پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 954 |
| تعداد مقالات | 7,830 |
| تعداد مشاهده مقاله | 13,144,702 |
| تعداد دریافت فایل اصل مقاله | 9,314,351 |
بررسی تأثیر توانایی مدیریت بر سیاست تقسیم سود | ||
| پژوهش های تجربی حسابداری | ||
| مقاله 6، دوره 7، شماره 1 - شماره پیاپی 23، خرداد 1396، صفحه 103-129 اصل مقاله (4.86 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jera.2017.12065.1462 | ||
| نویسندگان | ||
| مسعود حسنی القار* 1؛ محمد مرفوع2 | ||
| 1مربی گروه حسابداری دانشگاه بزرگمهر قائنات | ||
| 2استادیار گروه حسابداری دانشگاه علامه طباطبائی | ||
| چکیده | ||
| سیاست تقسیم سود و عوامل تأثیرگذار بر آن، از موضوعات با اهمیتی است که در ادبیات مالی مدرن به طور گسترده‌ای مورد بررسی قرار گرفته است. محققان در اغلب این پژوهش‌ها به برخی از ویژگی‌های شرکت اشاره کرده‌اند. نتایج پژوهشهای اخیر نشان می‌دهد یکی از عوامل تعیین‌کننده سیاست تقسیم سود، "توانایی مدیریت" است. در ادبیات حسابداری، توانایی مدیریت یکی از ابعاد سرمایه انسانی شرکت‌هاست که به عنوان دارایی نامشهود طبقه‌بندی می‌شود. برخی محققان توانایی مدیریت را به عنوان کارایی مدیران نسبت به رقبا در تبدیل منابع شرکت به درآمد تعریف می‌کنند. هدف پژوهش حاضر بررسی تأثیر توانایی مدیریت بر سیاست تقسیم سود است. جامعه آماری پژوهش را 118 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1386 تا 1393 تشکیل می‌دهد. سنجه توانایی مدیریت، بخشی از کارایی شرکت است که تحت تأثیر عوامل ذاتی شرکت قرار نمی‌گیرد. به منظور محاسبه و تحلیل اطلاعات توانایی مدیران از مدل ارائه شده توسط دیمرجان و همکاران (2012، 2013) استفاده شده است. آزمون فرضیه پژوهش نیز با استفاده از روش‌های آماری رگرسیون خطی چند متغیره و الگوی تحلیل پوششی داده‌ها صورت گرفته است. نتایج حاصل از آزمون فرضیه پژوهش نشان می‌دهد توانایی مدیریت تأثیر مثبت معناداری بر تقسیم سود شرکت دارد. به عبارت دیگر، مدیران تواناتر سود تقسیمی بیشتری را پرداخت می‌کنند. بر اساس بررسی‌های بیشتر میزان جریان‌های نقدی بر سطح تقسیم سود شرکت تأثیرگذار است. تأثیرگذاری جریان‌های نقدی بر سطح تقسیم سود بیانگر وجود حساسیت سود تقسیمی نسبت به جریان‌های نقدی است | ||
| کلیدواژه‌ها | ||
| توانایی مدیریت؛ سیاست تقسیم سود؛ کارایی شرکت؛ جریان‌های نقدی و فرصت‌های رشد | ||
| عنوان مقاله [English] | ||
| The Impact of Managerial Ability on Dividend Policy | ||
| نویسندگان [English] | ||
| masoud hasani alghar1؛ mohammad marfou2 | ||
| چکیده [English] | ||
| Dividend policy and factors affecting it are among the important topics widely used in modern financial literature. In most studies in this regard, researchers have pointed out some firms characteristics. The results of recent studies show that Managerial Ability is one of the determinants of dividend policy. In accounting literature, managerial ability is one of the dimensions of human capital, which is classified as an intangible asset. Some researchers define managerial ability as management efficiency for changing the company`s resources into revenue, as compared to the competitors,. This article is aimed to study the effect of managerial ability on dividend policy. The sample consists of 118 firms listed in Tehran Stock Exchange (TSE) from 2007 to 2014. Managerial ability is a part of firm`s performance, which is not affected by the firm's intrinsic factors. In order to calculate and analyse the managerial ability data, the model proposed by Demerjian et al. (2012, 2013) is employed. Hypothesis testing is performed using multivariate linear regression statistical methods and Data Envelopment Analysis model (DEA). The results show that managerial ability has a positive significant effect on dividend policy. In other words, more able managers pay more dividends. Also, according to the findings, cash flow is effective on a firm dividend level, that means dividend is sensitive to cash flows | ||
| کلیدواژه‌ها [English] | ||
| managerial ability, Dividend policy, Firm`s Performance, Cash flow, Growth Opportunities | ||
| مراجع | ||
|
Afza, T. & Hassan Mirza, H. (2010). Ownership Structure and Cash Flows As Determinants of Corporate Dividend Policy in Pakistan. International Business Research, 3 (3): 210-221. Andreou, Panayiotis C., Ehrlich, Daphna, and Christodoulos Louca. (2013). Managerial Ability and Firm Performance: Evidence from the Global Financial Crisis, Available online: http://www.efmaefm.org. Attig, N., Boubakri, N., El Ghoul, S., Guedhami, O. (2013). International diversification and corporate social responsibility. Working Paper, Saint mary’s University. Barzegar, G., and Ghavasi Kenari, M. (2016). Disclosure Level of Social Responsibility and Dividend Policy in Companies Listed in Tehran Stock Exchange, Journal of Accounting Knowledge, 7 (24): 155-180 (in Persian). Benlemlih, M. (2014). Why do socially responsible firms pay more dividends? Thesis, Grenoble University. Bhattacharyya, N.; 2007; “Dividend Policy: a review”; Journal of Managerial Finance, 33:4-13. Blair, M. M., and S. M. H. Wallman. (2000). Unseen Wealth: Report of the Brookings Task Force on Understanding Intangibles Sources of Value. Washington, DC: The Brookings Institution Press. Bozorasl, M., and Salehzadeh, B. (2014). Managerial Ability and Accruals Quality, Journal of Accounting Knowledge, 5 (17): 119-139 (in Persian). Bozorg ASL, Saleh Zadeh, B. (2015). Relationship managerial ability, and stable earnings and cash flows with an emphasis on accrual components in companies listed in Tehran Stock Exchange, Journal of Audit Science, Vol 14 (5): 153-170 (in Persian). Chen, Yangyang; Podolski, Edward J.; & Madhu Veeraraghavan. (2015). Does Managerial Ability Facilitate Corporate Innovative Success? Journal of Empirical Finance, Forthcoming. De. Angelo, H, DeAngelo, L, and R. M. Stulz. (2006). Dividend Policy and the Earned/ Contributed Capital Mix: A Test of the Life-Cycle Theory, Journal of Financial Economics, 81, Pp 227–254. Demerjian P., Lev B, Lewis MF, McVay SE. (2013). Managerial ability and earnings quality. Accounting Review, Vol 88 (2) , pp: 463–498. Demerjian P., Lev B, McVay S. (2012). Quantifying managerial ability: A new measure and validity tests. Management Science, Vol 58 (7) , pp: 1229–1248. Deshmukh, S., Goel, A. & Howe, K. (2013). CEO Overconfidence and Dividend Policy. Finance Intermediation, 22 (3): 440-463. Duellman, S., Hurwitz, H., Sun, Y. (2015). Managerial Overconfidence and Audit Fees. Journal of Contemporary Accounting & Economics, 11 (2) , pp: 148-165. Etemadi, H., and Esmaeili M.K., (2016). A Comprehensive Review of Theories Dividend Policy, Accounting and Auditing Studies, 4 (16): 24-41 (in Persian). Etemadi, H., Anvari Rostami, A., and Ahmadian, V. (2014). Main Dividend Theories Test Stressing the Role of Institutional Shareholders in Tehran Stock Exchange, Financial Accounting Researches, 6 (3): 1-20 (in Persian). Farajzadeh D, H., and Aghaei, L. (2015). Dividend Policy and Fraudulent Financial Reporting, Empirical Studies in Financial Accounting Quarterly, 12 (45): 97-114 (in Persian). Foong, S. S.; Zakaria, N. B.; Tan, H. B. (2007). Firm performance and dividend-related factors: the case of Malaysia; Labuan Bulletin of International Business & Finance, Vol (5):597-111. Foroghi, D., and Sakiani, A. (2016). Managerial Ability, Investment Efficiency and Financial Reporting Quality, Journal of Empirical Research in Accounting, 6 (1): 63-90 (in Persian). Greene, W. (2011). Econometric Analysis. Seventh ED. United states of America: Prentice-hall publication. Ishikawa, H. Takahashi, k. (2010). Overconfident managers and external financing choice. Review of behavioral finance, 2 (1): 37–58. Jahankhani, A., and Ghorbani, S. (2006). Identify and explain the determinants of dividend policy in companies listed in Tehran Stock Exchange, Journal of Financial Research, 7 (2): 27-48 (in Persian). Jiraporn, P., Leelalai, V., and Tong, Sh. (2015). The effect of managerial ability on dividend policy: how do talented managers view dividend payouts? Applied Economics Letters, Taylor $ Francis Group, Vol 15, pp: 148-165. Kamyabi, Y., Nikravan Frad, B., and Salmani, R. (2014). The relationship between cash flow volatility and cash flow sensitivity of cash with dividend policy in Tehran stock exchange, Journal of the Accounting and Auditing Review, 21 (2): 211-228 (in Persian). Koester, A., Shevlin, T., and Wangerin, D. (2016). The role of managerial ability in corporate tax avoidance, working paper, Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2753152. Malekian. E., and Salmani, R. (2015). The Relation of Capital Structure and Dividend Policy with Cash Holdings, Journal of Empirical Research in Accounting, 5 (2): 55-72 (in Persian). Mashayekh, Sh. & Behzadpur, S. (2015). The Effect of Managers' Overconfidence on Dividend Policy in the Firms Listed in Tehran Stock Market, The Iranian Accounting and Auditing Review, 21 (4): 485-504 (in Persian). Moradi, M., and Deldar, M. (2012). Investigation of Effect of the Non-institution Shareholders on Dividend Policy, a Quarerly Journal of Empirical Research of Financial Accounting, 2 (4): 106-124 (in Persian). Namazi, M., and Gaffari, M. (2015). The Importance and Role of Managerial Ability Information and Financial Ratios as a Criterion for the Optimal Stock Portfolio Selection in Tehran Stock Exchange (Via Data Envelope Analysis) , Quarterly Financial Accounting, 7 (26): 1-30 (in Persian). Sepasi, S., Anvari Rostami, A., and Sayadi Soomar. A. (2016). Investigating the Effect of Managerial Ability on Financial Restatements: with Concentration in Opportunistic Incentives, a Quarerly Journal of Empirical Research of Financial Accounting, 2 (4): 89-110 (in Persian). Setayesh, M., and Sadeghnia, M. (2012). The Impact of Cost of Capital on Dividend Policies, a Quarerly Journal of Empirical Research of Financial Accounting, 2 (6): 90-114 (in Persian). Tong, Y.H; Miao, B. (2011). Are Dividends Associated with the Quality of Earnings?. Accounting horizons, 25 (1) , 183-205. Wu, C., Liu, V. (2010). Payout policy and CEO overconfidence. Working Paper. National sun Yat-sen University. Taiwan. Available at: http//:www.ssrn.com. | ||
|
آمار تعداد مشاهده مقاله: 4,436 تعداد دریافت فایل اصل مقاله: 5,607 |
||