تأثير ارزش شركت‌‌هاي همسايه بر سرمايه‌گذاري شركت: نقش تعديل گري ويژگي‌‌هاي شركت

Abstract: Corporate investment decisions are critical determinants of a firmʹs growth an‎d long-term viability. These decisions are influenced by a myriad of factors, including internal financial constraints an‎d external market signals. This study explores the significant role of neighboring company values as external benchmarks that affect corporate investment behavior. Understan‎ding these dynamics is particularly relevant in developing economies, where firms often face unique challenges related to capital access an‎d competitive pressures. This research aims to nvestigate how the values of neighboring firms impact corporate investment decisions, while considering the moderating effects of financial constraints, collateral value, levels of bank debt, an‎d firm size. By integrating multiple theoretical frameworks—Market Signaling Theory, Agency Theory, Pecking Order Theory, an‎d Resource-Based View—this study provides a comprehensive analysis of the interplay between peer influences an‎d investment strategies. The study employs a quantitative research design, utilizing data from firms operating in Tehran Stock Exchange. The analysis involves econometric modeling to eva‎luate the relationships among neighboring company values, corporate investment decisions, an‎d moderating factors. This study contributes to the existing literature by providing a nuanced understan‎ding of how external market signals, particularly those emanating from neighboring firms, shape corporate investment behavior. It also highlights the importance of financial constraints an‎d firm characteristics, emphasizing that responses to market signals are not uniform across different types of firms. The findings offer valuable insights for investors, managers, an‎d policymakers, particularly in developing economies where such dynamics are critical for economic growth. Keywords: Neighboring Companies, Investment, Financial Constraints, External Financing

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