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Tobin’s Q Model and Cash Flows from Operating and Investing Activities in Listed Companies in Iran

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  • Mahdi Salehi

    (Zanjan University, Zanjan, Iran)

Abstract

Tobin’s Q model is one of the economic models for evaluation of companies, proposed by Tobin in 1968 and represents the ratio of the market value of the companies’ shares plus the book value of its debts to the book value of its assets. It seems that one reason for the difference in abilities of the above said companies to produce cash from operating and investing activities. Therefore this research intends to find out a relationship between Tobin’s Q and cash flows from operating and investing activities so that market participants can gain necessary knowledge about market efficiency and choosing investment basket with the aid of it. The results obtained from the research shows that there is no relationship between Tobin’s Q ratios and cash flows from operating activities in the companies listed in TSE.

Suggested Citation

  • Mahdi Salehi, 2009. "Tobin’s Q Model and Cash Flows from Operating and Investing Activities in Listed Companies in Iran," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 12(1), pages 71-82, May.
    • Handle: RePEc:zag:zirebs:v:12:y:2009:i:1:p:71-82
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    Cited by:

    1. Salehi Mahdi, 2012. "The Relation of Working Capital and Fixed Assets: a Study," Folia Oeconomica Stetinensia, Sciendo, vol. 11(1), pages 47-60, January.
    2. Ibrahim Kaya & Hakan Ozcelik, 2023. "The Effect of Cash Flows on Firm Performance: A Research on BIST," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 73(73-1), pages 333-358, June.
    3. Mahdi Salehi & Azam Zareijam, 2011. "A Study of the Effect of Conservatism on Stock Return: Evidence of Iranian Chemical Industry," Journal of Asian Business Strategy, Asian Economic and Social Society, vol. 1(3), pages 31-44, October.

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