The relationship Between the Liquidity of the Stock and Stock Returns in Terms of Restrictions on the Financing of the Companies Listed in Tehran Stock Exchange
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2016, Vol 10, Issue 8
Abstract
Lack of liquidity causes The shareholders at the time of purchase or sale of shares bearing face charges That is When investors buy stocks, stocks with high liquidity are demanding higher returns. The objectives of this study was to investigate the relationship between stock liquidity And stock return with an emphasis on restrictions on the financing of listed companies Tehran is in stock and OTC securities. In this study, 91 samples of companies listed on Tehran Stock Exchange and OTC Exchange in the period 2009-2014 has been used for 5 years. In this study, measures of breadth, depth and intermediation market, cash flow, the ratio of long-term debt, The size and growth of the company's sales and industry sales growth and return on equity of independent variables, moderator, and affiliates is used. In this study, multiple linear regression model and analysis pooled results from software Eviews7 is used. The new outcome data extraction software is used. The study hypothesis significance testing more than 0.05 and less original hypothesis. After running the above hypothetical models to the conclusion that, The gap between market breadth, depth market and by market index The stock returns of companies with financial constraint, there is no significant relationship. But the lack of market depth and intermediation market indicators and stock returns In companies without restrictions on financing there is a significant positive relationship.
Authors and Affiliations
Tahereh Zandi| MSc in Accounting, Faculty of Humanities, Hamadan Branch, Islamic Azad University, Hamadan, Iran. email: t.zandi66@gmail.com, Marzieh Bayat| Prof. Scientific Board Limb of Managment Administration, Faculty of Managment, Hamadan Branch, Islamic Azad University, Hamadan, Iran., Yavar Mir Abbasi| Managment Dept, Hamadan Branch, Islamic Azad University, Hamadan, Iran.
Keywords
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