بررسی تأثیر عدم اطمینان محیطی بر سرعت تعدیل اهرم هدف

نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه حسابداری، واحد اهواز، دانشگاه آزاد اسلامی، اهواز، ایران

2 گروه حسابداری، واحد مسجدسلیمان، دانشگاه آزاد اسلامی، مسجدسلیمان، ایران

چکیده

هدف این پژوهش، بررسی تأثیر عدم اطمینان محیطی بر سرعت تعدیل اهرم هدف در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. در این پژوهش برای اندازه‌گیری عدم اطمینان محیطی از (ضریب تغییرات فروش پنج (5) سال گذشته) استفاده شده است. بدین منظور دو فرضیه برای بررسی این موضوع تدوین و داده‌های مربوط به 142 شرکت عضو بورس اوراق بهادار تهران برای دوره‌ زمانی بین سال‌های 1389 تا 1397 مورد تجزیه و تحلیل قرار گرفته است. الگوی رگرسیون پژوهش با استفاده از روش داده‌های تابلویی با رویکرد اثرات ثابت بررسی و آزمون شده است. نتایج به دست آمده نشان می‌دهد معیارهای عدم اطمینان محیطیی تأثیر مثبت و معناداری بر سرعت تعدیل اهرم هدف دارد. علاوه بر این، نتایج پژوهش نشان می‌دهد که تأثیر عدم اطمینان محیطی بر سرعت تعدیل اهرم هدف در شرکت‌های با شکاف اهرم بیش از حد، بیشتر از شرکت‌های با شکاف اهرم هدف کمتر از حد دارد. بنابراین نتایج پژوهش حاکی از آن است که عدم اطمینان محیطی، موجب می‌شود که عدم تقارن اطلاعاتی بین مدیریت و سهامداران حادترشود و همچنین محدودیت‌های جدی برای شرکت ایجاد می‌کند و بر استراتژی و تصمیمات مدیران شرکت مؤثر است. و در نتیجه موجب می‌شود که اهرم هدف سریع‌تر اصلاح شود.

کلیدواژه‌ها

عنوان مقاله [English]

Impact of Environmental Uncertainty on on speed of adjustment to target leverage

نویسندگان [English]

  • Mohamad Ali ahmadi 1
  • Allahkaram Salehi 2
  • Saeed Nasiri 1
  • Alireza jorjorzadeh 1
1 Department of Accounting, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran
2 Department of Accounting, Masjed-soleiman Branch, Islamic Azad University, Masjed-soleiman, Iran.
چکیده [English]

The aim of this study is to investigate the effect of Environmental Uncertainty on speed of adjustment to target leverage of listed Companies in Tehran Stock Exchange. The coefficient of variation (CV) of sales (scaled by total assets) to capture environmental uncertainty. For this purpose three hypotheses are developed and data on the 142 companies in Tehran Stock Exchange for the period of 1389 to 1397 were analyzed. This regression model using combined data with a consolidated approach, reviews and tests. The results showed that the criteria of Environmental Uncertainty has significant positive impact on speed of adjustment to target leverage. Moreover, the results showed that the effect of Environmental Uncertainty on speed of adjustment to target leverage in firms with a above-target leverage adjust their leverage More than in firms with a below-target leverage adjust their leverage. Therefore, the research results indicate that Environmental uncertainty, Makes information asymmetry between management and stakeholders more acute it also imposes serious restrictions for the company, and influences the strategy and decisions of company managers. As a result, the target lever adjusts faster.

کلیدواژه‌ها [English]

  • "Environmental Uncertainty"
  • "speed of adjustment to target leverage "
  • " target leverage"

مراجع

  • Alfaro, I., Bloom, N., & Lin, X. (2018). The Finance Uncertainty Multiplier.doi:10.3386/w24571 
  • Baum, C. F., A. Stephan, and O. Talavera (2009). The effects of uncertainty on the leverage
    of nonfinancial firms. Economic Inquiry 47(2), 216-225.
  • Bhamra, H. S., L. A. Kuehn, and I. A. Strebulaev (2010). The aggregate dynamics of capital
    structure and macroeconomic risk. Review of Financial Studies 23(12), 4187-4241.
  • Caldara, D., Fuentes-Albero, C., Gilchrist, S., & Zakrajšek, E. (2016). The macroeconomic impact of financial and uncertainty shocks. European Economic Review, 88, 185–207.doi:10.1016/j.euroecorev.2016.02.020 .
  • Castro, P., M.T.T. Fernandez., B. Amor-Tapia., and A. De Miguel. (2016). Target Leverage and Speed of Adjustment along the Life Cycle of European Listed Firms. BRQ Business Research Quarterly, Vol. 19, No. 3, Pp.188-205.
  • Chen, H. (2010). Macroeconomic conditions and the puzzles of credit spreads and capital
    Journal of Finance 65(6), 2171-2212.
  • Cuong, N M. (2012). Essays on Corporate Capital Structure and Cash Holdings, University of Manchester.
  • Dang, V. A. , Garrett, I. and Nguyen, C. (2012a). Asymmetric Partial Adjustment toward Target Leverage: International Evidence. Unpublished Manuscript, University of Manchester.
  • Dang, V. A. , Kim, M. and Shin, Y. (2012b). Asymmetric Capital Structure Adjustments: New Evidence from Dynamic Panel Threshold Models. Journal of Empirical Finance, 19 (4) , 465-482.
  • Dang, V. A., and I. Garrett. (2015). On Corporate Capital Structure Adjustments. Finance Research Letters, Vol.14, Pp. 56-63.                                   
  • Demerjian, P. R. (2017). Uncertainty and debt covenants. Review of Accounting Studies, 22(3), 1156–1197. doi:10.1007/s11142-017-9409-z 
  • Deng, Y., E. Devos., S. Rahman., and D. Tsang. (2016). The Role of Debt Covenants in the Investment Grade Bond Market–The REIT Experiment. The Journal of Real Estate Finance and Economics, Vol. 52, No. 4, Pp. 428-448.
  • Dufour, D., Luu, P., & Teller, P. (2020). Accruals quality and leverage adjustments. Journal of Applied Accounting Research, ahead-of-print(ahead-of-print). doi:10.1108/jaar-06-2019-0102 
  • Dufour, D., Luu, P., Teller, P. (2018). The influence of cash flow on the speed of adjustment to the optimal capital structure.Research in International Business and Finance.45, 62-71.
  • Fama, Eugene F. , and Kenneth R. French, (2002) , Testing tradeoff and pecking order predictions about dividends and debt, Review of Financial Studies15, 1-37.
  • Flannery, M.J., Rangan, K.P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics,79(3), 469-506.
  • Frank, Murray Z. , and Vidhan K. Goyal. (2004). Capital structure decisions: Which factors are reliably important? Working paper, University of British Columbia.
  • Furlanetto, F., Ravazzolo, F., & Sarferaz, S. (2017). Identification of Financial Factors in Economic Fluctuations. The Economic Journal.doi:10.1111/ecoj.12520 
  • Gertler, M. and R. G. Hubbard (1993). Corporate financial policy, taxation, and macroecononmic risk. Rand Journal of Economics 24(2), 286-303.
  • Graham, J R, Leary, M T. (2011). A Review of Empirical Capital Structure Research and Directions for the Future, Annual Review of Financial Economics, Vol. 3: 309-345.
  • Graham, J. (2000). How Big Are the Tax Benefits of Debt? The Journal of Finance, Vol. 55, No. 5, Pp. 1901-1941.
  • Hatzinikolaou, D., G. M. Katsimbris, and A. G. Noulas (2002). Inflation uncertainty and
    capital structure: Evidence from a pooled sample of the Dow-Jones industrial firms. International Review of Economics & Finance 11(1), 45-55.
  • Ho, L., Lu, Y., & Bai, M. (2020). Liquidity and speed of leverage adjustment. Australian Journal of Management, 031289622091891. doi:10.1177/0312896220918913 
  • Kayhan A, Titman S. (2007). Firms’ histories and their capital structures.  Financ. Econ. 83: 1-32.
  • Korteweg, A. (2010). Net Benefits to Leverage, The Journal of Finance, Vol, 65, Issue 6, No 6, pp.2137-2170.
  • Leary, M. T., and M. R. Roberts. (2005). Do Firms Rebalance Their Capital Structures? The Journal of Finance, Vol. LX, No. 6, Pp. 2575-2619.
  • Lemmon M, Roberts M, Zender J. (2008). Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structures.  Finance63: 1575-1608.
  • Mukherjee, T., and Wang, W. (2013). Capital structure deviation and speed of adjustment. Financial Review, 48 (4), 597-615.
  • Myers, S.C. (1984). The capital structure puzzle.Journal of Finance, 39(3), 574-592.
  • Ozkan, A. (2001). Determinants of Capital Structure and Adjustment to Long-run Target: Evidence from UK Company Panel Data. Journal of Business Finance & Accounting, Vol. 28, No. 1-2, Pp. 175-198.
  • Smith, D. J., Chen, J., and Anderson, H. D. (2015). The influence of firm financial position and industry characteristics on capital structure adjustment. Accounting and Finance, 55(4), 1135-1169.
  • Munir, Q., & Li, T. (2018). Nonlinearity between CEO power and firm leverage: evidence from the threshold model. Review of Managerial Science, 12(3), 593-620.

فایل ها

هم رسانی

ارجاع به این مقاله

آمار