بررسی پیامدهای کوته‌بینی مدیران از دیدگاه تئوری نمایندگی و فرضیۀ جریان‌های نقد آزاد

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 استادیار گروه حسابداری، دانشگاه شیراز، دانشکدۀ اقتصاد، مدیریت و علوم اجتماعی، شیراز، ایران

2 کارشناس‎ارشد حسابداری، دانشگاه آزاد اسلامی واحد مرودشت، مرودشت، ایران

چکیده

هدف پژوهش حاضر بررسی ارتباط بین جریان نقد آزاد و بازده سهام با در نظر گرفتن کوته­بینی مدیران است؛ بدین منظور، دو فرضیۀ اصلی طراحی شد و این فرضیه‎ها با انتخاب 96 شرکت از بین شرکت­های پذیرفته‎شده در بورس اوراق بهادار تهران طی بازۀ زمانی شش‎ساله (1384 تا 1389) و با استفاده از اطلاعات بازده سه سال آتی (تا سال 1392) آزمون شدند. نتایج نشان می­دهد جریان­های نقدی آزاد با بازده سهام در کوتاه­مدت و بلندمدت رابطۀ منفی و معناداری برقرار می‎کند. همچنین حساسیت بازدهی نسبت به جریان­های نقدی آزاد در شرکت‎های کوته‎بین بیشتر است و با افزایش جریان نقد آزاد، کاهش بیشتری در بازدهی این شرکت­ها مشاهده می­شود. بنابراین کوته­بینی مدیران و جریان­های نقدی آزاد، رفتارهای فرصت­طلبانۀ مدیران را افزایش می­دهد و این رفتارهای فرصت­طلبانه بر عملکرد شرکت تأثیر منفی می­گذارد.

کلیدواژه‌ها


عنوان مقاله [English]

Investigation of the Outcomes Resulting from Managers' Myopia Based on Agency Theory and Free Cash Flow Hypothesis

نویسندگان [English]

  • Javad Moradi 1
  • Fatemeh Keshavarz 2
1 Assistant Prof., Faculty of Economic-Management and Social Sciences, Shiraz University, Shiraz, Iran
2 M.Sc. in Accounting, Islamic Azad University-Marvdasht Branch, Marvdasht, Iran
چکیده [English]

The purpose of this study is to investigate the relationship between free cash flows and stock return considering managers' myopia. Two hypotheses have been designed and tested, selecting 96 firms from accepted companies in the Tehran Stock Exchange for six-year period from 2005 to 2010 and using stock return for three years ahead (to 2012). The results show that free cash flows are negatively related to short-term and long-term stock returns. The sensitivity of stock return to Free Cash Flows in myopic firms is more than the other firms and, with an increase in free cash flows, more decrease in return is occurred in such firms. Therefore managers’ myopia and free cash flows, increase opportunistic behavior of managers in order to increase their personal interests and have negative influence on firm performance.

کلیدواژه‌ها [English]

  • Free Cash Flow
  • Managers' myopia
  • Marketing & research & development expenditures
  • Stock Return
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