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ساختار سرمایه محافظه کارانه و ریسک سقوط آتی قیمت سهام: نقش تعدیلی عدم تقارن اطلاعاتی و چرخه عمر | ||
راهبرد مدیریت مالی | ||
مقاله 6، دوره 11، شماره 4 - شماره پیاپی 43، دی 1402، صفحه 119-146 اصل مقاله (500.32 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jfm.2023.43675.2818 | ||
نویسندگان | ||
اعظم پوریوسف* 1؛ مهدی ثقفی2 | ||
1استادیا ر دانشگاه پیام نور | ||
2استادیار دانشگاه پیام نور | ||
چکیده | ||
هدف پژوهش حاضر بررسی تأثیر سیاست تعیین ساختار سرمایه (سیاست محافظهکارانه و غیر محافظهکارانه) بر ریسک سقوط قیمت سهام میباشد. در این راستا، اطلاعات143 شرکت پذیرفتهشده در بورس اوراق بهادار تهران طی دوره زمانی 1394-1400با استفاده از رگرسیون چندگانه با کنترل اثرات ثابت سال و صنعت مورد بررسی قرار گرفت. یافتههای پژوهش نشان میدهد ساختار سرمایه محافظهکارانه تاثیر معنیداری بر ریسک سقوط آتی قیمت سهام ندارد. همچنین، عدمتقارن اطلاعاتی، رابطه ساختار سرمایه محافظهکارانه و ریسک سقوط آتی قیمت سهام را برجسته میکند؛ ولی چرخه عمر شرکت بر رابطه ساختار سرمایه محافظهکارانه و ریسک سقوط آتی قیمت سهام تاثیر معنیداری ندارد. با توجه به یافتههای فوق میتوان گفت شرکتهای دارای ساختار سرمایه محافظه کارانه، امکان بیشتری برای استفاده از فرصتهای مناسب سرمایهگذاری از یک طرف و کاهش رفتارهای فرصتطلبانه از طرفی دیگر، دارند و با احتمال کمتری با ریسک سقوط آتی قیمت سهام مواجه باشند. این نتیجهگیری در اقتصاد تورمی ایران نیز، صدق میکند. | ||
کلیدواژهها | ||
سیاست مالی محافظهکارانه؛ ریسک سقوط قیمت سهام؛ انعطاف پذیری مالی؛ عدم تقارن اطلاعاتی و چرخه عمر | ||
عنوان مقاله [English] | ||
Conservative Capital Structure and Stock Price Crash Risk: The Moderating Role of Information Asymmetry and Firm Life Cycle | ||
نویسندگان [English] | ||
Azam Puryousof1؛ Mahdi Saghafi2 | ||
1Assistant Professor. Faculty of management, economic& accounting, PNU University | ||
2Assistant Profesor. Faculty of management, economic& accounting, PNU University | ||
چکیده [English] | ||
The purpose of this research is to investigate the effect of capital structure determination policy (conservative and non-conservative policy) on the stock price crash risk. The data of 143 companies admitted to Tehran Stock Exchange during the period of 2014-2015 was analyzed using multiple regression with the control of year and industry fixed effects. Conservative capital structure does not have a significant effect on the stock price crash risk. It also highlights the information asymmetry, the relationship between the conservative capital structure and the stock price crash risk; But the life cycle of the company does not have a significant effect on the relationship between the conservative capital structure and the stock price crash risk. Companies with a conservative capital structure are more likely to use suitable investment opportunities on the one hand and reduce opportunistic behavior on the other hand, and are less likely to face the stock price crash risk. This conclusion also applies to Iran's inflationary economy. The current study analyzes the determinants of conservative financial policy, it is the first study that examines the impact of conservative capital structure on the stock price crash risk and the role of life cycle adjustment and Information asymmetry deals with the relationship between capital structure management and stock price crash risk and develops the existing literature regarding financial conservatism and its contradictory effect in inflationary economies. | ||
کلیدواژهها [English] | ||
Conservative Financial Policy, Stock Price Crash Risk, Financial Flexibility, Information Asymmetry and Life Cycle | ||
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