نوع مقاله : علمی
1 دکتری، گروه حسابداری و مدیریت، واحد بینالملل کیش، دانشگاه آزاد اسلامی، جزیره کیش، ایران.
2 دانشیار، دانشگاه آزاد اسلامی، واحد علوم تحقیقات
3 استادیار، دانشگاه آزاد اسلامی، واحد تهران جنوب
عنوان مقاله [English]
Temperature changes affect the productivity of employees and production devices of companies and, consequently, the operating profit of companies. According to the Rotating model, the value of a company is the result of the reduction of the company's dividends for life. As air temperatures change over time, if investors consider risk-taking to bear the risk of temperature changes, the value of companies will change over time. In the present study, the relationship between temperature changes (through mere temperature risk) and the value of companies over time examined. In this study, a different method called "tracker portfolio" is extracted without risk of temperature changes and then the expected return of investors in different periods estimated by the two-factor model. Finally, using the vortex model, the value of the companies calculated over time. For this purpose, a sample of about 160 companies listed on the Tehran Stock Exchange between 2006 and 2017 reviewed. The time series method used to investigate the research hypotheses. The results of the study indicate that only the risk of temperature in the Tehran Stock Exchange priced and the increase in global warming over time has reduced the value of companies, so investors need the fundamental analysis and investment strategies. The role of temperature changes itself is considered to be an increasing factor in the expected return to achieve better results and at the same time contribute to the efficiency of the capital marke.