تأثیر همه‌گیری کووید 19 بر سرعت تعدیل ساختار سرمایه

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشیار، گروه حسابداری، دانشکده علوم اقتصادی و اجتماعی دانشگاه بوعلی سینا، همدان، ایران.

2 استادیار، گروه حسابداری، واحد تاکستان، دانشگاه آزاد اسلامی، تاکستان، ایران.

3 استادیار، گروه حسابداری، دانشگاه رازی، کرمانشاه، ایران.

چکیده

هدف این پژوهش، بررسی تأثیر همه‌گیری کووید19 بر سرعت تعدیل ساختار سرمایه و مقایسۀ شدّت این تأثیر در صنایع با آسیب‌پذیری اندک و زیاد از کووید19 است. برای آزمون فرضیه‌های پژوهش، از داده‌های شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در بازۀ زمانی 1401-1381 در قالب پنل نامتوازن (با 3342 مشاهده) و رویکرد تعدیل جزئی با برآوردگر گشتاورهای تعمیم‌یافتۀ سیستمی، استفاده شده است. نتایج پژوهش نشان می‌دهد که شیوع همه‌گیری کووید19 منجر به افزایش در سرعت تعدیل ساختار سرمایه در سطح شرکت‌ها شده است. افزون بر آن، یافته‌های پژوهش بیان می‌کند در صنایعی که کووید19 تأثیر بیشتری روی آن‌ها گذاشته و کسری مالی آن‌ها را بیش از سایر صنایع تشدید کرده، سرعت تعدیل ساختار سرمایه افزایش بیشتری داشته است. با آن‌که شیوع کووید19 تضعیف در شرایط کلان اقتصادی و افزایش در نااطمینانیِ‌ِ محیط تجاری بیشتر کشورها (از جمله ایران) را به دنبال داشته و هزینه‌های تعدیل ساختار سرمایه را افزایش داده است و انتظار می‌رود که این موضوع، از سرعت تعدیل ساختار سرمایه کاسته باشد؛ شواهد تجربی در تضاد با این پیش‌بینی است. این پژوهش به توسعۀ ادبیات نوظهوری که در حال کشف اثرات کووید19 بر جوانب مختلف واحدهای تجاری است، مشارکت دارد.

کلیدواژه‌ها

عنوان مقاله [English]

The Effect of COVID-19 Pandemic on Capital Structure Speed of Adjustment

نویسندگان [English]

  • Abbas Aflatooni 1
  • Mohammad Khatiri 2
  • Farzad Eivani 3
1 Associate Prof., Department of Accounting, Faculty of Economics and Social Sciences, Bu-Ali Sina University, Hamadan, Iran
2 Assistant Prof., Department of Accounting, Islamic Azad University, Takestan branch, Takestan, Iran.
3 Assistant Prof., Department of Accounting, Razi University, Kermanshah, Iran.
چکیده [English]

This research investigates the effect of the COVID-19 pandemic on capital structure adjustment speed and compares its intensity in industries with low and high impact of the COVID-19. To test the research hypotheses, this paper has used the data for firms listed in the Tehran Stock Exchange during 2002-2022 in an unbalanced panel format (3’342 observations) and has applied the partial adjustment approach with a system generalized method of moments estimator. The research results show that the COVID-19 pandemic has increased the speed of adjustment at firms’ level. Furthermore, the research findings show that the speed of adjustment has increased more in industries that have been more affected by COVID-19, and COVID-19 exacerbated their financial deficits more than the others. In most countries (including Iran), COVID-19 has weakened the macroeconomic conditions, increased the business environment’s uncertainty, and increased the costs of adjustment. Therefore, it is expected that this issue has slowed down the speed of adjustment; however, empirical evidence contradicts this prediction. This research contributes to the emerging literature that explores the impact of COVID-19 on various aspects of business units.

کلیدواژه‌ها [English]

  • COVID-19 Pandemic
  • Capital Structure
  • Speed of Adjustment
  • Trade-off Theory

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چشم انداز مدیریت مالی
دوره 13، شماره 44
1402
صفحه 127-149

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