Journal of Accounting and Management Vision

Journal of Accounting and Management Vision

The effect of research and development expenses, liquidity, leverage, profitability and activity on firm value with the moderating role of firm size in companies listed on the Tehran Stock Exchange.

Document Type : Original Article

Authors
mohadeseh karkhaneh 1
mehdi panahi 2
saeed amini 2
1 Master's degree student in Accounting, Varamin-Pishva Branch, Islamic Azad University, Pishva, Iran.
2 Assistant Professor, Department of Accounting, Varamin-Pishva Branch, Islamic Azad University, Pishva, Iran.
Abstract
The aim of this study is to investigate the effect of R&D expenditures, liquidity, financial leverage, profitability, and company activity level on company value, as well as to analyze the moderating role of company size in these relationships. The study is applied in terms of purpose and descriptive-correlational in terms of method, and was conducted using post-event data. The statistical population of the study included 147 companies listed on the Tehran Stock Exchange, and the data used were extracted from the audited financial statements and disclosed information of the companies during the period 1394 to 1403. In order to analyze the data and test the hypotheses, panel data regression models were used. The results of the study show that the financial and operational variables under study have significant and different effects on firm value. In particular, R&D expenditures and profitability have a positive effect on firm value, while the effect of financial leverage depends on the specific conditions of the firms. Also, the findings indicate that firm size plays a significant moderating role in some of the relationships between independent variables and firm value. The results of this study can be useful for firm managers, investors, and capital market policymakers to improve financial decision-making and enhance firm value.
Keywords
Firm value
research and development spending
liquidity
financial leverage
profitability
Subjects