بررسی حساسیت جریان نقد به ریسک سیاسی در سطح شرکت (مورد مطالعه شرکت های موجود در بازار سرمایه تهران)

iraniyandoc.ir

• نوع فایل: Word (.docx)
• رشته: حسابداری
• گرایش مرتبط: حسابداری
• مقطع تحصیلی: کارشناسی ارشد
• عنوان: فصل دوم پایان‌نامه بررسی حساسیت جریان نقد به ریسک سیاسی در سطح شرکت؛ مورد مطالعه شرکت‌های موجود در بازار سرمایه تهران
• موضوع: بررسی مبانی نظری و پیشینه پژوهش درباره ارتباط ریسک سیاسی و جریان نقد شرکت‌ها
• محتوای فصل: بررسی مفاهیم جریان نقد، حساسیت جریان نقد، ریسک سیاسی، عدم اطمینان سیاسی و ارتباط آن‌ها با وضعیت مالی شرکت‌ها، همراه با بررسی پژوهش‌های داخلی و خارجی
• محورهای اصلی: جریان نقد، ریسک سیاسی، حساسیت جریان نقد، بازار سرمایه، عملکرد شرکت، مبانی نظری و پیشینه پژوهش
• حوزه تخصصی: حسابداری مالی و بازار سرمایه
• جامعه مورد مطالعه: شرکت‌های موجود در بازار سرمایه تهران
• فرمت: Word قابل ویرایش

• این مجموعه هیچ مسئولیتی در قبال متون نگارش شده ندارد.
• فایل صرفاً جهت کمک و تسهیل روند نگارش فصول می‌باشد و مسئولیت استفاده نهایی و صحت‌سنجی علمی بر عهده پژوهشگر است.

مقصودی، شبنم. (۱۳۹۹) بررسی رابطه بین عدم قطعیت سیاسی و نگهداشت وجه نقد شرکت پایان نامه کارشناسی ارشد مدیریت مالی دانشگاه آزاد اسلامی واحد شهر قدس

سلیمی تازه کند، آرزو. (1399) ریسک سياسی و هزینه حقوق صاحبان سهام با تاکيد بر نقش تعدیل کننده روابط سياسی. فصلنامه چشم انداز حسابداری و مدیریت دوره 3، شماره 33 ، زمستان 1399 (جلد چهارم)

فاتحی چنار، عبدالصمد. (۱۴۰۰) بررسی عوامل موثر بر مدیریت نقدینگی در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران مجله مطالعات مدیریت و کار آفرینی شماره ۳۵ ص ۶۳۱-۶۲۰

برومند, راهبه, گرکز, منصور, سعیدی, پرویز, & معطوفی, علیرضا. (1399). بررسی تاثیر حساسیت جریانهای نقدی سرمایه گذاری بر اشتیاق سرمایه گذاری در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. راهبرد مدیریت مالی, 8(4), 187-212. doi: 10.22051/jfm.2019.23198.1857

هزارخوانی, معصومه, شاهوردیانی, شادی, & جوکار, ایمان. (1393). تحلیل حساسیت تاثیر جریان نقدی بر محدودیت مالی بر اساس مدل بائو. دانش سرمایه‌گذاری, 3(12), 181-194.

کاشانی پور, محمد, & نقی نژاد, بیژن. (1388). بررسی اثر محدودیت های مالی بر حساسیت جریان نقدی – وجه نقد. تحقیقات حسابداری و حسابرسی, 1(2), 72-93. doi: 10.22034/iaar.2009.105207

عرب‌صالحی, مهدی, & اشرفی, مجید. (1390). نقش ذخایر نقدی در تعیین حساسیت سرمایه گذاری- جریان نقدی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. نشریه پژوهش های حسابداری مالی, 3(3), 75-94.

Bonaime, A., H. Gulen, and M. Ion, 2018, Does Policy Uncertainty Affect Mergers and Acquisitions? Journal of Financial Economics 129(3), 531–558.

Gulen, H., and M. Ion, 2015, Policy Uncertainty and Corporate Investment, The Review of Financial Studies 29, 523–564.

Julio, B., and Y. Yook, 2012, Political Uncertainty and Corporate Investment Cycles, The Journal of Finance 67(1), 45–83.

Huang, G.-Y., C. H. Shen, and Z.-X. Wu, 2023, Firm-level Political Risk and Debt Choice, Journal of Corporate Finance 78, 102332, https://doi.org/10.1016/j. jcorpfin.2022.102332.

Demir, E., and O. Ersan, 2017, Economic Policy Uncertainty and Cash Holdings: Evidence from BRIC Countries, Emerging Markets Review 33, 189–200.

Phan, H. V., N. H. Nguyen, H. T. Nguyen, and S. Hegde, 2019, Policy Uncertainty and Firm Cash Holdings, Journal of Business Research 95, 71–82.

Hasan, S. B., M. S. Alam, S. R. Paramati, and M. S. Islam, 2022, Does Firm-level Political Risk Affect Cash Holdings? Review of Quantitative Finance and Accounting 59, 311–337, https://doi.org/10.1007/s11156-022-01049-9.

Hassan, T. A., S. Hollander, L. Van Lent, and A. Tahoun, 2019, Firm-level Political Risk: Measurement and Effects, Quarterly Journal of Economics 134(4), 2135–2202.

Brogaard, J., L. Dai, P. T. H. Ngo, and B. Zhang, 2020, Global Political Uncertainty and Asset Prices, The Review of Financial Studies 33(4), 1737–1780.

Riddick, L. A., and T. M. Whited, 2009, The Corporate Propensity to Save, The Journal of Finance 64, 1729–1766.

Karimov, J., F. Balli, H. Ozer-Balli, and A. de Bruin, 2021, Firm-level Political Risk and Shari’ah Compliance: Equity Capital Cost and Payouts Policy, Accounting & Finance 61(3), 4639–4667.

Baum, C. F., M. Caglayan, N. Ozkan, and O. Talavera, 2006, The Impact of Macroeconomic Uncertainty on Non-financial Firms’ Demand for Liquidity,

Review of Financial Economics 15(4), 289–304.

Baum, C. F., M. Caglayan, A. Stephan, and O. Talavera, 2008, Uncertainty Determinants of Corporate Liquidity, Economic Modelling 25(5), 833–849.

Gao, J., Y. Grinstein, and W. Wang, 2017, Firms’ Cash Holdings, Precautionary Motives, and Systematic Uncertainty, Working Paper, Indiana University, Bloomington.

Acharya, V. V., H. Almeida, and M. Campello, 2013b, Aggregate Risk and the Choice between Cash and Lines of Credit, The Journal of Finance 68(5), 2059–2116.

Almeida, H., M. Campello, and M. S. Weisbach, 2004, The Cash Flow Sensitivity of Cash, The Journal of Finance 59, 1777–1804.

Khurana, I. K., X. Martin, and R. Pereira, 2006, Financial Development and the Cash Flow Sensitivity of Cash, Journal of Financial and Quantitative Analysis

41(4), 787–808.

Faulkender, M., and R. Wang, 2006, Corporate Financial Policy and the Value of Cash, The Journal of Finance 61(4), 1957–1990.

Erickson, T., C. Jiang, and T. M. Whited, 2014, Minimum Distance Estimation of the Errors-in-Variables Model Using Linear Cumulant Equations, Journal of Econometrics 183, 211–221.

Erickson, T., and T. M. Whited, 2012, Treating Measurement Error in Tobin’s q,The Review of Financial Studies 25, 1286–1329.

Pastor, L., and P. Veronesi, 2012, Uncertainty About Government Policy and Stock Prices, The Journal of Finance 67(4), 1219–1264.

Baker, S. R., N. Bloom, and S. J. Davis, 2016, Measuring Economic Policy Uncertainty, Quarterly Journal of Economics 131, 1593–1636.

Chatjuthamard, P., S. Treepongkaruna, P. Jiraporn, and N. Jiraporn, 2021, Does Firm-level Political Risk Influence Corporate Social Responsibility (CSR)? Evidence from Earnings Conference Calls, Financial Review 56(4), 721–741.

Choi, W., C. Y. Chung, and K. Wang, 2022, Firm-level Political Risk and Corporate Investment, Finance Research Letters 46, 102307.

Ahmad, M. F., S. Aziz, R. El-Khatib, and O. Kowalewski, 2023, Firm-level Political Risk and Dividend Payout, International Review of Financial Analysis 86, 102546, https://doi.org/10.1016/j.irfa.2023.102546.

James, H. L., Wang, H., & Borah, N. (2024). Firm-Level Political Risk and the Cash Flow Sensitivity of Cash. The Quarterly Journal of Finance, 14(1), DOI: https://dx.doi.org/10.1142/S2010139224500046.

Tran, L.T.H., Tu, T.T.K. and Cong Nguyen To, B. (2024), "Uncertainty and cash holdings: the moderating role of political connections", International Journal of Managerial Finance, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJMF-05-2023-0245

Gupta, G., Mahakud, J. and Singh, V.K. (2024), "Economic policy uncertainty and investment-cash flow sensitivity: evidence from India", International Journal of Emerging Markets, Vol. 19 No. 2, pp. 494-518. https://doi.org/10.1108/IJOEM-11-2020-1415

Gad, Mahmoud and Nikolaev, Valeri V. and Tahoun, Ahmed and van Lent, Laurence, Firm-level Political Risk and Credit Markets (July 17, 2023). Journal of Accounting & Economics (JAE), Vol. 77, No. 1, 2024, Available at SSRN: https://ssrn.com/abstract=3395266 or http://dx.doi.org/10.2139/ssrn.3395266

Obenpong Kwabi, F., Adegbite, E., Ezeani, E., Wonu, C., & Mumbi, H. (2024). Political uncertainty and stock market liquidity, size, and transaction cost: The role of institutional quality. International Journal of Finance & Economics, 29(2), 2030–2048. https://doi.org/10.1002/ijfe.2760

Chohan, Muhammad, Ali, Ramakrishnan, Suresh, Butt, Shamaila, Harthi-A 2015 V Mustafa Zubair, (2022). Impact of Political Risk and Capital Market Development on Dividend Policy: Evidence from Pakistan Stock Exchange, Journal of Positive School Psychology, 6 (3): 2269-2281

King, Timothy. Loncan, Tiago. Khan, Zaheer. (2021). Investment, Leverage And Political Risk: Evidence From Project-Level Fdi. Journal Of Corporate Finance, (Vol. 67, Pp. 101-873).

Phan Hieu V., Nam H. Nguyen, Hien T. Nguyen, Shantaram Hegde (2019), Policy uncertainty and firm cash holdings, Journal of Business Research 95 (2019) 71-82

Adamu, Idris & Hussaini, Bala, & Naziru, Suleiman. (۲۰۲۰). Dividend Policy and Political Uncertainty: Does Firm Maturity Matter? Journal Dynamical Akuntansi.,١٦٧٨٩ijdab.١٥٠ ٧٫١٠,٢٤٨١٥

Hu, Jing. Harmsen, Robert. Crijns-Graus, Wina. Worrell, Ernst. (2018).Barriers To Investment In Utility-Scale Variable Renewable Electricity (Vre) Generation Projects. Renewable Energy, (Vol. 121, Pp. 730-744).

Darendeli, Izzet. Hill, T. L. (2016). Uncovering The Complex Relationships Between Political Risk And Mne Firm Legitimacy: Insights From Libya. Journal Of International Business Studies, (Vol. 47, No. 1, Pp. 68-92).

Guangyong Lei, Wenzhong Wang & Mo Liu. (۲۰۱۵)  Political uncertainty, dividend policy adjustments dan market, effects China Journal of Accounting, Studies, 3 (1): 49-83.

Sevil, Guven. Kamisli, Melik. Kamisli, Serap. (2015). Asymmetry And Leverage Effect Of Political Risk On Volatility: The Case Of Bist Sub- Sector. Journal Of Applied Finance And Banking, (Vol. 5, No. 6, P. 37).

Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R., (1999). The determinants and impli-cations of cash holdings. Journal of Financial Economics 52, 3–46.

Ferreira, M.A., & Vilela, A.S. (2004). Why do firms hold cash? Evidence from EMU coun-tries. European Financial Management 10 (2), 295–319.

Ozkan, A., & Ozkan, N., (2004). Corporate cash holdings: an empirical investigation of UK companies. Journal of Banking and Finance 28 (9), 2103–2134.

Drobetz, W., & Grüninger, M.C. (2007). Corporate cash holdings: Evidence from Swit-zerland. Financial Markets Portfolio Management 21, 293-324.

Bates, T.W., Kahle, K.M., & Stulz, R.M. (2009). Why do US firms hold so much more cash than they used to? Journal of Finance 64 (5), 1985–2021.

Baumol, W. J. (1952). The transactions demand for cash: An inventory theoretic approach. The Quarterly Journal of Economics, pages 545–556.

Miller, M. H. and Orr, D. (1966). A model of the demand for money by firms. The Quarterly Journal of Economics, 80(3):413–435.

Mulligan, C. B. (1997). Scale economies, the value of time, and the demand for money: Longitudinal evidence from firms. Journal of Political Economy, 105(5):1061–1079.

Almeida, H., Campello, M., and Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4):1777–1804.

Riddick, L. A. and Whited, T. M. (2009). The corporate propensity to save. The Journal of Finance, 64(4):1729–1766.

Foley, C. F., Hartzell, J. C., Titman, S., and Twite, G. (2007). Why do firms hold so much cash? a tax-based explanation. Journal of Financial Economics, 86(3):579–607.

PwC (2021). Sweden: Corporate - income determination.

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2):323–329.

Dittmar, A., Mahrt-Smith, J., and Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative analysis, 38(1):111– 33.

Nikolov, B. and Whited, T. M. (2014). Agency conflicts and cash: Estimates from a dynamic model. The Journal of Finance, 69(5):1883–1921.

Stone, A.-L., Gup, B. E., and Lee, J. (2018). New insights about the relationship between corporate cash holdings and interest rates. Journal of Economics and Finance,42(1):33–65.

Azar, J. A., Kagy, J.-F., and Schmalz, M. C. (2016). Can changes in the cost of carry explain the dynamics of corporate “cash” holdings? The Review of Financial Studies,29(8):2194–2240.

Boileau, M. and Moyen, N. (2016). Corporate cash holdings and credit line usage. International Economic Review, 57(4):1481–1506.

Graham, J. R. and Leary, M. T. (2018). The evolution of corporate cash. The Review of Financial Studies, 31(11):4288–4344.

Meltzer, A. H. (1963). The demand for money: the evidence from the time series. Journal of political Economy, 71(3):219–246.

Gao, X., Whited, T. M., and Zhang, N. (2021). Corporate money demand. The Review of Financial Studies, 34(4):1834–1866.

Glaser, M., Lopez-De-Silanes, F., and Sautner, Z. (2013). Opening the black box: Internal capital markets and managerial power. The Journal of Finance, 68(4):1577–1631.

RA, K. D. R. (2019). Critical Introduction of Solow Growth Theory. ResearchGate.

https://www.researchgate.net/publication/330968151_Critical_Introduction_of_Solo

w_Growth_Theory

Knight, M. D. (1993). Testing the Neoclassical Theory of Economic Growth A Panel Data Approach. Imfsg. https://doi.org/10.5089/9781451973259.024.A002

Opeyemi, A. F. (2020). Impact of foreign direct investment and inflation on economic growth of five randomly selected Countries in Africa. Journal of Economics and International Finance, 12(2), 65–73. https://doi.org/10.5897/jeif2020.1031

Mankiw, N. G., Romer, D., & Weil, D. (1992). A contribution to the empirics of economic growth. Quarterly Journal of Economics, 107(2), 407–437. https://doi.org/10.2307/2118477

Mansur, Q. M. &. K. (2009). Non-Linearity between Inflation Rate and GDP Growth in Malaysia. ideas.repec.org. https://ideas.repec.org/a/ebl/ecbull/eb-08e00020.html

Mallik, G., & Chowdhury, A. (2001). INFLATION AND ECONOMIC GROWTH: EVIDENCE FROM FOUR SOUTH ASIAN COUNTRIES. Asia-Pacific Development Journal. https://www.unescap.org/sites/default/files/apdj-8-1-ResearchNote-Mallik-and-Chowdhury.pdf

Adams, J. (1995). Risk UCL Press. London, UK.

Moore, P. G. (1983). The business of risk. Cambridge University Press.

Truitt, J. F. (1970). Expropriation of foreign investment: Summary of the post World War II experience of American and British investors in the less developed countries. Journal of International Business Studies, 21-34.

Ady, P. H. (1971). Private foreign investment and the developing world.

Dunning, J. H. (Ed.). (1972). International investment: selected readings. Penguin.

Kronfol, Z. (1972). Protection of Foreign Investment: A Study in International Law. New York: Sijthoff & Noorhoff Publishers.

Aliber, R. Z. (1975). Exchange risk, political risk, and investor demand for external currency deposits. Journal of Money, Credit and Banking, 7(2), 161-179.

Jiménez, A., Durán, J. J., & De la Fuente, J. M. (2011). El riesgo político como determinante de la estrategia de localización de las empresas multinacionales españolas. Revista Europea de Dirección y Economía de la Empresa, 20(1), 123-142.

Robock, S. H. (1971). Political risk-identification and assessment. Columbia Journal of world business, 6(4), 6-20.

Bass, B. M., McGregor, D. W., & Walters, J. L. (1977). Selecting foreign plant sites: economic, social and political considerations. Academy of Management Journal, 20(4), 535-551.

Haner, F. T. (1979). Rating investment risks abroad. Business Horizons, 22(2), 18-23.

Zink, D. W. (1973). Political risks for multinational enterprise in developing countries. NY: Praeger.

Haendel, D., West, G. T., & Meadow, R. G. (1975). Overseas investment and political risk (No. 21). Foreign Policy Research Institute.

Rummel, R. J., & Heenan, D. A. (1978). How multinationals analyze political risk. Harvard Business Review, 56(1), 67-76.

Hofer, C. W., & Haller, T. P. (1980). Globescan: A way to better international risk assessment. Journal of Business Strategy, 1(2), 41-55.

Drake, R. L., & Prager, A. J. (1977). Floundering with foreign investment planning. Columbia Journal of World Business, 12(2), 66-77.

Flint, C. (2016). Geopolitical constructs: The mulberry harbours, world war two, and the making of a militarized transatlantic. Rowman & Littlefield.

Rice, C., & Zegart, A. (2018). Political Risk: Facing the Threat of Global Insecurity in the Twenty-first Century. Hachette UK.

Jakobsen, J. (2010). Old problems remain, new ones crop up: Political risk in the 21st century. Business Horizons, 53(5), 481-490.

Giambona, E., Graham, J. R., & Harvey, C. R. (2017). The management of political risk. Journal of International Business Studies, 48(4), 523-533.

Nordhaus, W. D. (1975). The political business cycle. The review of economic studies, 42(2), 169-190.

Hibbs, D. A. (1977). Political parties and macroeconomic policy. American political science review, 71(4), 1467-1487.

Frey, B. S. (1978). Politico-economic models and cycles. Journal of public economics, 9(2), 203-220.

Frey, B. S., & Schneider, F. (1978). A politico-economic model of the United Kingdom. The Economic Journal, 88(350), 243-253.

Frey, B. S., & Schneider, F. (1978). An empirical study of politico-economic interaction in the United States. The Review of Economics and Statistics, 174-183.

Alesina, A., & Rosenthal, H. (1995). Partisan politics, divided government, and the economy. Cambridge University Press.

Alesina, A., & Tabellini, G. (1989). External debt, capital flight and political risk. Journal of international Economics, 27(3-4), 199-220.

Bachman, D. (1992). The effect of political risk on the forward exchange bias: the case of elections. Journal of International Money and Finance, 11(2), 208-219.

Acemoglu, D., & Robinson, J. A. (2006). De facto political power and institutional persistence. American Economic Review, 96(2), 325-330.

Acemoglu, D., & Robinson, J. A. (2006). Economic backwardness in political perspective. American political science review, 100(1), 115-131.

Acemoglu, D., & Robinson, J. A. (2013). Economics versus politics: Pitfalls of policy advice. Journal of Economic perspectives, 27(2), 173-92.

Simon, J. D. (1984). A theoretical perspective on political risk. Journal of International Business Studies, 15(3), 123-143.

Brennglass, A. C. (1983). The Overseas Private Investment Corporation: A Study in Political Risk. Praeger.

Grosse, R. (1996). The bargaining relationship between foreign MNEs and host governments in Latin America. The International Trade Journal, 10(4), 467-499.

Alon, I., & Martin, M. A. (1998). Political Risk Assessment. Multinational Business Review.

Pantzalis, C., Stangeland, D. A., & Turtle, H. J. (2000). Political elections and the resolution of uncertainty: the international evidence. Journal of banking & finance, 24(10), 1575-1604.

Fowler, J. H. (2006). Elections and markets: The effect of partisanship, policy risk, and electoral margins on the economy. The Journal of Politics, 68(1), 89-103.

Białkowski, J., Gottschalk, K., & Wisniewski, T. P. (2008). Stock market volatility around national elections. Journal of Banking & Finance, 32(9), 1941-1953.

Floros, C. (2008). The influence of the political elections on the course of the Athens Stock Exchange 1996‐2002. Managerial Finance, 34(7), 479-488.

Howell, L. D. (2011). International country risk guide methodology. East Syracuse, NY: PRS Group.

Muñoz, B., García-Verdugo, J., & San-Martín, E. (2015). Quantifying the geopolitical dimension of energy risks: A tool for energy modelling and planning. Energy, 82, 479-500.

Gentzkow, M., & Shapiro, J. M. (2010). What drives media slant? Evidence from US daily newspapers. Econometrica, 78(1), 35-71.

Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10‐Ks. The Journal of Finance, 66(1), 35-65.

Wiesen, T., & Wysocki, P. (2015). Which firms are affected by regulation? a new text-based measure from corporate disclosures. Working paper (No. 2457), University of Miami.

Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. The quarterly journal of economics, 131(4), 1593-1636.

Hassan, T. A., Hollander, S., van Lent, L., & Tahoun, A. (2019). Firm-level political risk: Measurement and effects. The Quarterly Journal of Economics, 134(4), 2135-2202.

Caldara, D., & Iacoviello, M. (2018). Measuring geopolitical risk. FRB International Finance Discussion Paper, (1222).

Alesina, A., & Tabellini, G. (1989). External debt, capital flight and political risk. Journal of international Economics, 27(3-4), 199-220.

Jones, P. M., & Olson, E. (2013). The time-varying correlation between uncertainty, output, and inflation: Evidence from a DCC-GARCH model. Economics Letters, 118(1), 33-37.

Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. The Review of Financial Studies, 29(3), 523-564.

Acemoglu, D., Naidu, S., Restrepo, P., & Robinson, J. A. (2019). Democracy does cause growth. Journal of Political Economy, 127(1), 47-100.

Francis, B. B., Hasan, I., & Zhu, Y. (2014). Political uncertainty and bank loan contracting. Journal of Empirical Finance, 29, 281-286.

Gilchrist, S., López-Salido, D., & Zakrajšek, E. (2015). Monetary policy and real borrowing costs at the zero-lower bound. American Economic Journal: Macroeconomics, 7(1), 77-109.

Gilchrist, S., Sim, J. W., & Zakrajšek, E. (2014). Uncertainty, financial frictions, and investment dynamics (No. w20038). National Bureau of Economic Research.

Cao, W., Duan, X., & Uysal, V. B. (2013). Does political uncertainty affect capital structure choices? Working paper, University of Oklahoma.

Waisman, M., Ye, P., & Zhu, Y. (2015). The effect of political uncertainty on the cost of corporate debt. Journal of Financial Stability, 16, 106-117.

Gungoraydinoglu, A., Çolak, G., & Öztekin, Ö. (2017). Political environment, financial intermediation costs, and financing patterns. Journal of Corporate Finance, 44, 167-192.

Çolak, G., Gungoraydinoglu, A., & Öztekin, Ö. (2018). Global leverage adjustments, uncertainty, and country institutional strength. Journal of Financial Intermediation, 35, 41-56.

Niederhoffer, V., Gibbs, S., & Bullock, J. (1970). Presidential elections and the stock market. Financial Analysts Journal, 111-113.

Agmon, T., & Findlay, M. C. (1982). Domestic political risk and stock valuation. Financial Analysts Journal, 38(6), 74-77.

Billingsley, K. R., & Tucker, C. (1987). Generations, status and party identification: A theory of operant conditioning. Political Behavior, 9(4), 305-322.

Allvine, F. C., & O'Neill, D. E. (1980). Stock market returns and the presidential election cycle: Implications for market efficiency. Financial Analysts Journal, 36(5), 49-56.

Foerster, S. R., & Schmitz, J. J. (1997). The transmission of US election cycles to international stock returns. Journal of International Business Studies, 28(1), 1-13.

Riley, W. B., & Luksetich, W. A. (1980). The market prefers republicans: Myth or reality. Journal of Financial and Quantitative Analysis, 541-560.

Gwilym, O. A., & Buckle, M. (1994). The efficiency of stock and options markets: tests based on 1992 UK election opinion polls. Applied Financial Economics, 4(5), 345-354.

Thompson, R. S., & Ioannidis, C. (1987). The stock market response to voter opinion polls. Investment Analyst, 83, 19-22.

Gemmill, G. (1992). Political risk and market efficiency: tests based in British stock and options markets in the 1987 election. Journal of Banking & Finance, 16(1), 211-231.

Bachmann, R., Elstner, S., & Sims, E. R. (2013). Uncertainty and economic activity: Evidence from business survey data. American Economic Journal: Macroeconomics, 5(2), 217-49.

Bloom, N. (2014). Fluctuations in uncertainty. Journal of Economic Perspectives, 28(2), 153-76.

Scotti, C. (2016). Surprise and uncertainty indexes: Real-time aggregation of real-activity macro-surprises. Journal of Monetary Economics, 82, 1-19.

Pástor, L., & Veronesi, P. (2012). Uncertainty about government policy and stock prices. The journal of Finance, 67(4), 1219-1264.

Pástor, L., & Veronesi, P. (2013). Political uncertainty and risk premia. Journal of financial Economics, 110(3), 520-545.

Goodell, J. W., & Vähämaa, S. (2013). US presidential elections and implied volatility: The role of political uncertainty. Journal of Banking & Finance, 37(3), 1108-1117.

Brogaard, J., & Detzel, A. (2015). The asset-pricing implications of government economic policy uncertainty. Management Science, 61(1), 3-18.

Pasquariello, P., & Zafeiridou, C. (2014). Political uncertainty and financial market quality. Ross School of Business Paper, (1232).

Henisz, W. J., Dorobantu, S., & Nartey, L. J. (2014). Spinning gold: The financial returns to stakeholder engagement. Strategic Management Journal, 35(12), 1727-1748.

Chatjuthamard, P., Jiraporn, P., Sarajoti, P., & Singh, M. (2020). The effect of political risk on shareholder value and the mitigating role of corporate social responsibility (CSR). Managerial Finance, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/MF-09-2019-0475

کاربر گرامی لطفاً برای دسترسی به پنل کاربری و پیگیری دانلود فایل‌های خریداری شده و ارئه هرچه بهتر خدمات ، پیش از نهایی کردن سفارش، در سایت ثبت‌نام نمایید.