Corporate Risk-Taking and Investment Level of Listed Companies of Tehran Stock Exchange: The Moderating Role of Financial Fragility

Document Type : Original Article

Authors
Rahman Doostian
Arsalan Chamangard Khorramabadi
Seyed Majid Koocheki
Assistant Professor of Department of Accounting, Khorramabad Branch, Islamic Azad University, Khorramabad, Iran
10.22034/jik.2025.78885.4844
Abstract
The present study aimed to investigate the effect of financial fragility on the relationship between corporate risk-taking and the level of investment in companies listed on the Tehran Stock Exchange. For this purpose, the data related to literature using library research and use of various articles extracted from Web sites collected and used. To test the hypothesis of this study, information was used 114 during 21/3/2019 to 20/03/2024. The research variables were identified and required information related to the financial statements of Web sites and were classified in excel spreadsheet. This data is used to test hypotheses and research models for panel data estimation by using software Eviews10 tested. The results of this study indicate that there is a direct and significant relationship between corporate risk-taking and the level of investment in companies listed on the Tehran Stock Exchange. This is while financial fragility does not affect the relationship between company risk-taking and the level of investment of companies listed on the Tehran Stock Exchange.
1.    حاجی ابراهیمی، مریم. اسکندر، هدی. (1396)" بررسی تأثیر بی شاطمینانی مدیریت بر ریسک پذیری و عملکرد شرکت"پژوهش های تجربی حسابداری سال هشتم شماره 31
2.    شکری،عقیل.پاکدل مغانلو،عبدالله "بررسی تاثیر سود تقسیمی بر سرمایه گذاری شرکت ها با در نظر گرفتن معیار کمبود جریانات نقدی در شرکت های پذیرفته شده در بورس اواراق بهادار تهران"دانش حسابرسی سال پانزدهم،شماره 59
3.    صمدی لرگانی،محمود.ایمنی،محسن(1392) "بررسی رابطه بین مدیریت سرمایه در گردش و میزان نگهداشت وجه نقد شرکتهای پذیرفته شده در بورس اوراق بهادار تهران" فصلنامه علمی پژوهشی دانش حسابداری و حسابرسی مدیریت سال دوم شماره پنجم
4.    علی صوفی، هاشم. نصرت، سجاد. (1397) " بررسی تاثیر سرمایه فکری بر آسیب پذیری مالی شرکت ها با رویکرد مدل یابی معادلات ساختاری" پژوهش در حسابداری و علوم اقتصادی سال دوم تابستان 1397 شماره
5.    میرکی، فؤاد(1391) «تاثیر ریسک آشفتگی مالی بر روند حرکت قیمت سهام»پایان نامه کارشناسی ارشد ،دانشگاه اصفهان
6.        Berger Dave, Kuntara Pukthuanthong. (2016)" Fragility, stress, and market returns " Journal of Banking & Finance 62 (2016) 152–163
7.        Chen, Dong. Ran, Yan. (2025)" Relationship among Regulatory Environment, Financing Constraints, and Corporate Risk-Taking in Tourism Industry" Finance Research Letters Available online 27 March 2025, 107325
8.        Han, S. , Lai, G. C. , Ho, C. L. (2015). CEO confidence or overconfidence? The impact of CEO overconfidence on risk taking and firm performance in the U. S. Property-Liability insurance companies, World risk and insurance economics congress
9.        Hong, Chen. Mengyun, Zhang. Jun, Zeng. Wenhua, Wang. (2024)" Artificial intelligence and corporate risk-taking: Evidence from China" China Journal of Accounting Research Volume 17, Issue 3, September 2024, 100372
10.    Imhof, M. J. , Seavey S. E. (2014). Corporate risk-taking, firm value and high levels of managerial earnings forecasts. Advances in Accounting, incorporating Advances in International Accounting, 30 (2) ,328–337.
11.    Luo, Xiaoke. (2025) " Benefits and Risks of Corporate Investment under the Constraints of Transnational Investment Laws" International Review of Economics & Finance. Available online 11 October 2025, 104677
12.    Zhai, Jun. Zhang, Siyuan. Yang, Xuan. (2024)" Financial subsidies, digital finance, and corporate industrial investment level" Finance Research Letters Volume 69, Part B, November 2024, 106225
13.    Zhou, Yan. Tengyin, Hu. Yuheng, Ren.(2024)" Impact of strategic alliances on enterprise investment levels " Finance Research Letters Volume 66, August 2024, 105695