TY - JOUR T1 - The Relationship Between Fuzzy Coefficient of Innovation, Market Power, and Stock Return - Evidence of Competition-Aversion TT - آزمون رابطه ضریب فازی نوآوری، قدرت بازاری، و بازدهی سهام: شواهدی از اثرهای رقابت‌گریزی JF - imps JO - imps VL - 25 IS - 1 UR - http://jpbud.ir/article-1-1919-en.html Y1 - 2020 SP - 109 EP - 134 KW - Threshold Level KW - Innovation Coefficient KW - Market Power KW - Stock Returns KW - Security Market KW - Panel Smooth Transition Regression Model (PSTR). N2 - The main purpose of this article is to test the relationship between market power, innovation, and stock return in Tehran security market. To meet this end, the data of 153 institutions in Tehran security market over the period of 1997-2018 were used through a panel smooth transition approach. The results indicate the existence of a nonlinear relationship among variables in innovation and stock returns equations. Also, in the innovation coefficient equation, with an increase in market power as a transition variable to the threshold level, the innovation coefficient was increasing and significant, and passing through this level it was decreasing and significant. In addition, in the stock return equation, this trend maintains increasing innovation before and after the threshold level. In general, the results of innovation intensity and stock returns equations show that in the firms active in Tehran Stock Exchange, there was an asymmetrical and U-inverse relationship between the market power, innovation, and stock return. Moreover, evidence of competition-aversion effects was confirmed in most stock exchange firms. M3 10.29252/jpbud.25.1.109 ER -