تعداد نشریات | 25 |
تعداد شمارهها | 933 |
تعداد مقالات | 7,666 |
تعداد مشاهده مقاله | 12,518,074 |
تعداد دریافت فایل اصل مقاله | 8,898,175 |
اهرم مالی بهینه و کنترل بحران مالی؛ با تاکید بر نقش تعدیلی توانایی مدیران | ||
راهبرد مدیریت مالی | ||
مقاله 8، دوره 12، شماره 4 - شماره پیاپی 47، دی 1403، صفحه 201-224 اصل مقاله (470.48 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jfm.2024.47343.2926 | ||
نویسندگان | ||
اکبر امینی مهر* 1؛ مهدی ثقفی1؛ معصومه فلاح کهن2 | ||
1استادیار گروه حسابداری، دانشگاه پیام نور، تهران، ایران | ||
2کارشناسی ارشد حسابداری، دانشگاه پیام نور، تهران، ایران | ||
چکیده | ||
پژوهش حاضر به بررسی رابطه بین سرعت دستیابی به اهرم مالی بهینه بر کنترل بحران مالی شرکتها با تاکید بر اثر تعدیل کنندگی توانایی مدیران پرداخته است. به منظور آزمون و سنجش فرضیههای پژوهش از دادههای پنل 124 شرکت پذیرفته شده در بورس اوراق بهادار در بازهای 10 ساله (سالهای 1392 الی 1401) استفاده گردیده است. جمعآوری اطلاعات در این پژوهش، به روش کتابخانهای انجام گرفته و دادههای مرتبط به متغیرها، از سایت جامع اطلاع رسانی ناشران (کدال) و گزارشهای مالی شرکتهای نمونه جمع آوری شده و محاسبات اولیه پنل در اکسل انجام شده است، درنهایت از نرم افزار استاتا به منظور سنجش فرضیهها استفاده شده است. نتایج حاصل از آزمون فرضیه پژوهش نشان داد که سرعت دستیابی به اهرم مالی بهینه تأثیر معکوس بر بحران مالی شرکت-ها داشته است. همچنین نتایج حاکی از آن است که تعامل سرعت تعدیل اهرم مالی با توانایی مدیران تأثیری بر بحران مالی شرکتها ندارد. | ||
کلیدواژهها | ||
بحران مالی؛ توانایی مدیران؛ اهرم مالی بهینه | ||
عنوان مقاله [English] | ||
Optimal Financial Leverage and Financial Crisis Control; Emphasizing the Moderating Role of Managers' Ability | ||
نویسندگان [English] | ||
Akbar Aminimehr1؛ Mahdi Saghafi1؛ Masumeh Falahkohan2 | ||
1Assistant Profesor. Faculty of management, economic & accounting, PNU University, Tehran, Iran | ||
2MSc Accounting, Department of Accounting, Payame Noor University, Iran | ||
چکیده [English] | ||
The present research has investigated the relationship between the speed of achieving optimal financial leverage and the control of financial crisis in companies, emphasizing the moderating effect of managers' ability. In order to measure the hypotheses of the research, the panel data of 124 companies admitted to the stock exchange in a 10-year period (from 2014 to 2023) has been used. The data collection in this research was done by the library method and the data related to the variables were collected from the comprehensive information site of the publishers and the financial reports of the sample companies and the preliminary calculations of the panel were done in Excel, finally using the Stata software. It has been used to measure the hypotheses. The results of the research hypothesis test showed that the speed of achieving the optimal financial leverage had the opposite effect on the financial crisis of companies. Also, the results indicate that the interaction between the speed of adjustment of financial leverage and the ability of managers has no effect on the financial crisis of companies. | ||
کلیدواژهها [English] | ||
financial crisis, ability of managers, optimal financial leverage | ||
مراجع | ||
Abbaszadeh, M; Lari Dastebayaz, M; & Pouryousof, A. (2022). "More Corporate Social Responsibility, Less Leverage Adjustment Speed: a Fact? ". Financial Management Strategy, 10(4), 103-124. (In Persian)
Adenugba A. A; Ige A. A; Kesinro O. R. (2016). "Financial leverage and firms’ value: A study of selected firms in Nigeria". European Journal of Research and Reflection in Management Sciences, 4(1), 14.
Altman, E.I; (1968). "Financial ratios, discriminant analysis and the Prediction of corporate bankruptcy". The Journal of Finance, 23 (4), 589-609.
Altman, E.I. (1984). "A Further Empirical Investigation of the Bankruptcy Cost Question". The Journal of Finance, 39(4), 1067-1089.
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)
Arhinful, R; & Radmehr, M. (2023), "The effect of financial leverage on financial performance: evidence from non-financial institutions listed on the Tokyo stock market", Journal of Capital Markets Studies, 7(1),53-71. https://doi.org/10.1108/JCMS-10-2022-0038
Arikawa, Y; & Hoang, H.N. (2022). "Capital Structure Adjustment in Emerging Markets: Evidence from Vietnam". Available at SSRN: https://ssrn.com/ abstract= 4009437 or http://dx.doi.org/10.2139/ssrn.4009437.
Amiri, A; & Saeedi, P. (2021). "Examining the Relation of Financial Crisis, Life Cycle, and Asset and Financial Restructuring Strategies of Companies with Financial Crisis". Financial Management Strategy, 9(4), 175-190. (In Persian)
Ashtab, A; Haghighat, H; & Kordestani, G. R. (2018). "Investigating the Relationship between Predicted Financial Distress and Earnings management Approaches Based on Structural Equations". Financial Research Journal, 20(4), 467-488. (In Persian)
Asadi, G; Bayat, M; & Naqdi, S. (2013). "Financial and non-financial factors affecting decisions related to capital structure". Experimental accounting research. 4(4), 187-203. (In Persian)
Asadi, Gholamhossein; Tajweedi, Elnaz; Ismailpour, Sohail. (2021). "Investigating the relationship between financial status and industry characteristifcs with capital structure adjustment speed". Investment Knowledge, 10(37), 1-21. (In Persian)
Bandawaty, E. (2023) "The Effect of Financial Performance on the Speed Adjustment of Capital Structure in Times of Crisis”. Journal of Survey in Fisheries Sciences.10(4S), 33-53. DOI: https://doi.org/10.17762/sfs.v10i4S.653.
Cole A. (2017). "Interest deductibility: Issues and reforms". Tax Foundation Fiscal Fact 548.
Demerjian, P.R. Lev, B; Lewis, M.F; & McVay, S.E. (2013). Managerial ability and earnings quality. The Accounting Review. Rev. 88 (2), 463–498.
Demiraj R; Demiraj E; & Dsouza S. (2023). "Impact of financial leverage on the performance of tourism firms in the Mena region". PressAcademia Procedia, 16(1), 156–161
Fallah Mahdidoust, Z; & Jahanshad, A. (2016). "The gap between actual and optimal leverage financial leverage due to risk of bankruptcy". Journal of Investment Knowledge, 5(19), 67-82. (In Persian)
Fan, J; Zhang, Y; & Liu, Q. (2013). "Internal control, auditor industry expertise, accrual and real earnings management". Account. Res. 4, 81-96.
Fama, E. F; French, K.R. )2002(."Testing trade-off and pecking order predictions about dividends and debt. Rev". Finance. Stud. 15, 1–33.
Flannery, M. J; & Rangan, K. P. (2006). "Partial Adjustment toward Target Capital Structures". Journal of Financial Economics, 79(3), 469-506
Haugen, R.A; & Senbet, L.W. (1988). "Bankruptcy and Agency Costs: Their Significance to the Theory of Optimal Capital Structure". The Journal of Financial and Quantitative Analysis, 23(1), 27-38
Iatridis, G; Kadorinis, G. (2009). "Earnings management and firm financial motives: a financial investigation of UK listed firms". Int. Rev. Fin. Anal. 18(4), 164-173.
Jermias, J; & Yigit, F. (2019). "Factors affecting leverage during a financial crisis: Evidence from Turkey", Borsa Istanbul Review, 19(2), 171-185, https://doi.org/10.1016/j.bir.2018.07.002.
Js Ramalho J; & da Silva J. V. (2009). "A two-part fractional regression model for the financial leverage decisions of micro, small, medium and large firms". Quantitative Finance, 9(5), 621–636
Khodsaz, M; & Ranjbar, M.H. (2016). "The final leverage and its speed of adjustment in the life cycle of companies admitted to the Tehran Stock Exchange". Modern Management Engineering, 6(1), 65-76. (In Persian)
Khajovi, S; & Qadirian Arani, M. H. (2016). "The role of management ability in predicting the financial crisis". Journal of Financial Accounting Research. 9(4), 83-102. (In Persian)
Khajavi, S; Weysihesar, S; & Ghayouri Moghaddam, A. (2022). "Investigating the Impact of Managers’ Ability on Conservatism with a Focus on the Size and Leverage of Firms". Accounting and Auditing Review, 29(4), 628-649. (In Persian)
Kalash, I. (2023). "The financial leverage–financial performance relationship in the emerging market of Turkey: the role of financial distress risk and currency crisis". EuroMed Journal of Business, 18(1), 1-20. https://doi.org/10.1108/EMJB-04-2021-0056
Kordestani, G; Tatli, R; & Kosari Far, H. (2014). "The Evaluate ability of Altman adjusted Model to Prediction Stages of Financial Distress Newton and Bankruptcy". Journal of Investment Knowledge, 3. 83-100. (In Persian)
Li, Yuanhui, Xiao Li, Erwei Xiang, Hadrian Geri Djajadikerta. )2020). "Financial Distress, Internal Control, and Earnings Management: Evidencefrom China". Journal of Contemporary Accounting & Economics S1815-5669(20)30024-2.1- 48.
Moradi, M; & Parhishkar Melkabad, S.A. (2021). "Investigating the effect of inflation rate risk and company-specific risk on the speed of adjusting the company's capital structure: the method of generalized moments". Experimental Accounting Research, 11(29), 51-23. (In Persian)
Mousazadeh, Z; & Adli, M. (2009). "The Critera for Selecting and Appointing Managers Based on the Assumption of Merit as Stated by Nahjolbalagheh". Strategic Management Thought, 3(1), 103-132. (In Persian)
Naheed, R; Sarwar, B. & Naheed, R. (2021). "Managers ability and investment dynamics during the global financial crisis: an emerging market context". Journal of Chinese Economic and Foreign Trade Studies, 14)2(, 105-123.
Oino, I; & Ukaegbu, B. (2015). "The impact of profitability on capital structureand speed of adjustment: An empirical examination of selected firms inNigerian stock exchange", Research in International Business and finance, 9(35),111-121
Ozkan, A. (2001). "Determinants of Capital Structure and Adjustment to Long-run Target: Evidence from UK Company Panel Data". Journal of Business Finance & Accounting, 28 (1-2), 175-198.
Öztekin, Ö. (2015). "Capital structure decisions around the world: Which factors are reliably important? ". Journal of Financial and Quantitative Analysis, 50(3), 301-323.
Ramesheh, M; Soleymani amiri, G; & Skandari, R. (2016). "Speed of Adjustment to Target Capital Structure based on Interaction between Trade-off and Pecking order Theories in TSE". Empirical Research in Accounting, 6(2), 161-186. (In Persian)
Rahmani Norouzabad, S; Anwari Rostami, S, Khalili, K; & Mohammadi, E. (2019). "Financing strategies of companies in normal and crisis conditions: Evidence from Tehran Stock Exchange". Scientific quarterly of asset management and financing, year (8), number (2), 13-30. (In Persian)
Rezaei, F; Firoz Alizadeh, A; & Noormohammadi, E. (2019). "The relationship between management ability and integrated risk management components". Financial accounting and audit research, number (48), 23-41. (In Persian)
Reinhart, C.M; & Rogoff, K.S. (2011). "This Time Is Different: Eight Centuries of Financial Folly". DOI:10.2307/j.ctvcm4gqx
Rikhardsson, P., Rohde, C., Christensen, L. & Batt, C.E. (2021), "Management controls and crisis: evidence from the banking sector", Accounting, Auditing & Accountability Journal, 34(4), 757-785. https://doi.org/10.1108/AAAJ-01-2020-4400.
Rostami, W; Mehravar, M; & Kargar, H. (2022). "The effect of risk management on the speed of adjustment of financial leverage in the life cycle stages of companies". Advances in accounting, Shiraz University. 14(1), 59-88. (In Persian)
Saghafi, A; Alifamian, M. (2019). "Managerial Ability and Audit Fees: Role of Financial Distress". Empirical Research in Accounting, 9(3), 221-244. (In Persian)
Salehi, M; Rostami, W; & Kargar, H. (2023). "The effect of divergence of investors' opinions on the speed of adjustment of financial leverage towards optimal leverage". Advances in Accounting. 15(1), 209-226. (In Persian)
Sanghari, R; & Heydarpour, F. (2018). "The relationship between financing variables, the ratio of research and development cost to operating profit and the company's financial crisis". Investment knowledge magazine. 8(32), 195-216. (In Persian)
Soleymani, M; ArabMazar Yazdi, M; Shekarkhah, J; & Safarzadeh, M. H. (2023). "Anticipation of Financial Crisis in Banks by Structural Equations Model". Financial Management Strategy, 11(2), 1-28. (In Persian)
Titman, S. (1984). "The Effect of Capital Structure on a Firm’s Liquidation Decision". Journal of Financial Economics, 13, 137-151.
Trung K.DoaHenry HongrenHuangbPumanOuyangc. (2022) .Product market threats and leverage adjustments. Journal of Banking & Finance.10(135). 101-112.
Valizadeh Larijani, A; & EzniAshari, H. (2016). "Capital structure and its adjustment speed in the company's life cycle and the role of profitability. Financial Management Strategy Quarterly, 5(4), pp. 62-69. (In Persian)
Voa M; & Thai, A. (2022). "The impact of Covid-19 economic crisis on the speed of adjustment toward target leverage ratio: An international analysis. Finance Research Letters. 8(45), 183-197.
Wille, D; Hoffer, A; & Miller, S. M. (2017). "Small-Business financing after the financial crisis – lessons from the literature". Journal of Entrepreneurship and Public Policy, 6 (3), 315-339. Doi.org/10.1108/ JEPP-D-17- 00005.
Zamani Sabzi, M; Saidi, A; & Hosni, M. (2019). "The speed of adjustment of the capital structure and the effect of boom and recession on it". Financial Research, 22(2), 160-181. (In Persian)
Zakeri, T; anvarkhatibi, S; & pourkarim, M. (2022). "Relationship between earnings management and financial crisis with emphasis on management ability". Journal of Accounting and Management Vision, 5(65), 113-128. (In Persian | ||
آمار تعداد مشاهده مقاله: 34 تعداد دریافت فایل اصل مقاله: 9 |