بررسی رابطۀ بین ویژگی‌های حاکمیت شرکتی و وجه نقد نگهداری‎شده

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 استادیار حسابداری، دانشگاه پیام نور، تهران، ایران

2 کارشناس‎ارشد حسابداری، دانشکدۀ علوم اقتصادی دانشگاه مازندران، مازندران، ایران

3 کارشناس‎ارشد مدیریت، دانشگاه پیام نور، تهران، ایران

چکیده

هدف این پژوهش، بررسی نقش حاکمیت شرکتی در ارتباط با مدیریت منابع نقدی شرکت‌های پذیرفته‎شده در بورس اوراق بهادار تهران، طی سال‌های 1386 تا 1392 است. نقش حاکمیت شرکتی هدایت و کنترل شرکت به‎منظور کاهش تضاد نمایندگی بین سهامداران و مدیران است. نمونه‌ای از انحراف مدیریت از منافع سهامداران، مدیریت نامناسب منابع نقدی است. در پژوهش پیش رو از متغیرهای مدت زمان تصدی مدیرعامل، اتکا بر بدهی، تمرکز مالکیت، استقلال هیئت‎مدیره، دوگانگی وظیفۀ مدیرعامل و مالکیت نهادی، به‎منظور ارزیابی حاکمیت شرکتی استفاده شده است. مدل آماری پژوهش با بهره‎مندی از روش رگرسیون بر اساس داده­های تابلویی برآورد شده است. یافته‌های پژوهش، رابطۀ منفی و معناداری بین مالکیت نهادی، اتکا بر بدهی و استقلال هیئت‎مدیره با سطح وجه نقد نگهداری‎شده را نشان می‎دهد. همچنین بر اساس یافته‎ها، رابطۀ معناداری بین تمرکز مالکیت، دورۀ تصدی مدیرعامل و دوگانگی وظیفۀ مدیرعامل با سطح وجه نقد نگهداری‎شده وجود ندارد.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the relationship between corporate governance mechanism and cash holding

نویسندگان [English]

  • Aziz Gord 1
  • Mansour Mohammadi 2
  • Majid Goldoost 3
1 Associate Prof., Payam Noor University, Tehran, Iran
2 MSc., Faculty of Economics, University of Mazandaran, Mazandaran, Iran
3 MSc., Payam Noor University, Tehran, Iran
چکیده [English]

This study aims to investigate the relationship between corporate governance mechanism and firm cash holding using a sample of firms listed in Tehran stock exchange over the period 2007 to 2013. The role of corporate governance is guide and control the firm in reducing agency conflict between management and shareholders. An example of deviation of the shareholders' interests is an inappropriate management of cash resources.  In this research, we used debt reliance, chief executive officer tenure, ownership concentration, chief executive officer duality, board independent and institutional ownership for evaluating corporate governance.  The research hypothesis is tested using panel data regression model. Our result indicates a negative significant relationship between the institutional ownership, board independent and debt reliance with cash holding. Also our findings show no significant relationship between ownership concentration, chief executive officer duality and chief executive officer tenure with cash holding.

کلیدواژه‌ها [English]

  • agency conflict
  • cash holding
  • Corporate governance
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