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The Relationship between Abnormal Growth of Inventory and Long-Term Stock Returns of Companies Listed in Tehran Stock Exchange
Electronic Branch, Islamic Azad University, Tehran, Iran
Depament of Business Management, Islamic Azad University, Firoozkooh, Iran
Department of Accounting, College of Humanities, Tehran East Branch, Islamic Azad University, Tehran, Iran
- 1 Electronic Branch, Islamic Azad University, Tehran, Iran
- 2 Depament of Business Management, Islamic Azad University, Firoozkooh, Iran
- 3 Department of Accounting, College of Humanities, Tehran East Branch, Islamic Azad University, Tehran, Iran
Journal of Financial Risk Management·Volume 05 (2016)·Pages 81–93·Published 23 May 2016·DOI10.4236/jfrm.2016.52009
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Abstract
This study aimed to investigate the impact of seasonal fluctuations in annual and long-term inventory on stock returns of companies listed on the Stock Exchange in Tehran. A sample of 84 listed in the Tehran Stock Exchange, which their data for a period of 5 years (1388 to 1392) were the statistical analysis. Model study of research Steinker and Hoberg (2014) has been adapted where long-term stock return as the dependent variable is a function of the independent variables. The findings suggest that there is a significant relationship between annual and seasonal abnormal growth of inventory and long-term stock returns. This finding indicates that the capital market has reacted to inventory changes at different times. Based on the above results, it can be covered in the basic hypotheses accepted.
KeywordsAnnual Inventory Abnormal GrowthAbnormal Growth of Seasonal InventoryLong-Term Stock Returns
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