پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 954 |
| تعداد مقالات | 7,830 |
| تعداد مشاهده مقاله | 13,136,446 |
| تعداد دریافت فایل اصل مقاله | 9,291,667 |
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 (410.98 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 | ||
|
سایر فایل های مرتبط با مقاله
|
||
| مراجع | ||
|
Aflatooni, A. (2022). Econometrics in Accounting and Finance Using Eviews. 2nd ed, Termeh, Tehran [In Persian].
Anginer, D; Mansi, S; Warburten, J. A, & Yildizhan, C. (2015). Firm Reputation and the Cost of Debt Capital. MPRA working paper No. 64965, https://mpra.ub.uni-muenchen.de/64965/.
Arab, R; Hosseini, S. Z; & Gholamrezapoor, M. (2021). An Investigation into the Relationship between CEO Power and Corporate Financial Leverage. Financial Management Strategy, 9(3), 123-140. (In Persian)
Azhdari, A; Nazemi Ardakani, M; & Taghian omani, E. (2023). Exploring the Relationship between Corporate Reputation, Employer Branding, and Corporate Social Responsibility. Empirical Research in Accounting, 13(4), 221-244 [In Persian]. doi: 10.22051/jera.2023.44319.3149 Bank, S; Yazar, E. E; & Sivri, U. (2019). Can social media marketing lead to abnormal portfolio returns? European Research on Management and Business Economics, 25 (2), 54–62. doi: 10.1016/j.iedeen.2019.04.006.
Batrancea, L. M; Nichita, A; & Cocis, A. D. (2022). Financial performance and sustainable corporate reputation: Empirical evidence from the airline business. Sustainability, 14(20), 13567. https://doi.org/10.3390/su142013567.
Cao, Y; Myers, J; Myers, L; & Omer, T. (2014). Company reputation and the cost of equity capital. Review of Accounting Studies, 20(1), 42–81. https://doi.org/10.1007/s11142-014-9292-9
Chun, R. (2005). Corporate reputation: Meaning and measurement. International Journal of Management Reviews, 7(2), 91–109. http://doi.org/10.1111/j.1468-2370.2005.00109.x
Cocis, A. D; Batrancea, L; & Tulai, H. (2021). The Link between Corporate Reputation and Financial Performance and Equilibrium within the Airline Industry. Mathematics, 9, 2150. https://doi.org/10.3390/math9172150.
Diamond, D. (1989). Reputation acquisition in debt markets. Journal of Political Economy, 97, 828-862. http://dx.doi.org/10.1086/261630
Diamond, D. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy, 99, 689-721. http://dx.doi.org/10.1086/261775
Fakhari, H; & Asadzadeh, A. (2018). The Effect of Leverage and Free Cash Flow on the Cash Holding. Financial Management Strategy, 5(4), 1-23. (In Persian)
Febra, L; Costa, M; & Pereira, F. (2023). Reputation, return and risk: A new approach. European research on management and business economics, 29, 1-8. https://doi.org/10.1016/j.iedeen.2022.100207
Fombrun, C; & Shanley, M. (1990). What’s in a Name? Reputation Building and Corporate Strategy. Academy of Management Journal, 33(2), 233–258. http://doi.org/10.2307/256324.
Fombrun, C; & van Riel, C. (1997). The Reputational Landscape. Corporate Reputation Review, 1, 5–13. http://doi.org/10.1057/palgrave.crr.1540024.
Gois, A. D; DeLuca M. M. M; DeLima, G. A. S; & Mederios, J. T. (2020). Corporate Reputation and Bankruptcy Risk. Brazilian Administration Review, 17 (2), 1-22. https://doi.org/10.1590/1807-7692bar2020180159
Grgić, D. (2008). The theoretical frame of the corporate reputation. Ekonomski pregled, 59 (5-6), 266-288. https://hrcak.srce.hr/25658
Hall, R. (1992). The strategic analysis of intangible resources. Strategic management journal, 13 (2), 135-144. https://doi.org/10.1002/smj.4250130205
Hammond, S. A; & Slocum, J. W. J. (1996). The Impact of Prior Firm Financial Performance on Subsequent Corporate Reputation. Journal of Business Ethics, 15(2), 159– 165. http://dx.doi.org/10.1007/BF00705584
Hosayni, S. R; Ganji, H; eskandari, G; & SoltanPour, H. (2021). The Effects of Enterprise Risk Management (ERM) and Audit Committee Characteristics on the Firms’ Reputation. Empirical Research in Accounting, 11(2), 99-136 [In Persian]. doi: 10.22051/jera.2021.34510.2782 Kannadhasan, M; & Aramvalarthan, S. (2011). Relationships among business strategy, environmental uncertainty and performance of firms operating in transport equipment industry in India. Journal of Emerging Financial Market, 2(2), 39-50.
Kartawinata, B. R; & Maharani, D. (2022). Corporate Reputation on Financial Performance (Study on Member of the Indonesian Chamber of Commerce for West Java). Proceedings of the International Conference on Industrial Engineering and Operations Management, Nsukka, Nigeria.
Kaur, A; & Singh, B. (2018). Measuring the immeasurable corporate reputation. Metamorphosis, 17(1), 53–64. https://doi.org/10.1177/0972622518778210
Krueger, T; & Wrolstad, M. (2016). Impact of the Reputation Quotient on Investment Performance. Corporate Reputation Review, 19, 140–151. 10.1057_crr.2016.5
Lee, J; & Roh, J. (2012). Revisiting corporate reputation and firm performance link. Benchmarking: An International Journal, 19(4-5), 649–664. https://doi.org/10.1108/14635771211258061
Limbunan, T; & Daromes, F. E. (2022). Testing the Determinants of Corporate Reputation and Their Impact on Market Valuation. Jurnal Akuntansi, 26 (2), 263-279. https://doi.org/10.24912/ja.v26i2.934
Milgrom, P; Roberts, J. (1982). Predation, reputation, and entry deterrence. Journal of Economic Theory, 27, 280–312. https://doi.org/10.1016/0022-0531(82)90031-X
Mokhtari, B; Jafari, A. (2021). Investigating the effect of company reputation on the cost of capital of companies listed on the Tehran Stock Exchange. Journal of Capital Market Analysis, 1 (2), 109-135 [In Persian]. 20.1001.1.27833488.1400.1.2.5.5
Neely, A; Adams, C; & Kennerley, M. (2002). The Performance Prism: The Scorecard for Measuring and Managing Business Success; Prentice Hall: Hoboken, NJ, USA.
OuYang, Z; Xu, J; Wei, J; & Liu, Y. (2017). Information asymmetry and investor reaction to corporate crisis: Media Reputation as a Stock Market Signal. Journal of Media Economics, 30(2), 82–95. 10.1080/08997764.2017.1364256
Pfister, B; Schwaiger, M; & Morath, T. (2020). Corporate reputation and the future cost of equity. Business Research, 13, 343-384. 10.1007/s40685-019-0092-8
Ponzi, L. J; Fombrun, C. J; & Gardberg, N. A. (2011). RepTrak pulse: Conceptualizing and validating a short-form measure of corporate reputation. Corporate Reputation Review, 14(1), 15–35. https://psycnet.apa.org/doi/10.1057/crr.2011.5
Rindova, V. P; Williamson, I. O; & Petkova, A. P. (2010). Reputation as an intangible asset: Reflections on theory and methods in two empirical studies of business school reputations. Journal of Management, 36(3), 610–619. http://dx.doi.org/10.1177/0149206309343208
Roberts, P. W; & Dowling, G. R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(12), 1077–1093. http://doi.org/10.1002/smj.274.
Schwaiger, M. (2004). Components and parameters of corporate reputation – an empirical study. Schmalenbach Business Review, 56 (1), 46-71. https://doi.org/10.1007/BF03396685
Subhani, B. H; Wei, W; Ahmed, J; & Farooq, U. (2022). Impact of Firm Reputation on Firm Financing Decision: Evidence from Non-Financial Sector of Pakistan. Journal of Finance and Accounting Research, 4 (2), 53-74. http://dx.doi.org/10.29145/jfar.42.03
Tahmasebi, S; Eivani, F; Ardeshiri, J. (2021). An investigation of the interaction relationship between Corporate reputation and Financial Performance by the simultaneous equation method (3SLS). Management Research in Iran, 22(1), 119-141 [In Persian]. 20.1001.1.2322200.1397.22.1.6.5.
Trotta, A; Cavallaro, G. (2012) Measuring corporate reputation: A framework for Italian banks. International Journal of Economics & Finance Studies, 4(1), 21–30. https://www.acarindex.com/pdfs/1333078
Vergin, R. C; & Qoronfleh, M. W. (1998). Corporate Reputation and the Stock Market. Business Horizons, 41(1), 19–26. https://doi.org/10.1016/S0007-6813(98)90060-X
Walker, K. (2010). A systematic review of the corporate reputation literature: Definition, measurement, and theory. Corporate Reputation Review, 12(4), 357–387. https://doi.org/10.1057/crr.2009.26
Wang, Y. J. (2008). Applying FMCDM to evaluate financial performance of domestic airlines in Taiwan. Expert Systems with Applications, 34(3), 1837-1845. http://dx.doi.org/10.1016/j.eswa.2007.02.029
Weigelt, K; & Camerer, C. (1988). Reputation and corporate strategy: A review of recent theory and applications. Strategic Management Journal, 9(5), 443–454. https://doi.org/10.1002/smj.4250090505 | ||
|
آمار تعداد مشاهده مقاله: 183 تعداد دریافت فایل اصل مقاله: 59 |
||
