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بررسی اثر گرایش کارآفرینانه بر روش تامین مالی خارجی شرکتهای استارتآپی ایران | ||
راهبرد مدیریت مالی | ||
مقاله 2، دوره 12، شماره 4 - شماره پیاپی 47، دی 1403، صفحه 29-66 اصل مقاله (639.04 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jfm.2024.47667.2940 | ||
نویسندگان | ||
امیر فاتح1؛ حبیب آقاجانی2؛ سکینه سجودی* 2؛ سجاد نقدی3 | ||
1دانشجوی دکتری اقتصاد مالی، پردیس بین المللی ارس دانشگاه تبریز، تبریز، ایران | ||
2دانشیار اقتصاد، دانشکده اقتصاد مدیریت دانشگاه تبریز، تبریز، ایران | ||
3استادیار حسابداری، دانشکده اقتصاد مدیریت دانشگاه تبریز، تبریز، ایران | ||
چکیده | ||
درک ترجیحات استارتآپها برای تأمین مالی خارجی از طریق بدهی یا سهام میتواند به کارآفرینان، سرمایهگذاران سیاستگذاران کمک کند تا مناسبترین گزینه تأمین مالی را به استارتآپها پیشنهاد نمایند. بر اساس همین درجه اهمیت، در مطالعات پیشین تحت عنوان عوامل تعیینکننده ساختار سرمایه، متغیرهای مختلف مؤثر بر شیوه تأمین مالی خارجی (بدهی یا سهام) شرکتها بهطور گسترده موردبررسی قرارگرفته است. در این مطالعات دو شکاف عمده وجود دارد. اولاً، در این مطالعات به متغیر استراتژی شرکت توجه نشده است و ثانیاً، مطالعات به شرکتهای استارتآپی توجه چندانی نداشتهاند. در این مطالعه، اثر گرایش کارآفرینانه مدیران استارتآپها بهعنوان مجموعهای از ویژگیها شامل نوآوری، پذیرش ریسک و پیشتازی در کنار سایر متغیرهای مرتبط با شرکت و بنیانگذاران بر شیوه تأمین مالی سرمایه خارجی موردبررسی قرارگرفته است. دادههای این پژوهش با استفاده از پرسشنامهای که در میان استارتآپهای شهر تهران و تبریز در سال 1402 تا 1403 توزیع شده، جمعآوری و برای تحلیل دادهها از روش توبیت و نرمافزارSTATA استفادهشده است. یافتههای تحقیق بر اساس دادههای جمعآوری شده از 110 شرکت استارتآپ نشان میدهد که استارتآپها با گرایش کارآفرینانه بیشتر به هیچیک از روشهای تأمین مالی خارجی تمایل نداشته و رابطه این متغیر با هر د و متغیر تأمین مالی بدهی و تأمین مالی سهام منفی است. همچنین نتایج نشان میدهد که با افزایش ریسک صنعت درک شده توسط مدیران، اثر منفی گرایش کارآفرینی بر نسبتهای تأمین مالی خارجی کاهش مییابد. | ||
کلیدواژهها | ||
تامین مالی خارجی؛ گرایش کارآفرینانه؛ ساختار سرمایه؛ استارتآپ؛ مدل توبیت | ||
عنوان مقاله [English] | ||
Investigating the Impact of Entrepreneurial Orientation on the External Financing Method in Iranian start-up Companies | ||
نویسندگان [English] | ||
Amir Fateh1؛ Habib Aghajani2؛ Sakineh Sojoodi2؛ Sajjad Naghdi3 | ||
1Ph.D. candidate in Economics, Aras International Campus, University of Tabriz, Tabriz, Iran, | ||
2Associate Professor of Economics, University of Tabriz, Tabriz, Iran | ||
3Assistant Professor of Accounting, University of Tabriz, Tabriz, Iran | ||
چکیده [English] | ||
Understanding the preferences of startups for external financing through debt or equity can help entrepreneurs, investors, and policy makers to offer startups the most appropriate financing options. Based on this degree of importance, in previous studies under the title of determining factors of capital structure, various variables affecting the method of external financing (debt or equity) of companies have been widely investigated. There are two major gaps in these studies. Firstly, in these studies, the variable of the company's strategy has not been paid attention to, and secondly, the studies have not paid much attention to start-up companies. In this study, the effect of entrepreneurial orientation of start-up managers as a set of characteristics including innovation, risk acceptance and leadership along with other variables related to the company and founders on the method of external capital financing has been investigated. The data of this research was collected using a questionnaire that was distributed among startups in Tehran and Tabriz in 2023 to 2024, and Tobit method and STATA software were used for data analysis. The findings of the research based on data collected from 110 start-up companies show that startups with entrepreneurial orientation are not more inclined to any of the external financing methods and the relationship of this variable with both debt financing and equity financing variables is negative. Also, the results show that with the increase of industry risk perceived by managers, the negative effect of entrepreneurial orientation on external financing ratios decreases. | ||
کلیدواژهها [English] | ||
External financing, Entrepreneurial orientation, Capital structure, Start-up, Tobit model | ||
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