نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه مدیریت مالی، موسسه آموزش عالی آیندگان، تنکابن، ایران.

2 گروه حسابداری، دانشگاه آزاد اسلامی واحد چالوس، چالوس، ایران.

چکیده

هدف: هدف پژوهش حاضر سنجش تأثیر نقدشوندگی سهام بر سرمایه‌گذاری آتی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران بوده است.
روش‌شناسی پژوهش: بدین منظور تعداد 95 شرکت در طی دوره زمانی 1391- 1398 به‌عنوان حجم نمونه پژوهش انتخاب گردید. روش تحقیق توصیفی-همبستگی است و برای تخمین مدل‌ رگرسیونی با داده‌های تابلویی و برای تجزیه‌وتحلیل از رگرسیون چندگانه به روش پانل-دیتا استفاده‌شده است.
یافته‌ها: نتایج حاصل از این پژوهش نشان داد که نقدشوندگی سهام بر سرمایه‌گذاری آتی شرکت تأثیر منفی و معناداری دارد. نتایج نشان می‌دهد بین نقدشوندگی سهام و سرمایه‌گذاری آتی شرکت در شرکت‌های بزرگ و کوچک و همچنین شرکت‌های دارای تقارن اطلاعاتی و عدم تقارن اطلاعاتی تفاوت معناداری وجود ندارد.
اصالت/ارزش‌افزوده علمی: این بدان معنای است که اندازه شرکت‌ها و سرعت نشر اطلاعات در بازار بر ارتباط بین نقدشوندگی سهام و سرمایه‌گذاری آتی مؤثر نیست و بازار به هرگونه از اطلاعات واکنش نشان می‌دهد.

کلیدواژه‌ها

عنوان مقاله [English]

The Effect of Stock Liquidity on Companies Future Investment: A Study of the Iranian Capital Market

نویسندگان [English]

  • Zahra Nadafi 1
  • Mohammd Reza Pourali 2

1 Department of Financial Management, Ayandegan Institute of Higher Education, Tonekabon, Iran

2 Department of Accounting, Chalus Beranch, Islamic Azad University, Chalus, Iran.

چکیده [English]

Purpose: The purpose of this study was to measure the impact of stock liquidity on future investment in companies listed on the Tehran Stock Exchange.
Methodology: For this purpose, 95 companies during the period 2012-2019 were selected as the sample size of the study. The research method is descriptive-correlation and multiple regression using panel-data method has been used to estimate the regression model with panel data and for analysis.
Findings: The results of this study showed that stock liquidity has a negative and significant effect on the company's future investment. The results show that there is no significant difference between stock liquidity and corporate future investment in large and small companies as well as companies with information symmetry and information asymmetry.
Originality/Value: This means that the size of companies and the speed of information dissemination in the market do not affect the relationship between stock liquidity and future investment and the market reacts to any information.

کلیدواژه‌ها [English]

  • Stock Liquidity
  • Company future investment
  • Information Asymmetry
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