出版社：Mediterranean Center of Social and Educational Research (MCSER)
摘要：Competition has gained a major increase, and global market has came into spot light. In so happening, the national industries have to add to their competitive advantages. Brand value is one of the strategic tools which will bring commitment, repeated use, adding to the economic value for the shareholders and increases the domain of economical activities in the different geographical locations. From the investment domain, the most important factor for an investor is the stocks returns. Stock returns means all the cases earned because of stock keeping along with the capital gain. This study was aimed at investigating the relationship between companies brand value and stocks’ future returns in the accepted companies of Tehran’s stock exchange during the years of 2005 to 2012. The population under study was consisted of all the accepted companies of Tehran’s stock exchange. 80 companies were selected for the purpose of this study. The sampling method was based on systematic deletion.The data of the study was of a compound type. In order to test the hypothesis of the study, the multiple regressions were used. The results of the study showed that there is a negative and significant relationship between brands’ value and stocks’ future returns.The results showed that among the variables such as company size, book value ratio, and market Value ; the only statistic which was positive and meaningful was the statistics of book value to market Value . This shows the positive effect of this variable on the stocks’ future returns.
关键词：Brand value;Future stock returns;Firm size;Book value to market value ratio.
