تحليل العوائد غير العادية وعلاقتها بمعدل العائد على الاستثمار ومتوسط القيمة السوقية تبعا لربحية وحجم الشركة - دراسة تطبيقية في سوق العراق للأوراق المالية

Abstract

   The current research aims to find out how different the relationship between the return on investment (ROI) and abnormal return (AR) depending on the profitability of a company and find out the relationship between the average market value (AMV ) and abnormal return (AR) relying on the size of the company. The research was applied in the Iraq Stock Exchange (ISE). Thirty companies were selected as a research sample. The chosen sample consists of six market sectors. These sectors are the banking sector, the industrial sector, the insurance sector, the investment sector, the agricultural sector and the service sector. The statistical software package (SPSS) was used to reach research goal and to test the research hypotheses.

   The research reached a set of important conclusions. The most significant conclusions are that; there is no significant statistical relationship between the investment and the abnormal returns depending on the companies’ profitability; and there is no statistical relationship between the average market value and abnormal returns depending on the size of the companies. The research sets a number of recommendations. The most significant recommendation is that it cannot rely on traditional indicators to measure the profitability and the size of companies and it should rely on other recent indicators to measure the profitability and the size of companies.