چکیده:
In competition environment, the perpetuity of economic life entails of effort for acquiring greater share of market that is not ineffective of increasing in firms earning and changes in return on equity. In most researches, the sale of firm in comparison with other competitors is considered as the main factor to determine the market share and achieving more share of sale market in comparison with scope of competitor’s sale is entailed to use the prevalent strategies. In these research effects of change in firm's market share on return on equity is studied considering the price and momentum factors between 2004 to 2008 for 87 accepted firms in Tehran stock exchange. The result show that the current and future return on equity is affected by change in market share, but nevertheless of remain of that relation in 3 years, research variables has not enough predictability and with pass of time (more 2 financial periods) current performance has small effect in future performance that communicative of swings in capital market and sudden change in market share. Research show that valuation of current earnings with market share changes in regression model based on abnormal excess return, and based on regression model based on price that relation in conformed, but the stock price effects has trusty result that show effecting market share on price.
خلاصه ماشینی:
Investigating the relationship between changes in sales market share and its effects on return on equity and future growth opportunities in companies listed on the Tehran Stock Exchange 4 Ahmad Ahmadpour1 / Sahar Ajagh 2 / Maryam Akbarian Fard 3 / Hamed Arad Abstract In today's competitive business environment, the effort to capture the market and the flow of competition around it has influenced the behaviors of market participants.
Contrary to the importance of market share as an indicator for a company's competitive environment (Porter, 1985), (Swirsky, 2004), (Mutshinyani, 2009), its role in valuation models based on accounting information has been less prominent, and most accounting studies (Bernard, 1994), (Penman, 1991) show that the market should focus on forecasting future incomes as a factor for returns and stock prices, and company profit is considered a criterion for current and future performance.
In the present research, the effects resulting from changes in market share, evaluated using the MSC index, on the income of companies listed on the Tehran Stock Exchange have been investigated.
Swirsky (2004), by introducing the market share change criterion as an index for performance of the company, examined the relationship between profit and stock returns, taking into account future growth opportunities.
5- Results of the study In this research, the relationship between changes in market share and its impact on return on equity and future growth opportunities in companies listed on the Tehran Stock Exchange during the years 1383 to 1387 was investigated.
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