تأثیر رشد غیرعادی موجودی‌ها بر بازده مورد انتظار سهام در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی (کاربردی)

نویسندگان

1 مربی، دپارتمان حسابداری، دانشکده فنی و حرف های سقز، دانشگاه فنی و حرفه ای استان کردستان، ایران.

2 مربی، دپارتمان مهندسی برق و کامپیوتر، دانشکده فنی و حرف های سقز ، دانشگاه فنی و حرفه ای استا ن کردستان، ایران.

چکیده

هدف این پژوهش، بررسی تأثیر رشد غیرعادی موجودی‌ها بر بازده مورد انتظار سهام شرکت‌‌ها است. این پژوهش، از نوع مطالعه کتابخانه‌ای و تحلیلی- علیّ و مبتنی بر تحلیل داده‌های تابلویی (پانل دیتا) است. در این پژوهش، اطلاعات مالی 102 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره زمانی 1381 تا 1392 به کمک تکنیک‌های داده‌کاوی بررسی شده است (1224 شرکت- سال). نتایج تحقیق در ارتباط با تأیید فرضیه، نشان از آن داشت که رشد غیرعادی موجودی‌ها، بر بازده موردانتظار سهام، تأثیر معنادار و مستقیمی دارد. در حالی که تحقیقات مشابه انجام شده در سایر کشورها از جمله آمریکا، بر عکس نتیجه مورد نظر به‌دست آمده است؛ بنابراین با بررسی تحقیق انجام‌شده در ایالات متحده و ایران، دو نتیجه معکوس حاصل شد که در تفسیر تحقیقات فوق می‌توان به این نکته اشاره کرد که عامل اصلی معکوس بودن دو نتیجه، احتمالاً تورم در ایران است که افزایش غیرعادی موجودی با افزایش قیمت آنها همراه می‌شود؛ در نتیجه، بازده بیشتری حاصل می‌گردد.

کلیدواژه‌ها


عنوان مقاله [English]

The Impact of Abnormal Growth of Inventories on Expected Stock Returns for Listed Companies on the Tehran Stock Exchange

نویسندگان [English]

  • loghman mohammadpour 1
  • azad noori 2
1 Lecturer, Accounting Department, Saqez Technical and Vocational School, Technical and Vocational University (TVU), Kurdistan, Iran.
2 Lecturer, Department of Electrical and Computer Engineering, Saqez Technical and Vocational School, Technical and Vocational University (TVU), Kurdistan, Iran.
چکیده [English]

This study was aimed at examining the impact of abnormal growth of inventories on expected stock returns for listed companies on the Tehran Stock Exchange. This study was based on library, analytical-causal study and analysis of panel data (data panel). It deals with financial information from 102 listed companies on the Tehran Stock Exchange between 2003 -2014 (1224 companies). The results suggested that the abnormal growth of inventories had a significand, direct impact on expected stock returns whereas similar studies in other countries, for instance the U.S.A, have demonstrated contradictory results. One main reason for the contradictory results might be inflation in Iran to the point that the unusual increase of inventories led to the rise in prices and thus more return.

کلیدواژه‌ها [English]

  • abnormal growth of inventories
  • expected stock returns
  • panel data
  • systematic risk
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