PRODUCTIVITY AND CAPITAL INVESTMENTS: EVIDENCE FROM TEHRAN STOCK EXCHANGE (TSE

Öz

This study investigates the relationship between Productivity and Capital Investments and try to empirically investigates the factors seem to be related to capital investments. For this purpose, a sample consists of 70 firms accepted in TSE thorough 2001 to 2010 were examined.

The results show that, aggregately, there is no substantial relation between Productivity and Capital Investments unless in the second model, which a weak relation exists. The findings show that the leverage characteristics of firms and financing the firm by debts, has a negative and significant effects on capital investments. Also, the variables as firm size, capital intensity and finished goods, have significant and positive relationship with capital investments.

Anahtar Kelimeler

• Capital Investments, Capital Productivity, Labor Productivity

Kaynakça

1. Astiri Z (2002) Investigating the information content of capital investment in manufacturing firms of Tehran Stock Exchange (TSE). MA thesis. Tehran University.
2. Baldwin CY, Clark KB (1992) Capabilities and capital investment: new perspectives on capital budgeting. J of App Corp Financ 5(2): 67-82.
3. Bernolak I (2009) Succeed With Productivity and Quality: How to Do Better With Less. Asq Pr.
4. Biddle G, Hilary G, Verdi RS (2009) How does financial accounting quality relate to investment efficiency?. Working paper, http://ssrn.com/abstract =1146536.
5. Chaudhuri A, Koudal P, Seshadri S (2010) Productivity and capital investment: An empirical study of three manufacturing industries in India. IIMB Mana Rev 22: 65-79.
6. Chen Z (2005) Earnings quality and the sensitivity of capital investment to accounting information. Working paper, Hong Kong University of Science and technology.
7. Dhawan R (2001) Firm size and productivity differential: theory and evidence from a panel of US firms. J of Eco Beh and Org 44(3): 269-293.
8. Herzer D (2005) Manufacturing exports, mining exports and growth: co-integration and causality analysis for Chile. German Institute of Economic Research.

9. Jahan-khani A, Kanaani Amiri M (2007) Offering the model determining the level of capital investment of the Firms of Tehran Stock Exchange(TSE) by using accounting data. Daneshver-e-Raftaar (Shahed University) 3: 57-86.
10. Judson AS (2007) Productivity strategy and business strategy: two sides of the same Coin. Interfaces 14(1): 103-115.
11. Khaksar GR (2002) Measuring and analyzing the productivity of the country Aluminum industry. Modarres J of Eco Res 1: 106-139.
12. Love I (2001) Essays on financial development and financing constraints. Dissertation, Columbia University.
13. Mashayekhi B, Fadaee-Nazhad M, Kalateh-Rahmani R (2006) Capital investment, accruals and stuck returns. Fin Acc Res J 6: 77-92.
14. Medda G, Piga C (2003) The relationship between R&D and productivity: a treatment effect analysis. Department of Economics, Rensselaer Polytechnic Institute.
15. Miller M, Ypadhyay P (2000) The effect of openness, trade orientation, and human capital on total factor productivity. J of Dev Eco 399-423.
16. Mojtahedzahdeh V, Ahmadi F information and capital investment. J of Acc Advan 1: 147-169. (2010)
17. Earnings quality, accounting
18. Moradi J, Ahmadi G (2010) Determining the factors affecting the behavior of corporate investment in incomplete markets. Fin Acc Res J 8: 125-136.
19. Porter ME (1990). The competitive advantage of nations. The Free Press, New York.
20. Rahimi HA, Rezaee-Ghal`e H (2008) Investigating the model of cost-productivity in treatment of Thalassemia in Iran. http://amirrahimieconomy.blogfa. com/post-14.aspx.
21. Rahimi-Far M (2009) Labor productivity and economic growth. Prob and Eco Pol J 83: 47-56.
22. Tayyebi K, Emadzadeh M, Sheikhbahaee A (2009) Industrial exports and labor investment affects the productivity of production factors and economic growth in member countries of OIC. J of Quant Eco 5(2): 85-106.
23. Zera`a-Nezhad M, Ansari E (2008) Measuring investment productivity in major industries of Khuzestan province. Eco Investig 4(4): 1-26.
24. Zhang G (2000) Accounting information, capital investment decisions, and equity valuation: Theory and empirical implications. J of Acc Res 38(2): 271-295.