تأثیر سهامداران نهادی بر ارتباط بین قدرت مدیرعامل و ساختار سرمایه در شرکت‌ها

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشیار، گروه حسابداری، دانشگاه تربیت مدرس، تهران، ایران.

2 دانشجوی دکتری حسابداری، پردیس بین‌المللی کیش، دانشگاه تهران، ایران

3 کارشناسی ارشد حسابداری، مؤسسه آموزش عالی کار، قزوین، ایران.

چکیده

هدف اصلی این پژوهش، بررسی تأثیر سهامداران نهادی بر رابطه بین قدرت مدیرعامل و تصمیمات ساختار سرمایه در شرکت­های پذیرفته شده در بورس اوراق بهادار تهران است. جامعه آماری پژوهش، شرکت­های پذیرفته شده در بورس اوراق بهادار تهران و بازه زمانی پژوهش سال‌های 1390 لغایت 1397 است. برای آزمون فرضیه­های پژوهش 106 شرکت به روش حذف سیستماتیک انتخاب شده است. روش پژوهش مورد استفاده، توصیفی از نوع پس­رویدادی بوده و برای تجزیه و تحلیل داده­ها از روش داده‌های ترکیبی و برای آزمون فرضیه­ها از روش رگرسیون چندگانه استفاده شده است. نتایج نشان می‌دهد که بین قدرت مدیرعامل و اهرم مبتنی بر ارزش دفتری، اهرم مبتنی بر ارزش بازار و اهرم کوتاه‌مدت رابطه مثبت و معنادار و بین قدرت مدیرعامل و اهرم بلندمدت رابطه منفی و معناداری وجود دارد. همچنین، سهامداران نهادی بر رابطه بین قدرت مدیرعامل و اهرم مبتنی بر ارزش بازار اثر تعدیل‌کننده دارند.

کلیدواژه‌ها

عنوان مقاله [English]

The Effect of Institutional Shareholders on the Relationship between CEO Power and Capital Structure in Companies

نویسندگان [English]

  • Mohammad Ali Aghaei 1
  • Ali Fateri 2
  • Soraya Weysihesar 3
1 Associate Prof, Department of Accounting, Tarbiat Modares University, Tehran, Iran.
2 Ph.D. Candidate in Accounting, Kish International Campus, University of Tehran, Iran.
3 MSc. of Accounting, KAR Higher Education Institute, Qazvin, Iran.
چکیده [English]

The main purpose of this study is to investigate the effect of institutional shareholders on the relationship between CEO power and capital structure decisions in companies listed on the Tehran Stock Exchange. The statistical population of the research is the companies listed on the Tehran Stock Exchange and the research period is from 2011 to 2018. To test the research hypotheses, 106 companies were selected by systematic elimination method. The research method used is descriptive post-event and the combined data method was used to analyze the data and the multiple regression method was used to test the hypotheses. The results of the test showed that there is a positive and significant relationship between CEO power and the book value leverage, market value leverage, and short-term leverage. Also, there is a negative and significant relationship between the CEO power and the long-term leverage. In addition, institutional shareholders have a moderating effect on the relationship between CEO power and market value leverage.

کلیدواژه‌ها [English]

  • CEO power
  • Structural power
  • Expert power
  • Capital structure
  • Institutional shareholders

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