تعداد نشریات | 25 |
تعداد شمارهها | 932 |
تعداد مقالات | 7,652 |
تعداد مشاهده مقاله | 12,494,521 |
تعداد دریافت فایل اصل مقاله | 8,885,866 |
بررسی تاثیر نظام راهبری شرکت بر ارتباط بین جریان نقدی آزاد و بازده سهام شرکتها | ||
پژوهش های تجربی حسابداری | ||
مقاله 10، دوره 7، شماره 4 - شماره پیاپی 26، اسفند 1396، صفحه 213-233 اصل مقاله (2.86 M) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jera.2017.9443.1237 | ||
نویسندگان | ||
غلامرضا کردستانی1؛ رامین قربانی* 2؛ نیکو خوانساری3 | ||
1دانشیار گروه حسابداری دانشگاه بینالمللی امام خمینی (ره)، قزوین | ||
2دانشجوی دکتری دانشگاه بین المللی امام خمینی (ره)، قزوین | ||
3کارشناسی ارشد حسابداری دانشگاه بین المللی امام خمینی (ره)، قزوین | ||
چکیده | ||
تضاد منافع بین مدیران و سهامداران بر سر مساله توزیع سود سهام به خصوص زمانی که شرکت دارای جریان نقدی آزاد با اهمیتی است، شدت میگیرد. چنانچه جریان نقدی آزاد شرکت به صورت کارا سرمایه گذاری شود، بازده سهام افزایش خواهد یافت. در این تحقیق تأثیر نظام راهبری شرکتی که نقش تعدیل کننده بر مساله نمایندگی داشته بر ارتباط بین جریان نقد آزاد و بازده سهام شرکتها بررسی شده است. تحلیل دادههای112 شرکت تولیدی پذیرفته شده در بورس اوراق بهادار تهران برای دورهی زمانی 1385 تا 1392 نشان داد مالکیت نهادی اثر منفی معنادار و تمرکز مالکیت اثر مثبت معناداری بر ارتباط بین جریان نقد آزاد و بازده سهام دارند. همچنین، نتایج تحقیق حاکی از عدم تأثیر معنادار استقلال هیات مدیره بر ارتباط مذکور بوده است. در نهایت، نتایج تحقیق در حالت کلی نیز نشان داد نظام راهبری خوب میتواند هزینههای نمایندگی مرتبط با جریان نقدی آزاد را کاهش دهد. | ||
کلیدواژهها | ||
جریان نقد آزاد؛ بازده سهام؛ راهبری شرکتی | ||
عنوان مقاله [English] | ||
Corporate Governance And Relation between Free Cash Flow and Return | ||
نویسندگان [English] | ||
gholamreza kordestani1؛ Ramin Ghorbani2؛ niko khansari3 | ||
1prof | ||
2phd student | ||
3ma student | ||
چکیده [English] | ||
Conflict of interests usually occurs between management and shareholders on dividend and more severely in firms with significant free cash flow. If free cash flow is invested efficiently, stock return will be increase. This study investigates the effect of corporate governance, as an adjusting factor of agency issue, on the relation between free cash flow and stock return. The sample consists of 112 firms listed in Tehran Stock Exchange for the period from 2006 to 2013. The results show that institutional ownership and ownership concentration have respectively significant negative and significant positive effects on relation between free cash flow and stock return. Also, the results show that the board independence has no significant effect on relation between free cash flow and stock return. Generally results indicate that good corporate governance can decrease agency costs of free cash flow. | ||
کلیدواژهها [English] | ||
Stock Return, free cash flow and corporate governance | ||
مراجع | ||
Adam, T. , and. Goyal. V. (2003). The Investment Opportunity set and it’s Proxy Variables. Available at: www. SSRN. com. Aflatuni, A, And Nikobahkt, L. (2011). Econometrics in the application of Accounting Research, Financial Management and Economic Sciences, Tehran, Press cheshmeh. (in Persian) Alias, N. , Abdul Rahim, R. , Mat nor, F. & Hasimi Yaacob, M. (2013). Board structure, free cash flow and dividend per share: is there interaction effect?,Proceedings of 23rd International Business Research Conference, 18 - 20 November, 2013, Melbourne, Australia, ISBN: 978-1-922069-36-8. Armstrong, C. S. , Blouin, J. L. , Jagolinzer, A. D. (2015). Corporate governance, incentives, and tax avoidance, journal of Accounting and Economics, 60, 1-17. Chen, S. & Liao, Z. (2012). Free cash flow and over-investment: the moderating role of the characteristics of independent director, Advances in information Sciences and Service Sciences) AISS) , 4 (3): 147-158. Chi, C. W. , Hung, K, Cheng, H. W. , Lieu, and P. L. (2015). Family firms and earnings management in Taiwan: Influence of corporate governance, International Review of Economics & Finance, Volume 36, Pages 88-98. Chung, R, Firth, M & Kim, J. B. (2005). Earnings management, surplus free cash flow and external monitoring. Journal of Business Research, 58: 766–776. Dastgir, M. , Honarmand, M. , (2015). The effect on the efficiency of working capital management mechanisms of corporate governance of listed companies in Tehran Stock Exchange. Journal of Management Accounting Research, 7 (23) , 69-88. (In Persian) Dittmar,A. andDuchin, R. (2016). Looking in the Rearview Mirror: The Effect of Managers' Professional Experience on Corporate Financial Policy. Review of Financial Studies,Volume 29, Issue 3: 565-602. Grossman, S. and Hart. O. (1980). Takeover bids, The Free-sider problem and the theory of the corporation. Bell journal of economics, 11: pp: 42-64. Habib,. A. (2011). Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow. Journal of Australasian Accounting Business and Finance, 5 , 99-122. Hsasyganh, J. , Moradi, M. and Askandari, H. (2009). The Relationship between institutional investors value the company, Iranian Accounting and Auditing Review, 11 (52) , 107-123. (In Persian) Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. AmericanEconomic Review,76 (2): 329-7423. Johnson, J. L. , Daily, C. M. and Ellstrang, A. E. (1996). Boards of Directors: A review and research agenda. Journal of Management, 22, pp: 409-438. Khodadadi, V. , Ghorbani, R. And Khansari, N. (2015). Effect of ownership structure on audit fees. Iranian Accounting and Auditing Review, 21, 57-72. (In Persian) Lee, S (2010). Ownership Structure and Financial Performance: Evidence from Panel Data of South Korea, University of Utah, Department of Economics, Working Paper. No. 17. Lehn, K. , and Poulsen, A. (1989). Free Cash Flow and Stockholders Gains in Going Private Transaction. Journal of Practice and Theory, 44 (3): 771-787. Lopez, I. , F. Vecente. C. (2010). Do leverage, dividend payout, and ownership concentration influence firms’ value creation? Emerging markets finance and trade. Journal of Business Research. 46 (3): 80 – 94. Mahdavi, A. and Mydry, A. (2006). Ownership structure and performance of firms active in the Tehran Stock Exchange. Accounting Research, 71, 103-132. (In Persian) Mehrani, S. And Bagheri, B. (2010). Effect of free cash flow and management of institutional shareholders in companies listed in Tehran Stock Exchange. Financial Accounting Research, 1 (2) , 50-71. (in Persian) Mohammadi, Shr, Ghalibaf Asl. H. , Moshki. M. (2011). Effect of ownership structure (concentration and composition) on the performance and value of companies listed on the Tehran Stock Exchange. Financial Research, 11 (28) , 69-88. (In Persian) Nikbakht, MR, Seyedi, A. And Hashem AlSayed, R. (2011). The effect of board characteristics on firm performance. The journal Advances in Accounting, University of Shiraz, 2 (1) , 251-270. (In Persian) Noravesh, I. , Karimi, Gh, R. , and Vafi Sani, J. (2010). Review the mechanisms of the strategic relationship between the company and the agency costs of listed companies in Tehran Stock Exchange. Accounting Research, 1, 1-27. (In Persian) Prayer, M. , Hallaj, Muhammad. Abraham, Sh. (2010). The relationship between institutional ownership with current and future financial performance of companies listed in Tehran Stock Exchange. Iranian Accounting and Auditing Review, 16 (58) , 113-131. (In Persian) Qiu, L.) 2004 (. Which institutional investors monitor? Evidence from acquisition activity. Unpublished working. paper, Brown University. Sajadi, H. , Farazmand, H. And NIkKar, J. (2014). Effect of ownership structure on the fees and investment risks in firms, Accounting and Auditing Research, (20) 5, 29-56. (In Persian) Sajadi, H. , Khansar N. And Ghorbani. R. , (2016). The Role of Corporate Governance on value creation mechanisms with an emphasis on value-based management approach. Applied Research in Financial Accounting, 3 (5) , 23-46. (In Persian) Upadhyay A. D. , Bhargava, R. , & Faircloth S. D. (2014). Board structure and role of monitoring committees, Journal of Business Research, 67: 1486-1492. Wang, Y. C. , Tsai, J. J. , Lin, H. W. W. (2013). The Influence of Board Structure on Firm Performance. Global Business Management, 9 (2): 7-14. Yahyazadehfar, M. , Shams, sh. And pakdin Amiri, M. , (2014). Effect of growth in free cash flow valuation study. Iranian Accounting and Auditing Review,20 (1) , 113-132. (In Persian). | ||
آمار تعداد مشاهده مقاله: 1,185 تعداد دریافت فایل اصل مقاله: 1,638 |