Investigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange

The main objective of this study is to investigate nonlinear relationship between investment on fixed assets and performances of the companies listed in the Tehran Stock Exchange, TSE, in the 4-year-period of 1386 to 1390, regarding the differences among industries that arises from different amount...

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Autores principales:	Mohammad Ali Aghaee, Hossein Etemadi, Zeynab Asadi
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2015
Materias:	fixed assets investment performance nonlinear relationship Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/79be633f35314206bebe2780c06818aa
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spelling	oai:doaj.org-article:79be633f35314206bebe2780c06818aa2021-11-04T19:47:44ZInvestigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange2008-89142476-292X10.22103/jak.2015.962https://doaj.org/article/79be633f35314206bebe2780c06818aa2015-06-01T00:00:00Zhttps://jak.uk.ac.ir/article_962_8e85fe448f3741c0d1fc64f3c9869291.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XThe main objective of this study is to investigate nonlinear relationship between investment on fixed assets and performances of the companies listed in the Tehran Stock Exchange, TSE, in the 4-year-period of 1386 to 1390, regarding the differences among industries that arises from different amount of investments on fixed assets in different industries. The panel data model is used to test the research hypothesis. In this model, firm’s performance is viewed as the dependent variable, and investment on fixed assets along with control variables of firm size, capital structure, profitability, dividends and unemployment rates as independent variables. The findings indicated that there exists a non-linear relationship between capital intensity and firm’s performance in all the companies in the TSE, and that it is a U-shaped relationship in the non-metallic mineral industry and food industry that means there exists one point in which at a given level of investment on fixed assets, firm’s performance is at the minimum level. Also, the results indicated that the relationship for the chemical products industry is an inverted U-shaped one, where the optimal point shows the maximum performance of the firms at a given level of investment on fixed assets.Mohammad Ali AghaeeHossein EtemadiZeynab AsadiShahid Bahonar University of Kermanarticlefixed assetsinvestmentperformancenonlinear relationshipAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 6, Iss 20, Pp 35-58 (2015)
institution	DOAJ
collection	DOAJ
language	FA
topic	fixed assets investment performance nonlinear relationship Accounting. Bookkeeping HF5601-5689
spellingShingle	fixed assets investment performance nonlinear relationship Accounting. Bookkeeping HF5601-5689 Mohammad Ali Aghaee Hossein Etemadi Zeynab Asadi Investigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange
description	The main objective of this study is to investigate nonlinear relationship between investment on fixed assets and performances of the companies listed in the Tehran Stock Exchange, TSE, in the 4-year-period of 1386 to 1390, regarding the differences among industries that arises from different amount of investments on fixed assets in different industries. The panel data model is used to test the research hypothesis. In this model, firm’s performance is viewed as the dependent variable, and investment on fixed assets along with control variables of firm size, capital structure, profitability, dividends and unemployment rates as independent variables. The findings indicated that there exists a non-linear relationship between capital intensity and firm’s performance in all the companies in the TSE, and that it is a U-shaped relationship in the non-metallic mineral industry and food industry that means there exists one point in which at a given level of investment on fixed assets, firm’s performance is at the minimum level. Also, the results indicated that the relationship for the chemical products industry is an inverted U-shaped one, where the optimal point shows the maximum performance of the firms at a given level of investment on fixed assets.
format	article
author	Mohammad Ali Aghaee Hossein Etemadi Zeynab Asadi
author_facet	Mohammad Ali Aghaee Hossein Etemadi Zeynab Asadi
author_sort	Mohammad Ali Aghaee
title	Investigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange
title_short	Investigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange
title_full	Investigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange
title_fullStr	Investigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange
title_full_unstemmed	Investigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange
title_sort	investigation nonlinear relationship between investment on fixed assets and performance of companies listed in tehran stock exchange
publisher	Shahid Bahonar University of Kerman
publishDate	2015
url	https://doaj.org/article/79be633f35314206bebe2780c06818aa
work_keys_str_mv	AT mohammadaliaghaee investigationnonlinearrelationshipbetweeninvestmentonfixedassetsandperformanceofcompanieslistedintehranstockexchange AT hosseinetemadi investigationnonlinearrelationshipbetweeninvestmentonfixedassetsandperformanceofcompanieslistedintehranstockexchange AT zeynabasadi investigationnonlinearrelationshipbetweeninvestmentonfixedassetsandperformanceofcompanieslistedintehranstockexchange
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Investigation Nonlinear Relationship between Investment on Fixed Assets and Performance of Companies Listed in Tehran Stock Exchange

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