Analysis of Financial Leverage, Operating Leverage and Capital Venture Effect on Tobin's Q Ratio of Investment and Holding Companies Listed in Tehran Stock Exchange
- سال انتشار: 1397
- محل انتشار: فصلنامه پیشرفتهایی در ریاضیات مالی و کاربردها، دوره: 3، شماره: 1
- کد COI اختصاصی: JR_AMFA-3-1_007
- زبان مقاله: انگلیسی
- تعداد مشاهده: 437
نویسندگان
Department Management and Accounting, Kashan Branch, Islamic Azad University, Kashan, Iran
Department of Accounting, Natanz Branch, Islamic Azad University, Natanz, Iran
چکیده
The main purpose of this research is the study on effect of Financial and Operating Leverage and Venture Capital on Tobin's Q ratio amongst companies listed in Tehran Stock Exchange. In this research, the Holdings and Investment companies are used as statistical samples and ۷۳ enterprises that are listed in Tehran Stock Exchange within ۲۰۰۱ to ۲۰۱۶ have been studied. The results driven by this research show that Venture Capital, hereafter called "VC", and Operating Leverage, hereafter called "OPL", are positively related to Tobin's Q ratio while Financial Leverage, hereafter called "FL", has negative relation. At the same time, combined variables “FL” and “VC” are negatively correlated with Tobin's Q ratio and combined variable “OPL” and “VC” are neutral on Tobin's Q ratio. The effect estimation of independent variables, namely FL, OPL and VC and control variables, over dependent variable of Tobin's Q ratio is ۵۵%, which is in fact noticeable.کلیدواژه ها
Financial Leverage, Operating Leverage, Venture Capital, Tobin&#۰۳۹;s Q ratioاطلاعات بیشتر در مورد COI
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