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رایطه رهبر - پیرو در تعیین ساختار سرمایه | ||
| راهبرد مدیریت مالی | ||
| مقاله 7، دوره 11، شماره 1 - شماره پیاپی 40، فروردین 1402، صفحه 145-168 اصل مقاله (469.59 K) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2023.34930.2493 | ||
| نویسندگان | ||
| ساجده رضائی1؛ حمیدرضا وکیلی فرد* 2؛ رضا تهرانی3 | ||
| 1گروه مدیریت مالی، واحد بین المللی کیش، دانشگاه آزاد اسلامی، جزیره کیش، ایران | ||
| 2دانشیار گروه آموزشی حسابداری، واحد علوم تحقیقات، دانشگاه آزاد اسلامی، تهران، ایران. | ||
| 3استاد گروه مدیریت مالی و بیمه، دانشکده مدیریت و حسابداری، دانشگاه تهران، تهران، ایران | ||
| چکیده | ||
| این پژوهش رابطه رهبر - پیرو در تعیین ترکیب ساختار سرمایه (CS) با استفاده از روش پراکندگی مطلق مقطعی (CSAD) و در شرایط رشد و افول بازار را بررسی می‌‌کند. شرکت‌ها در هر صنعت، بر اساس معیار رشد سودآوری، میزان سودآوری و سهم بازار به دو دسته رهبر و پیرو تقسیم شدند. در دسته رشد سودآوری در صنعت ماشین‌آلات و تجهیزات و سیمان‌آهک‌گچ به طور کلی و همچنین در صنعت فلزات اساسی و شیمیایی (دوره افول و رشد)، صنعت دارویی (دوره افول) و صنعت سیمان‌آهک‌گچ (دوره رشد) رابطه رهبر - پیرو رد نمی‌شود. با معیار میزان سودآوری در شرایط بازار یکسان، صنعت کانی غیر فلزی و سیمان‌آهک‌گچ و با در نظر گرفتن دوره رشد و افول در صنعت غذایی به جز قند وشکر، شیمیایی، کانی غیر فلزی و سیمان‌آهک‌گچ (دوره افول و رشد) و خودرو و قطعات و دستگاه‌های برقی (دوره رشد) شرکت‌ها از رهبر صنعت پیروی می‌کنند. بر اساس معیار سهم بازار، در صنعت خودرو و قطعات در شرایط مشابه اقتصادی و در صنعت فلزات اساسی و شیمیایی (دوره رشد و افول) و صنعت لاستیک و پلاستیک و دستگاه‌های برقی (دوره رشد) در شرایط اقتصادی متفاوت بازار فرضیه وجود رابطه رهبر - پیرو رد نمی‌گردد. بنابراین پیروی شرکت‌ها از رهبر صنعت می‌تواند به عنوان عامل تعیین کننده ساختار سرمایه در نظر گرفته می‌شود. | ||
| کلیدواژه‌ها | ||
| ساختار سرمایه؛ مالی رفتاری؛ رابطه رهبر- پیرو | ||
| عنوان مقاله [English] | ||
| Leader-Follower Relationship in Determining of the Capital Structure | ||
| نویسندگان [English] | ||
| Sajedeh Rezaei1؛ Hamidreza Vakilifard2؛ Reza Tehrani3 | ||
| 1Department of Financial Management, Kish International Branch, Islamic Azad University, Kish Island, Iran | ||
| 2Associate Professor of Accounting Department, Science and Research Branch, Islamic Azad University, Tehran, Iran. | ||
| 3Department of Financial Management and Insurance, Faculty of Management and Accounting, Tehran University, Tehran, Iran | ||
| چکیده [English] | ||
| This study examines the relationship of the leader-follower relationship in determining the composition of the capital structure (CS) using the absolute cross-sectional dispersion (CSAD) method in terms of market growth and decline. The firms in each industry were divided into two categories of leaders and followers based on the criteria of profitability growth, profitability and market share. In the category of profitability growth in the machinery and equipment and cement lime gypsum industry in general, as well as in the basic metals and chemical industry (decline and growth period), pharmaceutical industry (decline period) and cement lime gypsum industry (growth period), The leader-follower relationship is not rejected. With the criterion of profitability in the same market conditions, non-metallic mineral and cement lime gypsum industry and taking into account the period of growth and decline in the food except sugar, chemical, non-metallic mineral and cement lime gypsum industry (growth and decline period), and automobiles and parts and electrical appliances (growth period) firms follow the industry leader. Based on the market share criterion, in the automobiles and parts industry in similar economic conditions and the basic metals and chemical industry (growth and decline period) and rubber and plastic industry and electrical appliances (growth period) in different economic market conditions, the hypothesis of a leader-follower relationship is not rejected. Therefore, firms' following to the industry leader can be considered as a determining factor in the capital structure of firms. | ||
| کلیدواژه‌ها [English] | ||
| Capital Structure, Behavioral Finance, Leader-Follower Relationship | ||
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