The role of stock prices and market efficiency in predicting future profitability on the Tehran Stock Exchange

  • سال انتشار: 1404
  • محل انتشار: فصلنامه مطالعات نوین کاربردی در مدیریت، اقتصاد و حسابداری، دوره: 8، شماره: 2
  • کد COI اختصاصی: JR_NASME-8-2_008
  • زبان مقاله: انگلیسی
  • تعداد مشاهده: 59
دانلود فایل این مقاله

نویسندگان

Yasin Fattahi

Ph.D. Candidate of Accounting, Department of Accounting, Imam Khomeini International University, Qazvin, Iran

Mohammad Rahimpour

Assistant Professor of Accounting, Payame Noor University, Tehran, Iran

چکیده

This study aims to investigate the role of stock price and market efficiency in forecasting future profitability. In pursuit of this objective, the study undertook a comprehensive analysis of data derived from a robust statistical sample of ۱۵۲ firms, encompassing a total of ۱,۵۲۰ firm-year observations. The data collection period for this research spans nine years, from ۲۰۱۳ to ۲۰۲۲; however, owing to the reliance on data from the subsequent three years for the measurement of the dependent variable, the analytical scope is refined to encompass the years ۲۰۱۳ through ۲۰۱۸. The statistical population comprises all firms listed on the Tehran Stock Exchange (TSE), from which the research sample was meticulously selected utilizing a systematic screening method. To effectively address the research objectives, advanced analytical techniques, including multiple regression analysis and panel data methods, were employed. The findings suggest that market efficiency positively moderates the relationship between return on assets and future profitability. However, the results show that the interaction between market efficiency and firm market value, as measured by the logarithm of Tobin's Q ratio, does not significantly affect future profitability. Based on these findings, it can be concluded that market efficiency does not significantly impact the ability of stock prices to predict firms' future profitability.

کلیدواژه ها

Stock Price, Market Efficiency, Future Profitability

اطلاعات بیشتر در مورد COI

COI مخفف عبارت CIVILICA Object Identifier به معنی شناسه سیویلیکا برای اسناد است. COI کدی است که مطابق محل انتشار، به مقالات کنفرانسها و ژورنالهای داخل کشور به هنگام نمایه سازی بر روی پایگاه استنادی سیویلیکا اختصاص می یابد.

کد COI به مفهوم کد ملی اسناد نمایه شده در سیویلیکا است و کدی یکتا و ثابت است و به همین دلیل همواره قابلیت استناد و پیگیری دارد.