Effects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange

This study examined the effects of the real exchange rate and inflation uncertainty on the investment function of Tobin’s Q, in the period 2001-2010. To proceed, the data of 100 listed companies in the Tehran Stock Exchange were collected. The theoretical model were estimated by introducing the real...

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Autores principales:	Elham Rahimi, Hamid Reza Horry
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2016
Materias:	investment tobin's q real exchange rate inflation gmm Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/8e709110d66a48c1a6136f143bc4fe0f
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spelling	oai:doaj.org-article:8e709110d66a48c1a6136f143bc4fe0f2021-11-04T19:49:25ZEffects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange2008-89142476-292X10.22103/jak.2016.1430https://doaj.org/article/8e709110d66a48c1a6136f143bc4fe0f2016-02-01T00:00:00Zhttps://jak.uk.ac.ir/article_1430_a96dd22c02f0c4d2de2c402d32275021.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XThis study examined the effects of the real exchange rate and inflation uncertainty on the investment function of Tobin’s Q, in the period 2001-2010. To proceed, the data of 100 listed companies in the Tehran Stock Exchange were collected. The theoretical model were estimated by introducing the real exchange rate, and then, the inflation variable in the model. Exchange rate uncertainty was estimated by the generalized autoregressive conditional heteroscedasticity (GARCH) model, and the interactive correlations of the model variables were investigated by the GMM method. The results showed that the effects of the real exchange rate and inflation uncertainty variables in Tobin’s Q investment function are negative and significant. Also, the first lag of investment, cash flow, Tobin's Q and its lag variables have positive and significant effects on investment, and that the lagged cash flow, and the lagged real exchange rate uncertainty and the lagged inflation have negative and significant effects on investment.Elham RahimiHamid Reza HorryShahid Bahonar University of Kermanarticleinvestmenttobin's qreal exchange rateinflationgmmAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 6, Iss 23, Pp 125-146 (2016)
institution	DOAJ
collection	DOAJ
language	FA
topic	investment tobin's q real exchange rate inflation gmm Accounting. Bookkeeping HF5601-5689
spellingShingle	investment tobin's q real exchange rate inflation gmm Accounting. Bookkeeping HF5601-5689 Elham Rahimi Hamid Reza Horry Effects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange
description	This study examined the effects of the real exchange rate and inflation uncertainty on the investment function of Tobin’s Q, in the period 2001-2010. To proceed, the data of 100 listed companies in the Tehran Stock Exchange were collected. The theoretical model were estimated by introducing the real exchange rate, and then, the inflation variable in the model. Exchange rate uncertainty was estimated by the generalized autoregressive conditional heteroscedasticity (GARCH) model, and the interactive correlations of the model variables were investigated by the GMM method. The results showed that the effects of the real exchange rate and inflation uncertainty variables in Tobin’s Q investment function are negative and significant. Also, the first lag of investment, cash flow, Tobin's Q and its lag variables have positive and significant effects on investment, and that the lagged cash flow, and the lagged real exchange rate uncertainty and the lagged inflation have negative and significant effects on investment.
format	article
author	Elham Rahimi Hamid Reza Horry
author_facet	Elham Rahimi Hamid Reza Horry
author_sort	Elham Rahimi
title	Effects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange
title_short	Effects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange
title_full	Effects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange
title_fullStr	Effects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange
title_full_unstemmed	Effects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange
title_sort	effects of exchange rate and inflation uncertainty on investment opportunities of companies listed in tehran stock exchange
publisher	Shahid Bahonar University of Kerman
publishDate	2016
url	https://doaj.org/article/8e709110d66a48c1a6136f143bc4fe0f
work_keys_str_mv	AT elhamrahimi effectsofexchangerateandinflationuncertaintyoninvestmentopportunitiesofcompanieslistedintehranstockexchange AT hamidrezahorry effectsofexchangerateandinflationuncertaintyoninvestmentopportunitiesofcompanieslistedintehranstockexchange
_version_	1718444605935976448

Effects of Exchange Rate and Inflation Uncertainty on Investment Opportunities of Companies listed in Tehran Stock Exchange

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