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تاثیر مالکیت دولتی، ارتباطات سیاسی و معامله با اشخاص وابسته بر تامین مالی برون سازمانی و سرمایهگذاری | ||
راهبرد مدیریت مالی | ||
مقاله 3، دوره 11، شماره 2 - شماره پیاپی 41، تیر 1402، صفحه 53-76 اصل مقاله (430.41 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jfm.2023.41063.2712 | ||
نویسندگان | ||
زینت بابایی پرکوهی1؛ سید کاظم ابراهیمی* 2؛ محمد امری اسرمی3 | ||
1دانش آموخته کارشناسی ارشد، گروه حسابداری، دانشگاه سمنان، سمنان، ایران. | ||
2دانشیار، گروه حسابداری، دانشکده اقتصاد، مدیریت و علوم اداری، دانشگاه سمنان، سمنان، ایران | ||
3استادیار گروه حسابداری، دانشکده اقتصاد، مدیریت وعلوم اداری، دانشگاه سمنان، سمنان، ایران | ||
چکیده | ||
این پژوهش رابطه بین مالکیت دولتی، ارتباطات سیاسی و معامله با اشخاص وابسته با تامین مالی برون سازمانی و سرمایهگذاری را بررسی میکند. با روش نمونهگیری حذف نظامند از شرکتهای پذیرفته شده در بورس اوراق بهادار تهران، 102 شرکت طی سالهای 1393-1399 انتخاب شدهاند. فرضیهها با استفاده از الگوی رگرسیون چندگانه با اثرات ثابت بررسی شدهاند. نتایج نشان میدهد مالکیت دولتی و ارتباطات سیاسی با تامین مالی برون سازمانی رابطه منفی و معنیدار دارد و معامله با اشخاص وابسته با تامین مالی برون سازمانی رابطه مثبت و معنیدار دارد. اما مالکیت دولتی، ارتباطات سیاسی و معامله با اشخاص وابسته با سرمایهگذاری رابطه ندارد. بنابراین، شرکتهای دولتی از منابع مالی دولتی بجای تامین مالی برون سازمانی استفاده میکنند. معاملات با اشخاص وابسته میتواند با هدف تخصیص بهینه منابع داخلی، کاهش هزینههای معاملاتی و بهبود بازده دارایی در بین شرکتهای گروه انجام شوند. مالکیت دولتی ابزاری برای اجرای اهداف دولت است. با تغیر شرایط اقتصادی در سرمایهگذاری نیز تجدیدنظر میشود. ارتباطات سیاسی میتواند منجر به تحریف و یا القاء تصمیمات سرمایهگذاری نامناسب شود. نبود رابطه بین معامله با اشخاص وابسته و سرمایهگذاری مؤید تضاد منافع و تصاحب منابع شرکت به وسیله آنها است. | ||
کلیدواژهها | ||
مالکیت دولتی؛ ارتباطات سیاسی؛ معامله با اشخاص وابسته؛ تامین مالی برون سازمانی؛ سرمایهگذاری | ||
عنوان مقاله [English] | ||
The Impact of Governmental Ownership, Political Connections, and Related-Party Transactions on External Financing and Investment | ||
نویسندگان [English] | ||
Zinat BabaeiParkohi1؛ Seyyed Kazem Ebrahimi2؛ Mohammad Amri-Asrami3 | ||
1MA educated, Accounting Department,, Semnan University, Semnan, Iran. | ||
2َAssociate Professor, Accounting Department,, Faculty of Economics, Management,and Administrative Sciences, Semnan University, Semnan, Iran. | ||
3Assistant professor of accounting Department , Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran. | ||
چکیده [English] | ||
This study investigated the relations between governmental ownership, political relations and related party transactions on external financing and investment. Sampling was done by systematic screening method from companies listed on the Tehran Stock Exchange, 102 companies were selected during the years 2014-2020. The research hypotheses were tested using a multiple regression model with fixed effects. Governmental ownership and political connections have a negative and significant relation with external financing, and related party transactions have a positive and significant relation with external financing. But Governmental ownership, political connections, and related party transactions are not related to investment. government-owned companies use government funding instead of external financing. Corporate political connections are not necessarily to attract external funding. related party transactions can be done with the aim of optimally allocating internal resources, reducing transaction costs, and improving asset returns among group companies. governmental ownership is a tool for achieving government goals. Investment is also being revised as economic conditions change. Political connections can lead to the distortion or induction of inappropriate investment decisions. The lack of a relation between related party transactions and investment confirms the conflict of interest and the abuse of the company's resources through them. | ||
کلیدواژهها [English] | ||
Governmental Ownership, Political Connections, Related Party Transactions, External Financing, Investment | ||
سایر فایل های مرتبط با مقاله
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