چشم انداز مدیریت بازرگانی

چشم انداز مدیریت بازرگانی

واکنش‌ بازده غیرعادی سهام نسبت به ارزش برند

نوع مقاله : علمی - پژوهشی

نویسندگان
ابوالفضل براتی
محمد رضا عباسپور نوغانی
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
ارزش برند
بازده غیرعادی سهام
نسبت خالص جریان نقد
حاشیه سود خالص

عنوان مقاله English

The reaction of abnormal stock returns to brand value

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