标题：Analysis of Financial Leverage, Operating Leverage and Capital Venture Effect on Tobin's Q Ratio of Investment and Holding Companies Listed in Tehran Stock Exchange
期刊名称：Advances in Mathematical Finance and Applications
印刷版ISSN：2538-5569
电子版ISSN：2645-4610
出版年度：2018
卷号：3
期号：1
页码：91-96
DOI：10.22034/amfa.2018.539137
语种：English
出版社：Islamic Azad University of Arak
摘要：The main purpose of this research is the study on effect of Financial and Operating Leverage and Venture Capital on Tobin's Q ratio amongst companies listed in Tehran Stock Exchange. In this research, the Holdings and Investment companies are used as statistical samples and 73 enterprises that are listed in Tehran Stock Exchange within 2001 to 2016 have been studied. The results driven by this research show that Venture Capital, hereafter called "VC", and Operating Leverage, hereafter called "OPL", are positively related to Tobin's Q ratio while Financial Leverage, hereafter called "FL", has negative relation. At the same time, combined variables “FL” and “VC” are negatively correlated with Tobin's Q ratio and combined variable “OPL” and “VC” are neutral on Tobin's Q ratio. The effect estimation of independent variables, namely FL, OPL and VC and control variables, over dependent variable of Tobin's Q ratio is 55%, which is in fact noticeable.
