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

مراجع

Ahadi Serkani, S.U., Sangpahni, H., Dasine, M. (2013). Investigating the Relationship between Inter- Organization and Extern - Organization Factors with Cash Holdings in Listed Companies of Tehran Stock Exchange. Stock exchange Journal, 23(6): 77-101. (in Persian)
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) 

فایل ها

اشتراک گذاری

ارجاع به این مقاله

آمار