Mostafa Hashemi Tilehnouei; Javad Nikkar
Abstract
The ability to produce future cash flows is an important part of the decision-making mechanism of the various shareholders. If cash flows can be predicted appropriately, a significant part of the informational needs associated with cash flows will be provided. Some analysts and investors argue that cash ...
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The ability to produce future cash flows is an important part of the decision-making mechanism of the various shareholders. If cash flows can be predicted appropriately, a significant part of the informational needs associated with cash flows will be provided. Some analysts and investors argue that cash flows are the main criterion for valuation. In this regard, the objective of this study is to examine the impact of firm characteristics in predictable future cash flows from operating activities by employing present operating cash flow and profitability. For this reason, eight hypotheses were developed and information was analyzed for 127 firms listed in Tehran Stock Exchange for the period of between 2011 and 2020. The regression model was tested with fixed effect model using panel data. The findings of the study showed that the firm characteristics like size, level of competition and level of supervision have a positive impact on the predicting power of present operating cash flow and present profitability in anticipating future operating cash flow. By contrast, the outcomes disclose that characteristics such as company’s life will not have a significant effect on the predicting strength of present operating cash flow and present profitability to forecast future cash flow from operating activities.
Elham Hamidi; Javad Nikkar; Mostafa Hashemi Tilehnouei
Abstract
Corporate social responsibility (CSR) is a fundamental factor for the survival of any organization. Companies and institutions are active in a society that provides them various opportunities to earn profits and realize their goals. The increasing importance of corporate social responsibility and the ...
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Corporate social responsibility (CSR) is a fundamental factor for the survival of any organization. Companies and institutions are active in a society that provides them various opportunities to earn profits and realize their goals. The increasing importance of corporate social responsibility and the costs required by companies to operate and participate in these issue has led to the purpose of this study to investigate the impact of corporate social responsibility on the managers' behaviors in companies listed on the Tehran Stock Exchange. This study is based on purpose, application and data analysis in the field of causal descriptive studies. In this study, the reflection of managers’ myopic and optimistic behaviors is considered as managers' behaviors. Therefore, two hypotheses were developed to investigate this issue, and data from 174 listed companies were analyzed from 2008 to 2018. The regression model of the research was evaluated using a panel data method with a fixed-effects approach and logistic regression method. The result showed that the fulfillment of corporate social responsibility has a significant negative effect on the optimistic behavior of managers and decreases this type of behavior by managers. On the other hand, the results confirmed that accomplishing corporate social responsibility does not have a significant effect on managers' myopic behavior.