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Title

An Investigation to the Measurement of Corporate Investment Behavior Matters

Pages

 Start Page 185 | End Page 217

Abstract

 In corporate finance literature, various investment measures have been widely used to examine the corporate investment behavior. The purpose of this study is to compare the twenty different measures used by corporate finance literature and reduce the gap between existing theoretical concepts and empirical base analyses. Using the panel data of Tehran Stock Exchange (TSE) companies during the period of 2005 to 2017, twenty common and commonly used investment measures in the corporate finance field have been investigated in terms of their volatility and information content. Regarding the hypothesis Correlation analysis, System GMM and trend analysis have been used. The results of the correlation analysis show that some of the various measures of the investment have a negative correlation with each other, and a type of measure is important to the results of empirical researches. The trend analysis test shows that gross investment measures have less volatility in their trend than net investment measures. The analysis of information content analysis shows that the cash based corporate investment measures are systematically more informative than accrual based measures. To sum up, the results of the research show that the cash based gross corporate investment ratios are the best performing of corporate investments measures among the alternatives because they are less noisy and provide more relevant value information.

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