نقش تعدیلی مالکیت خانوادگی بر رابطه بین جریان‌های نقدی سرمایه‌گذاری و ارزش شرکت

رضیه علی خانی

Authors

Razieh Alikhani Department of Accounting, Cha.C., Islamic Azad University, Chalus, Iran. Corresponding author https://orcid.org/0000-0001-7637-6539

Keywords:

Investment cash flows, firm value, family ownership

Abstract

This study aimed to examine the relationship between cash flows from investing activities and firm value and to determine whether family ownership moderates this relationship. This applied, ex post facto study was conducted using historical corporate data. The statistical population consisted of companies listed on the Tehran Stock Exchange. Using systematic elimination based on the study eligibility criteria, 112 firms were selected over the five-year period from 2020 to 2024, yielding 560 firm-year observations. Firm value was measured using Tobin’s Q, while investing cash flow was calculated as cash flows from investing activities divided by the book value of non-current assets. Family ownership was measured based on the proportion of family shareholders. Current ratio, asset turnover ratio, financial leverage, and board size were incorporated as control variables. Data were processed using Excel and analyzed in EViews. Panel-data regression was employed, and the Chow and Hausman tests supported the use of fixed-effects models. The first regression model indicated a significant negative relationship between investing cash flows and firm value (β=-0.476, t=-2.524, p=0.027). The overall regression model was statistically significant (F=8.215, p<0.001) and explained 42.8% of the variance in firm value. In the second model, the interaction between investing cash flows and family ownership was not statistically significant (β=0.057, t=0.858, p=0.165). Accordingly, family ownership did not significantly moderate the relationship between investing cash flows and firm value. The findings indicate that investing cash flows are significantly associated with firm value, suggesting that cash outflows directed toward productive investment opportunities may ultimately contribute to future economic benefits and corporate value creation. However, family ownership alone does not significantly alter this relationship, implying that other ownership and corporate governance characteristics may be more influential in determining how investment decisions translate into firm value.

Downloads

Download data is not yet available.

References

Abbasnejad, E. (2014). The Effect of Corporate Governance Mechanisms on Cash Flows from Corporate Investing Activities [Master's thesis, Islamic Azad University, Central Tehran Branch].

Abdelgelil Amin, M., Almoneef, A., Elamer, A. A., & Abdelmaged, E. M. (2026). The Liquidity Paradox in Family Firms: How Family Control and CEO Identity Shape Cash Holdings and Firm Value. Corporate Governance: The International Journal of Business in Society, 1-25. https://doi.org/10.1108/CG-05-2025-0352

Ahmed, J., & Tahir, M. (2024). Corporate Cash Holdings and Financial Performance: Moderating Effect of Corporate Governance and Family Ownership. South Asian Journal of Business Studies, 13(4), 563-580. https://doi.org/10.1108/SAJBS-11-2022-0385

Anderson, R. C., & Reeb, D. M. (2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328. https://doi.org/10.1111/1540-6261.00567

Barth, M. E., Cram, D. P., & Nelson, K. K. (2001). Accruals and the Prediction of Future Cash Flows. The Accounting Review, 76(1), 27-58. https://doi.org/10.2308/accr.2001.76.1.27

Carney, M. (2005). Corporate Governance and Competitive Advantage in Family-Controlled Firms. Entrepreneurship Theory and Practice, 29(3), 249-265. https://doi.org/10.1111/j.1540-6520.2005.00081.x

Chen, Y. (2002). Corporate Governance and Cash Holding: Listed New Economy Versus Old Economy. Journal of Corporate Governance, 10(5), 420-430. https://doi.org/10.1111/j.1467-8683.2008.00701.x

Fathi Gharatappeh, M., Mohammadzadeh Salteh, H., Shiri, H., & Mahmoudi, M. (2016). The Effect of Product Market Competition and Corporate Governance Capability on Investment Efficiency with Emphasis on Corporate Financial Constraints. Fourth National Conference on Management, Economics, and Accounting, Tabriz, Iran. https://civilica.com/doc/518289

Francis, B., & Hasan, I. (2013). Corporate Governance and Investment-Cash Flow Sensitivity: Evidence from Emerging Markets. Emerging Markets Review, 15, 57-71. https://doi.org/10.1016/j.ememar.2012.08.002

Ghafourian Shagerdi, A., Moradi, M., Rabbani, A., & Nadernejad, A. (2022). The Effect of Family Ownership on Cash Holdings and Firm Value in Companies Listed on the Tehran Stock Exchange. Third International Conference on New Challenges and Solutions in Industrial Engineering, Management, and Accounting, Chabahar, Iran. https://civilica.com/doc/1564859

Hemmati Zahmatkesh, S., Nourbakhsh Langroudi, M. M., & Sadrara, M. (2020). Factors Affecting Cash Flow Sensitivity with Emphasis on the Role of Family Ownership. Fifth National Conference on Economics, Management, and Accounting, Ahvaz, Iran. https://civilica.com/doc/1231386

Khademi, S. (2013). The Effect of Corporate Governance Factors on Cash Flows from Operating and Financing Activities [Master's thesis, Islamic Azad University, Central Tehran Branch].

Kumar, K. R., & Krishnan, G. V. (2008). The Value-Relevance of Cash Flows and Accruals: The Role of Investment Opportunities. The Accounting Review, 83(4), 997-1040. https://doi.org/10.2308/accr.2008.83.4.997

Matoofi, A., & Golchoobi, M. (2017). Examining the Relationship between Family Ownership and the Speed of Adjustment in Cash Holdings: Evidence from the Tehran Stock Exchange. Financial Accounting Research, 9(4), 61-82. https://sid.ir/paper/155185/fa

Ni, Y., Huang, P., Chiang, P., & Liao, Y. (2019). Cash Flow Statements and Firm Value: Evidence from Taiwan. The Quarterly Review of Economics and Finance, 71, 280-290. https://doi.org/10.1016/j.qref.2018.09.004

Omag, A. (2016). Cash Flows from Financing Activities: Evidence from the Automotive Industry. International Journal of Academic Research in Accounting, Finance and Management Sciences, 6(1), 115-122. https://doi.org/10.6007/IJARAFMS/v6-i1/1998

Sardari Zadeh, M., Jahanshad, A., & Rouhi, A. (2014). Examining the Relationship between Net Cash Flow from Each Class of the Cash Flow Statement and the Price-to-Earnings Ratio. Empirical Accounting Research, 3(3), 75-91.

Sumantri, M. B. A., Waspada, I., Sari, M., & Heryana, T. (2026). The Moderation Effect of Capital Structure on the Influence of Family Ownership on Firm Value. Implementasi Manajemen & Kewirausahaan, 6(1), 220-236. https://doi.org/10.38156/imka.v6i1.741

Villalonga, B., & Amit, R. (2006). How Do Family Ownership, Control and Management Affect Firm Value? Journal of Financial Economics, 80(2), 385-417. https://doi.org/10.1016/j.jfineco.2004.12.005

Wijayanto, W., Mustaruddin, M., & Afifah, N. (2024). Determinants of Firm Value: Perspectives of Free Cash Flow, Investment Opportunities, Managerial Ownership, and Opportunistic Behavior. Ajarcde (Asian Journal of Applied Research for Community Development and Empowerment), 8(2), 53-58. https://doi.org/10.29165/ajarcde.v8i2.389

Yeon, J., Lin, M. S., Lee, S., & Sharma, A. (2021). Does Family Matter? The Moderating Role of Family Involvement on the Relationship between CSR and Firm Performance. International Journal of Contemporary Hospitality Management, 33(10), 3729-3751. https://doi.org/10.1108/IJCHM-03-2021-0315