پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 959 |
| تعداد مقالات | 7,901 |
| تعداد مشاهده مقاله | 13,354,846 |
| تعداد دریافت فایل اصل مقاله | 9,480,307 |
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 | ||
|
سایر فایل های مرتبط با مقاله
|
||
| مراجع | ||
|
Alles, L. Lian, Y. & Xu, C. Y. (2012). The determinants of target cash holdings and adjustment speeds: An empirical analysis of Chinese firms. https://ssrn.com/abstract=1981818.
Arellano, M. & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
Baker, M. & Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
Banerjee, S. Heshmati, A. & Wihlborg, C. (2000). The dynamics of capital structure. Research in Banking and Finance, 4(1), 275-297.
Bates, T. W. Kahle, K. M. & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021.
Bates, T. W., Chang, C.-H., & Chi, J. D., (2018). Why has the value of cash increased over time? Journal of Financial and Quantitative Analysis, 53(2), 749-787.
Blundell, R. & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143.
Bugshan, A. Alnori, F. & Bakry, W. (2021). Shariah compliance and corporate cash holdings. Research in International Business and Finance, 56(1), 101383.
Chen, Y. Dou, P. Y. Rhee, S. G. Truong, C. & Veeraraghavan, M. (2015). National culture and corporate cash holdings around the world. Journal of Banking and Finance, 50(1), 1-18.
Cho, H. Choi, S. & Kim, M. O. (2018). Cash holdings adjustment speed and managerial ability. Asia-Pacific Journal of Financial Studies, 47(5), 695-719.
Cook, D. O. & Tang, T. (2010). Macroeconomic conditions and capital structure adjustment speed. Journal of Corporate Finance, 16(1), 73-87.
Dastgir, M. Yosefi, A. & Imani, K. (2013). Speed of adjustment of cash and effective corporate factors on it. Journal of Accounting, Accountability and Society Interests, 3(3), 19-33. (In Persian)
Diaw, A. (2021). Corporate cash holdings in emerging markets. Borsa Istanbul Review, 21(2), 139-148.
Dittmar, A.K. & Duchin, R. (2011). The dynamics of cash. Working Paper. Ross School of Business. Retrieved from https://ssrn.com/abstract=1569529
Fakhari, H. & Asadzadeh, A. (2018). The effect of leverage and free cash flow on the cash holding. Financial Management Strategy, 5(4), 1-23 (In Persian).
Faulkender, M. & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), pp.1957-1990.
Faulkender, M. Flannery, M. J. Hankins, K. W., & Smith, J. M. (2012). Cash flows and leverage adjustments. Journal of Financial Economics, 103(3), 632-646.
Fosu, S. Danso, A. Ahmad, W. & Coffie, W. (2016). Information asymmetry, leverage and firm value: Do crisis and growth matter? International Review of Financial Analysis, 46(1), 140-150.
Gao, H., Harford, J. & Li, K. (2013). Determinants of corporate cash policy: Insights from private firms. Journal of Financial Economics, 109(3), 623-639.
Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jiang, F. Jiang, Z. Huang, J. Kim, K. A. & Nofsinger, J. R. (2017). Bank competition and leverage adjustments. Financial Management, 46(4), 995-1022.
Jiang, Z. & Lie, E. (2016). Cash holding adjustments and managerial entrenchment. Journal of Corporate Finance, 36(1), 190-205.
Kalcheva, I. & Lins, K. V. (2007). International evidence on cash holdings and expected managerial agency problems. The Review of Financial Studies, 20(4), 1087-1112.
Kamyabi, Y. Hasan Nataj Kordi, M. & Ebrahimi, J. (2020). The effect of growth opportunities, financial constraints, and financial distress on cash holding adjustment’s speed in small and medium sized companies. Journal of Financial Accounting Knowledge, 6(4), 99-131 (In Persian).
Keynes, J. M. (1936). The general theory of employment, interest, and money. London: Harcourt Brace.
Kiyotaki, N. & Moore, J. (1997). Credit cycles. Journal of Political Economy, 105(2), 211-248.
Levy, A. & Hennessy, C. (2007). Why does capital structure choice vary with macroeconomic conditions? Journal of Monetary Economics, 54(6), 1545-1564.
Lööf, H. (2004). Dynamic optimal capital structure and technical change. Structural Change and Economic Dynamics, 15(4), 449-468.
Martínez-Sola, C. García-Teruel, P. J. & Martínez-Solano, P. (2018). Cash holdings in SMEs: speed of adjustment, growth and financing. Small Business Economics, 51(4), 823-842.
Martínez-Sola, C. García-Teruel, P. J. & Martínez-Solano, P. (2013). Corporate cash holding and firm value. Applied Economics, 45(2), 161-170.
Matoufi, A. Golchoubi, M. (2018). The effect of family ownership on speed of adjustment of cash holding: evidence from Tehran Stock Exchange. Journal of Financial Accounting Research, 9(4), 61-82 (In Persian).
Meshki, M. & Sanayeei Masuleh, M. (2016). The effect of deviation from the optimal level of cash holding on the marginal value of cash holding. Financial Management Strategy, 4(2), 103-120 (In Persian).
Miller, E. M. (1977). Risk, uncertainty, and divergence of opinion. The Journal of Finance, 32(4), 1151-1168.
Moradi, M. & Parhizkar malek Abad, E. (2021). Effects of inflation rate risk and firm-specific risk on a firm capital structure adjustment: GMM approach. Empirical Research in Accounting, 11(1), 23-52 (In Persian).
Myers, S. C. & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.
Noferesti, M. (2009). Unit root and cointegration in econometrics. Rasa Pub., Tehran (In Persian).
Opler, T. Pinkowitz, L. Stulz, R. & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
Orlova, S. Rao, R. & Kang, T. (2017). National culture and the valuation of cash holdings. Journal of Business Finance & Accounting, 44(1-2), 236-270.
Orlova, S. V. & Sun, L. (2018). Institutional determinants of cash holdings speed of adjustment. Global Finance Journal, 37(1), 123-137
Orlova, S. V. (2020). Cultural and macroeconomic determinants of cash holdings management. Journal of International Financial Management & Accounting, 31(3), 270-294.
Orlova, S. V., & Rao, R. P. (2018). Cash holdings speed of adjustment. International Review of Economics & Finance, 54(1), 1-14.
Öztekin, Ö. & Flannery, M. J. (2012). Institutional determinants of capital structure adjustment speeds. Journal of Financial Economics, 103(1), 88-112.
Öztekin, Ö. (2015). Capital structure decisions around the world: Which factors are reliably important? Journal of Financial and Quantitative Analysis, 50(3), 301-323.
Pinkowitz, L. Stulz, R. & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis. The Journal of Finance, 61(6), 2725-2751.
Ramesheh, M. & Soleimani Amiri, G. (2016). Speed of adjustment to target capital structure based on interaction between trade-off and pecking order theories in TSE. Empirical Research in Accounting, 6(2), 161-186 (In Persian).
Sabermahani, M. Nikbakht, M. & Deldar, M. (2021). The effectiveness test of customer concentration on cash holdings adjustment speed in listed companies in Tehran Stock Exchange. Financial Management Strategy, 9(1), 55-78 (In Persian).
Venkiteshwaran, V. (2011). Partial adjustment toward optimal cash holding levels. Review of Financial Economics, 20(3), 113-121.
Zamani Sabzi, M. Saeedi, A. & Hassani, M. (2020). Capital structure adjustment speed and the effect of boom and recession on that: Evidence from Tehran Stock Exchange listed companies. Financial Research Journal, 22(2), 160-181 (In Persian).
Zhou, Q. Tan, K.J.K. Faff, R. & Zhu, Y. (2016). Deviation from target capital structure, cost of equity and speed of adjustment. Journal of Corporate Finance, 39(1), 99-120.
Zuckerman, G. (2005). Cash-rich firms feel pressure to spend. The Wall Street Journal C, 1. Retrieved from https://www.wsj.com/articles/SB112104434296781825 | ||
|
آمار تعداد مشاهده مقاله: 428 تعداد دریافت فایل اصل مقاله: 344 |
||
