اخبار و اعلانات

 آمار

تعداد نشریات52
تعداد شماره‌ها2,091
تعداد مقالات21,679
تعداد مشاهده مقاله79,719,828
تعداد دریافت فایل اصل مقاله25,530,994
Arianpoor, Arash, Orfizadeh, Saleh. (1400). The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power. سامانه مدیریت نشریات علمی, 5(3), 107-126. doi: 10.22067/ijaaf.2021.40760
Arash Arianpoor; Saleh Orfizadeh. "The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power". سامانه مدیریت نشریات علمی, 5, 3, 1400, 107-126. doi: 10.22067/ijaaf.2021.40760
Arianpoor, Arash, Orfizadeh, Saleh. (1400). 'The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power', سامانه مدیریت نشریات علمی, 5(3), pp. 107-126. doi: 10.22067/ijaaf.2021.40760
Arianpoor, Arash, Orfizadeh, Saleh. The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power. سامانه مدیریت نشریات علمی, 1400; 5(3): 107-126. doi: 10.22067/ijaaf.2021.40760

The Relationship between Market Value, Capital Expenditures, Value Creation and Product Market Power

Iranian Journal of Accounting, Auditing and Finance
مقاله 7، دوره 5، شماره 3 - شماره پیاپی 16، آبان 2021، صفحه 107-126    اصل مقاله (983.93 K)
نوع مقاله: Original Article
شناسه دیجیتال (DOI): 10.22067/ijaaf.2021.40760
نویسندگان
Arash Arianpoor* 1؛ Saleh Orfizadeh2
1Department of Accounting, Attar Institute of Higher Education, Mashhad, Iran
2Economics and Administrative Sciences, Shahrood Branch, Islamic Azad University, Shahrood, Iran
چکیده
 The present study's primary purpose is to investigate the relationship between the company's market value, capital expenditures, value creation, and the product market power of the companies listed on the Tehran Stock Exchange. The study's statistical population consists of 129 companies during 2013-2018. The Combined data method has been used to test the research hypotheses. The Herfindahl–Hirschman, the Lerner, and the Industry-adjusted Lerner Index measure product market power. To measure the company's market value, Maditinos et al. (2011) were used to measure capital expenditures. The model presented in Liao, Lin and Lin, (2016) has been used, and the Pulic Model (2004) to measure value creation. The results show a positive (negative) correlation between the market value of the company and the Herfindahl–Hirschman Index and Lerner Index (Industry-adjusted Lerner Index). There is a positive (negative) correlation between capital expenditure and the Herfindahl–Hirschman index and Lerner Index (Industry-adjusted Lerner Index). The results show a negative (positive) correlation between value creation and the Herfindahl–Hirschman Index (Lerner Index and Industry-adjusted Lerner Index).
کلیدواژه‌ها
Market Value؛ Capital Expenditures؛ Value Creation؛ Product-Market Power
مراجع
  1. Aghion, P., Bloom, N., Blundell, R., Griffith, R. and Howitt, P. (2005). Competition and innovation: An inverted-U relationship. The Quarterly Journal of Economics, 120(2), pp. 701-728, https://doi.org/10.1093/qje/120.2.701
  2. Akdoğu, E. and MacKay, P. (2012). Product markets and corporate investment: Theory and evidence. Journal of Banking & Finance, 36(2), 439-453, https://doi.org/10.1016/j.jbankfin.2011.08.001.
  3. Alchian, A. A. (1950). Uncertainty, evolution, and economic theory. Journal of political economy, 58(3), 211-221.
  4. Amit, R. and Zott, C. (2001). Value creation in e‐business. Strategic management journal, 22( 6‐7), pp. 493-520, https://doi.org/10.1002/smj.187
  5. Baggs, J. and De Bettignies, J. E. (2007). Product market competition and agency costs. The Journal of Industrial Economics, 55(2), pp. 289-323. https://doi.org/10.1111/j.1467-6451.2007.00312.x
  6. Bain, J. S. (1951). Relation of profit rate to industry concentration: American manufacturing, 1936–1940. The Quarterly Journal of Economics, 65(3), pp. 293-324. https://doi.org/10.2307/1882217
  7. Bain, J. (1956). Barriers to New Competition. Harvard University Press, Cambridge, MA, 3. https://doi.org/10.4159/harvard.9780674188037
  8. Balakrishnan, K. and Cohen, D. (2011). Product Market Competition, Financial Accounting Misreporting and Corporate Governance: Evidence from Accounting Restatements.Working Paper. New York University.
  9. Biddle, G. and Hilary, G. (2006). The Effects of Accounting and Disclosure Quality on Firm-level Investment. In HKUST Summer Symposium. http://hdl.handle.net/1783.1/11017
  10. Bikker, J. A. (2004). Competition and efficiency in a unified European banking market. Books, Edward Elgar Publishing.
  11. Blazsek, S. and Escribano, A. (2016). Patent propensity, R&D and market competition: Dynamic spillovers of innovation leaders and followers. Journal of Econometrics, 191(1), pp. 145-163. https://doi.org/10.1016/j.jeconom.2015.10.005
  12. Boone, J. (2008). A new way to measure competition. The Economic Journal, 118(531), pp. 1245-1261. https://doi.org/10.1111/j.1468-0297.2008.02168.x
  13. Booth, L. D. and Zhou, J. (2008). Market power and dividend policy: a risk-based perspective”. https://dx.doi.org/10.2139/ssrn.1296940
  14. Bustamante, M. C. and Donangelo, A. (2017). Product market competition and industry returns”, The Review of Financial Studies, 30(12), 4216-4266. https://doi.org/10.1093/rfs/hhx033
  15. Cheung, Y. L., Jiang, P. and Tan, W. (2010). A transparency disclosure index measuring disclosures: Chinese listed companies. Journal of Accounting and Public Policy, 29(3), 259-280. https://doi.org/10.1016/j.jaccpubpol.2010.02.001
  16. Cremers, K. M., Nair, V. B. and Peyer, U. (2008) Takeover defences and competition: the role of stakeholders”, Journal of Empirical Legal Studies, 5(4), pp. 791-818. https://doi.org/10.1111/j.1740-1461.2008.00141.x
  17. Curry, B., and George, K. D. (1983). Industrial concentration: a survey. The Journal of Industrial Economics, 31(3), pp. 203-255. https://doi.org/10.2307/2097885
  18. Datta, S., Iskandar-Datta, M., and Sharma, V. (2011). Product market pricing power, industry concentration and analysts’ earnings forecasts. Journal of Banking & Finance, 35(6), pp. 1352-1366. https://doi.org/10.1016/j.jbankfin.2010.10.016
  19. Datta, S., Iskandar-Datta, M., and Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking & Finance, 37(8), pp. 3273-3285. https://doi.org/10.1016/j.jbankfin.2013.03.012
  20. Demsetz, H. (1973). Industry structure, market rivalry, and public policy. The Journal of Law and Economics, 16(1), pp. 1-9. https://doi.org/10.1086/466752
  21. Domowitz, I., Hubbard, R. G. and Petersen, B. C. (1986). Business cycles and the relationship between concentration and price-cost margins. The RAND Journal of Economics, 17(1), pp. 1-17. https://doi.org/10.2307/2555624
  22. Edwards, S., Allen, A. j. and Shaik, S. (2006). Market Structure Conduct Performance (SCP) Hypothesis Revisited using Stochastic Frontier Efficiency Analysis. http://dx.doi.org/10.22004/ag.econ.21350
  23. Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of political economy, 88(2), pp. 288-307. https://doi.org/10.1086/260866
  24. Farooq, O. and Pashayev, Z. (2020). Agency problems and the value of advertising expenditures in an emerging market: role of product market competition. Managerial Finance, 46(9), pp. 1123-1143. https://doi.org/10.1108/MF-08-2019-0389
  25. Frank, M. Z. and Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important?. Financial Management, 38(1), pp. 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
  26. Gal-Or, E. (1985). Information sharing in oligopoly. Econometrica: Journal of the Econometric Society, Vol. 53(2), pp. 329-343. https://doi.org/10.2307/1911239
  27. Gaspar, J. M. and Massa, M. (2006). Idiosyncratic volatility and product market competition. The Journal of Business, Vol. 79(6), pp. 3125-3152. https://doi.org/10.1086/505251
  28. Gholami J. R. and Khatiri, M. (2016). Impact of product market competition based on the adjusted Lerner Index on financing activities and liquidity deficit and fixed asset investment. Quarterly of Management Studies and Accounting, 2(1), Available at: https://civilica.com/doc/705397/. (In Persian)
  29. Grönroos, C. and Voima, P. (2013). Critical Service Logic: Making Sense of Value Creation and Co-Creation”, Journal of the Academy of Marketing Science, 41(2), pp. 133–150. https://doi.org/10.1007/s11747-012-0308-3
  30. Grossman, S.J. and Hart, O.D. (1992). An analysis of the principal-agent problem.  In Foundations of insurance Econometrica, 14(16), pp. 302-340. https://doi.org/10.1007/978-94-015-7957-5_16
  31. Grullon, G. and Michaely, R. (2007). Corporate payout policy and product market competition. SSRN Electronic Journal.
  32. Hall, B. H., Lerner, J. (2010). The financing of R&D and innovation, In Handbook of the Economics of Innovation, North-Holland, 1(14), 609-639. https://doi.org/10.1016/S0169-7218(10)01014-2
  33. Han, S., Nanda, V. K. and Silveri, S. (2016). CEO power and firm performance under pressure. Financial Management, 45(2), pp. 369-400. https://doi.org/10.1111/fima.12127
  34. Hart, O.D. (1983). The market mechanism as an incentive scheme. Bell Journal of Economics, 14(2), pp. 366–382. https://doi.org/10.2307/3003639
  35. Haushalter, D., Klasa, S. and Maxwell, W. F. (2007). The influence of product market dynamics on a firm's cash holdings and hedging behavior. Journal of Financial Economics, 84(3), pp. 797-825. https://doi.org/10.1016/j.jfineco.2006.05.007
  36. Haw, I. M. Hu, B. and Lee, J. J. (2015). Product market competition and analyst forecasting activity: International evidence. Journal of Banking & Finance, 56(5), pp. 48-60. https://doi.org/10.1016/j.jbankfin.2015.02.010
  37. He, W. (2012). Agency problems, product market competition and dividend policies in Japan. Accounting & Finance, 52(3), pp. 873-901. https://doi.org/10.1111/j.1467-629X.2011.00414.x
  38. Iazzolino, G. and Laise, D. (2016). Value creation and sustainability in knowledge-based strategies. Journal of Intellectual Capital, 17(3), pp. 457-470. https://doi.org/10.1108/JIC-09-2015-0082
  39. Irvine, P. J. and Pontiff, J. (2009). Idiosyncratic return volatility, cash flows, and product market competition. The Review of Financial Studies, 22(3), pp. 1149-1177. https://doi.org/10.1093/rfs/hhn039
  40. Jaspersen, S. (2016). Market power in the portfolio: Product market competition and mutual fund performance. CFR Working Papers 16-07, Available at: http://hdl.handle.net/10419/213844
  41. Johnson, W. H. (2002). Leveraging intellectual capital through product and process management of human capital. Journal of Intellectual Capital, 3(4), pp. 415-429. https://doi.org/10.1108/14691930210448323
  42. Jory, S. and Ngo, T. (2017). Firm power in product market and stock returns. The Quarterly Review of Economics and Finance, 65(17), pp. 182-193. https://doi.org/10.1016/j.qref.2016.09.008
  43. Kale, J. R. and Loon, Y. C. (2011). Product market power and stock market liquidity. Journal of Financial Markets, 14(2), pp. 376-410. https://doi.org/10.1016/j.finmar.2010.10.003
  44. Lelissa, T. B. and Kuhil, A. M. (2018). The Structure Conduct Performance Model and Competing Hypothesis- A Review of Literature. Research Journal of Finance and Accounting,  9(1), pp. 76-89.
  45. Lerner, A. (1934). The concept of monopoly and the measurement of monopoly power. Review of Economic Studies, 1(3), pp. 157-175. https://doi.org/10.2307/2967480
  46. Li, M., Lu, Y. and Phillips, G. M. (2019). CEOs and the product market: When are powerful CEOs beneficial? Journal of Financial and Quantitative Analysis, 54(6), 2295-2326. https://doi.org/10.1017/S0022109018001138
  47. Liao, L. K. Lin, Y. M. and Lin, T. W. (2016). Non-financial performance in product market and capital expenditure. Journal of Business Research, 69(6), 2151-2159. https://doi.org/10.1016/j.jbusres.2015.12.023
  48. Lindenberg, E. B. and Ross, S. A. (1981). Tobin's q ratio and industrial organization. Journal of business, 54(1), pp. 1-32.
  49. Lusch, R.F. and Vargo, S.L. (2006). Service-Dominant Logic: Reactions, Reflections and Refinements. Marketing Theory, 6(3), pp. 281-288. https://doi.org/10.1177%2F1470593106066781
  50. Maditinos, D., Chatzoudes, D., Tsairidis, C. and Theriou, G. (2011). The impact of intellectual capital on firms' market value and financial performance. Journal of intellectual capital, 12(1), pp. 132-151. https://doi.org/10.1108/14691931111097944
  51. Mason, E. S. (1939). Price and production policies of large-scale enterprise. The American Economic Review, 29(1), pp. 61-74.
  52. Maliranta, M., Pajarinen, M., Rouvinen, P. and Yla-Anttila, P. (2007). Competition in Finland: Trends across business sectors in 1994-2004. Ministry of Industry, MTI Publications 13, pp. 978-979 https://www.finna.fi/Record/tuni.995678634205973
  53. Marciukaityte, D. and Park, J. C. (2009). Market competition and earnings management. available at: https://ssrn.com/abstract=1361905. https://dx.doi.org/10.2139/ssrn.1361905
  54. Meschi, M. (1997). Analytical Perspectives on Mergers and Acquisitions: A Survey, CIBS Research Papers in International Business 5-97, London South Bank University CIBS.
  55. Nugroho, A. C. and Stoffers, J. (2020). Market Competition and Agency Problem: a Study in Indonesian Manufacturing Companies. JDM (Jurnal Dinamika Manajemen), 11(1), pp. 65-77.
  56. Paniagua, J., Rivelles, R. and Sapena, J. (2018). Corporate governance and financial performance: The role of ownership and board structure. Journal of Business Research, 89(9),  229-234. https://doi.org/10.1016/j.jbusres.2018.01.060
  57. Peress, J. (2010). Product market competition, insider trading, and stock market efficiency”, The Journal of Finance, 65(1), pp. 1-43. https://doi.org/10.1111/j.1540-6261.2009.01522.x
  58. Pirie, S. and Smith, M. (2008), “Stock prices and accounting information: evidence from Malaysia. Asian Review of Accounting, 16(2), pp. 109-133. http://dx.doi.org/10.1108/13217340810889924
  59. Pulic, A. (2004). Intellectual capital–does it create or destroy value?. Measuring business excellence, 8(1), pp. 62-68. https://doi.org/10.1108/13683040410524757
  60. Raith, M. (2003). Competition, risk, and managerial incentives. American Economic Review, 93(4), pp. 1425-1436. DOI: 10.1257/000282803769206395
  61. Rostami, V. and Rezaei, L. (2021). The effect of competition in the product market and financial flexibility on business strategy. Journal of Facilities Management. https://doi.org/10.1108/JFM-11-2020-0086
  62. Salehi, M., Daemi, A. and Akbari, F. (2020). The effect of managerial ability on product market competition and corporate investment decisions: Evidence from Iran. Journal of Islamic Accounting and Business Research, 11(1), pp. 49-69. https://doi.org/10.1108/JIABR-10-2016-0113
  63. Schiersch, A. and Schmidt-Ehmcke, J. (2010). Empiricism meets theory: is the Boone-indicator applicable?. German Institute for Economic Research (DIW) Discussion Papers, 1030, https://dx.doi.org/10.2139/ssrn.1641034
  64. Schmidt, K. M. (1997). Managerial incentives and product market competition. The Review of Economic Studies, 64(2), pp. 191-213. https://doi.org/10.2307/2971709
  65. Schumpeter, J. A. (2017). The theory of economic developments: an inquiry into profits, capital, credit, interest, and the business cycle. Harvard University Press, Oxford University Press, New York. https://doi.org/10.4324/9781315135564
  66. Sharma, A., Krishnan, R. and Grewal, D. (2001). Value creation in markets: a critical area of focus for business-to-business markets. Industrial Marketing Management, 30(4), pp. 391-402. https://doi.org/10.1016/S0019-8501(01)00153-5
  67. Sheikh, S. (2018). CEO power, product market competition and firm value. Research in International Business and Finance, 46(30), pp. 373-386. https://doi.org/10.1016/j.ribaf.2018.04.009
  68. Shepherd, W. G. (1970), “Market power and economic welfare: An introduction”, Random House, New York.
  69. Shepherd, W.G. (1986). On the Core Concepts of Industrial Economics. In: de Jong H.W., Shepherd W.G. (eds) Mainstreams in Industrial Organization. Studies in Industrial Organization, 6(2), pp. 23-67, Springer, Dordrecht, https://doi.org/10.1007/978-94-017-0493-9_2
  70. Stigler, G. (1958). The economics of scale. Journal of Law and Economics, 1(3), pp. 54–71. https://doi.org/10.1086/466541
  71. Tower, A. P., Hewett, K., Saboo, A. (2021). Reexamining the tradeoff between value creation and value appropriation: The role of internal organisational resources vs. External strategic international alliances. Journal of Business Research, 123(10), pp. 302-312. https://doi.org/10.1016/j.jbusres.2020.09.048
  72. Tusha, A. and Hashorva, A. (2015). Lerner Index and Boone indicator to Albanian banking sector. International Journal of Scientific and Engineering Research, 6 (10), pp. 467-471. https://www.ijser.org/researchpaper/Lerner-index-and-Boone-indicator-to-Albanian-banking-sector.pdf
  73. Van Hoose D. (2010). The Industrial Organization of Banking https://doi.org/10.1007/978-3-642-02821-2.
  74. Weiss, L. (1971). Quantitative Studies of Industrial Organization. In M.D. Intriligator (Ed.), Frontiers of Quantitative Economics, University of Wisconsin, 362-403 https://books.google.com/books/about/Quantitative_Studies_of_Industrial_Organ.html?id=n7rGvQEACAAJ
 

آمار
تعداد مشاهده مقاله: 824
تعداد دریافت فایل اصل مقاله: 864


سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب