چکیده:
Return on investment is a driving force that motivates and is a reward for investors.
Investment returns are important for investors, in order for the entire investment
game to be realized. Evaluating efficiency is the only logical way (Before
risk assessment) that investors can do to compare alternative and different investments.
Measuring real returns (relative to the past) is needed to better understand
investment performance. Particularly, the study of past returns has a major role in
predicting and predicting future returns. Therefore, the present study seeks to
"investigate the effect of the internal rate of return on cash recycling on unusual
returns as well as the effect of cost leadership strategies variables on the relationship
between the internal rate of return on cash recycle and the unusual returns in
the period from 2009 to 2013. In this research, the sample consists of 72 companies
that have been selected by systematic elimination method, which is a total of
360 years. In this research, linear regression and correlation coefficient were used
to investigate the hypotheses of the research. EVIEWS software has been used to
analyse the data and test the research hypotheses. According to the regression
results, the following results were obtained:
1. An internal rate of return on cash recycling affects unusual returns.
2. The internal rate of return based on the recycling of cash The abnormal returns
affect the strategy of cost leadership.
خلاصه ماشینی:
Despite extensive research on the in- formation content of accounting rates of return, the question of whether earnings based measures are superior to cash flow-based measures in explaining economic performance is inconclusive.
We extend prior research on al- ternative performance measures by empirically testing whether return on assets (ROA), an earn- ings-based measure of performance or estimated internal rate of return (EIRR), a cash recovery- based measure of performance, is more useful in conveying information about firms’ economic performance using both cross-sectional and time-series analyses and various time intervals.
In an effort to bridge the gap between ac- counting and economic measures of performance, researchers have focused on identifying the differences between accounting and internal rates of return.
3 Testing and analysing the second hypothesis Second hypothesis: Internalized cash-based cash-flow rates affect the unusual returns of companies with cost leadership strategies (ratio of total employees to total assets).
Table 3: The results of the second hypothesis (View the image of this page) The results of the estimation show that the probability of t for the coefficient of internal rate of return variables and the degree of financial leverage to cash recycling on the unusual returns of companies with the ratio strategy The total number of employees to total assets is less than 5%.
After designing and testing the hypothesis of the research, it was concluded that the internal rate of return based on cash recycling affects the abnormal returns.