Analysis of Financial Leverage, Operating Leverage and Capital Venture Effect on Tobin's Q Ratio of Investment and Holding Companies Listed in Tehran Stock Exchange

Publish Year: 1397
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:

JR_AMFA-3-1_007

تاریخ نمایه سازی: 7 مهر 1400

Abstract:

The main purpose of this research is the study on effect of Financial and Operating Leverage and Venture Capital on Tobin's Q ratio amongst companies listed in Tehran Stock Exchange. In this research, the Holdings and Investment companies are used as statistical samples and ۷۳ enterprises that are listed in Tehran Stock Exchange within ۲۰۰۱ to ۲۰۱۶ have been studied. The results driven by this research show that Venture Capital, hereafter called "VC", and Operating Leverage, hereafter called "OPL", are positively related to Tobin's Q ratio while Financial Leverage, hereafter called "FL", has negative relation. At the same time, combined variables “FL” and “VC” are negatively correlated with Tobin's Q ratio and combined variable “OPL” and “VC” are neutral on Tobin's Q ratio. The effect estimation of independent variables, namely FL, OPL and VC and control variables, over dependent variable of Tobin's Q ratio is ۵۵%, which is in fact noticeable.

Authors

Saeid Baseri

Department Management and Accounting, Kashan Branch, Islamic Azad University, Kashan, Iran

Amir Hakaki

Department of Accounting, Natanz Branch, Islamic Azad University, Natanz, Iran

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