The Study of the Effect of Diversification Strategy, Cost Leader-ship Strategies and Product Differentiation on Business Unit Value
- سال انتشار: 1396
- محل انتشار: فصلنامه پیشرفتهایی در ریاضیات مالی و کاربردها، دوره: 2، شماره: 1
- کد COI اختصاصی: JR_AMFA-2-1_007
- زبان مقاله: انگلیسی
- تعداد مشاهده: 148
نویسندگان
Department of Accounting , College of Management, Arak Branch, Islamic Azad University, Arak, Iran
Department of Economic, Tafresh Branch, Islamic Azad University, Tafresh, Iran
چکیده
Changes in credit risk may arise when either the value or the risk of corporate assets changes. Changes in the equity value associated with the changes in the asset value and changes in asset risk can be characterized into potentially countervailing direct and indirect effects. The indirect effect of risk on equity value is a function of factors that affect the debt value of including leverage, asset value, and asset risk. This study examines whether the equity value reflects the profits and losses associated with the changes in the debt value consistent with the predictions of Merton [۲۱]. The insurance companies listed in the Stock Exchange during ۲۰۱۰-۲۰۱۵ were selected to test the desired hypotheses. It has been found that the stock returns are negatively related to the increase in credit risk as reflected in the changes of estimated bond ratings. More importantly for the research question, it has been realized that the relationship between risk changes and equity returns is negative when the leverage is higher.کلیدواژه ها
Diversification Strategy, Cost Leadership Strategy, Product differentiation strategyاطلاعات بیشتر در مورد COI
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