{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,20]],"date-time":"2026-05-20T03:43:35Z","timestamp":1779248615917,"version":"3.51.4"},"reference-count":51,"publisher":"Emerald","issue":"2","license":[{"start":{"date-parts":[[2019,4,1]],"date-time":"2019-04-01T00:00:00Z","timestamp":1554076800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["IJOEM"],"published-print":{"date-parts":[[2019,4,1]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>The purpose of this paper is to investigate the relationship between access to financial resources, working capital with surplus stock returns and value of the company in Iran.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>The study population consists of 728 observations and 91 firms listed on the Tehran stock exchange during an eight-year period between 2009 and 2016. The statistical model used in this study is a multivariate regression model; further, the statistical technique used to test the hypotheses is panel data.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The results saw a negative and significant linkage between changes in cash and stock\u2019 excess returns, whereas no meaningful association between changes in working capital and stock surplus returns was seen. In other words, an Iranian rial (Iran\u2019s currency) invested in working capital worth less on average than a rial held in cash. Furthermore, the authors realized that in an inflationary economy, firms mainly pay more dividends so as to illustrate better their financial position and also to attract more investors\u2019 trust. The results also indicated that the final value of working capital in the companies that are faced with financial constraints is more than companies that are not faced with financial constraints. Subsequently, after the elimination of the effects of inflation on stock returns, it was found there is not any significant association between the stock\u2019s real return and firm value.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>This is one of the most comprehensive research works in Iran that simultaneously surveys the impacts of access to finance and working capital on firm value. This research warns corporate managers to pay more attention to the importance of keeping cash to finance and manage working capital for profitability and sustainability of their company\u2019s operations. Surely, by understanding the relationship between cash holdings, working capital management and stock surplus return, investors will be able to make appropriate decisions about the optimal choice of funds.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>What really will fascinate other scholars about this paper is the time period of the study because there were unprecedented sanctions against Iran market and many manufacturing industries were in financial strain. Without hesitation, the paper will make aware investors and stakeholders of this fact that cash holdings will be a good way in reducing the corporate financial problems in emerging markets, particularly those markets face financial sanctions like Iran.<\/jats:p><\/jats:sec>","DOI":"10.1108\/ijoem-11-2017-0439","type":"journal-article","created":{"date-parts":[[2018,12,11]],"date-time":"2018-12-11T12:11:06Z","timestamp":1544530266000},"page":"343-361","source":"Crossref","is-referenced-by-count":37,"title":["Association between the availability of financial resources and working capital management with stock surplus returns in Iran"],"prefix":"10.1108","volume":"14","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-2698-9817","authenticated-orcid":false,"given":"Mahdi","family":"Salehi","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Nadia","family":"Mahdavi","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Saeed","family":"Zarif Agahi Dari","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hossein","family":"Tarighi","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"140","reference":[{"issue":"2","key":"key2020100208003299500_ref001","doi-asserted-by":"crossref","first-page":"155","DOI":"10.1108\/17439131211216620","article-title":"Working capital management and firms\u2019 performance in emerging markets: the case of Jordan","volume":"8","year":"2012","journal-title":"International Journal of Managerial Finance"},{"issue":"1","key":"key2020100208003299500_ref002","first-page":"53","article-title":"The effective factors in cash holdings corporations in listed companies on the Tehran stock exchange","volume":"1","year":"2010","journal-title":"Financial Accounting Researches"},{"issue":"1","key":"key2020100208003299500_ref003","doi-asserted-by":"crossref","first-page":"40","DOI":"10.1080\/15228916.2012.657951","article-title":"Determinants of working capital requirements in selected quoted companies in Nigeria","volume":"13","year":"2012","journal-title":"Journal of African Business"},{"issue":"C","key":"key2020100208003299500_ref004","first-page":"98","article-title":"Is working capital management value-enhancing? 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