Business cycle and Liquidity Ratios of stock market. Investigating BetweenTehran Stock Exchange Listed Companies

The present study aims at investigating the liquidity criteria of stock market based on business cycles in Tehran securities bourse (Tehran Stock Exchange Listed Companies). Also, considering firm-specific characteristics, this study examines Liquidity Ratios according to business cycles. The study has been conducted during ۲۰۰۱ to ۲۰۱۱ among companies accepted in Tehran securities bourse (Tehran Stock Exchange Listed Companies) in banking, technical and engineering service, car manufacturing, tile and ceramics. Liquidity Ratios under investigation included sales growth, changes in gross profit margin, profit before tax, changes in net profit, and changes in total assets. Results obtained showed that in accepted companies in Tehran securities bourse (Tehran Stock Exchange Listed Companies) , there is no meaningful relationship between Liquidity Ratios and business cycle stages.

کلیدواژه ها:

Liquidity Ratios ، Business cycles ، Tehran Stock Exchange Listed Companies.