تأثیر سطح وجه نقد نگهداری‎شده بر رابطۀ بین بازدهی و سرمایۀ در گردش

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 دانشیار گروه حسابداری، دانشکدۀ علوم اقتصادی و اجتماعی دانشگاه الزهرا (س)، تهران، ایران

2 کارشناس‎ارشد حسابداری، دانشکدۀ مدیریت، دانشگاه تهران، تهران، ایران

3 دانشجوی دکتری حسابداری، دانشکدۀ علوم اقتصادی و اجتماعی، دانشگاه الزهرا (س)، تهران، ایران

چکیده

مدیریت اثربخش و کارای سرمایۀ در گردش، موضوع با اهمیتی برای بنگاه­هاست، به‎ویژه بنگاه­هایی که با محدودیت منابع مالی مواجه‎اند. از این ­رو پژوهش حاضر به بررسی رابطۀ بین سرمایۀ در گردش و سودآوری بنگاه­ها و اثر تعدیل‎کنندۀ سطح وجه نقد نگهداری‎شده­ بر این رابطه پرداخته است. در این پژوهش از داده­های 104 شرکت پذیرفته‎شده در بورس اوراق بهادار تهران، طی سال­های 1383 تا 1392 استفاده شده است. به‎کمک رویکرد گشتاورهای تعمیم‎یافتۀ دومرحله­ای داده­ها تجزیه‎وتحلیل شده‎اند. یافته­های پژوهش نشان می‎دهد بین سرمایۀ در گردش و بازدهی شرکت­ها رابطۀ­ معناداری وجود دارد. این امر حاکی از توجه سرمایه­گذاران به میزان سرمایۀ در گردش شرکت­ها در هنگام اتخاذ تصمیم‎هایشان است. همچنین یافته­های پژوهش مؤید بی‎تأثیربودن وجه نقد بر رابطۀ­ بین سرمایۀ در گردش و بازدهی شرکت­های پذیرفته‎شده در بورس اوراق بهادار تهران و برقرارنبودن رابطۀ­ U شکل بین سرمایۀ در گردش و سودآوری آنهاست.

کلیدواژه‌ها


عنوان مقاله [English]

The impact of firm's cash holding level on the relationship between working capital and profitability

نویسندگان [English]

  • Shahnaz Mashayekh 1
  • Sona Noruzi 2
  • Fatemeh Ghashghaei 3
چکیده [English]

Efficient working capital management is important for many firms, special firms with financial constraint. Hence, this paper examined the relationship between firm's working capital and its profitability, and then the adjustment role of cash holding on this relationship was examined. The sample used in this study consists of 104 listed companies in Tehran stock exchange, between 2004 and 2013. In order to test the research hypotheses, two-step Generalized Method of Moments (GMM) were used. Controlling the endogeneity problem, which can affect the results, is the advantage of GMM method.
Findings of the research indicated that there is significant relationship between firm's working capital and its profitability. This is because of investor's attention to working capital level in their decision making. Findings indicated that cash holding level had no effect on the relationship between working capital and firm's profitability and there is no U shape relationship between working capital and firm's profitability.

کلیدواژه‌ها [English]

  • cash
  • Profitability
  • U Shape Relation
  • Working capital
  • Transaction cost
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