خلاصة:
In this research, the relationship between financial ratios and stock returns in 45 companies of the Tehran Stock Exchange (from 61 different industries) for the years 1377 to 1382 has been investigated. The ratios examined were from three groups: leverage, profitability, and market ratios. To test the hypotheses regarding the existence of a linear relationship, the correlation test was used. To test whether investors pay attention to the time of publication of financial statements (at most until the end of Tir) to trade based on them, the cumulative stock return for a 21-month period was calculated in two ways. One is the return for the 21-month period of fiscal year t (RETA) and the other is the return for a 21-month period from the beginning of Mordad of year t to the end of Tir of year t+1 (RETB). The results of the cross-sectional and panel data analysis for all companies indicated that profitability and market ratios have a significant relationship with stock returns. Profitability ratios, especially the Return on Assets (ROA) ratio, were the best variables for the existence of a linear relationship with stock returns. The findings of the hypothesis testing at the industry level showed that there is no significant relationship between financial ratios and stock returns in most industries (36 percent of industries).
ملخص الجهاز:
The Relationship between Accounting Information and Stock Return (Refer to the page image) (From page 39 to 311) Dr. Sasan Mehrani 1 Dr. Mohammad Ali Aghaei 2 Fereydoon Moradi 3 Abstract: In this research, the relationship between financial ratios and stock returns in 45 companies of the Tehran Stock Exchange (from 61 different industries) for the years 1377 to 1382 has been investigated.
The results of the cross-sectional and panel data analysis for all companies indicated that profitability and market ratios have a significant relationship with stock returns.
In this research, the aim is to investigate the relationship between some financial ratios, which result from economic events manifested in the items of financial statements (accounting information), and stock returns, which are influenced by the market, investors' decisions, and other factors, over a 6-year period (1377 to 1382).
Research Variables In this research, inspired by the results of similar studies, the linear relationship between accounting information and stock returns for a different period and a more complete combination of financial ratios has been tested.
The last column of Table 4, which analyzes cross-sectional data, shows the percentage of observations in the 6-year research period in which the hypothesis of a linear relationship between financial ratios and stock returns was confirmed.
Here, the linear relationship between financial ratios and stock returns using the RETA and RETB methods, categorized by each industry, has been examined using Pearson, Spearman, and Kendall correlation tests for the panel data of the entire period.
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