررسیهای حسابداری و حسابرسی |
issn |
2645-8020 2645-8039 |
publishDate |
2013-07-01 |
description |
This research explores the influence of additional investment inworking capital on stock’s excess return as stockholders’ index of Value creation. To do this, the effect of additional investment in cash holding and net operating working capital were examined individually. Sample of the study included 66 companies accepted in Tehran Stock Exchange between 2004- 2011(1383-1390). Test of hypothesis was carried out by multiple regression analysis byEstimatedgeneralized least square (EGLS). The results show that there is a negative significant relationship between additional investment in net operating working capital and stock’s excess return. The results also indicate that in Leveraged companies, cash holding compared with additional investment in net operating working capital, increase shareholders’ wealth. |
topic |
cash holding Net Operating Working Capital Stock’s Excess Return |
url |
https://acctgrev.ut.ac.ir/article_35527_b3155e778e09587ed2d2eb2fc9be1e19.pdf |
work_keys_str_mv |
AT moradimoradi therelationshipbetweenadditionalworkingcapitalandstocksexcessreturnintehranstockexchangeacceptedcompanies AT najjarnajjar therelationshipbetweenadditionalworkingcapitalandstocksexcessreturnintehranstockexchangeacceptedcompanies AT moradimoradi relationshipbetweenadditionalworkingcapitalandstocksexcessreturnintehranstockexchangeacceptedcompanies AT najjarnajjar relationshipbetweenadditionalworkingcapitalandstocksexcessreturnintehranstockexchangeacceptedcompanies |
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1725815534968111104 |