تعداد نشریات | 25 |
تعداد شمارهها | 924 |
تعداد مقالات | 7,621 |
تعداد مشاهده مقاله | 12,424,114 |
تعداد دریافت فایل اصل مقاله | 8,843,307 |
تأثیر ساختار مالکیت بر اهرم مالی شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران | ||
حسابداری و منافع اجتماعی | ||
مقاله 4، دوره 9، شماره 4 - شماره پیاپی 35، دی 1398، صفحه 65-82 اصل مقاله (2.36 M) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/ijar.2019.17575.1343 | ||
نویسندگان | ||
مجتبی مطلبیان چالشتری* 1؛ زهرا مصطفوی2 | ||
1دکتری حسابداری، مربی گروه حسابداری دانشگاه پیام نور فارسان، ایران | ||
2دبیر هنرستان فنی و حرفه ای فرزانه شهرکرد | ||
چکیده | ||
هزینه های تأمین مالی شرکت ها از طریق بدهی در تصمیمات سرمایه گذاری نقش تعیینکننده ایفا می کنند. دستیابی به نرخ هزینه مناسب در تعیین ترکیب بهینه ساختار مالی شرکت ها به ویژه در کسب نتایج مطلوب از عملیات به شکل سودآوری از اهمیت خاص برخوردار است. از سوی دیگر، اعتباردهندگان در برآورد ریسک عدم پرداخت، ساختار مالکیت موجود در شرکتها را مدنظر قرار می دهند. بنابراین، می توان نتیجه گرفت کیفیت ساختار مالکیت بر اهرم مالی شرکت ها تأثیر دارد. هدف این پژوهش بررسی تأثیر ساختار مالکیت بر اهرم مالی شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران است. بدین منظور اطلاعات مالی 118 شرکت پذیرفتهشده در بورس اوراق بهادار تهران طی سالهای 1390 تا 1394 به روش داده های ترکیبی مورد تحلیل قرار گرفت. نتایج پژوهش نشان داد تأثیر نظارت نهادی بر اهرم مالی، معکوس و معنیدار است. همچنین، یافته دیگر پژوهش، حاکی از آن است که تأثیر کنترل نهادی بر اهرم مالی و تأثیر مالکیت مدیریتی بر اهرم مالی، مثبت و معنیدار است. | ||
کلیدواژهها | ||
سهامداران نهادی؛ سهامداران نهادی نظارتی؛ سهامداران نهادی کنترلی؛ مالکیت مدیریتی؛ اهرم مالی | ||
عنوان مقاله [English] | ||
The effect of ownership structure and Financial Leverage of Listed Companies in the Tehran Stock Exchange | ||
نویسندگان [English] | ||
Mojtaba MotalebianChaleshtori1؛ zahra mostafavi ghahfarohki2 | ||
1Phd of Accounting, Payame Noor University, Farsan Branch, Farsan, Iran | ||
2MSc of Accounting, Islamic Azad University, Farsan Branch, Farsan, Iran | ||
چکیده [English] | ||
Financial Leverage plays a crucial role in investment decisions. Obtaining an appropriate cost rate is essential in determining the optimal financial structure of corporate particularly when gaining profit from operations is set as objectives. On the other hand, creditors consider the ownership structure of companies in estimating the risk of non-payment. Thus, the ownership structure influences financial leverage. The present study investigates the effect of ownership structure on financial leverage of listed companies in the Tehran Stock Exchange. For this purpose, the financial information of 118 companies listed in the Tehran Stock Exchange during the years 1390 to 1394 using the panel data method was analyzed. The results showed that there is a reverse and significant relationship between institutional monitoring and financial leverage. The effect of institutional control and managerial ownership on financial leverage is positive and significant. | ||
کلیدواژهها [English] | ||
Financial Leverage, Institutional Controlling Shareholders, Institutional Monitoring Shareholders, Institutional Shareholders, Management Ownership | ||
مراجع | ||
Arslan, Ö. , Florackis, C. , & Ozkan, A. (2006). The role of cash holdings in reducing investment–cash flow sensitivity: Evidence from a financial crisis period in an emerging market. Emerging Markets Review, 7 (4) , 320-338. Bhojraj, S. , & Sengupta, P. (2003). Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors. The journal of Business, 76 (3) , 455-475. Bokpin, G. A. (2009). Macroeconomic development and capital structure decisions of firms. Studies in economics and finance. Chavoshi, K. , Rastegar, M. , & Mirza'i, M. (2015). Investigating the Relation Between Managers' Confidence and Selection of Financing Policies in Tehran Securities Accepted Companies. Quarterly Journal of Financial Knowledge Analysis of Securities, 8 (25) , 29. (In Persian). Ebrahimpour, M. , Baba Nezhad, H. , & Taleb Tabar Ahangar, M. (2016). Investigating the relationship between liquidity and financial leverage on profitability of accepted companies in Tehran Stock Exchange (automobile industry and manufacturing of components, chemical and pharmaceutical). Journal of Management and Accounting Researches, 6 (26) , 101. (In Persian). Hajiha, Z. , & Hossein Ali, A. (2013). Reviewing the Board of Directors' Features on Company Debt Settlement Structure. Journal of Management Accounting, 6 (18) , 39-56. (In Persian). Hassas Yegane, Y. , & Ahmadi, M. (2013). The Relationship between Corporate Governance and Conservatism. Journal of Empirical Accounting in Financial Accounting, 38. (In Persian). Hassas Yegane, Y. , Moradi, M. , & Alexander, H. (2008). Investigating the Relationship between Institutional Investors and Corporate Value. Accounting and Audit Journal. (15) , 52. (In Persian). Hu, H. , & Lian, Y. (2016). Institutional investors and the cost of bank loans. Managerial Finance. Izadinia, N. , Rabiei, H. , & Hamidian, N. (2013). Investigating the Relationship between Financial Leverage and Real Profit Management of Accepted Companies in Tehran Stock Exchange. Journal of Accounting Progress of Shiraz University, 1 (5) , 33-45. (In Persian). Kashanipour, M. , & Yaghoubi, M. (2006). Occupational safety and profit management. Humanities and Social Sciences Research, (21) , 104-83. (In Persian). Lim, M. , How, J. , & Verhoeven, P. (2014). Corporate ownership, corporate governance reform and timeliness of earnings: Malaysian evidence. Journal of Contemporary Accounting & Economics, 10 (1) , 32-45. Lin, F. , Wu, C. M. , Fang, T. Y. , & Wun, J. C. (2014). The relations among accounting conservatism, institutional investors and earnings manipulation. Economic Modelling,37, 164-174. Lo, H. C. , Ting, I. W. K. , Kweh, Q. L. , & Yang, M. J. (2016). Nonlinear association between ownership concentration and leverage: The role of family control. International Review of Financial Analysis, 46, 113-123. Modigliani, F. , & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48 (3) , 261-297. Moradi, M. (2007). Investigating the relationship between financial leverage and profit smoothing in companies admitted to Tehran Stock Exchange. Financial Research Magazine, (24) , 99-114. (In Persian). Moradi, M. (2014). Investigating the Impact of Board of Directors' Ownership and Independence on Debt Financing Costs in Companies Accepted in Tehran Stock Exchange. Master's thesis management (financial orientation). Islamic Azad University of Bonab Branch. (In Persian). Moradi, M. (2014). Investigating the Impact of Board of Directors' Ownership and Independence on Debt Financing Costs in Companies Accepted in Tehran Stock Exchange. Master's thesis management (financial orientation). Islamic Azad University of Bonab Branch. (In Persian). Namazi, M. , & Kermani, E. (2008). The Effect of Ownership Structure on the Performance of Companies Accepted in Tehran Stock Exchange. Quarterly journal of accounting and auditing, 15, 83-100. (In Persian). Nouravesh, I. , & Yazdani, Sima. (2010). Investigating the effect of financial leverage on investment in listed companies in Tehran Stock Exchange. Journal of Financial Accounting Research, 2 (2) , 35-48. (In Persian). Persakis, A. , & Iatridis, G. E. (2015). Cost of capital, audit and earnings quality under financial crisis: A global empirical investigation. Journal of International Financial Markets, Institutions and Money, 38, 3-24. Salim, M. , & Yadav, R. (2012). Capital structure and firm performance: Evidence from Malaysian listed companies. Procedia-Social and Behavioral Sciences, 65, 156-166. Shleifer, A. , & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52 (2) , 737-783. Sinai, H. A. (2007). Investigating the Effect of Internal Factors of Companies on How to Formulate Capital Structure of Securities Stock Companies. Accounting and Audit Magazine, (63) , 48-84. (In Persian). Sun, J. , Ding, L. , Guo, J. M. , & Li, Y. (2016). Ownership, capital structure and financing decision: Evidence from the UK. The British Accounting Review, 48 (4) , 448-463. Waweru, N. (2014). Determinants of quality corporate governance in Sub-Saharan Africa. Managerial Auditing Journal. | ||
آمار تعداد مشاهده مقاله: 803 تعداد دریافت فایل اصل مقاله: 487 |