文章基本信息

标题：The Effect of Managers' Social Capital on Investment Sensitivity and External Financing of Firms
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作者：Elham Heidari
期刊名称：International Journal of Finance and Accounting
印刷版ISSN：2168-4812
电子版ISSN：2168-4820
出版年度：2020
卷号：9
期号：4
页码：77-85
DOI：10.5923/j.ijfa.20200904.01
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：Nowadays companies in order stay in competitions and develop, attempt to attract funds from external financing relative to the socioeconomic conditions. One of the important factors in influencing these indicators is corporates’ social capital. The purpose of this study is to investigate the effect of managers' social capital on investment sensitivity related to cash, finance performance and stock return performance. This research is in the field of positive and applied theories and is descriptive in nature and uses correlation chart. The statistical population of the study is the listed companies in the stock exchange which was created using a systematic elimination method (636 company/year) for a period of 6 years from 2010 to 2015. The results of the research hypotheses show that there is a significant and direct relationship between investment sensitivity and corporate cash flow, corporate financial performance and corporate stock return performance. Also, it was confirmed that there is an inverse and significant relationship between investment sensitivity and corporate financing.
关键词：Social capital; Investment sensitivity; External financing of firms