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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 | ||
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