واکنش‌ بازده غیرعادی سهام نسبت به ارزش برند

نوع مقاله : علمی - پژوهشی

نویسندگان

دانشگاه شهید بهشتی

چکیده

     برند به­عنوان یکی از مهم­ترین دارایی­های ناملموس شرکت، نقش مهمی در ارزش کلی شرکت ایفا می‌کند. ارزش برند، تأثیر مهمی بر فروش و درنهایت بر سودآوری شرکت دارد. هدف پژوهش حاضر بررسی میزان توضیح­ دهندگی تأثیر ارزش برند بر بازدهی غیرنرمال سهام است. اثر تعدیل‌گری دو متغیر نسبت خالص جریان نقدی و حاشیه سود خالص بر رابطه بین ارزش برند و بازده غیرعادی سهام نیز بررسی می‌شود. معیار کیو-توبین برای محاسبه ارزش برند استفاده به‌کار رفت. نمونه پژوهش را شرکت­های تولیدی کاشی و سرامیک عضو سازمان «بورس و اوراق بهادار ایران» بین سال‌های 1381 تا 1393 تشکیل می­دهد. برای آزمون فرضیه­ها در قالب داده­های تابلویی از نرم­افزار EVIEWS استفاده شد. نتایج نشان‌دهنده تأثیر مثبت و معنادار تغییر ارزش برند بر بازده غیرعادی سهام است. تغییر ارزش برند برای شرکت­هایی با نسبت خالص جریان نقدی بیشتر و حاشیه سود خالص کمتر، اثر قوی­تری بر بازده غیرعادی سهام دارد. اثر همزمان دو متغیر تبدیل‌گر پژوهش، اثر ضعیفی بر تأثیر تغییر ارزش برند بر بازده غیرعادی سهام دارد.

کلیدواژه‌ها

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  • تاریخ دریافت: 12 خرداد 1395
  • تاریخ بازنگری:
  • تاریخ پذیرش: 11 دی 1399

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