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آرشیو :
نسخه بهار 1403
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کد پذیرش :
12218
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موضوع :
سایر شاخه های مدیریت
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نویسنده/گان :
| سپیده خلفی، الهه فرزین پور، هاشم البوعلی، بهنام صادقی رچی
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زبان :
فارسی
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نوع مقاله :
پژوهشی
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چکیده مقاله به فارسی :
این مقاله رفتار تامین مالی سرمایه گذاری های تحقیق و توسعه در بازارهای نوظهور را بررسی کرده است. مقاله مبتنی بر نظریه نهادی است. داده های طولی است و روش تعمیم یافته گشتاور (GMM) برای نمونه ای متشکل از 302 شرکت از 20 کشور طی دوره 2003-2015، دریافت شده است. این شرکت‌ها در بازارهای نوظهور تمایل دارند از منابع مالی داخلی برای تامین مالی سرمایه‌گذاری‌های تحقیق و توسعه استفاده کنند. برای تحلیل داده از تکنیک مقایسه میانگین‌ها و آزمون تحلیل واریانس استفاده شد. تفکیک نمونه به گروه‌هایی که شامل شرکت‌های اتحاد و غیر اتحاد و شرکت‌های مبتنی بر بازار و شرکت‌های با سیستم مالی مبتنی بر بانک نتایج معنی داری را نشان می‌دهد. تأمین مالی تحقیق و توسعه در شرکت‌های اتحاد و غیر اتحاد تفاوت چشمگیر دارد. شرکت های اتحاد هم از منابع مالی داخلی و هم از منابع مالی خارجی برای سرمایه گذاری های تحقیق و توسعه استفاده می کنند، در حالی که شرکت های غیر اتحاد فقط از منابع داخلی لستفاده می‌کنند. همچنین داده‌ها نشان داد که سیستم مالی یک کشور بر انتخاب منابع مالی موجود تأثیر می گذارد. شرکت‌های کشورهایی که از سیستم مالی مبتنی بر بانک تبعیت می‌کنند، تمایل دارند به منابع مالی خارجی متکی باشند، در حالی که شرکت‌های کشورهایی که از سیستم مالی مبتنی بر بازار پیروی می‌کنند، برای تامین مالی سرمایه‌گذاری‌های تحقیق و توسعه بیشتر به منابع مالی داخلی وابسته هستند. بنابراین این مطالعه شواهد جدیدی در مورد تأمین مالی سرمایه‌گذاری‌های تحقیق و توسعه در کشورهای نوظهور با در نظر گرفتن استدلال‌های نهادی انتخاب‌های تأمین مالی ارائه می‌کند و باید سهامداران را در مورد منابع مناسب تأمین مالی تحقیق و توسعه راهنمایی کند.
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کلمات کلیدی به فارسی :
تامین مالی، سرمایه گذاری تحقیق و توسعه، بازارهای نوظهور.
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چکیده مقاله به انگلیسی :
The purpose of this study is to investigate the relationship between the quality of information and investment opportunities for family companies admitted to the Tehran Stock Exchange. The independent variable of this research is the quality of financial information, and the dependent variable is investment opportunities and the moderating variable of this research is family companies. The sample includes 110 companies admitted to the Tehran Stock Exchange between 1395 and 1401 and the software used for statistical analysis is Stata12. The hypotheses were tested based on the multivariate linear regression test. Based on the results of the hypotheses test, the first hypothesis, which states that there is a significant difference between the quality of information and investment opportunities for family and non-family companies, was confirmed. And the second hypothesis, which states that the effect of information quality on investment opportunities is stronger in family companies with a senior family manager. It was confirmed. Also, the third hypothesis which states that financial leverage reduces the relationship between information quality and investment opportunities for family companies. It was confirmed. As a result, all three hypotheses of this research were confirmed.
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کلمات کلیدی به انگلیسی :
quality of financial information and investment opportunities, financial leverage, family companies
- صفحات : 86-105
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