بررسی تاثیر حاکمیت شرکتی بر سرعت تعدیل ساختار سرمایه با استفاده از روش گشتاور تعمیم‌یافته

نوع مقاله : علمی - پژوهشی

نویسندگان

1 استادیار گروه حسابداری، دانشگاه یزد.

2 ** کارشناس ارشد، گروه حسابداری، دانشگاه یزد.

چکیده

هدف اصلی این پژوهش بررسی تاثیر سازوکارهای حاکمیت شرکتی شامل: سهامدارن نهادی، تمرکز مالکیت، درصد سهام شناور آزاد و نسبت مدیران غیرموظف، بر روی سرعت تعدیل ساختار سرمایه شرکت­های پذیرفته­شده در بورس اوراق بهادار تهران است. بدین منظور، از اطلاعات 114 شرکت برای دوره زمانی 9 ساله (1384 تا 1392)، مدل تعدیل جزئی آستانه­ای و روش گشتاور تعمیم­یافته برای آزمون فرضیه­های پژوهش استفاده شده است. نتایج آزمون فرضیه­ها نشان دادکه میان درصد سهام شناور آزاد و نسبت مدیران غیرموظف با سرعت تعدیل ساختار سرمایه رابطه غیرمستقیم معنادار وجود دارد؛ اما رابطه مستقیم میان تمرکز مالکیت و سهامدارن نهادی با سرعت تعدیل، معنادار نیست؛ همچنین سرعت به‌دست­آمده برای شرکت­های ایرانی 57 درصد می­باشد که نشان­دهنده سرعت بالای تعدیل ساختار سرمایه در بین شرکت­ها است.

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