ROA = Return on assets
Investment of strategy = Investment strategy
Dummy variables: for companies having conservative strategy, a value of 1 and for companies having
aggressive strategy, a value of 0 is considered.
Financing strategy: Financing strategy
Size: Company size
Growth: Sales growth
Lvrg: Financial leverage
Gdogr: Economic growth of the country
QTobin: Tobin Q indicator
MVA: Market value added
ɛ: Residual of the model
3. Research Method
The present study is correlational and based on type, its Ex post facto research design. In other words, it is
conducted based on analyzing past data (financial statements of companies). Also, the data used in this study are
panel data because research variables are both measured and studied among various companies as well as during
the time period of this study. In terms of objective, this study is an applied research and in terms of data
collection method, it is a bibliographical research. In fact, the researcher has collected the required information
and data with exploring available documents and sources in official website of Tehran Stock Exchange
Organization and after studying them and performing necessary tests, have interpreted the findings and reported
the obtained results.
3.1 Research Population and Sampling Method
Research population of the present study includes all companies listed on Tehran Stock Exchange during the
time span of 2007-2013. Purposeful sampling was used for this study; which means that research population
were filtered by considering a number of conditions and companies having these conditions were analyzed as
sample companies. The conditions applied for selecting research sample are presented below:
 Companies being present in Stock Exchange for the total length of research time period.
 Companies whose fiscal year has not changed during research time period.
 Companies whose stock was traded during research time period.
 Companies that are not among investment or financial intermediary companies.
By applying the above mentioned conditions, 94 companies were selected as the main sample.
3.2 Data Collection Method and Tools
In the present study, in order to collect the information related to theoretical principles and research background,
bibliographical method was used. Research data also have been collected with the use of Rah Avard Novin
software and in the event of lack of availability of information in this database, records of financial statements
available in the library of Tehran Stock Exchange organization have been used.
4. Results and Discussion
Descriptive indicators of research variables were presented in Table 1. Asian Social Science Vol. 11, No. 23; 2015
Table 1. Measures of central tendency and dispersion for each of research variables
Indicators Return on
assets Q Tobin
strategies Size Sales
growth Leverage GDP
Average 0.121910 0.861719 639455.9 0.557078 0.465753 13.16267 0.237903 2.051037 1.963927
Mean 0.101661 0.808676 608721.5 1.000000 0.000000 13.12107 0.187571 1.706616 3.160000
Max. 0.426784 1.395740 8.917633 1.000000 1.000000 17.63089 1.338152 4.219150 7.840000
Min. -0.339995 0.133315 -1.181768 0.000000 0.000000 9.880833 0.435169- 1.163268- -5.400000
deviation 0.139977 0.229006 194168.9 0.497110 0.499206 1.231684 0.335615 1.585031 4.307258
Skewness 0.265884 0.191350 0.818789 -0.229813 0.137309 0.378189 0.936852 0.14979 0.327552-
Kurtosis 3.244205 3.426912 3.810943 1.052814 1.018854 3.140533 4.695355 3.504925 2.004309
Total 80.09510 566.1491 +084.20 366.0000 306.0000 8647.873 156.3021 1347.531 1290.300
Number of
observations 658 658 658 658 658 658 658 658 658
In order to study the normality distribution of data in econometric research, Jarque-Bera test is used. Table 2
indicates the results.
Table 2. Results of Jarque-Bera test
Return of
assets Q Tobin
strategies size Sales
growth Leverage GDP
Jarque-Bera 4.158341 4.385334 5.245521 109.5764 109.5097 2.624863 3.745892 5.180147 38.88788
Probability 0.091245 0.089524 0.065234 0.000000 0.000000 0.265258 0.125284 0.072455 0.000000
Number of
observations 658 658 658 658 658 658 658 658 658
Results of Jarque-Bera test indicate that probability value (Jarque-Bera) for the variables including return of
assets, Q Tobin, market value added, size, sales growth and leverage is larger than 0.05. Therefore, the null
hypothesis is not rejected and with a 95% confidence, it can be said that these variables have a normal
distribution. However, for investment strategies, financing strategies and also GDP of this value is smaller than
5%, and it means that these variables are not normal. In the following, research hypotheses are tested:
Hypothesis 1: working capital strategies have a significant effect on accounting performance criteria.
Estimation method of the present model is based on panel data method. This method is a combination of “Time
series data” and “cross-sectional data”. In each of the time series models and cross-sectional data, there are some
shortcomings which can be mitigated in panel data model. In panel data method, two Chow and Hausman tests
are used for determining one of the methods of fixed effects or random effects and the results of these two tests
have been presented in the below Tables.


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