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Year 2015, Volume: 36 Issue: 3, 457 - 470, 13.05.2015

Abstract

References

  • Axelsson,H.,2002,"Capital budgeting sophistication and performance",Industrial & Financial Economics master thesis (Ellanders Novum ) 38
  • Chang, Shao-Chi. & Chi-Feng Wang.,2007,"The effect of product diversification strategies on the relationship between international diversification and firm performance", Journal of world business, 42,pp. 61-79.
  • Fukui,Y.& Tatsuo,U.,2007,"Corporate diversification performance, and restructuring in the largest Japanese manufacturers",Journal of the Japanese and international economics, 21,pp.303-323.
  • George, R.,Kabir, 2012,"Heterogeneity in business groups and the corporate diversification-firm performance relationship", Journal of business research, 65,pp. 412-420.
  • Gomes,J.&Livdan,D.,2004,"Optimal diversification:reconciling theory and evidence", Journal of finance, 59,pp.507-535.
  • Ibrahim ،٬ S.2009, "The impact of capitalstructure choice on firm performance: empirical
  • evidence from Egypt", The Journal of Risk Finance, 10,pp. 477-487
  • Jensen, M.,1986, "Agency Cost of Free Cash Flow Corporate Finance and take over", American economics review,vol,76,pp. 323- 329
  • Jiraporn, P., Young Sangkim & Ike Mathur,2008,"Does corporate diversification exacerbate or mitigate earning management?: an empirical analysis",International review of financial analysis,17,pp. 1087-1109
  • Kousenidis, V.2006," A Free Cash Flow Version of the Cash Flow Statement ", Anote Managerial Financial,vol,32,pp. 645-653
  • Kwangmin, P.& SooCheong (Shawn),J.,2013, "Capital structure, free cash flow, diversification and firm performance Aholistic analysis", International Journal of Hospitality Management, 33, pp .51–63
  • Li, Yue & zhao,2009," owner ship, Institutions and Capital Structure",Evidence from china [12] Ardebili, M. F and Bigler, K, 1384," surveing the relationship between the criteria of capital structure and practical specifications of the accepted companies at Tehran Stock Exchange", quarterly of the knowledge and surveying at accounting, 6, p 46-55
  • Bagherzadeh, S, 1382, "determination of a model for capital structure for the accepted companies in Tehran Stock Exchange", quarterly in financial surveying, 16, p 25-38
  • Bagheri, B, 1389," surveying the relationship between optional promissory issues and free cash flow", Thesis of accounting master, management faculty of Tehran university, p 42
  • Tehrani, R., Babaei Zaklili, M. and Karimi, K, 1387, "effect of diversification strategy on financial performance od production company that are members of Tehran Stock Exchange", quarterly of financial researches, 10 (25), p 21-40
  • Hoseinin, E, 1389," surveying the relationship between Tobin Q technique and financial performance of the accepted companies at Tehran Stock Exchange", Thesis of accounting master, Islamic Azad University of Marvdasht Unit
  • Dadbeh, F, 1390," surveying the impact of the company’s diversification on information asymmetry and value of the accepted companies at Tehran Stock Exchange", Thesis of accounting master, International Pardis of Tehran University
  • Shafie Pour, M, 1390, "surveying the relationship between the performance criteria and company’s governing with the shares’ quality", Thesis of accounting master, management faculty of Tehran University
  • Asgari, Z, 1390, "surveying the effect of free cash flow on the relationship amount of the profit per share and book value of each share with the price of each share in pharmacy and chemical industries", Thesis of accounting master, Islamic Azad University of Marvdasht Unit
  • Kashani, M, V and Resanian, 1388," surveying the relationship between Tobin Q and testing criteria of the companies in Iran", quarterly of financial accounting, first year, 3, p 131- 146
  • Nikbakht, M and Peikani, M, 1388, "surveying the relationship between the capital structure and accounting criteria of performance surveying", quarterly of financial surveying, 28, p 84-109
  • Vahed Ahmadian, H, 1383, "surveying the relationship between unrelated diversification and diversity of the total products with the risk and returns of their shares", Thesis of accounting master, management faculty of Tehran University
  • Vafaju, M, 1391," surveying the effect of Tobin Q on capital structure, Thesis of accounting master", Tehran University, Central Unit.

Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange

Year 2015, Volume: 36 Issue: 3, 457 - 470, 13.05.2015

Abstract

This study, investigate the relationship between financial performances, free cash flow, capital structure and related and unrelated diversification. Test research hypotheses on 90 companies listed in Tehran Stock Exchange during the period 1386 to 1391 using the panel data show that diversification on firm performance by the index Q Tobin measure is effective and positive relationship between these two variables is significant and there are so related and unrelated diversification has improved performance. Also other research hypothesis was rejected; indicating between free cash flow and capital structure with financial performance, capital structure and free cash flow, free cash flow, capital structure and diversification, there is no significant relationship.

References

  • Axelsson,H.,2002,"Capital budgeting sophistication and performance",Industrial & Financial Economics master thesis (Ellanders Novum ) 38
  • Chang, Shao-Chi. & Chi-Feng Wang.,2007,"The effect of product diversification strategies on the relationship between international diversification and firm performance", Journal of world business, 42,pp. 61-79.
  • Fukui,Y.& Tatsuo,U.,2007,"Corporate diversification performance, and restructuring in the largest Japanese manufacturers",Journal of the Japanese and international economics, 21,pp.303-323.
  • George, R.,Kabir, 2012,"Heterogeneity in business groups and the corporate diversification-firm performance relationship", Journal of business research, 65,pp. 412-420.
  • Gomes,J.&Livdan,D.,2004,"Optimal diversification:reconciling theory and evidence", Journal of finance, 59,pp.507-535.
  • Ibrahim ،٬ S.2009, "The impact of capitalstructure choice on firm performance: empirical
  • evidence from Egypt", The Journal of Risk Finance, 10,pp. 477-487
  • Jensen, M.,1986, "Agency Cost of Free Cash Flow Corporate Finance and take over", American economics review,vol,76,pp. 323- 329
  • Jiraporn, P., Young Sangkim & Ike Mathur,2008,"Does corporate diversification exacerbate or mitigate earning management?: an empirical analysis",International review of financial analysis,17,pp. 1087-1109
  • Kousenidis, V.2006," A Free Cash Flow Version of the Cash Flow Statement ", Anote Managerial Financial,vol,32,pp. 645-653
  • Kwangmin, P.& SooCheong (Shawn),J.,2013, "Capital structure, free cash flow, diversification and firm performance Aholistic analysis", International Journal of Hospitality Management, 33, pp .51–63
  • Li, Yue & zhao,2009," owner ship, Institutions and Capital Structure",Evidence from china [12] Ardebili, M. F and Bigler, K, 1384," surveing the relationship between the criteria of capital structure and practical specifications of the accepted companies at Tehran Stock Exchange", quarterly of the knowledge and surveying at accounting, 6, p 46-55
  • Bagherzadeh, S, 1382, "determination of a model for capital structure for the accepted companies in Tehran Stock Exchange", quarterly in financial surveying, 16, p 25-38
  • Bagheri, B, 1389," surveying the relationship between optional promissory issues and free cash flow", Thesis of accounting master, management faculty of Tehran university, p 42
  • Tehrani, R., Babaei Zaklili, M. and Karimi, K, 1387, "effect of diversification strategy on financial performance od production company that are members of Tehran Stock Exchange", quarterly of financial researches, 10 (25), p 21-40
  • Hoseinin, E, 1389," surveying the relationship between Tobin Q technique and financial performance of the accepted companies at Tehran Stock Exchange", Thesis of accounting master, Islamic Azad University of Marvdasht Unit
  • Dadbeh, F, 1390," surveying the impact of the company’s diversification on information asymmetry and value of the accepted companies at Tehran Stock Exchange", Thesis of accounting master, International Pardis of Tehran University
  • Shafie Pour, M, 1390, "surveying the relationship between the performance criteria and company’s governing with the shares’ quality", Thesis of accounting master, management faculty of Tehran University
  • Asgari, Z, 1390, "surveying the effect of free cash flow on the relationship amount of the profit per share and book value of each share with the price of each share in pharmacy and chemical industries", Thesis of accounting master, Islamic Azad University of Marvdasht Unit
  • Kashani, M, V and Resanian, 1388," surveying the relationship between Tobin Q and testing criteria of the companies in Iran", quarterly of financial accounting, first year, 3, p 131- 146
  • Nikbakht, M and Peikani, M, 1388, "surveying the relationship between the capital structure and accounting criteria of performance surveying", quarterly of financial surveying, 28, p 84-109
  • Vahed Ahmadian, H, 1383, "surveying the relationship between unrelated diversification and diversity of the total products with the risk and returns of their shares", Thesis of accounting master, management faculty of Tehran University
  • Vafaju, M, 1391," surveying the effect of Tobin Q on capital structure, Thesis of accounting master", Tehran University, Central Unit.
There are 23 citations in total.

Details

Primary Language English
Subjects Engineering
Journal Section Special
Authors

Zahra Nemati

Ali Akbar Nonahal Nahr This is me

Publication Date May 13, 2015
Published in Issue Year 2015 Volume: 36 Issue: 3

Cite

APA Nemati, Z., & Nonahal Nahr, A. A. (2015). Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange. Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi, 36(3), 457-470.
AMA Nemati Z, Nonahal Nahr AA. Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange. Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi. May 2015;36(3):457-470.
Chicago Nemati, Zahra, and Ali Akbar Nonahal Nahr. “Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange”. Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi 36, no. 3 (May 2015): 457-70.
EndNote Nemati Z, Nonahal Nahr AA (May 1, 2015) Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange. Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi 36 3 457–470.
IEEE Z. Nemati and A. A. Nonahal Nahr, “Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange”, Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi, vol. 36, no. 3, pp. 457–470, 2015.
ISNAD Nemati, Zahra - Nonahal Nahr, Ali Akbar. “Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange”. Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi 36/3 (May 2015), 457-470.
JAMA Nemati Z, Nonahal Nahr AA. Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange. Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi. 2015;36:457–470.
MLA Nemati, Zahra and Ali Akbar Nonahal Nahr. “Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange”. Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi, vol. 36, no. 3, 2015, pp. 457-70.
Vancouver Nemati Z, Nonahal Nahr AA. Surveying The Relationship Between Financial Performance, Free Cash Flow, Capital Structure As Well As Related or Unrelated Diversification in Tehran Stock Exchange. Cumhuriyet Üniversitesi Fen Edebiyat Fakültesi Fen Bilimleri Dergisi. 2015;36(3):457-70.