تأثیر ساختار مالکیت بر اهرم مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دکتری حسابداری، مربی گروه حسابداری دانشگاه پیام نور فارسان، ایران

2 دبیر هنرستان فنی و حرفه ای فرزانه شهرکرد

چکیده

هزینه­ های تأمین مالی شرکت­ ها از طریق بدهی در تصمیمات سرمایه ­گذاری نقش تعیین‌کننده ایفا می­ کنند. دست­یابی به نرخ هزینه مناسب در تعیین ترکیب بهینه ساختار مالی شرکت­ ها به­ ویژه در کسب نتایج مطلوب از عملیات به شکل سودآوری از اهمیت خاص برخوردار است. از سوی دیگر، اعتباردهندگان در برآورد ریسک عدم پرداخت، ساختار مالکیت موجود در شرکت­ها را مدنظر قرار می­ دهند. بنابراین، می­ توان نتیجه گرفت کیفیت ساختار مالکیت بر اهرم مالی شرکت­ ها تأثیر دارد. هدف این پژوهش بررسی تأثیر ساختار مالکیت بر اهرم مالی شرکت‌های پذیرفته‌­شده در بورس اوراق بهادار تهران است. بدین منظور اطلاعات مالی 118 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1390 تا 1394 به روش داده ­های ترکیبی مورد تحلیل قرار گرفت. نتایج پژوهش نشان داد تأثیر نظارت نهادی بر اهرم مالی، معکوس و معنی‌دار است. همچنین، یافته‌ دیگر پژوهش، حاکی از آن است که تأثیر کنترل نهادی بر اهرم مالی و تأثیر مالکیت مدیریتی بر اهرم مالی، مثبت و معنی‌دار است.

کلیدواژه‌ها


عنوان مقاله [English]

The effect of ownership structure and Financial Leverage of Listed Companies in the Tehran Stock Exchange

نویسندگان [English]

  • Mojtaba MotalebianChaleshtori 1
  • zahra mostafavi ghahfarohki 2
1 Phd of Accounting, Payame Noor University, Farsan Branch, Farsan, Iran
2 MSc of Accounting, Islamic Azad University, Farsan Branch, Farsan, Iran
چکیده [English]

Financial Leverage plays a crucial role in investment decisions. Obtaining an appropriate cost rate is essential in determining the optimal financial structure of corporate particularly when gaining profit from operations is set as objectives. On the other hand, creditors consider the ownership structure of companies in estimating the risk of non-payment. Thus, the ownership structure influences financial leverage. The present study investigates the effect of ownership structure on financial leverage of listed companies in the Tehran Stock Exchange.
For this purpose, the financial information of 118 companies listed in the Tehran Stock Exchange during the years 1390 to 1394 using the panel data method was analyzed. The results showed that there is a reverse and significant relationship between institutional monitoring and financial leverage. The effect of institutional control and managerial ownership on financial leverage is positive and significant.

کلیدواژه‌ها [English]

  • Financial Leverage
  • Institutional controlling shareholders
  • Institutional monitoring shareholders
  • Institutional Shareholders
  • management ownership
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