دوره 9، شماره 33 - ( 9-1397 )                   سال9 شماره 33 صفحات 7-42 | برگشت به فهرست نسخه ها

XML English Abstract Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Abdi E, Khodadad kashi F, Mosavi Jahromi Y. The Effect of Financial Development on the Investment of the Companies Listed on the Tehran Stock Exchange. jemr. 2018; 9 (33) :7-42
URL: http://jemr.khu.ac.ir/article-1-1688-fa.html
عبدی ابراهیم، خداداد کاشی فرهاد، موسوی جهرمی یگانه. تاثیر توسعه مالی بر سرمایه گذاری شرکت های عضو بورس اوراق بهادار تهران. فصلنامه تحقیقات مدل سازی اقتصادی. 1397; 9 (33) :7-42

URL: http://jemr.khu.ac.ir/article-1-1688-fa.html


چکیده:   (580 مشاهده)
مقاله حاضر به ارزیابی تاثیر توسعه مالی بر سرمایه گذاری شرکت های عضو بورس اوراق بهادار تهران می پردازد. برای این منظور با استفاده از داده های 258 شرکت طی دوره 1384 تا 1395 و روش گشتاورهای تعمیم یافته پویا، مدل سرمایه گذاری با لحاظ محدودیت مالی برآورد گردید. نتایج تحقیق نشان داد که شرکت های مورد بررسی در زمینه سرمایه گذاری مواجه با محدودیت مالی بوده و توسعه مالی با کاهش محدودیت مالی شرکت ها بر سرمایه گذاری آنها تاثیر مثبت دارد. علاوه بر این، نتایج تحقیق نشان داد که تاثیر مثبت توسعه مالی بر سرمایه گذاری شرکت های بزرگ، بیشتر از شرکت های کوچک بوده و در دوره رونق، محدودیت مالی شرکت ها کاهش می یابد و توسعه مالی اثر مثبت دوره رونق اقتصادی بر کاهش محدودیت مالی شرکت ها را افزایش می دهد.
متن کامل [PDF 960 kb]   (280 دریافت)    
نوع مطالعه: كاربردي | موضوع مقاله: پولی و مالی
دریافت: ۱۳۹۷/۱/۱۵ | پذیرش: ۱۳۹۷/۵/۳ | انتشار: ۱۳۹۷/۹/۲۸

فهرست منابع
1.  Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The review of economic studies, 58(2), 277-297.‌ [DOI:10.2307/2297968]
2.  Asadi, Z., Bahrami, J. & Talebloo, R. (2013). The Effects of Resources Curse Phenomena on Financial Development and Economic Growth: A Dynamic Panel Approach, Economic Growth and Development Research, 3(10), 1-120.
3.  Asongu, S. (2014). Linkages Between Investment Flows and Financial Development: Causality Evidence from Selected African Countries. African Journal of Economic and Management Studies, 5(3), 269-299. [DOI:10.1108/AJEMS-05-2012-0036]
4.  Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons.
5.  Beck, T., Demirgüç-Kunt, A., Laeven, L., & Maksimovic, V. (2006). The Determinants of Financing Obstacles. Journal of International Money and Finance, 25(6), 932-952. [DOI:10.1016/j.jimonfin.2006.07.005]
6.  Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing Patterns Around the World: Are Small Firms Different?. Journal of Financial Economics, 89(3), 467-487. [DOI:10.1016/j.jfineco.2007.10.005]
7.  Bena, J., & Ondko, P. (2012). Financial Development and the Allocation of External Finance. Journal of Empirical Finance, 19(1), 1-25. [DOI:10.1016/j.jempfin.2011.11.002]
8.  Bernanke, B., & Gertler, M. (1989). Agency Costs, Net Worth, and Business Fluctuations. The American Economic Review, 87(5), 14-31.
9.  Bernanke, B., Gertler, M., & Gilchrist, S. (1996). The Financial Accelerator and the Flight to Quality. Reviw of Economics and Statistics, 78, 1-15. [DOI:10.2307/2109844]
10.  Besharat, E. (2014). Study of the Causal Relationship between Financial Development with Investment and Total Factors Productivity's Growth of Iran's Agricultural Sector, Master Thesis Of Agricultural Economics, Agricultural Faculty, Urmia University.
11.  Bond, S. R. (2002). Dynamic panel data models: a guide to micro data methods and practice. Portuguese economic journal, 1(2), 141-162. [DOI:10.1007/s10258-002-0009-9]
12.  Calomiris, C. W., & Hubbard, R. G. (1993). Internal finance and investment: Evidence from the undistributed profits tax of 1936-1937, Journal of Business, 68(5), 443-482. [DOI:10.3386/w4288]
13.  Capolupo, R. (2018). Finance, investment and growth: Evidence for italy. Economic Notes, 47(1), 145-186. [DOI:10.1111/ecno.12097]
14.  Chan, H., Chang, X., Faff, R., & Wong, G. (2010). Financial constraints and stock returns-Evidence from Australia. Pacific-Basin Finance Journal, 18(3), 306-318.‌ [DOI:10.1016/j.pacfin.2010.02.004]
15.  Creane, S. (2004). Financial sector development in the Middle East and North Africa (Vol. 4). International Monetary Fund.
16.  Dahmardeh, N. & Esna Ashari, H. (2015). The role of Financial Development on Investment in Agricultural Sector of Iran, Agricultural Economics and Development, 23(91), 189-211.
17.  Demirgüç-Kunt, A., & Maksimovic, V. (1998). Law, Finance, and Firm Growth. The Journal of Finance, 53(6), 2107-2137. [DOI:10.1111/0022-1082.00084]
18.  Demirgüç-Kunt, A., & Maksimovic, V. (1999). Institutions, Financial Markets, and Firm Debt Maturity. Journal of financial economics, 54(3), 295-336. [DOI:10.1016/S0304-405X(99)00039-2]
19.  Farzinvash, A. & Azizmohammadlou, H. (2012). The Relationship between Financial Development and Private Investment in Iran, Financial Monetary Economics, 19(4), 23-59.
20.  Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988). Financing Constraints and Corporate Investment. Brookings papers on economic activity, 1988(1), 141-206. [DOI:10.2307/2534426]
21.  Gilchrist, S., & Himmelberg, C. (1998). Investment: Fundamentals and Finance. NBER macroeconomics annual, 13, 223-262. [DOI:10.1086/ma.13.4623744]
22.  Hubbard, R. G., & Kashyap, A. K. (1992). Internal net Worth and the Investment Process: An application to US agriculture. Journal of Political Economy, 100(3), 506-534. [DOI:10.1086/261827]
23.  Hubbard, R. G., Kashyap, A. K., & Whited, T. M. (1993). Internal Finance and Firm Investment , Journal of Money Credit and Banking, 27 (4),. 683-701. [DOI:10.2307/2077743]
24.  Khan, M. K., Ying, H. E., Kaleem, A., Akram, U., & Hussain, Z. (2018). Remedial role of financial development in corporate investment amid financing constraints and agency costs. Journal of Business Economics and Management, 19(1), 176-191. [DOI:10.3846/16111699.2017.1422797]
25.  Larrain, B. (2006). Do Banks Affect the Level and Composition of Industrial Volatility?. The Journal of Finance, 61(4), 1897-1925. [DOI:10.1111/j.1540-6261.2006.00892.x]
26.  Lerskullawat, A. (2018). Financial development, financial constraint, and firm investment: Evidence from Thailand. Kasetsart Journal of Social Sciences, 39(3), 1-12. [DOI:10.1016/j.kjss.2018.01.010]
27.  Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of economic literature, 35(2), 688-726.‌
28.  Levine, R. (2005). Finance and Growth: Theory and Evidence. Handbook of economic growth, 1(1), 865-934. [DOI:10.1016/S1574-0684(05)01012-9]
29.  Love, I. (2003). Financial Development and Financing Constraints: International Evidence from the Structural Investment Model. The Review of Financial Studies, 16(3), 765-791. [DOI:10.1093/rfs/hhg013]
30.  Lucas, R. E. (1988). On the Mechanics of Economic Development. Journal of monetary economics, 22(1), 3-42. [DOI:10.1016/0304-3932(88)90168-7]
31.  McKinnon, R. I. (1973). Money and Capital in Economic Development. The Bookings Institute, Washington DC.
32.  Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review 48 (3), 261-297.
33.  Moradi, J. & Ahmadi, Gh. (2011). Determinates of Corporation Investment Behavior in the Imperfect Capital Markets, Financial Accounting Researches, 3(2), 125-136.
34.  Muyambiri, B., & Odhiambo, N. M. (2018). South Africa's Financial Development and its Role in Investment. Journal of Central Banking Theory and Practice, 7(1), 101-120. [DOI:10.2478/jcbtp-2018-0005]
35.  Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors do not have. Journal of financial economics, 13(2), 187-221. [DOI:10.1016/0304-405X(84)90023-0]
36.  Nazari, H. (2016). The Role of Financial Development in Iran's Private Sector's Investment, Master Thesis Of Finance, Management and Accounting Faculty, Allameh Tabatabayi University.
37.  Ndikumana, L. (2000). Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from panel data. World Development, 28(2), 381-400. [DOI:10.1016/S0305-750X(99)00129-1]
38.  Ndikumana, L. (2005). Financial Development, Financial Structure, and Domestic Investment: International Evidence. Journal of International Money and Finance, 24(4), 651-673.‌ [DOI:10.1016/j.jimonfin.2005.03.006]
39.  Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The Determinants and Implications of Corporate Cash Holdings. Journal of financial economics, 52(1), 3-46. [DOI:10.1016/S0304-405X(99)00003-3]
40.  Pagano, M. (1993). Financial Markets and Growth: an Overview. European economic review, 37(2-3), 613-622.‌ [DOI:10.1016/0014-2921(93)90051-B]
41.  Ratti, R. A., Lee, S., & Seol, Y. (2008). Bank concentration and Financial Constraints on Firm-Level Investment in Europe. Journal of Banking & Finance, 32(12), 2684-2694. [DOI:10.1016/j.jbankfin.2008.07.001]
42.  Ro, Y. J., Kim, I. C., & Kim, J. W. (2017). Financial Development and Investment in Korea. Emerging Markets Finance and Trade, 53(3), 534-543. [DOI:10.1080/1540496X.2015.1095562]
43.  Salimifar, M., Razmi, M. J. & Abou-Torabi, M. (2010). The Survey of the Financial Development Indicators Causality Relationship with Economic Growth in Iran. Quarterly Journal Of Quantitative Economics, 7(1), 75-103.
44.  Schumpeter, J.A. (1912). Theorie der Wirtschaftlichen Entwicklung. Dunker & Humblot, Leipzig. The Theory of Economic Development translated by R. Opie. Harvard University Press, Cambridge, MA, 1934.
45.  Shahabadi, A., Ahmadi, M. & Moradi, A. (2018). The Interaction of Financial Development and Economic Freedom on Insurance Penetration Unsuccessful Countries in the Development of the Insurance Industry. Journal of Economic Modeling Research, 8(31), 41-68.
46.  Shakeri, A. & Afhami, M. (2013). Estimation of Tobin's Q Investment function with Financial Frictions, The Economics Research, 13(2), 17-36.
47.  Taghavi, M. (2009). Financial Development Investment and Economic Growth, Financial Knowledge and Securities Analysis, 2(2), 51-64.
48.  Taleblo, R. & Rahmaniani, M. (2017). Measuring Probability of Informed Trading in Tehran Stock Exchange. Journal of Economic Modeling Research, 8(29), 73-98.
49.  Whited, T. M. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. The Journal of Finance, 47(4), 1425-1460. [DOI:10.1111/j.1540-6261.1992.tb04664.x]

ارسال نظر درباره این مقاله : نام کاربری یا پست الکترونیک شما:
CAPTCHA

ارسال پیام به نویسنده مسئول


کلیه حقوق این وب سایت متعلق به فصلنامه تحقیقات مدلسازی اقتصادی می باشد.

طراحی و برنامه نویسی : یکتاوب افزار شرق

© 2019 All Rights Reserved | Journal of Economic Modeling Research

Designed & Developed by : Yektaweb