رابطهQ توبين و معيارهاي ارزيابي عملكرد شركت ها در ايران

The Relationship between Tobinʹs Q and Performance Measures in Iran

Performance measurement has important role in financial decision making. There are various methods for performance measurements. But selecting one of them is the subject that leads to many researches in financial literature. The main goal of this paper is to survey the relationship between Tobinʹs-Q, as a measure of performance and Stock Returns, MVA and ROA as other measures of performance. Therefore, 216 firms of population that their necessary information for an eleven years period was available are selected. Then information about 3 independent variables is studied and Tobinʹs-Q was measured as the dependent variable. Simple regression technique was used to test the hypotheses. The significance of the models was tested according to t-test and F-test. The conclusions indicate that there isnʹt any significant relationship between Tobinʹs-Q and annual stock returns. There are significant and positive relationships between Tobinʹs-Q and MVA and ROA.