The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)

The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)

Creating value for stockholders is one of the important objectives of the companies, and will be realized when the firm enjoy financial health. Financing structure –as one of the important managerial decisions, affect the firms` behavior in product market, their efforts to compete, and finally their...

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Bibliographic Details
Main Authors: Saeid Saeida Ardakani, Minoo Izadi, Fatemeh Izadi
Format: Article
Language:fas
Published: University of Isfahan 2018-04-01
Series:Journal of Asset Management and Financing
Subjects:
capital structure
product market competion
corporate performance
economic value added
Online Access:https://amf.ui.ac.ir/article_21387_b3c00ad60d457fadf0ab2d4a1cf88820.pdf
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spelling doaj-970b8fac4caa4a18943d58f47931ea692021-07-13T05:08:18ZfasUniversity of IsfahanJournal of Asset Management and Financing2383-11892383-11892018-04-0161738810.22108/amf.2017.2138721387The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)Saeid Saeida Ardakani0Minoo Izadi1Fatemeh Izadi2Associate Professor, Department of Business Administration, Faculty of Economics, Management and Accounting, University of Yazd, Yazd, IranMSc. in Business Administration, Department of Business Administration, Faculty of Economics, Management and Accounting, University of Yazd, Yazd, Iran .MSc. in Business Administration, Department of Management, Faculty of Administrative Sciences and Economics, University of Isfahan, Isfahan, IranCreating value for stockholders is one of the important objectives of the companies, and will be realized when the firm enjoy financial health. Financing structure –as one of the important managerial decisions, affect the firms` behavior in product market, their efforts to compete, and finally their competitive return. In financing decisions, it’s important to concern about market competition to achieve target return. In this study we examined the effect of capital structure on firm performance concerning product market competition. The sample includes 81 manufacturing companies listed in Tehran Stock Eschnage, and the time period includes 2009-2014. The results show negative effect of financial leverage on ROA. Also the mediation role of capital market competition is negative and significant. But this mediation role is significantlye positive when the dependent variable is economic value added.https://amf.ui.ac.ir/article_21387_b3c00ad60d457fadf0ab2d4a1cf88820.pdfcapital structureproduct market competioncorporate performanceeconomic value added
collection DOAJ
language fas
format Article
sources DOAJ
author Saeid Saeida Ardakani
Minoo Izadi
Fatemeh Izadi
spellingShingle Saeid Saeida Ardakani
Minoo Izadi
Fatemeh Izadi
The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)
Journal of Asset Management and Financing
capital structure
product market competion
corporate performance
economic value added
author_facet Saeid Saeida Ardakani
Minoo Izadi
Fatemeh Izadi
author_sort Saeid Saeida Ardakani
title The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)
title_short The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)
title_full The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)
title_fullStr The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)
title_full_unstemmed The Examination of Relationship between Stock Systematic Risk and Skewness of Returns Studying the Effect of Capital Structure on the Return on Assets and Economic Value Added by Attention to Intensity of Product Market Competition in the Industry (Case Study of Companies Listed in Tehran Stock Exchange)
title_sort examination of relationship between stock systematic risk and skewness of returns studying the effect of capital structure on the return on assets and economic value added by attention to intensity of product market competition in the industry (case study of companies listed in tehran stock exchange)
publisher University of Isfahan
series Journal of Asset Management and Financing
issn 2383-1189
2383-1189
publishDate 2018-04-01
description Creating value for stockholders is one of the important objectives of the companies, and will be realized when the firm enjoy financial health. Financing structure –as one of the important managerial decisions, affect the firms` behavior in product market, their efforts to compete, and finally their competitive return. In financing decisions, it’s important to concern about market competition to achieve target return. In this study we examined the effect of capital structure on firm performance concerning product market competition. The sample includes 81 manufacturing companies listed in Tehran Stock Eschnage, and the time period includes 2009-2014. The results show negative effect of financial leverage on ROA. Also the mediation role of capital market competition is negative and significant. But this mediation role is significantlye positive when the dependent variable is economic value added.
topic capital structure
product market competion
corporate performance
economic value added
url https://amf.ui.ac.ir/article_21387_b3c00ad60d457fadf0ab2d4a1cf88820.pdf
work_keys_str_mv AT saeidsaeidaardakani theexaminationofrelationshipbetweenstocksystematicriskandskewnessofreturnsstudyingtheeffectofcapitalstructureonthereturnonassetsandeconomicvalueaddedbyattentiontointensityofproductmarketcompetitionintheindustrycasestudyofcompanieslistedintehranstockexchan
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