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تاثیر شهرت شرکت بر اهرم مالی و اعتبار تجاری | ||
| راهبرد مدیریت مالی | ||
| مقاله 4، دوره 13، شماره 1 - شماره پیاپی 48، فروردین 1404، صفحه 75-92 اصل مقاله (414.39 K) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2024.47865.2944 | ||
| نویسندگان | ||
| محسن ختن لو* 1؛ مهدی کاظمی علوم2؛ فرزاد ضیائی1 | ||
| 1گروه حسابداری، دانشکده علوم اقتصادی و اجتماعی، دانشگاه بوعلی سینا، همدان، ایران | ||
| 2گروه حسابداری، دانشکده علوم اقتصادی و اجتماعی، دانشگاه بوعلی سینا، همدان، ایران. | ||
| چکیده | ||
| هدف پژوهش حاضر بررسی تأثیر شهرت شرکت بر اهرم مالی و اعتبار تجاری است. در راستای اهداف پژوهش 174 شرکت عضو بورس اوراق بهادار تهران در بازه زمانی 1390 تا 1401 انتخاب و آزمون شدند. برای سنجش شهرت شرکت از رویکرد امتیازدهی ترکیبی با استفاده از چهار مؤلفه شهرت شامل نسبت قیمت به سود هر سهم، کیوتوبین، نسبت سرمایه‌گذاری بلندمدت و عمر شرکت استفاده و همچنین از رتبهبندی 100 شرکت برتر سازمان مدیریت صنعتی نیز به عنوان روش جایگزین برای سنجش شهرت شرکت‌ها استفاده شد. به‌منظور آزمون فرضیه‌ها از رگرسیون چندگانه با روش برآورد حداقل مربعات (رویکرد اصلی) و گشتاورهای تعمیم یافته (رویکرد مکمل) استفاده شد. یافته‌های پژوهش نشان داد بین امتیاز شهرت شرکت و اهرم مالی ارتباط مستقیم و معناداری وجود دارد. همچنین نتایج بیانگر آن است که ارتباط معکوس و معناداری بین شهرت شرکت با اعتبار تجاری وجود دارد. افزون بر این یافته‌های مشابهی با استفاده از رتبهبندی 100 شرکت برتر سازمان مدیریت صنعتی مشاهده گردید. نتایج رویکرد مکمل نیز استحکام نتایج اصلی را تایید می‌نماید. این پژوهش دارای مفاهیم نظری و عملی برای مدیران، سهامداران و تأمین‌کنندگان منابع مالی است. یافته‌های پژوهش حاضر می‌تواند بیانگر اهمیت نقش مدیران در بهبود شهرت شرکت و در نتیجه افزایش تأمین مالی باشد. سهامداران نیز با سرمایه‌گذاری در شرکت‌های مشهور با ریسک کمتری مواجه خواهند شد. تأمین‌کنندگان منابع مالی نیز به منظور اعطای اعتبار می‌توانند از سنجه شهرت شرکت در کنار سایر سنجه‌های اعتبارسنجی استفاده نمایند. | ||
| کلیدواژه‌ها | ||
| اعتبار تجاری؛ اهرم مالی؛ شهرت شرکت؛ گشتاورهای تعمیم یافته | ||
| عنوان مقاله [English] | ||
| The Impact of Corporate Reputation on Financial Leverage and Trade Credit | ||
| نویسندگان [English] | ||
| Mohsen Khotanlou1؛ Mahdi Kazemiolum2؛ Farzad Ziyaei1 | ||
| 1Department of Accounting، Faculty of Economics and Social Science، Bu-Ali Sina University، Hamedan، Iran | ||
| 2Department of Accounting, Faculty of Economics and Social Science, Bu-Ali Sina University, Hamedan, Iran. | ||
| چکیده [English] | ||
| This study aims to investigate the relationship between corporate reputation and financing decisions. In line with the research objectives, the Tehran Stock Exchange accepted 174 companies selected in the 1390 to 1401 period. To measure corporate reputation, a combined scoring approach was used with four components of reputation, including price-to-earnings ratio, Tobin's Q, long-term investment ratio, firm age, and top 100 ranking companies of Industrial Management Organization used as an alternative measure of corporate reputation. Multiple regression with generalized least squares estimation method was used as the primary approach and generalized methods of moments as complementary method for estimating models. Findings showed a positive and significant relationship between corporate reputation score and financial leverage. Also, findings show an inverse and significant relationship between corporate reputation and trade credit. In addition, similar findings were observed using ranking the top 100 companies of the Industrial Management Organization. The supplementary test results with generalized methods of the moments approach have also confirmed the strength of the main results. | ||
| کلیدواژه‌ها [English] | ||
| Corporate Reputation, Financial Leverage, Trade Credit, Generalized Methods of Moments | ||
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