Mashayekh, S., Noruzi, S., Ghashghaei, F. (2016). The impact of firm's cash holding level on the relationship between working capital and profitability. Journal of Accounting and Auditing Review, 23(1), 39-54. doi: 10.22059/acctgrev.2016.57019
Shahnaz Mashayekh; Sona Noruzi; Fatemeh Ghashghaei. "The impact of firm's cash holding level on the relationship between working capital and profitability". Journal of Accounting and Auditing Review, 23, 1, 2016, 39-54. doi: 10.22059/acctgrev.2016.57019
Mashayekh, S., Noruzi, S., Ghashghaei, F. (2016). 'The impact of firm's cash holding level on the relationship between working capital and profitability', Journal of Accounting and Auditing Review, 23(1), pp. 39-54. doi: 10.22059/acctgrev.2016.57019
Mashayekh, S., Noruzi, S., Ghashghaei, F. The impact of firm's cash holding level on the relationship between working capital and profitability. Journal of Accounting and Auditing Review, 2016; 23(1): 39-54. doi: 10.22059/acctgrev.2016.57019
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.
تأثیر سطح وجه نقد نگهداریشده بر رابطۀ بین بازدهی و سرمایۀ در گردش
Authors [Persian]
شهناز مشایخ; سونا نوروزی; فاطمه قشقایی
Abstract [Persian]
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.
Keywords [Persian]
رابطۀ یو (U) شکل، سرمایۀ در گردش، سودآوری، وجه نقد، هزینۀ معاملات
Arellano, M. & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of EconomicStudies, 58 (2): 277–297.
Azimi, M. & Sabagh, M. (2013). The Value Relevance of Non-cash Net Working Capital of Listed Companies in Tehran Stock Exchange. Financial Accounting Researches Journal. 5(3): 89-104. (in Persian)
Bates, T.W., Kahle, K.M. & Stulz, R.M. (2009). Why do US firms hold so much more cash than they used to? Journal of Finance, American Finance Association, 64 (5): 1985–2021.
Caballero, B., Teruel, P.J. & Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67 (3): 332–338.
Fakhari, H. & Rouhi, H. (2013). Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of Firm's Stock. Journal of Accounting Knowledge, 4(14): 27-49. (in Persian)
Ghaemi, M.H., Ghaytasvand, M. & Tujaki M. (2003). The effect of income smoothing on corporate income of listed companies in Tehran stock exchange. The Iranian Accounting and Auditing Review, 10 (33): 131-150. (in Persian)
Kieschnick, R., LaPlante, M. & Moussawi, R. (2009). Working Capital Management, Access to Financing, and Firm Value. Working Paper. Available at SSRN:http://ssrn.com/abstract=1431165.
Moradi, J. & Bagheri, H. (2014). The comparison of manager's shortsightedness and earning management on stock return. The Iranian Accounting and Auditing Review, 21(2): 229-250.(in Persian)
Moradi, M. & Najjar, M. (2013). The Relationship between Additional Working Capital and Stock’s Excess Return in Tehran Stock Exchange Accepted Companies. The Iranian Accounting and Auditing Review, 20(2): 109-132.(in Persian)
Mun, S.G. & Jan, S. (2015). Working capital, cash holding, and profitability of restaurant firms. International Journal of Hospitality Management, 48 (14): 1-11.
Nadiri, M. & Mohammadi, T. (2011). Estimating an Institutional Structure in Economic Growth Using GMM Dynamic Panel Data Method. Quarterly Journal of Economical Modeling, 5 (3): 1-24. (in Persian)
Rogers, W. (1994). Regression standard errors in clustered samples. Stata Technical Bulletin, 3(13): 19-23.
Samadi Lorgani, M. & Imeni, M. (2013). The relationship between working capital management and cash holding in Tehran stock exchange companies. Quarterly Journal of Accounting Knowledge and Management Auditing, 2(5): 39-51. (in Persian)
Tashakori Jahromi, S.Y., Ahadi Serkani, S.U. & Talane, A.R. (2014). Working capital management and shareholder wealth. The Iranian Accounting and Auditing Review, 21(2): 127-150.(in Persian)
Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics. 126 (1): 25–51.
Wooldridge, J.M., (1995/2002). Econometric Analysis of Cross Section and Panel Data. Second edition, The MIT Press.
Yaghoobnejad, A., Vakilifard, H. R. & Babaee, A. (2011). The Relationship between Working Capital Management and Profitability of Listed Companies in the Tehran's Stock Exchange. Financial Engineering and Securities Management, 2(2): 117-137.(in Persian)
Top