دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 3 2025 09 23 50 سال سیزدهم، شماره سوم، شماره پیاپی 50، پاییز 1404 29599 FA Journal Article 2025 06 09 https://amf.ui.ac.ir/article_29599_474e4f7f14ea8070777f6351484c521d.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 3 2025 09 23 Analysis of Herd Behavior in Industry Groups of the Tehran Stock Exchange بررسی رفتارگله‌ای در گروه‎‌های صنایع در بورس اوراق بهادار تهران 1 28 29298 10.22108/amf.2025.141759.1896 FA یحیی ابراهیم پور کارشناس ارشد، گروه توسعه اقتصادی و برنامه ریزی، دانشکده اقتصاد و مدیریت، دانشگاه تبریز، تبریز، ایران الهام نوبهار دانشیار، گروه توسعه اقتصادی و برنامه ریزی، دانشکده اقتصاد و مدیریت، دانشگاه تبریز، تبریز، ایران پرویز محمدزاده استاد، گروه توسعه اقتصادی و برنامه ریزی، دانشکده اقتصاد و مدیریت، دانشگاه تبریز، تبریز، ایران Journal Article 2024 07 02 This study aims to investigate herd behavior across nine industry groups within the Tehran Stock Exchange from 2015 to 2023. Utilizing the methodology proposed by Chang et al. (2000), we analyze daily and weekly fluctuations in the market to assess herd behavior during periods of market volatility. The findings reveal significant herd behavior in nearly all industry groups, suggesting a pervasive phenomenon across the overall market. Notably, herd behavior is predominantly observed during upward trends within both daily and weekly time frames, potentially contributing to stock market surges, such as the notable rise from 2018 to mid-2019, which led to substantial price bubbles. Furthermore, by segmenting the study period into downward and upward phases, we explore the symmetry of herd behavior, revealing asymmetries in many industry groups. Keywords: Behavioral Finance, Herd Behavior, Total Index, Equal-Weighted Index, Tehran Stock Exchange Introduction Barber and Odean (1999) introduced behavioral finance as a framework that elucidates irrational investor behaviors and enhances our understanding of inefficiencies in financial markets. A key concept within this domain is herd behavior, which emerged in the literature during the early 1990s. For instance, Banerjee (1992) explored herd behavior in abstract settings, illustrating how once a certain number of brokers favored a particular option, subsequent brokers tended to imitate this choice while disregarding their own information. The investigation of herd behavior in the Tehran Stock Exchange (TSE) has become increasingly relevant in recent years due to the market's experience with various currency crises and multiple upward and downward trends. Over the past decade, the TSE has undergone significant growth, marked by a dramatic increase in the number of active trading codes and a sharp rise in their trading values, underscoring the necessity of examining herd behavior in this context. Consequently, this study aims to investigate herd behavior within the TSE across nine distinct industry groups. Analyzing herd behavior by industry is particularly important given the high correlation among firms within each group and the simultaneous influence of macroeconomic news on companies operating in the same sector. Materials & Methods Christie and Huang (1995) were pioneers in the empirical study of herd behavior in financial markets, employing an econometric approach to illustrate that the decision-making processes of market participants are influenced by prevailing market conditions. Building on their work, Chang et al. (2000) introduced a new model for identifying herd behavior, positing that investors often lose confidence during stressful periods, such as market bubbles or downturns, which leads them to follow prevailing market trends. The methodology for detecting herd behavior as proposed by Chang et al. (2000) is encapsulated in Equation 3. 𝐶𝑆A𝐷𝑡 = 𝛾0 + 𝛾1 |𝑅𝑚,t | + 𝛾2 R 2𝑚,t + 𝜀𝑡 (1) In Equation 3, CSADt represents the cross-sectional absolute deviation, which is utilized to measure the dispersion of stock returns relative to the average market return. The calculation of the cross-sectional absolute deviation is detailed in Equation 4. (2) In whick, Rm,t and Ri,t denote the average market return and the return of stock i at time t, respectively. N refers to the number of companies within the relevant industry selected for estimating herd behavior in that sector. The variable t represents the time frame used for calculating returns and absolute deviations; this study employs both daily and weekly intervals to analyze herd behavior. Additionally, it is important to note that the total index return and the equal-weighted index return are utilized as measures of the average market return in the current analysis. Findings The results of the analysis of herd behavior within industry groups, utilizing both the total index and the equal-weighted index, are summarized in Table 1. Table (1): Summary of results related to herd behavior in industry groups Equal-weighted index Industry Group Total daily period Total weekly period Daily upward Weekly upward Daily downward Weekly downward Pharmaceutical companies ● ● ○ ● ● ○ Basic Metals companies ● ○ ○ ○ ● ○ Sugar production companies ● ○ ○ ○ ● ○ Food Production companies ● ○ ○ ○ ● ○ Automobile manufacturing companies ● ● ● ● ● ○ Oil refining companies ○ ○ ● ● ● ○ Investment companies ● ○ ○ ● ● ○ Chemical companies ● ● ○ ● ● ○ Cement companies ● ● ○ ● ● ○ Percentage of herd behavior presence 89 44 22 67 100 0 Total index Industry group Total daily period Total weekly period Daily upward Weekly upward Daily downward Weekly downward Pharmaceutical companies ● ● ● ● ● ○ Basic Metals companies ● ○ ● ○ ● ○ Sugar production companies ● ○ ● ● ● ○ Food Production companies ● ● ● ● ● ○ Automobile manufacturing companies ● ● ● ● ● ○ Oil refining companies ● ○ ● ○ ● ● Investment companies ● ○ ● ● ● ○ Chemical companies ● ● ● ● ● ○ Cement companies ● ● ● ● ● ○ Percentage of herd behavior presence 100 56 100 78 100 11 Indicates the presence of herd behavior and ○ indicates the absence of herd behavior. According to the results reported in Table 1, evidence of herd behavior is observed in nearly all studied groups at least during one period, suggesting a prevalent presence of herd behavior across the Tehran Stock Exchange. When using the equal-weighted index as the average market return, the most significant herd behavior was identified in the group of automobile and parts manufacturers, followed by pharmaceuticals, cement, and chemical companies. Notably, no herd behavior was detected in any group during the downward trend of the weekly period. In contrast, when employing the total index as the average market return, the groups that exhibited the most herd behavior included pharmaceuticals, food, automobile and parts manufacturing, chemicals, and cement. Additionally, herd behavior was only observed in the oil refining group during the downward trend of the weekly period. Overall, both indices indicated that herd behavior was more pronounced in the daily time frame compared to the weekly time frame. The separation of the entire period into bullish and bearish phases revealed that when using the overall index as the average market return, herd behavior was more prevalent in both bullish and bearish daily time frames, indicating symmetry in the occurrence of herd behavior during this interval. In contrast, employing the equal-weighted index did not yield this symmetry; instead, more intense herd behavior was noted during the bearish daily time frame. Furthermore, across both indices, a greater degree of herd behavior was observed in the bullish phase compared to the bearish phase within the weekly time frame. Discussion & conclusion The results demonstrate significant herd behavior across nearly all industry groups, indicating its pervasiveness within the overall market. The findings reveal that herd behavior is most pronounced during upward trends in both daily and weekly time frames, which may contribute to stock market increases, such as the notable rise from 2018 to mid-2019 that led to substantial price bubbles. Additionally, the analysis identifies the highest levels of herd behavior within the automobile manufacturing sector, while the oil refining sector exhibits the lowest. The results further indicate that herd behavior is more prevalent in the daily time frame compared to the weekly time frame, aligning with the emotional contagion aspect of this phenomenon. By partitioning the entire study period into upward and downward phases, the investigation of symmetry in herd behavior reveals asymmetry in many groups. This asymmetry may be attributed to market one-sidedness or cognitive factors such as loss aversion, as suggested by Kahneman and Tversky's Prospect Theory. هدف اصلی مطالعۀ حاضر بررسی رفتار گله‎‌ای در بورس اوراق بهادار تهران به تفکیک ۹ گروه از صنایع است. در این راستا با استفاده از روش چانگ و همکاران (2000) رفتار گله‌ای در شرکت‌های موجود در بورس اوراق بهادار تهران طی سال‎‌های 1394 تا 1402 در دوره‎‌های صعود و نزول بازار و در بازه‎‌های زمانی روزانه و هفتگی بررسی شده است. نتایج نشان می‎‌دهد که تقریباً در تمامی گروه‌‌ها، رفتار گله‌ای معناداری وجود دارد که بیانگر وجود رفتار گله‎‌ای درکلیت بازار است. مطابق نتایج در بیشتر صنایع در دوره‌های صعودی بازه‌های زمانی روزانه و هفتگی رفتار گله‎‌ای شناسایی شده است که می‌تواند یکی از عوامل اصلی صعودهای شدید بازار همچون صعود سال‎‌های 1398 تا اواسط 1399 باشد که موجب ایجاد حباب‌هایی بزرگ در قیمت سهام شرکت‌ها شد. در گروه شرکت‎‌های تولید خودرو و ساخت قطعات بیشترین رفتار گله‎‌ای و در گروه شرکت‎‌های پالایش نفت و مشتقات کمترین رفتار گله‎‌ای مشاهده شده است. نتایج نشان می‎‌دهد که در بازۀ زمانی روزانه در مقایسه با بازۀ هفتگی رفتار گله‎‌ای بیشتری وجود دارد که با ذات هیجانی این رفتار مطابقت دارد. در این مطالعه با تفکیک کل دوره به دوره‌های نزولی و صعودی بازار، وجود تقارن در بروز رفتار گله‌ای نیز بررسی شده است که نتایج حاکی‌از عدم تقارن در بسیاری از گروه‎‌ها است که می‌تواند به دلیل یک‌طرفه بودن بازار یا عوامل شناختی همچون گریز از ضرر، مطابق نظریۀ چشم‌انداز کانمن و تورسکی باشد.

https://amf.ui.ac.ir/article_29298_115c69e1b3cae027d4d8d468bac71210.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 3 2025 09 23 An Empirical Analysis of Herding Behavior in the Stock Market: Evidence from Various Economic and Social Conditions in Iran تحلیل تجربی رفتار توده‌وار سرمایه‌گذاران در بازار سهام: شواهدی از شرایط مختلف اقتصادی و اجتماعی در ایران 29 56 29223 10.22108/amf.2025.142503.1913 FA مجید آقایی دانشیار، گروه اقتصاد نظری، دانشکدۀ علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران Journal Article 2024 08 17 The stock exchange serves as a critical source of corporate financing and as a platform for individuals to invest their savings, attracting a substantial amount of domestic capital in recent years and playing a pivotal role in the country's economic growth and development. This study investigates herding behavior in the Tehran Stock Exchange (TSE) under various economic and social conditions, including periods before and after exchange rate fluctuations, prior to and following the COVID-19 pandemic, and during both bullish and bearish market phases from April 2015 to March 2020. The analysis is based on the overall stock price index and the price index of the top 50 companies, employing Ordinary Least Squares (OLS) regression and quantile regression methodologies. The findings indicate that herding behavior is significantly evident in the TSE throughout the entire study period and across most quantiles (from the 0.05 to the 0.75 quantile) for both indices. Specifically, herding behavior is prominently observed prior to significant exchange rate fluctuations; however, it becomes unconfirmed afterward due to the insignificance of the resulting coefficients. Furthermore, herding behavior was found to be present in the TSE before the COVID-19 outbreak, with a notable decline after the pandemic, and in some cases, a reversal was observed. The analyses also demonstrate that herding behavior persists in both bullish and bearish market conditions, especially within the lower market quantiles. Keywords: Herding Behavior, Quantile Regression, COVID-19 Pandemic, Exchange Rate Fluctuations, Bullish and Bearish Markets JEL Classification: F65, C32, E44 Introduction The capital market serves as one of the fundamental pillars of the economy, playing a vital role in fostering economic growth and development. In recent years, Iran’s capital market has attracted significant attention from both traders and policymakers, owing to its financial appeal and investment opportunities. However, irrational and emotional behaviors among investors within this market have presented substantial challenges. A major issue is herding behavior, which refers to the innate human tendency to mimic others. In financial markets, such behavior can drive investors to make irrational decisions and engage in high-risk transactions, as participants often base their choices not on the intrinsic value of stocks, but rather on the perceived actions and expectations of others regarding future price movements (Bikhchandani & Sharma, 2000). Given the critical role of the capital market and its investors as key players in the economy, it is essential to examine their behavior to promote optimal decision-making and ensure proper market functioning. This study utilizes behavioral finance theories and analyzes data related to TSE to investigate investor behavior through the lens of herding behavior. Specifically, the research explores herding behavior under various macroeconomic conditions, including currency fluctuations, both bearish and bullish market environments, and the COVID-19 pandemic as a unique social context. Materials & Methods To evaluate herding behavior, Christie and Huang (1995) and Chang et al. (2000) employed modeling approaches based on the cross-sectional dispersion of stock returns. The methodologies in both studies are grounded in the principle that, when herding behavior is present, individual stock returns tend to converge toward the overall market return. As a result, herding behavior leads to minimal differences between individual stock returns and the market return index. These minor discrepancies are quantified using the cross-sectional standard deviation (CSSD) and the cross-sectional absolute deviation (CSAD). Given the limitations of the CSSD model—such as the necessity of estimating excess returns and its inability to account for potential herding behavior during stable periods—this study adopts the CSAD model to address these shortcomings. The CSAD model enhances the CSSD framework by incorporating cross-sectional absolute deviations, providing a more robust analysis of herding behavior. Additionally, in light of the nature of the research problem, this study employs quantile regression (QR), introduced by Koenker and Bassett (1978), to conduct a more nuanced analysis of herding behavior. Quantile regression provides a more precise methodology by capturing variations across the entire distribution of the dependent variable and addressing the limitations of ordinary least squares (OLS) estimators (Barnes & Hughes, 2002; Zhou & Anderson, 2013). This approach models the response of the dependent variable to the independent variable at various quantiles, denoted as "τ," making it an effective tool for analyzing non-normal distributions. Moreover, quantile regression is particularly adept at handling outliers, extreme values, and non-normal deviations (Xiao, 2012; Allen et al., 2013; Alexander, 2008). Findings The results of the OLS along w indicate the presence of herding behavior in the Tehran Stock Exchange (TSE) throughout the study period. This finding reflects a tendency among investors to engage in collective behavior in the TSE across various time intervals. Further confirmation of herding behavior is provided by the quantile regression (QR) results, which reveal its presence in the lower and middle quantiles of the stock market during the study period, particularly under normal market conditions. However, in the higher quantiles, herding behavior diminishes and, in some cases, even reverses. This suggests that investors in the upper quantiles are more inclined to make independent decisions and are less likely to follow the crowd. During periods of exchange rate fluctuations, herding behavior was notably observed prior to sharp increases in exchange rates. These findings imply that in the lead-up to significant economic volatility, investors, driven by uncertainty regarding future conditions, are more likely to engage in herding behavior. However, after experiencing intense currency fluctuations, while some indications of herding behavior persisted, they were not statistically significant. This outcome may suggest that following substantial volatility, investors tend to adopt more individualized and potentially more conservative strategies. The QR analysis also indicated that herding behavior was more pronounced in the lower quantiles of the market, which may reflect the influence of exchange rate fluctuations on less risk-tolerant investors. During the COVID-19 pandemic, the study results revealed the presence of herding behavior in both the overall index and the top 50 companies’ index prior to the pandemic. This finding is noteworthy, as it indicates that herding behavior was evident in the TSE even before the onset of a global crisis. However, following the pandemic, herding behavior significantly declined and, in some instances, reversed. These changes underscore the impact of crisis conditions and increased volatility on investor behavior, suggesting that, in critical situations, investors tend to rely more on independent decision-making and individual assessments. The results from both the OLS and QR analyses further indicated the presence of herding behavior in TSE during both bullish and bearish market conditions, particularly in the lower quantiles of the market. In bullish markets, investors typically gravitate toward purchasing stocks with positive returns, while in bearish markets, they are inclined to sell stocks with negative returns. These behaviors, especially prevalent in the lower quantiles, clearly illustrate the sensitivity of investors to market conditions and their propensity to follow the crowd. Conclusion and Discussion This study analyzed herding behavior in the Tehran Stock Exchange (TSE) from 2015 to 2022 using Ordinary Least Squares (OLS) and quantile regression methods, examining both the overall index and the index of the top 50 companies. The results revealed the presence of herding behavior throughout the study period and under various economic and social conditions, including exchange rate fluctuations, the COVID-19 pandemic, and both bullish and bearish markets. However, the intensity of herding behavior varied depending on the circumstances, with a stronger presence observed in the lower quantiles of the market. Following periods of severe exchange rate volatility and the pandemic, a noticeable shift toward independent behavior and individual decision-making emerged. Furthermore, herding behavior was identified as a contributing factor to market volatility. To enhance the efficiency of the stock market and mitigate the negative effects of herding behavior, it is recommended to improve information transparency and provide investors with access to independent analyses. Effective solutions include offering education in technical and fundamental analysis, strengthening oversight and regulations, diversifying financial instruments such as exchange-traded funds (ETFs), and adopting stable monetary and fiscal policies. Additionally, developing IT infrastructure, introducing tax incentives for long-term investments, and fostering collaboration among related institutions can further contribute to the sustainability and stability of the market. بورس اوراق بهادار به‌عنوان یکی از مهم‌ترین منابع تأمین مالی شرکت‌ها و بستر سرمایه‌گذاری پس‌اندازهای افراد جامعه، در سال‌های اخیر توانسته است بخش زیادی از سرمایه‌های داخلی را جذب و به‌عنوان بخشی از بازار سرمایه، نقشی اساسی در رشد و توسعۀ اقتصادی کشور ایفا کند. باوجود اهمیت نقش بازار سهام در اقتصاد ایران به بررسی دقیق رفتار سرمایه‌گذاران و واکنش‌های آنان در برابر تغییرات اقتصادی و اجتماعی کمتر توجه شده است. در این پژوهش، بررسی رفتار توده‌وار در بورس اوراق بهادار تهران در شرایط مختلف اقتصادی و اجتماعی نظیر قبل و بعد از نوسانات نرخ ارز، قبل و بعد از وقوع پاندمی کووید 19 و در شرایط بازارهای خرسی و گاوی طی دورۀ زمانی فروردین 1394 تا اسفند 1399 براساس شاخص کل قیمت سهام و شاخص 50 شرکت برتر بررسی شده است. تحلیل داده‌ها با استفاده از روش حداقل مربعات معمولی (OLS)و رگرسیون چارکی انجام شده است. نتایج پژوهش حاکی‌ازاین است که رفتار توده‌وار به‌طور درخور توجهی در بازار سهام ایران طی کل دورۀ بررسی‌شده و در بیشتر چارک‌ها (از چارک 05/0 تا 75/0) در هر دو شاخص مشاهده شده است. براساس نتایج به‌دست‌آمده وجود رفتار توده‌وار در دورۀ قبل از نوسانات شدید نرخ ارز به‌‌وضوح مشهود است؛ اما پس از آن، به دلیل عدم معناداری ضریب به‌دست‌آمده نمی‌توان وجود رفتار توده‌وار را تأیید کرد. نتایج پژوهش نشان داد که رفتار توده‌وار قبل از شیوع ویروس کووید در بازار سهام ایران وجود داشته است، اما پس از شیوع ویروس، این رفتار به‌طور درخور توجهی کاهش یافت و حتی در برخی موارد به رفتار توده‌وار معکوس تبدیل شد؛ علاوه‌براین، تحلیل‌ها نشان داد که در بازارهای خرسی و گاوی نیز رفتار توده‌وار به‌ویژه در چارک‌های پایین‌تر بازار مشهود بوده است.

https://amf.ui.ac.ir/article_29223_823d341b37fbf72f53b3732ea8aa6dc9.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 3 2025 09 23 The Mediating Effect of Accounting Information Quality on the Relationship Between Workforce Education Level and Investment Efficiency اثر میانجی کیفیت اطلاعات حسابداری در رابطۀ بین سطح تحصیلات نیروی کار و کارایی سرمایه‌گذاری 57 76 29237 10.22108/amf.2025.142638.1918 FA آیات ناجی مهدی العبیدی دانشجوی دکتری، گروه حسابداری و مدیریت مالی دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران پری چالاکی استادیار، گروه حسابداری و مدیریت مالی، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران مهدی حیدری دانشیار، گروه حسابداری و مدیریت مالی ، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران Journal Article 2024 08 29 Theoretical and empirical evidence indicates that a more highly educated workforce can enhance the quality of accounting information, reduce information asymmetry, and improve managerial oversight, ultimately contributing to increased investment efficiency. Therefore, this study aims to investigate the mediating role of accounting information quality in the relationship between workforce education level and investment efficiency. This study is designed to support decision-making processes. Utilizing a descriptive-correlational methodology, the research analyzes the relationships among various variables. The sample comprises 141 firms listed on the Tehran Stock Exchange from 2009 to 2023. Data analysis was performed using Stata (version 17) and EViews (version 13) software. The results demonstrate that workforce education level not only has a direct effect on investment efficiency but also enhances it through improved accounting information quality. Employees with higher education are capable of providing superior information, effectively monitoring managerial activities, and mitigating misconduct. This, in turn, enhances information accuracy, financial transparency, and investment efficiency. The findings underscore the significance of workforce education in enhancing accounting information quality and investment efficiency, offering valuable insights for managers and policymakers. Keywords: Accounting Information Quality, Investment Efficiency, Workforce Education Level. JLE: D25, D53, M41 Introduction The research literature, grounded in agency theory, suggests that high-quality accounting information and disclosure can reduce information asymmetry, enhance managerial oversight, and mitigate opportunistic behavior. Empirical evidence indicates that information asymmetry negatively impacts investment efficiency. Consequently, improving the quality of accounting information is crucial for enhancing investment efficiency. In this context, recent studies emphasize that a more highly educated workforce can positively influence firms' investment efficiency by elevating the quality of accounting information. This study focuses on the role of workforce education level in improving accounting information quality and investment efficiency while also examining the mediating effect of accounting information quality. The aim of this research is to provide scientific evidence to address the existing research gap in this area and to illuminate the significance of workforce education in enhancing corporate investment efficiency. Methods & Materials The data were extracted from Rahavard Novin software, financial statements, and board activity reports pertaining to workforce education levels. Following data collection, preliminary processing was conducted using Excel, while final analysis was performed with EViews (version 13) and Stata (version 17). The sample comprises companies listed on the Tehran Stock Exchange from 2009 to 2023, selected based on specific criteria: inclusion on the stock exchange as of the fiscal year ending in March 2008, a consistent fiscal year ending in March, no changes in business activities or fiscal year during the study period, exclusion of financial intermediaries and investment companies, sustained listing until the end of 2023, and the availability of necessary data. A total of 141 firms were selected, resulting in 2,115 firm-year observations. Findings The results indicate that workforce education level has a positive and significant effect on investment efficiency. This suggests that as workforce education levels increase, investment efficiency also improves. The research literature posits that highly educated employees can enhance corporate investment efficiency through three primary mechanisms: first, by providing high-quality information that aids managers in effective decision-making, as these employees excel in collecting and analyzing valuable data; second, by effectively monitoring managerial decisions due to their access to internal information and their ability to detect misconduct, which helps prevent inaccurate financial reporting; and third, by facilitating information exchange between managers and employees through superior communication skills, enhanced understanding, and shared educational backgrounds, thereby leading to improved accuracy in information transfer and corporate decision-making. The findings from the first hypothesis are consistent with the studies by Jin et al. (2023) and Chen et al. (2023). The results of the second hypothesis further align with prior research, indicating a positive and significant effect of workforce education level on the quality of accounting information. A more educated workforce can enhance accounting information quality through various mechanisms, such as providing data to accounting systems that is less prone to errors (Andreou et al., 2017), identifying and reporting irregular or potentially fraudulent transactions (Call et al., 2016), improving the effectiveness of internal controls and reducing risks (Fu et al., 2020), and increasing transparency in financial reporting (Call et al., 2017). The findings from the second hypothesis are consistent with studies by Liu et al. (2017), Call et al. (2017), and Afieh et al. (2020). Finally, the third hypothesis, which examines the mediating role of accounting information quality in the relationship between workforce education level and investment efficiency, was not rejected. This finding demonstrates that workforce education level not only directly influences investment efficiency but also facilitates investment efficiency through the enhancement of accounting information quality. The findings from the third hypothesis are consistent with the study by Chen et al. (2023). Discussion and Conclusion The findings suggest that a more highly educated workforce can provide higher-quality information, effectively monitor managerial performance, and prevent misconduct. Educated employees, equipped with superior communication skills and a deeper understanding of shared educational backgrounds, facilitate accurate information exchange and informed decision-making. Workforce education level contributes to improved investment efficiency not only directly but also indirectly through enhanced accounting information quality. This enhancement involves reducing reporting errors, detecting and addressing irregularities, and increasing transparency in financial reporting. The study underscores the significance of workforce education in augmenting both accounting information quality and investment efficiency. Companies should prioritize employee education and training to fully leverage these potential benefits. Recruitment processes should place greater emphasis on educational qualifications and specialized skills to maximize workforce capabilities. Furthermore, investors are advised to consider workforce education levels in their evaluations, as this reflects the company's potential for achieving high investment efficiency and superior accounting information quality. ادبیات نظری و تجربی نشان می‎‌دهد که نیروی کار با تحصیلات بالاتر می‌تواند کیفیت اطلاعات حسابداری را بهبود ببخشد و با کاهش عدم تقارن اطلاعاتی و ایجاد نظارت بر فعالیت‌های مدیران، موجب کارایی سرمایه‌گذاری شود؛ بر همین اساس هدف پژوهش حاضر بررسی اثر میانجی کیفیت اطلاعات حسابداری در رابطۀ بین سطح تحصیلات نیروی کار و کارایی سرمایه‌گذاری است. این پژوهش در زمرۀ مطالعات کاربردی قرار گرفته و به‌منظور استفاده از یافته‌ها در فرایند تصمیم‌گیری طراحی شده است. جامعۀ آماری شامل 141 شرکت ثبت‌شده در بورس اوراق بهادار تهران در بازۀ زمانی 1388 تا 1402 است که تحلیل داده‌ها با استفاده از نرم‌افزارهای استاتا (نسخۀ 17) و ایویوز (نسخۀ 13) انجام شده است. نتایج بیانگر آن است که سطح تحصیلات نیروی کار نه‌تنها مستقیماً بر کارایی سرمایه‌گذاری تأثیرگذار است، بلکه ازطریق بهبود کیفیت اطلاعات حسابداری نیز می‌تواند دستیابی به کارایی سرمایه‌گذاری را تسهیل کند. کارکنان با تحصیلات بالاتر می‌توانند اطلاعات با کیفیت‌تری ارائه دهند، عملکرد مدیران را به‌طور مؤثرتری نظارت کنند و از تخلفات جلوگیری کنند. این امر با بهبود تبادل اطلاعات و افزایش شفافیت مالی، دقت اطلاعات حسابداری را ارتقا می‌دهد و درنهایت، کارایی سرمایه‌گذاری را بهبود می‌بخشد. پژوهش حاضر می‌تواند به مدیران و تصمیم‌گیرندگان کمک کند تا اهمیت تحصیلات نیروی کار را در بهبود کیفیت اطلاعات حسابداری و افزایش کارایی سرمایه‌گذاری درک کنند و اقدامات مناسبی برای ارتقای سطح تحصیلات نیروی کار اتخاذ کنند.

https://amf.ui.ac.ir/article_29237_f4840c898612da2ee8b424ce4f6a6d45.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 3 2025 09 23 Investigating the Relationship between Financialization and Long-Term Use of Short-Term Debt بررسی رابطۀ بین مالی‌سازی و استفادۀ بلندمدت از بدهی‌های کوتاه‌مدت 77 94 29222 10.22108/amf.2025.142771.1921 FA سید رضا سید نژاد فهیم استادیار، گروه حسابداری، واحد لاهیجان، دانشگاه آزاد اسلامی، لاهیجان، ایران Journal Article 2024 09 11 The purpose of this study is to investigate the relationship between financialization and financing maturity mismatch concerning the debt issues faced by Iranian firms, aiming to provide insights for managers and policymakers. The statistical sample consists of 143 active firms listed on the Tehran Stock Exchange over a ten-year period, from 2013 to 2022. The regression method was employed to estimate the models and test the research hypotheses. The findings indicate no significant relationship between financialization and the long-term use of short-term debt. However, distinct results emerged when firms were categorized into large and small entities. In large firms, financialization appears to positively affect the long-term use of short-term debt, in contrast to smaller firms. Additionally, financial constraints do not significantly influence the propensity of firms to utilize short-term debt and do not incentivize increased willingness among these firms to rely on short-term financing in the long term. Furthermore, financialization leads to a decrease in investment in productive assets, with firms that are more inclined toward financialization utilizing less internal financing. While previous studies on maturity mismatch have highlighted factors such as external regulations, the macroeconomic environment, and internal corporate governance, this study addresses a gap in the research concerning the discrepancy between corporate debt and investment horizons. It provides empirical evidence at the firm level and investigates the underlying mechanisms through which financialization influences the long-term use of short-term debt. Keywords: Capital Structure, Debt Maturity Structure, Financialization, Tangible Long-Term Investments JEL Classification: G11، G31، P45 Introduction According to the principle of matching investment and financing maturities, the maturity of a firm's debt should correspond to the maturity of its assets (Chen et al., 2023). The long-term use of short-term debt (LUSD) is a critical aspect of debt maturity mismatch, wherein short-term debt is allocated to support long-term investments. Analyzing the factors influencing LUSD is essential for gaining a comprehensive understanding of corporate financing decisions. The phenomenon of corporate financialization is prevalent globally and is closely linked to corporate investment and financing practices (Cao et al., 2022). Financialization may seem to reduce investment in fixed assets, potentially leading to diminished firm performance and economic recession (Tori & Onaran, 2018). Consequently, firms may encounter financing constraints, making it more challenging to secure long-term loans and resulting in an increased reliance on LUSD. Conversely, financialization may also be driven by hedging strategies and the pursuit of higher returns, which can alleviate financing constraints and improve firm performance, thereby reducing reliance on LUSD to some extent (Gong et al., 2023). Thus, the relationship between corporate financialization and LUSD remains ambiguous and warrants further investigation. This study aims to explore the relationship between financialization and financing maturity mismatch concerning the prevailing debt issues among Iranian firms, with the intent of providing insights for managers and policymakers. The findings are expected to offer valuable guidance for aligning fiscal policies, financing strategies, and investment initiatives. Materials & Methods The dependent variable of this study is the long-term use of short-term debt (LUSD), measured as the difference between the ratio of short-term liabilities to total liabilities and the ratio of short-term assets to total assets. Financialization serves as the independent variable, defined as the ratio of total financial assets to total assets. Financial assets encompass short-term and long-term investments, non-trade receivables, prepayments, and investments in real estate. Additionally, financial constraints are incorporated as an interactive variable, represented by a dummy variable. Firms with a financial cost-to-total debt ratio exceeding the median are classified as facing resource acquisition restrictions and assigned a value of one; otherwise, they are assigned a value of zero. The sample includes active firms listed on the Tehran Stock Exchange (TSE). The sample includes 143 firms over a ten-year period from 2013 to 2022. To explore the relationships among the variables, multiple linear regression analysis was conducted. The data were collected from firms' financial reports, the Codal system, and other reliable financial sources. Findings The findings indicate that, contrary to existing literature, there is no significant relationship between financialization and the long-term use of short-term debt (LUSD). However, when firms are categorized into large and small entities, distinct results emerge. In large firms, financialization has a positive effect on LUSD, whereas in small firms, financialization exerts a negative impact on LUSD. Additionally, the results suggest that financial constraints do not significantly influence the use of short-term debt and do not serve as an incentive for firms to increase their reliance on short-term financing in the long term. Furthermore, financialization is associated with a reduction in investment in productive assets. The findings also indicate that financialization diminishes firms' willingness to obtain internal financing. This suggests that firms inclined toward financialization are less likely to seek internal funds, thereby increasing their dependence on external borrowing. Discussion & Conclusion Given the high level of financialization in the sample firms, it is suggested that there should be an optimal degree of financialization, with careful consideration of the economic consequences of excessive financialization. In response to the current situation, it is recommended that enterprises focus on their core business, clarify their development priorities, and engage in financialization activities strategically at the micro level. Additionally, participation in corporate governance is essential. At the macro level, while guiding the development of the financial industry, it is also necessary to stimulate innovation in the economic value of enterprises and enhance their overall strength. Given the negative impact of financialization on investment in productive assets, it is crucial to foster a greater willingness and confidence among enterprises to invest in production units and encourage investment in the real economy. Governments and local institutions should effectively support enterprises by implementing robust policies for the real industry and creating a favorable business environment. Considering the positive impact of financialization on LUSD in large firms, managers are advised to rely more on long-term financing to better manage financial risk and working capital, thereby preventing default risk. Furthermore, in light of the negative impact of financialization on domestic financing—which diminishes its benefits—it is essential to streamline both direct and indirect financing channels for companies, improve the capital market environment, and expand the routes for long-term capital supply in the market. هدف این مطالعه بررسی رابطۀ بین مالی‌سازی و عدم تطابق سررسید تأمین مالی در پرتو مشکلات بدهی حاکم بر شرکت‌های ایرانی، با دیدگاه ارائۀ ایده‌هایی برای مدیران و سیاست‌گذاران است. نمونۀ آماری پژوهش شامل 143 شرکت فعال در بورس اوراق بهادار تهران در بازۀ زمانی ده ساله ۱۳92 تا ۱۴۰۱ است. به‌منظور سنجش مدل پژوهش و آزمون فرضیه‌ها از روش رگرسیون استفاده شد. نتایج نشان می‌دهد که برخلاف ادبیات پژوهش، بین مالی‌سازی و استفادۀ بلندمدت از بدهی‌های کوتاه‌مدت رابطۀ معناداری وجود ندارد. با تفکیک شرکت‌ها به بزرگ و کوچک، نتایج جدیدی به دست آمد. در شرکت‌های بزرگ (برخلاف شرکت‌های کوچک) مالی‌سازی تأثیر مثبتی بر استفادۀ بلندمدت از بدهی‌های کوتاه‌مدت دارد؛ علاوه‌‌براین، محدودیت مالی عاملی تأثیرگذار برای استفاده از بدهی‌های کوتاه‌مدت نیست و نمی‌تواند انگیزه‌ای برای افزایش تمایل شرکت‌ها برای استفادۀ بلندمدت از بدهی‌های کوتاه‌مدت شود. مالی‌سازی منجر به کاهش میزان سرمایه‌گذاری در دارایی‌های مولد می‌شود و شرکت‌هایی که تمایل بیشتری به مالی‌سازی دارند کمتر از تأمین مالی داخلی استفاده می‌کنند؛ درحالی‌که مطالعات قبلی دربارۀ عدم تطابق سررسید بر عواملی مانند مقررات خارجی، محیط اقتصاد کلان و حاکمیت شرکتی داخلی تأکید کرده‌اند، در این پژوهش با ارائۀ شواهد تجربی در سطح شرکت و بررسی مکانیسم‌های اساسی که ازطریق آن مالی‌سازی بر استفادۀ بلندمدت از بدهی‌های کوتاه‌مدت تأثیر می‌گذارد، شکاف مطالعات اختلاف بین بدهی شرکت و افق سرمایه‌گذاری روشن می‌شود.

https://amf.ui.ac.ir/article_29222_c8be9472f35628ba720531ccf2449f28.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 3 2025 09 23 Thematic Network of Challenges in Project Fund Financing and Proposed Solutions ارائۀ شبکۀ مضامین چالش‌های تأمین مالی ازطریق صندوق سرمایه‌گذاری پروژه و راهکارهای رفع آن 95 116 29323 10.22108/amf.2025.143386.1938 FA میلاد عیسائی دانش آموخته کارشناسی ارشد، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق(ع)، تهران، ایران 0009-0006-4494-7097 محمد توحیدی دانشیار، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق(ع)، تهران، ایران محمد مهدی فریدونی دانشجوی دکتری، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق(ع)، تهران، ایران Journal Article 2024 11 23 Financial instruments in the capital market, such as debt and equity financing tools, along with the establishment of funds, play a pivotal role in advancing financing methods, ensuring timely project execution, and the successful completion of infrastructure projects. Despite their potential, project funds—an innovative financing method in the capital market—have not gained widespread acceptance. This study aims to conduct a diagnostic analysis of the current model of project financing through project funds and propose corrective solutions. Employing a qualitative approach, this research is categorized as applied in terms of objectives and descriptive-survey in terms of data collection. Through document analysis (reviewing books, articles, and notes) and expert interviews, the challenges associated with financing via project funds were identified and categorized into three main themes: process and structural challenges, environmental challenges, and legal and regulatory challenges. Drawing on international experiences, corresponding solutions were proposed, including the facilitation of laws and regulations, revision of the project fund's charter, and reconsideration of corporate governance practices. Keywords: Project Fund, Financing, Financing Funds, Capital Market. JEL Classification: O16, G32, G23 Introduction Project financing has been extensively studied, yet specialized research on financing through project funds remains limited. Most existing studies focus on the financial capacity of these instruments within the capital market, with only a few exploring their structure and integration with other financing tools. Notably, no study has comprehensively addressed the challenges and corrective measures for project funds in Iran's capital market. Project funds, as financial engineering instruments, aim to facilitate project financing in the capital market. However, since their introduction in 2017, they have seen limited implementation. In contrast, leading countries typically finance projects through private equity investment funds and by offering project company shares in the capital market. This study seeks to identify the challenges of project financing via project funds and propose solutions based on insights from capital market experts and international best practices. Materials & Methods Data were collected through document analysis, including reviews of books, articles, reports, and expert interviews. Purposive sampling was employed, selecting nine experts based on their expertise, educational background, and professional experience. Thematic analysis, following the Attride-Stirling (2001) approach, was conducted at three levels: basic themes, organizing themes, and global themes. This method identified 52 key statements and 11 basic themes, which were categorized into three organizing themes and one global theme. The findings were validated by a focus group comprising a university faculty member, experts, and managers from the Securities and Exchange Organization's Research Center, ensuring credibility and reliability. Findings The thematic analysis revealed that the global theme is "challenges in financing through project funds." The process and structural challenges encompass 7 basic themes, the environmental challenges consist of two basic themes, and finally, the legal and regulatory challenges include two basic themes. Discussion & Conclusion This paper examines project financing through the establishment of project funds, addressing its operational, legal, and regulatory aspects. While project funds hold significant potential for financing projects in the capital market, their adoption has been limited, with only one instance of utilization to date, primarily due to structural deficiencies and fundamental challenges. To address these issues, this study proposes targeted solutions categorized into three areas: (1) process and structural challenges, including centralizing financial resources under the fund manager, setting a defined lifespan for the fund with penalties and incentives, revising the technical supervisory entity's responsibilities, reconsidering mandatory underwriting and market-making requirements, incorporating preferred shares, and separating the boards of the project fund and project company; (2) environmental challenges, such as encouraging active government participation, facilitating fund establishment through regulatory support, and increasing investor participation via specialized investment funds; and (3) legal and regulatory challenges, with the most critical solution being the strengthening of the legal and regulatory framework to ensure clarity and reduce uncertainties in the operation of project funds. These solutions are elaborated using a descriptive-analytical approach to provide a comprehensive roadmap for improving the adoption and effectiveness of project funds. ابزارهای تأمین مالی پروژه‌های زیرساختی موجود در بازار سرمایه اعم از ابزارهای تأمین مالی بدهی، سرمایه‌ای و تأسیس صندوق، نقش مؤثری در توسعۀ روش‌های تأمین مالی پروژه، بهره‌برداری به‌موقع از آن و به سرانجام رسیدن پروژه‌های نیمه‌تمام دارد. صندوق سرمایه‌گذاری پروژه یکی از روش‌های نوین تأمین مالی پروژه در بازار سرمایه محسوب می‌شود که در دهۀ اخیر تنها یک بار استفاده شده و اقبال مناسبی از این ابزار تأمین مالی صورت نپذیرفته است؛ بنابراین، هدف از انجام این پژوهش، آسیب‌شناسی مدل فعلی تأمین مالی ازطریق صندوق پروژه و ارائۀ راهکارهای اصلاحی برای آن است. این پژوهش دارای رویکرد کیفی است. از منظر هدف در زمرۀ پژوهش‌های کاربردی و از منظر نحوۀ گردآوری داده‌ها، توصیفی پیمایشی محسوب می‌شود. در این پژوهش ابتدا با روش اسنادی (مطالعۀ کتب، مقالات، یادداشت‌ها و غیره) و مصاحبه با خبرگان، تمامی چالش‌های ناظر بر فرایند تأمین مالی ازطریق تأسیس صندوق پروژه استخراج، سپس با روش تحلیل مضمون، ذیل سه مضمون سازمان‌دهندۀ چالش‌های فرایندی و ساختاری، چالش‌های محیطی و چالش‌های قانونی و مقرراتی طبقه‌بندی شدند؛ درنهایت با استفاده از روش توصیفی تحلیلی و با تأکید بر تجارب بین‌المللی، راهکارهای متناظر با هریک از چالش‌ها تبیین شد. از جملۀ این راهکارها می‌توان به تسهیلگری قوانین و مقررات، اصلاح اساسنامۀ صندوق پروژه، تجدیدنظر درخصوص حاکمیت شرکتی، حذف برخی ارکان و بازنگری در شرح وظایف ارکان اشاره کرد.

https://amf.ui.ac.ir/article_29323_525cf3171a6ac7c6cd76d4d05311f825.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 3 2025 09 23 The Effect of Working Capital on Investment: Evidence from the Tehran Stock Exchange تأثیر سرمایه ‌در ‌گردش بر سرمایه‎گذاری بلندمدت بنگاه‌ها: شواهدی از بورس اوراق بهادار تهران 117 138 29424 10.22108/amf.2025.141549.1886 FA علی ابراهیم‌نژاد استادیار، گروه اقتصاد، دانشکده مدیریت و اقتصاد، دانشگاه صنعتی شریف، تهران، ایران علی زکی زاده کارشناس ارشد، گروه اقتصاد، دانشکده مدیریت و اقتصاد، دانشگاه شریف، تهران، ایران فردین رزمجویی کارشناس ارشد، گروه اقتصاد، دانشکده مدیریت و اقتصاد، دانشگاه شریف، تهران، ایران Journal Article 2024 05 26 Given the substantial adjustment costs of altering long-term investment trajectories and the difficulties in securing external financing, internal financing plays a crucial role in sustaining fixed-asset investments, especially for financially constrained firms. This study investigates the influence of working capital on fixed investment patterns among Iranian listed firms, distinguishing between financially constrained and unconstrained entities. We hypothesize that financial constraints suppress long-term investment due to firms' preference for stable capital allocation amid costly external financing barriers, with working capital serving as a liquidity buffer to mitigate such constraints and maintain investment continuity. Empirical findings demonstrate that excluding working capital fluctuations from regression models underestimates the adverse impact of financial constraints on long-term investment. Incorporating this variable not only corrects the underestimation but also highlights working capital’s stabilizing role in investment trends. For the Kaplan-Zingales and dividend payout metrics, the marginal effects of working capital and cash flow on investment are more pronounced for severely constrained firms, consistent with theoretical expectations. However, divergent results for the BNPO and interest coverage ratios suggest context-dependent interactions between financial constraints and liquidity management. These findings underscore the importance of integrating working capital dynamics into investment behavior analyses, particularly in settings with underdeveloped external financing mechanisms. Keywords: Working Capital, Fixed Investment, Financial Constraints Introduction This study examines how internal financing and working capital management influence fixed investments among Iranian listed firms, particularly those facing financial constraints. Investment is a cornerstone of firm growth, with prior research emphasizing its role in distinguishing market leaders from underperformers. In Iran, limited access to external financing—due to underdeveloped bond markets and equity issuance challenges—heightens the importance of internal funds for sustaining long-term investments. Working capital, characterized by high liquidity and flexibility, serves as a strategic buffer against cash flow volatility, enabling firms to stabilize fixed asset investments without resorting to costly external financing. While prior studies often use cash flow as a proxy for internal financing capacity, critics argue this may conflate investment demand with financial constraints. This research addresses this gap by analyzing how firms leverage working capital adjustments to mitigate financial pressures. Findings reveal that effective working capital management allows constrained firms to maintain investment continuity, offering novel insights into resource allocation strategies in emerging markets. Materials & Methods This study investigates the influence of internal financing and working capital management on fixed investments among Iranian listed firms, with a particular focus on financially constrained entities. Investment serves as a critical driver of firm growth, with extant literature highlighting its role in differentiating high-performing firms from their less competitive counterparts. In Iran, where underdeveloped bond markets and challenges in equity issuance restrict access to external financing, internal funds assume heightened importance in sustaining long-term capital expenditures. Working capital, owing to its liquidity and operational flexibility, acts as a strategic financial buffer, helping firms mitigate cash flow volatility and stabilize fixed-asset investments without relying on costly external funding. While existing studies frequently employ cash flow as a proxy for internal financing capacity, critics contend that this approach risks conflating investment demand with financial constraints. Addressing this gap, our research examines how firms strategically adjust working capital to alleviate financial pressures. The findings demonstrate that effective working capital management enables constrained firms to sustain investment continuity, providing new empirical insights into resource allocation strategies within emerging market contexts. Findings The empirical findings substantiate the pivotal role of working capital in stabilizing investments among financially constrained firms. When employing the Kaplan-Zingales (KZ) measure, constrained firms demonstrate statistically significant negative coefficients for working capital changes (-0.153 and -0.136), suggesting active utilization of working capital to buffer against cash flow volatility. The inclusion of working capital variables reveals higher cash flow coefficients, indicating that conventional models systematically underestimate internal financing's contribution to investment. Divergent patterns emerge for the BNPO index, where unconstrained firms exhibit larger coefficients - a discrepancy potentially attributable to measurement-specific characteristics. Results from the dividend payout ratio corroborate the KZ findings, further confirming constrained firms' dependence on working capital as a financial cushion. Method 3's implementation, incorporating a constraint dummy variable, robustly validates cash flow as an effective proxy for financial constraints. Importantly, the analysis reveals that both inventory adjustments and comprehensive working capital components contribute to investment stability, effectively countering prevailing critiques that ascribe these effects exclusively to inventory management practices. Discussion & Conclusion This study establishes the critical function of working capital as a financial buffer that mitigates financing constraints for Iranian firms, enabling them to maintain fixed investment levels despite limited access to external capital. The identified negative correlation between working capital adjustments and fixed investment reveals a strategic resource allocation trade-off, where firms prioritize long-term capital projects by reallocating liquid assets. These findings substantiate the validity of cash flow as an indicator of financial constraints, countering prevailing critiques that dismiss it as merely reflecting investment demand. The analysis further reveals that conventional models systematically understate internal financing's role when omitting working capital considerations, underscoring the necessity of incorporating liquidity management into investment frameworks. From a policy perspective, measures enhancing working capital flexibility—such as developing credit markets or optimizing inventory financing mechanisms—could strengthen corporate resilience in constrained environments. Future research directions should investigate industry-specific variations and the moderating effects of macroeconomic conditions on these relationships. By elucidating the interplay between liquidity management and investment decisions in financially constrained settings, this study contributes both theoretically to resource allocation literature and practically to corporate and regulatory decision-making in emerging markets. بررسی اثر تأمین مالی داخلی بر سرمایه‏گذاری در دارایی‌های ثابت و روش‏های حفظ روند سرمایه‏گذاری بلندمدت برای بنگاه‌ها باتوجه‌به هزینه‌بربودن تغییر در روند سرمایه‌گذاری بلندمدت بنگاه‌ها و نیز دشواربودن تأمین مالی بیرونی، از اهمیت زیادی برخوردار است. این مقاله اثر سرمایه ‌در‌گردش را بر سرمایه‏گذاری ثابت بنگاه‏های بورسی ایران، شامل بنگاه‎‌های دارای محدودیت مالی و بنگاه‎‌های بدون محدودیت مالی بررسی کرده ‌است. انتظار می‌رود محدودیت مالی موجب کاهش روند سرمایه‌گذاری ثابت بنگاه‌ها شود. از سوی دیگر، به دلیل هزینه‌بربودن تغییر روند سرمایه‏گذاری بلندمدت، بنگاه‏ها به ثابت نگه‌داشتن روند سرمایه‌گذاری ثابت خود تمایل دارند و در این راستا سرمایه‌‌در‌گردش به دلیل قدرت نقدشوندگی بالای خود، نقش مهمی در حفظ روند سرمایه‌گذاری بلندمدت این‌چنین بنگاه‌ها دارد. نتایج نشان می‌دهد که طبق هریک از چهار معیار نشان‌دهندۀ محدودیت مالی (کاپلان و زینگالس، BNPO، پوشش بهره و سود تقسیمی)، درصورت عدم کنترل تغییر در سرمایه‌‌در‌گردش در رگرسیون، اثر محدودیت مالی بر سرمایه‌گذاری بلندمدت بنگاه‌ها کم برآورد می‌شود. با افزودن متغیر سرمایه ‌در ‌گردش به رگرسیون نه‌تنها این موضوع حل می‌شود، بلکه نقش سرمایه‌در‌گردش در حفظ روند سرمایه‌گذاری بلندمدت بنگاه‌ها نیز آشکار می‌شود. برای دو معیار کاپلان و زینگالس و سود تقسیمی، اندازۀ اثر سرمایه‌در‌گردش و جریان نقدی بنگاه بر سرمایه‌گذاری بلندمدت برای بنگاه‌هایی که محدودیت مالی شدیدتری دارند، بزرگ‌تر و معنا‌دارتر است؛ اما برای دو معیار دیگر، نتایج در تضاد با دو معیار قبل است.

https://amf.ui.ac.ir/article_29424_9bb0b066b018fa7d1238888157e3041a.pdf