Value of Financial Flexibility and Firm’s Financial Policies: Empirical Evidence from the Firms Listed in Tehran Stock Exchange
Bibliographic record
Abstract
The main objective of this paper is to investigate the relationship between financial flexibility and financial policies of the firms listed on Tehran stock exchange. The population of this descriptive-correlational study is comprised of all firms listed on Tehran stock exchange during the years 2010 to 2014. From this population, a sample of 155 firms is created through systematic elimination. The research hypotheses are investigated via multivariate regression, integrated data model and estimated generalized least squares (EGLS) methods. This research uses panel data technique as its statistical method, and utilizes Eviews9 and Excel softwares for data analysis. Results of investigations show that value of financial flexibility has significant inverse relationship with firm’s dividend payouts, its financial leverage, and the change in its cash balance. The results also suggest that firms putting more value to their financial flexibility have lower dividend payouts, prefer stock redemption to paying dividends, have lower leverage ratios, and tend to accumulate more cash.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.002 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.001 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".