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مقایسۀ سرعت تعدیل نگهداشت وجه نقد در دوران رونق و رکود اقتصادی | ||
| راهبرد مدیریت مالی | ||
| مقاله 7، دوره 10، شماره 3 - شماره پیاپی 38، مهر 1401، صفحه 141-160 اصل مقاله (447.37 K) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2022.37631.2596 | ||
| نویسندگان | ||
| عباس افلاطونی* 1؛ پریوش کاظمی2؛ محمد خطیری3 | ||
| 1دانشیار حسابداری، دانشگاه بوعلی سینا، همدان، ایران | ||
| 2کارشناس ارشد حسابداری، بانک سپه، اهواز، ایران | ||
| 3استادیار حسابداری، دانشگاه آزاد اسلامی، تاکستان، ایران | ||
| چکیده | ||
| تمایل شرکت‌ها به نگهداری میزان بهینه‌ای از وجه نقد از این موضوع ناشی می‌شود که نگهداشت کمتر و بیشتر از میزان مذکور می‌تواند به کاهش ارزش شرکت بیانجامد. این موضوع باعث می‌شود که شرکت‌ها همواره تلاش کنند تا نسبت نگهداشت وجه نقد واقعی را در جهت نیل به نسبت بهینه (هدف)، تعدیل کنند. سرعت تعدیل به عوامل مختلفی در سطح شرکت، صنعت و اقتصاد کلان وابسته است. هدف این پژوهش، بررسی اثر رونق و رکود اقتصادی بر سرعت تعدیل نگهداشت وجه نقد است. برای این منظور از 2893 مشاهده در بازۀ زمانی 1399-1382 در قالب داده‌های ترکیبی نامتوازن استفاده شده است. برای برآورد مدل‌های ایستا از برآوردگر حداقل مربعات معمولی و جهت تخمین مدل‌های پویا از برآوردگر گشتاورهای تعمیم‌یافتۀ سیستمی استفاده شده است. نتایج پژوهش، وجود نسبت نگهداشت وجه نقد بهینه را در شرکت‌های ایرانی تأیید می‌کند. افزون بر آن، نتایج نشان می‌دهد که در قیاس با دوران رکود، در دوران رونق اقتصادی، شرکت‌ها نسبت نگهداشت وجه نقد واقعی خود را با سرعت بیشتری به سمت نسبت هدف، تعدیل می‌کنند. این نتایج با مفاهیم مطرح در نظریۀ توازن سازگاری دارد. | ||
| کلیدواژه‌ها | ||
| سرعت تعدیل نگهداشت وجه نقد؛ نسبت هدف؛ رونق و رکود اقتصادی؛ نظریۀ توازن | ||
| عنوان مقاله [English] | ||
| Comparing the Cash Holdings Speed of Adjustment During Economic Prosperities and Recessions | ||
| نویسندگان [English] | ||
| Abbas Aflatooni1؛ Parivash Kazemi2؛ Mohammad Khatiri3 | ||
| 1Associate Professor, Bu-Ali Sina University, Hamadan, Iran | ||
| 2MA in Accounting, Bank Sepah, Ahwaz, Iran | ||
| 3Assistant Professor, Takestan Branch, Islamic Azad University, Takestan, Iran | ||
| چکیده [English] | ||
| The desire of firms to maintain the optimal level of cash arises from the fact that keeping less and more than the optimal amount of cash can decrease the firm value. This causes firms to constantly try to adjust the cash holdings ratio. The speed of adjustment depends on various factors at the firm, industry and macroeconomic level. The purpose of this study is to investigate the effect of economic prosperities and recessions on cash holdings speed of adjustment. For this purpose, 2893 observations in the period of 2003-2020 in the form of unbalanced panel data have been used. The ordinary least squares (OLS) estimator is used to estimate static models and the system generalized method of moments estimator (GMM) is used to estimate dynamic models. The research results confirm the existence of an optimal (target) cash holdings level in Iranian firms. In addition, the results show that compared to the recessions, during the prosperities, firms adjust their real cash holdings ratio more quickly to the target ratio. These results are consistent with the concepts in trade-off theory. | ||
| کلیدواژه‌ها [English] | ||
| Cash Holdings Speed of Adjustment, Target Ratio, Economic Prosperities and Recessions, Trade-off Theory | ||
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