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A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

机译:德黑兰证交所上市公司资本结构,自由现金流量与多元化与公司绩效之间的关系调查

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This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985) [Palepu, K. (1985). Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3), 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.
机译:本文提供了一项实证研究,以研究自由现金流,股票多元化和资本结构对德黑兰证券交易所选定公司中Tobin-Q的影响。截至2012年,该调查的人口包括520家在该交易所上市的公司,并且该调查随机使用了105家公司的样本。该研究使用最初由Palepu(1985)[Palepu,K.(1985)开发的模型。多元化战略,利润表现和熵测度。 [Strategy Management Journal,6(3),239-255。],以衡量不同因素对Tobin Q的影响。研究表明,尽管资本结构和自由现金流对Tobin Q产生积极影响,但多元化仍保持了负面和有意义的意义与托宾Q的关系。

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