پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 962 |
| تعداد مقالات | 7,970 |
| تعداد مشاهده مقاله | 13,473,722 |
| تعداد دریافت فایل اصل مقاله | 9,572,107 |
تاثیرتضاد مالکانه بر رابطه بین انعطاف پذیری مالی با شدت سرمایه گذاری و تقسیم سود | ||
| راهبرد مدیریت مالی | ||
| مقاله 7، دوره 9، شماره 1 - شماره پیاپی 32، فروردین 1400، صفحه 133-154 اصل مقاله (4.83 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2020.26310.2095 | ||
| نویسندگان | ||
| سید علی واعظ1؛ رحیم بنابی قدیم* 2؛ ساناز قاسمی3 | ||
| 1دانشیار گروه حسابداری دانشگاه شهید چمران اهواز، اهواز، ایران | ||
| 2استادیارگروه حسابداری، واحد هشترود، دانشگاه آزاد اسلامی، هشترود، ایران | ||
| 3کارشناس ارشد حسابداری، واحد مرند، دانشگاه آزاد اسلامی، مرند، ایران | ||
| چکیده | ||
| انعطاف‌پذیری مالی را میتوان پیوندی دانست که از طریق وجوه داخلی انباشته‌شده و ظرفیت وامگیری خارجی، شرکت را قادر میسازد در زمان مناسب و به‌طور رقابتی، گزینههای رشد را به اجرا رسانده و پروژههای با ارزش فعلی خالص مثبت را انجام دهند ولی وجود تضاد مالکانه به سبب جدایی مالکیت از مدیریت، میتواند این اثربخشی را تحت تأثیر قرار دهد. هدف این پژوهش بررسی تأثیر انعطاف‌پذیری مالی بر شدت سرمایهگذاری و تقسیم سود با تأکید بر نقش تضاد مالکانه در شرکت‌های پذیرفته‌شده بورس اوراق بهادار تهران است. به‌طورکلی استفاده از یک نمونه (102 شرکت) از شرکت‌های بورس اوراق بهادار به در فاصله سالهای 1390-1396 تحلیل بر اساس رگرسیون خطی، بیانگر این نتیجه بوده است که شاخص ترکیبی انعطاف‌پذیری مالی دارای تأثیرگذاری مثبت معنیدار بر شدت سرمایهگذاری و سیاست تقسیم سود است و اثر تعاملی شاخص ترکیبی انعطاف‌پذیری مالی و شاخص ترکیبی تضاد مالکانه دارای اثر تعدیلکنندگی بر شدت سرمایهگذاری و سیاست تقسیم سود بوده و سبب تأثیرگذاری منفی معنیدار بر شدت سرمایهگذاری و سیاست تقسیم سود میشود | ||
| کلیدواژه‌ها | ||
| انعطاف پذیری مالی؛ تضاد مالکانه؛ شدت سرمایه گذاری؛ تقسیم سود | ||
| عنوان مقاله [English] | ||
| Effect of Principal-Principal Conflict on Relationship between Financial Flexibility with Investment Propensity and Dividend Payouts | ||
| نویسندگان [English] | ||
| Sayed Ali Vaez1؛ Rahim Bonabi Ghadim2؛ Sanaz Gasemi3 | ||
| 1Associate Prof in Accounting. Faculty of Economic and Social Sciences, Shahid Chamran University, Ahvaz, Iran | ||
| 2Asistance Prof in Accounting, Department of accounting, Hashtrood Branch, Islamic Azad University, Hashtrood, Iran | ||
| 3Master of Accunting, Marand Branch, Islamic Azad University, Marand, Iran | ||
| چکیده [English] | ||
| Flexibility can be viewed as a linkage between domestic and foreign borrowing capacity. Using accumulated internal funds, it enables the company to make growth choices at a right time in a competitive manner and do projects with positive net present values. However, the existence of Principal-principal Conflict resulted from the separation of ownership from management can affect this effectiveness. The purpose of this study is to investigate the effect of financial flexibility on the intensity of investment and dividend with emphasis on role of principal-principal Conflict in the companies admitted to Tehran Stock Exchange. In general, the use of a sample (102 companies) from Stock Exchange companies for the years 2011-2017, based on linear regression, suggests that the flexibility financial composite index has a significant positive effect on investment propensity and dividend policy. Likewise, the interactive effect of flexibility financial composite index and Principal-principal Conflict composite index have a moderating effect on investment propensity and dividend policy. It is also of a significant negative effect on the investment propensity and dividend policy. | ||
| کلیدواژه‌ها [English] | ||
| Financial Flexibility, Principal-Principal Conflict, Investment Intensity, Dividend | ||
| مراجع | ||
|
خالقی مقدم، حمید، حساس یگانه، یحیی، امیری، مقصود و شیره زاده، جلال. (1396). مدلی برای انعطاف‌پذیری مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. راهبرد مدیریت مالی، 5(4)، صص. 45-67. رحمانی، علی؛ غلامی گاکیه، فردین؛ پاکیزه، کامران. (1391). تاثیر انعطاف پذیری مالی بر میزان سرمایه گذاری و ارزش افرینی. پیشرفت‌های حسابداری، 4(2)، صص. 76-53. شعری آناقیز، صابر و قربانی، ناهید. (1394). رابطه انعطاف‌پذیری مالی با عملکرد شرکت‌های سرمایهگذاری در ایران از منظر بازار، پژوهشهای تجربی حسابداری، 4(3)، صص.180-165. مدرس، احمد و حصار زاده، رضا. (1387). کیفیت گزارشگری مالی و کارایی سرمایهگذاری. سازمان بورس و اوراق بهادار، 1(2)، صص. 116-85. نجفی مقدم، علی. (1396). تأثیر انعطاف‌پذیری مالی بر تصمیمات ساختار سرمایه با استفاده از دو مدل برایان کلارک و فولک اندرووانگ. مهندسی مالی و مدیریت اوراق بهادار، 8(33)، صص. 153-182. Abdelsalam, O. El-Masry, A. & Elsegini, S. (2008). Board Composition, Ownership Structure and Dividend Policies in an Emerging Market Further Evidence from CASE 50. Managerial Finance: 34(12), pp.953-964. Afza, T. & Mirza, H. (2011). Institutional shareholdings and corporate dividend policy in Pakistan. African Journal of Business Management, 5 (22), pp.8941-8951. Bancel, F. & Mittoo, U. (2011). Financial flexibility and the impact of the global financial crisis: evidence from France. International Journal of Managerial Finance 7 (2), pp.179-216. Bouchani, Z. & Ghanbari, M. (2015). The relation between financial flexibility and financial performance with the ratio of book value to market value in Tehran listed firms. Journal of Scientific Research and Development. 2 (2), pp.216-222. Byoun, S. (2007). Financial flexibility, leverage, and firm size, Waco, TX. January, 3. SSRN Electronic Journal. pp.1-38. Byoun, S. (2008). Financial flexibility and capital structure decision, SSRN Electronic Journal. 1108850. pp.1-60. Chen, T. Xie. L. & Zhang. Y. (2017), How Does Analysts' Forecast Quality Relate to Corporate Investment Efficiency? Journal of Corporate Finance, 43(3), pp.408- 421. Chen, X. Sun, Y. & Xu, X. (2015). Free Cash Flow, Over-Investment and Corporate Governance in China, Pacific-Basin Finance Journal, 37(3), pp.81-103. De La Bruslerie, H. & Latrous, I. (2014). Ownership Structure and Debt Leverage: Empirical Test of a Trade-off Hypothesis on French Firms. Journal of Multinational Financial Management, 22 (4), pp.111-130. DeAngelo, H. & DeAngelo, L. (2007). Capital structure, payout policy, and financial flexibility. Marshall School of Business, California. SSRN Electronic Journal, pp.1-25. DeAngelo, H. DeAngelo, L. & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial economics, 81(2), pp. 227-254. DeAngelo, H. DeAngelo, L. & Whited, T. M. (2010). Capital structure dynamics and transitory debt, Journal of Financial Economics. 99(2), pp.235-261. Damoori, D, & Ghadakfroshan, M. (2018). Financial Policies and Investment Efficiency in the Companies Listed in Tehran Stock Exchange. Financial Management Strategy, 6(4), pp.157-175. (In Persian) Estwic. S. (2015). Financial Flexibility and the Moderating Role of Principal-principal Conflict. Journal of Financial Issues, 14(2). pp.1-35. Gamba, A. & Triantis. A. (2008). The value of financial flexibility. The Journal of Finance, 63(5), pp.263-296. Gu, X. Hasan, I. & Zhu, Y. (2019). Political influence and financial flexibility: Evidence from China, Journal of Banking & Finance, 99(3), pp.142-156. Hu, H. Tam, O. & Tan, M. (2010). Internal governance mechanisms and firm performance in China. Asia Pacific Journal of Management, 27 (4), pp.727-749. Kalcheva, I. & Lins, K. (2007). International evidence on cash holdings and expected managerial agency problems. Review of Financial Studies, 20 (4), pp.1087-1112. King’wara, R. (2015). The Relationship between Financial Flexibility and Dividend Payouts: A Case of Listed Firms in Kenya, European Journal of Business and Management, 7(3), pp.51-58. Khodaee, M. & Zareteymori, M. (2010). Effect of Financial Flexibility on Investment Decisions, Financial Engineering and Portfolio Management, 4(3), pp.155-173. (In Persian) Khaleghi Moghaddam, H, Hassas Yeganeh, Y, Amiri, M. Shirehzadeh, J. (2018). A Model for Financial Flexibility of Accepted Companies in Tehran Stock Exchange. Financial Management Strategy, 5(4), pp.45-67. (In Persian) Lambrinoudakis, C. Skiadopoulos, G.S. & Gkionis, K. (2019). Capital Structure and Financial Flexibility: Expectations of Future Shocks. 104(10), pp.1-18. Lara, J.M.G. Osma, B.G. Penalva, F. (2016). Accounting Conservatism and Firm Investment Efficiency, Journal of Accounting and Economics, 61 (1), pp.221- 238. Lee, S. & Xiao, Q. (2011). An examination of the curvilinear relationship between capital intensity and firm performance for publicly traded US hotels and restaurants. International Journal of Contemporary Hospitality Management, 23(6), pp.862 – 880. Lemmon, M. & Roberts, M. (2010). The response of corporate financing and investment to changes in the supply of credit. Journal of Financial and Quantitative Analysis, 45(3), pp.555-587. Lim, S. Matolcsy, Z. & Chow, D. (2007). The association between board composition and different types of voluntary disclosure. European Accounting Review. 16(3), pp.555-583. Lie, E. (2005). Financial flexibility, performance, and the corporate payout choice. The Journal of Business. 78 (6), pp.2179-2202. Lins, K. (2003). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38 (1), 159-184. Marchica, m. & Mura, R. (2007). Financial flexibility and investment decisions, SSRN Electronic Journal, September, pp.1-48. Marchica, M. & Mura, R. (2010). Financial flexibility, investment ability, and firm value: evidence from firms with spare debt capacity. Financial Management, 39 (4), pp.1339-1365. Maury, B. & Pajuste, A. (2005). Multiple large shareholders and firm value. Journal of Banking & Finance, 29 (7), pp.1813-1834. Maury, C. & Pajuste, A. (2002). Controlling shareholders, agency problems, and dividend policy in Finland. Journal of LTA, 1 (2), pp.15-45. McNulty, T. Florackis, C. & Ormrod, P. (2013). Boards of directors and financial risk during the credit crisis. Corporate Governance: An International Review, 21 (1), pp.58-78. Michaely, R. & Vincent, C. (2013). Do Institutional Investors Influence Capital Structure Decisions? SSRN Electronic Journal. pp.1-54. Modares, A, & Hesarzadeh, R. (2008). Financial reporting quality and investment efficiency. Journal of Stock Exchange Organization, 1(2), pp.85-116. (In persian) Morck, R. Wolfenzon, D. & Yeung, B. (2005). Corporate governance. economic entrenchment, and growth. Journal of Economic Literature, 43 (3), pp.655-720. Najafi moghadam, A. (2017). The impact of financial flexibility on capital structure decisions with Using Brian Clark and Farkland and Wang. 8(33), pp.153-182. (In persian) Oded, J. (2008). Payout policy, financial flexibility, and agency costs of free cash flow. SSRN Electronic Journal. pp.1-44. Patra, T. Poshakwale, S. & Ow-Yong, K. (2012). Determinants of corporate dividend policy in Greece. Applied Financial Economics, 22 (13), pp.1079-1087. Pindado, J. Requejo, I. & Torre, C. (2012). Do family firms use dividend policy as a governance mechanism? evidence from the Euro zone. Corporate Governance: An International Review, 20 (5), pp.413-431. Rahmani, A. Gholami Gakieh, F. Pakizeh, K. (2012). The Impact of Financial Flexibility on Investment Ability and Firm’s Value Enhancing. Journal of Accounting Advances (JAA), 4(2), pp.53-76. (in Persian) Rajesh Kumar, B. & Sujit, K.S. (2018). Determinants of dividends among Indian firms—An empirical study, Cogent Economics & Finance, 6(1), pp.1-18. Rapp, S.M. Schmid, T. & Urban, D. (2014). The Value of Financial Flexibility and Corporate Financial Policy. Journal of Corporate Finance, 29(14), pp.211-312. Sheri Anaghiz, S. Ghorbauni, N. (2015). The Relation between Financial Flexibility and Performance of Iranian Investment Firms from the Market Point of View. Empirical Research in Accounting, 4(3), pp.165-180. (in persian) Smith, G. (2014). After a Market Panic: Cash is King. Managerial Finance, 41(5), pp.516-534. Stouraitis, A. & Wu, L. (2004). The Impact of Ownership Structure on the Dividend Policy of Japanese Firms with Free Cash Flow Problem. In AFFI December meeting. SSRN Electronic Journal.4 (1), pp.74-93. Su, Y. Xu, D. & Phan, P. (2008). Principal–principal conflict in the governance of the Chinese public corporation. Management and Organization Review, 4 (1), pp.17-38. Takami, S. (2016). Preserving and Exercising Financial Flexibility in the Global Financial Crisis Period: The Japanese Example. Corporate Accounting & Finance, 27(4), pp.13- 25. Velury, U. & Jenkins, D.S. (2006). Institutional Ownership and The Quality of Earnings. Journal of Business Research, 59(9), pp.1043-1051. Young, M. Peng, M. Ahlstrom, D. Bruton, G. & Jiang. Y. (2008). Corporate governance in emerging economies: a review of the principal–principal perspective. Journal of Management Studies, 45 (1), pp.196-220. Yung, k. Diane Li, D. & Jian, Y. (2015). The Value of Corporate Financial Flexibility in Emerging Countries. Journal of Multinational Financial Management, 32(33), pp.25-41. | ||
|
آمار تعداد مشاهده مقاله: 951 تعداد دریافت فایل اصل مقاله: 673 |
||