The Comparison Liquidity and Tobin’s Q Ratio of Growth and Value stocks in Tehran Stock Exchange

Document Type : Research Paper


عضو هیات علمی


This study examines the role of growth and value stocks in Liquidity and Tobin's Q ratio, and also the validity of claims existing difference between Tobin Q ratio of the two types of stocks in companies accepted in Tehran Stock Exchange has been examined. The study period is between the years 1381 to 1390. We use Pooled Panel-Data Regression and EGLS and GMM methodS to estimate the model parameters. Also for the validity of a significant difference between Liquidity and Tobin Q ratio of growth and value stocks, analysis of variance test has been used . This paper contains significant and consistent results. The results of testing hypotheses for each of the ten years and the pooled sample show that price-to-book ratio and Size are negatively related to Stocks liquidity. The results demonstrated that growth stocks (especially small growth stocks) have higher Liquidity degree and Tobin's Q ratio than value stocks. The results indicated a significant difference between Liquidity and Tobin's Q ratio between the two stocks types.


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