اﻧﺘﺨﺎب ﺳﺒﺪ ﺑﻬﯿﻨﻪ ﺳﻬﺎم و ﻧﻘﺶ ﺗﻐﯿﯿﺮات ﻫﻢزﻣﺎن ﺑﺎزار، ﺻﻨﻌﺖ و ﻗﯿﻤﺖ ﺳﻬﺎم

در ﭼﺎﻟﺶ اﻧﺘﺨﺎب ﺳﺒﺪ ﺑﻬﯿﻨﻪ ﺳﻬﺎم، ﻫﻨﮕﺎم اﻧﺘﺨﺎب ﺳﻬﺎم، ﺑﺎﯾﺪ ﺑﻪ ﻋﻮاﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﻗﯿﻤﺖﻫﺎ و ﻣﻌﯿﺎرﻫﺎی ﻣﺮﺗﺒﻂ ﺑﺎ ﺗﺼﻤﯿﻢﮔﯿﺮی ﺳﺮﻣﺎﯾﻪﮔﺬاران ﺗﻮﺟﻪ ﺷﻮد. اﻣﺎ ﻗﯿﻤﺖ ﺳﻬﺎم، ﻫﻢ ﺗﺤﺖ ﺗﺎﺛﯿﺮ ارﺗﺒﺎﻃﺎت ﺑﺎ ﺑﺎزار و ﺻﻨﻌﺖ و ﻫﻢ ﺗﺤﺖ ﺗﺎﺛﯿﺮ اﻃﻼﻋﺎت ﺷﺮﮐﺖﻫﺎ اﺳﺖ. در ﻧﺘﯿﺠﻪ ﻫﺪف از اﯾﻦ ﭘﮋوﻫﺶ ﺑﺮرﺳﯽ اﺛﺮ ارﺗﺒﺎط ﺗﻐﯿﯿﺮات ﺑﺎزار و ﺻﻨﻌﺖ ﺑﺎ ﻗﯿﻤﺖ ﺳﻬﺎم و ﺗﺒﯿﯿﻦ ﻧﻘﺶ آن در اﻧﺘﺨﺎب ﺳﺒﺪ ﺑﻬﯿﻨﻪ اﺳﺖ. ﺑﺮای اﯾﻦ ﻣﻨﻈﻮر از ﻣﻌﯿﺎر ﻫﻢزﻣﺎﻧﯽ ﻗﯿﻤﺖ ﺳﻬﺎم اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ. ﻫﻢزﻣﺎﻧﯽ ﻗﯿﻤﺖ ﺑﻪ ﻣﻌﻨﺎی ﻣﯿﺰان درﺟﻪای اﺳﺖ ﮐﻪ ﺗﻐﯿﯿﺮات ﺑﺎزار و ﺻﻨﻌﺖ ﻣﯽﺗﻮاﻧﺪ ﺗﻐﯿﯿﺮات ﻗﯿﻤﺖ ﺳﻬﺎم را ﺗﻮﺿﯿﺢ دﻫﺪ. در اﯾﻦ ﭘﮋوﻫﺶ اﺑﺘﺪا دادهﻫﺎی ﻗﯿﻤﺘﯽ از 130 ﺷﺮﮐﺖ ﻋﻀﻮ ﻧﻤﻮﻧﻪ ﻃﯽ 12 ﺳﺎل ﺟﻤﻊآوری و ﺑﺎ ﺣﻞ ﻣﻌﺎدﻟﻪﻫﺎی رﮔﺮﺳﯿﻮﻧﯽ، ﻣﯿﺰان ﻫﻢزﻣﺎﻧﯽ ﻗﯿﻤﺖ ﻣﺤﺎﺳﺒﻪ ﺷﺪ. ﺳﭙﺲ ﺑﺎ ﺟﻤﻊآوری دادهﻫﺎی ﻣﺎﻟﯽ و ﻏﯿﺮﻣﺎﻟﯽ، ﺳﺒﺪﻫﺎی ﺳﻬﺎم ﺑﺎ ﺗﺤﻠﯿﻞﻫﺎی ﻣﺨﺘﻠﻒ و ﻣﻌﯿﺎرﻫﺎی ﻣﺘﻨﻮع ﺗﻬﯿﻪ و ﺑﺎ ﯾﮑﺪﯾﮕﺮ ﻣﻘﺎﯾﺴﻪ ﺷﺪﻧﺪ ﺗﺎ اﺛﺮ ﻫﻤﺰﻣﺎﻧﯽ ﻗﯿﻤﺖ روﺷﻦ ﺷﻮد. ﻧﺘﺎﯾﺞ ﻧﺸﺎن ﻣﯽدﻫﺪ ﮐﻪ درﺻﺪ ﻫﻢزﻣﺎﻧﯽ ﻗﯿﻤﺖ ﺑﻪ ﺻﻮرت ﻣﯿﺎﻧﮕﯿﻦ در ﺷﺮﮐﺖﻫﺎی ﻋﻀﻮ ﻧﻤﻮﻧﻪ در ﺣﺪود 55% و ﻣﻄﺎﺑﻖ ﺑﺎ ﭘﮋوﻫﺶﻫﺎی ﺑﯿﻦاﻟﻤﻠﻠﯽ ﻣﺎﻧﻨﺪ ﺟﯿﻦ و ﻣﺎﯾﺮز )2006( در ﺧﺼﻮص ﻣﯿﺰان ﻫﻢزﻣﺎﻧﯽ ﻗﯿﻤﺖ در ﮐﺸﻮرﻫﺎی ﮐﻤﺘﺮ ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ اﺳﺖ. ﻫﻤﭽﻨﯿﻦ ﻧﺘﺎﯾﺞ ﻧﺸﺎن ﻣﯽدﻫﺪ ﮐﻪ در ﺻﻮرت ﺗﻮﺟﻪ ﺑﻪ ﻫﻢزﻣﺎﻧﯽ ﻗﯿﻤﺖ ﺳﻬﺎم ﻣﯽﺗﻮان ﺳﺒﺪ ﺳﻬﺎم ﺑﻬﯿﻨﻪﺗﺮی را ﺑﺎ ﺗﺤﻠﯿﻞ اﻃﻼﻋﺎت ﺧﺎص ﺷﺮﮐﺖﻫﺎ اﯾﺠﺎد ﮐﺮد. در اﯾﻦ ﭘﮋوﻫﺶ ﺑﺮای اﻧﺘﺨﺎب ﺳﺒﺪﻫﺎی ﺑﻬﯿﻨﻪ ﺳﻬﺎم از ﺗﮑﻨﯿﮏ ﺗﺤﻠﯿﻞ ﭘﻮﺷﺸﯽ دادهﻫﺎ، ﺑﺮای ﺗﻌﯿﯿﻦ ﻣﻌﯿﺎرﻫﺎی ﻣﺎﻟﯽ ﻣﺆﺛﺮ از ﺗﮑﻨﯿﮏ دﻟﻔﯽ ﻓﺎزی و از ﺗﺤﻠﯿﻞﻫﺎی ﻣﺨﺘﻠﻒ ﺷﺎﻣﻞ رﯾﺴﮏ و ﺑﺎزده و ﺗﺤﻠﯿﻞ ﺑﻨﯿﺎدی ﻣﻌﯿﺎرﻫﺎی ﻣﺎﻟﯽ ﻏﯿﺮﻣﺎﻟﯽ اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ

The Role of Stock Price Synchronicity on Portfolio Optimization

In this paper, we investigate the effects of financial statement comparability on the corporate cash holdings of Tehran Stock Exchange firms. Required data for the study were collected from the financial statements of 110 firms in the 13901395 years. To examine the hypotheses, we used multivariate regression with panel data. For calculation of comparability of the model variable, we referred to Di Franco et al. (2011). The results revealed that there is negative and significant relationship between financial statement comparability and corporate cash holding. In addition, among the moderating variables in this research, financial reporting quality has a moderating role in influencing the Financial statement comparability with cash holdings.The negative relationship between the ability to compare financial statements and remuneration through the theory of representation is justifiable. Representative theory states that opportunistic managers spend on investing in projects with a net negative net worth 1 Introduction In this paper, we investigate the effects of financial statement comparability on the corporate cash holdings of Tehran Stock Exchange firms. We further examine whether financing constraints, financial reporting quality, and firmlevel corporate governance mediate this association. Financial statement comparability describes the degree of similarity in accounting choices among two or more firms and reflects “the relationship between two or more pieces of information” (Financial Accounting Standards Board (FASB) [1980]). It also reflects the quality of the information that enables users to identify similarities and differences in the financial performance of two firms (Francis et al., 2014).  2 Research Hypotheses In order to achieve the objectives of this research, the following hypotheses are developed:  H1: Financial statement comparability has an effect on corporate cash holdings. H2: Financing constraints mediate the effect of financial statement comparability on corporate cash holdings. H3: Financial reporting quality mediates the effect of financial statement comparability on corporate cash holdings. H4: Corporate governance, as proxies by institutional ownership, mediates the effect of financial statement comparability on corporate cash holdings.  3 Methods  Required data for the study were collected from the financial statements of 110 firms in the 13901395 years. To examine the hypotheses, we used multivariate regression with panel data. For calculation of comparability of the model variable we referred to Di Franco et al. (2011). For assessment of the cash holdings, we used the model by Ozkan and Ozkan (2002).  4 Results The results revealed that there is a negative and significant relationship between financial statement comparability and corporate cash holding. In addition, among the moderating variables in this research, financial reporting quality has a moderating role in influencing the Financial statement comparability with cash holdings.  5 Discussion  The negative relationship between the ability to compare financial statements and remuneration through the theory of representation is justifiable. Representative theory states that opportunistic managers spend on investing in projects with a net negative net worth.