Investigating the Impact Corporate Financialization on Investment Efficiency based on the Moderating role of Financing Constraints of Companies listed on the Tehran Stock Exchange
The main purpose of this study is to show whether the financing of companies has an impact on their investment efficiency and how this impact is determined by the moderator of the financing constraints of companies. In other words, this study aims to determine whether the financing of companies has...
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Alzahra University
2025-06-01
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| Series: | راهبرد مدیریت مالی |
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| Online Access: | https://jfm.alzahra.ac.ir/article_8547_90aed31aaedeb07af6ad286509cfefd0.pdf |
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| author | Khadijeh Rabiee Morteza Mahdian poor |
| author_facet | Khadijeh Rabiee Morteza Mahdian poor |
| author_sort | Khadijeh Rabiee |
| collection | DOAJ |
| description | The main purpose of this study is to show whether the financing of companies has an impact on their investment efficiency and how this impact is determined by the moderator of the financing constraints of companies. In other words, this study aims to determine whether the financing of companies has a positive or negative effect on their investment decisions and how this effect is moderated by the financing constraints of companies. Therefore, the main goal of the current research is to investigate the effect of company financialization on investment efficiency based on the moderating role of financing constraints of companies admitted to the Tehran Stock Exchange. Investigating the impact of financialization on investment efficiency, considering the moderating role of financing restrictions, helps companies to improve and optimize the use of financial resources and improve their performance. In general, it can be said that examining these effects helps companies to choose appropriate strategies for providing and using financial resources and to improve their performance. In order to carry out this research, 143 companies were investigated for a 10-year period between 2012 and 2022 in the Tehran Stock Exchange as a statistical sample. Research hypotheses were analyzed using panel data regression and combined regression in EViews10 software. The results of the hypothesis analysis using the generalized least squares estimation method showed that the financialization of the company has a positive and significant effect on the investment efficiency. Financing constraints have a negative and significant effect on the relationship between company financialization and investment efficiency. |
| format | Article |
| id | doaj-art-a938d7ef50534ee6bde07f28dfe27d32 |
| institution | DOAJ |
| issn | 2345-3214 2538-1962 |
| language | fas |
| publishDate | 2025-06-01 |
| publisher | Alzahra University |
| record_format | Article |
| series | راهبرد مدیریت مالی |
| spelling | doaj-art-a938d7ef50534ee6bde07f28dfe27d322025-08-20T03:07:35ZfasAlzahra Universityراهبرد مدیریت مالی2345-32142538-19622025-06-0113215717810.22051/jfm.2025.46578.29118547Investigating the Impact Corporate Financialization on Investment Efficiency based on the Moderating role of Financing Constraints of Companies listed on the Tehran Stock ExchangeKhadijeh Rabiee0Morteza Mahdian poor1Assistant Professor. Department of Accounting, Payame Noor University, Tehran, IranMaster of Accounting, Payam Noor University, Tehran, IranThe main purpose of this study is to show whether the financing of companies has an impact on their investment efficiency and how this impact is determined by the moderator of the financing constraints of companies. In other words, this study aims to determine whether the financing of companies has a positive or negative effect on their investment decisions and how this effect is moderated by the financing constraints of companies. Therefore, the main goal of the current research is to investigate the effect of company financialization on investment efficiency based on the moderating role of financing constraints of companies admitted to the Tehran Stock Exchange. Investigating the impact of financialization on investment efficiency, considering the moderating role of financing restrictions, helps companies to improve and optimize the use of financial resources and improve their performance. In general, it can be said that examining these effects helps companies to choose appropriate strategies for providing and using financial resources and to improve their performance. In order to carry out this research, 143 companies were investigated for a 10-year period between 2012 and 2022 in the Tehran Stock Exchange as a statistical sample. Research hypotheses were analyzed using panel data regression and combined regression in EViews10 software. The results of the hypothesis analysis using the generalized least squares estimation method showed that the financialization of the company has a positive and significant effect on the investment efficiency. Financing constraints have a negative and significant effect on the relationship between company financialization and investment efficiency.https://jfm.alzahra.ac.ir/article_8547_90aed31aaedeb07af6ad286509cfefd0.pdfcorporate financializationinvestment efficiencyfinancing constraints |
| spellingShingle | Khadijeh Rabiee Morteza Mahdian poor Investigating the Impact Corporate Financialization on Investment Efficiency based on the Moderating role of Financing Constraints of Companies listed on the Tehran Stock Exchange راهبرد مدیریت مالی corporate financialization investment efficiency financing constraints |
| title | Investigating the Impact Corporate Financialization on Investment Efficiency based on the Moderating role of Financing Constraints of Companies listed on the Tehran Stock Exchange |
| title_full | Investigating the Impact Corporate Financialization on Investment Efficiency based on the Moderating role of Financing Constraints of Companies listed on the Tehran Stock Exchange |
| title_fullStr | Investigating the Impact Corporate Financialization on Investment Efficiency based on the Moderating role of Financing Constraints of Companies listed on the Tehran Stock Exchange |
| title_full_unstemmed | Investigating the Impact Corporate Financialization on Investment Efficiency based on the Moderating role of Financing Constraints of Companies listed on the Tehran Stock Exchange |
| title_short | Investigating the Impact Corporate Financialization on Investment Efficiency based on the Moderating role of Financing Constraints of Companies listed on the Tehran Stock Exchange |
| title_sort | investigating the impact corporate financialization on investment efficiency based on the moderating role of financing constraints of companies listed on the tehran stock exchange |
| topic | corporate financialization investment efficiency financing constraints |
| url | https://jfm.alzahra.ac.ir/article_8547_90aed31aaedeb07af6ad286509cfefd0.pdf |
| work_keys_str_mv | AT khadijehrabiee investigatingtheimpactcorporatefinancializationoninvestmentefficiencybasedonthemoderatingroleoffinancingconstraintsofcompanieslistedonthetehranstockexchange AT mortezamahdianpoor investigatingtheimpactcorporatefinancializationoninvestmentefficiencybasedonthemoderatingroleoffinancingconstraintsofcompanieslistedonthetehranstockexchange |