چکیده:
This research studies the companies’ effectiveness and performance relationship
with stock market liquidity in Tehran Stock Exchange during 2010-2015. Simultaneously,
in the study, the three indicators: return on assets, return on investment
and Tobin's Q ratio were applied as a measure of the performance and bid-ask
spread as a measure of liquidity, bid-ask spread to the stock market. This research
has a practical purpose and descriptive correlation in research nature and also
post-event research. The under study population comprises all companies accepted
in Tehran Stock Exchange during the intended period, 198 companies selected
with systematic elimination sampling to be studied and analyzed. The results
show a positive and significant association between companies’ performance and
Stock market liquidity
خلاصه ماشینی:
Evaluation of the Association between Company Performance and Tehran’s Stock Market Liquidity Zahra Amirhosseini* , Sadegh Hadipour Department of Management, Shahr-e- Qods Branch, Islamic Azad University, Shahr-e-Qords, Iran ARTICLE INFO Article history: Received 13 July 2017 Accepted 2 September 2017 Keywords: Stock market liquidity, Company's performance, Tobin's Q ratio,Return on equity,Bid-ask spread ABSTRACT This research studies the companies’ effectiveness and performance relationship with stock market liquidity in Tehran Stock Exchange during 2010-2015.
The results show a positive and significant association between companies’ performance andStock market liquidity 1 Introduction Most of creditors, investors, managers and those who play a role in economy make decisions based on the performance of companies in order to enter the capital market, appropriately return increasing the wealth and as a result, to change the stock market value.
Research variables used in research, for companies’ performance are return on assets and Tobin’s Q ratio and for the stock market liquidity supply and demand gap are turnover, the market value of trading and number of trading.
Momtazian, et al [21], studied relationship between management capabilities of companies’ per- formance indexes in Tehran Stock Exchange that the effect of company size variable and financial advantage was controlled.
First, they measured management capabilities using data covering analysis technique, and then studied the relationship using calculation of four measures of company perfor- mance: added economic value, return on equity, the price to earnings proportion and Tobin’s Q ratio.
96, so, there is a significant relationship between all variables return on assets Tobin’s Q ratio and return on equity on stock market liquidity.