The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies

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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Bibliographic Details
Main Authors: Moradi Moradi, Najjar Najjar
Format: Article
Language:fas
Published: University of Tehran 2013-07-01
Series:بررسی‌های حسابداری و حسابرسی
Subjects:
cash holding
Net Operating Working Capital
Stock’s Excess Return
Online Access:https://acctgrev.ut.ac.ir/article_35527_b3155e778e09587ed2d2eb2fc9be1e19.pdf
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spelling 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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