چکیده:
This research seeks to find an answer to the question of whether, after a period of conservative leverage, companies achieve a degree of financial flexibility that enables them to undertake more important and larger capital expenditures. In other words, do companies that possess financial flexibility have increased investment capacity? In this study, discretionary accruals were used, utilizing the Marchica and Mura model, as an indicator to determine flexibility in companies. To this end, information from 171 companies during the years 1382 to 1386 was utilized. The results of this research indicate the absence of an impact of financial flexibility on investment costs, as well as the lack of a relationship between cash flow and capital expenditures in the studied companies of the Tehran Stock Exchange.
خلاصه ماشینی:
The results of this research indicate the absence of an effect of financial flexibility on investment expenditures, as well as the lack of a relationship between cash flow and capital expenditures in the studied companies of the Tehran Stock Exchange.
Summer 2010 Figure 1: Test results of the distribution shape of the variables studied in the research {Refer to the attached table file} 8-1- Testing the research hypotheses First hypothesis: In companies with financial flexibility, capital expenditures are higher than in companies with lower financial flexibility.
Figure 2: Descriptive statistics of capital expenditures in the two flexibility populations {Refer to the attached table file} Figure 3: Results of variance and mean comparison tests in the two flexibility populations {Refer to the attached table file} 162 Journal of Financial Engineering and Portfolio Management.
Summer 2010 Second hypothesis: In companies with financial flexibility, there is a relationship between cash flow and capital expenditures.
Summer 2010 Second hypothesis: In companies with financial flexibility, there is a relationship between cash flow and capital expenditures.
Summer 2010 165 Figure 7: Results of the regression analysis of independent and dependent variables with the presence of a dummy variable {Refer to the attached table file} Comparison of the slopes of the two groups of companies, with financial flexibility and without financial flexibility, using the Wald test showed that there is no significant difference between the two slopes.
Summer 2010 Results obtained from the research hypothesis tests First Hypothesis: In companies with financial flexibility, capital expenditures are lower than in companies with less financial flexibility.
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