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متنوع سازی (مرتبط/غیرمرتبط) محصولات، ساختارمالکیت و ساختارسرمایه | ||
| تحقیقات مالی | ||
| مقاله 5، دوره 16، شماره 2، مهر 1393، صفحه 271-288 اصل مقاله (324.55 K) | ||
| نوع مقاله: مقاله علمی پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22059/jfr.2014.50714 | ||
| نویسندگان | ||
| فرزین رضایی1؛ کاظم چاوشی نیا* 2 | ||
| 1استادیار حسابداری، دانشکدۀ مدیریت و حسابداری، دانشگاه آزاد اسلامی، قزوین، ایران | ||
| 2کارشناسارشد مدیریت بازرگانی (گرایش مالی)، دانشگاه آزاد اسلامی، قزوین، ایران | ||
| چکیده | ||
| در این مقاله به بررسی تأثیر متنوع‌سازی مرتبط، غیرمرتبط محصولات و ساختار مالکیت بر ساختار سرمایه شرکتهای پذیرفته‌شده در بورس اوراق بهادار تهران پرداخته شد. بدین‌منظور، 87 شرکت از 19 صنعت مختلف به‌منزلۀ نمونۀ آماری انتخاب شد و از طریق برازش الگوهای رگرسیون چندمتغیره با دادههای مقطعی‌ـ ترکیبی، رابطۀ میان متنوع‌سازی مرتبط و غیرمرتبط محصولات، ساختار مالکیت و ساختار سرمایه شرکت طی دورۀ شش‌ساله (1383 تا 1388) بررسی شد. نتایج نشان داد که بین متنوع‌سازی مرتبط محصولات و ساختار سرمایه رابطۀ معنادار و مثبتی وجود دارد و متنوع‌سازی غیرمرتبط محصولات نیز اثر معکوس و معناداری بر ساختار سرمایه دارد. همچنین نتایج پژوهش وجود رابطۀ معنادار و معکوسی بین تمرکز مالکیت و ساختار سرمایه را نشان داد. مطابق این نتایج، شرکتهایی که میزان تمرکز مالکیت بالایی دارند، در ساختار سرمایه شرکت از اهرم (بدهی) کمتری استفاده میکنند و سهامداران بیشتر تمایل دارند که منابع مالی مورد نیاز خود را از محل سود انباشته تأمین کنند. با وجود این، شواهدی مبنی بر وجود رابطۀ معنادار بین سهامداران نهادی با ساختار سرمایه مشاهده نشد. | ||
| کلیدواژه‌ها | ||
| تمرکز مالکیت؛ ساختار سرمایه؛ سهامداران نهادی؛ متنوع‌سازی مرتبط و غیرمرتبط | ||
| عنوان مقاله [English] | ||
| Product Diversification (Related/Unrelated) ,Ownership Structure and Capital Structure | ||
| نویسندگان [English] | ||
| Farzin Rezaei1؛ Kazem Chavoshi Nia2 | ||
| 1Assistant Professor, Accounting & Management Faculty, Islamic Azad University, Qazvin,Iran | ||
| 2Master of finance-based Business Management, Islamic Azad University, Qazvin,Iran | ||
| چکیده [English] | ||
| The paper studies of the effect the related and unrelated diversification for products and ownership structure on capital structure for a sample of 87 firms out of 19 industry listed on the Tehran stock exchange during the period 2004- 2009. For to regress of models to apply of multivariate approach include panel data and cross-sectional regressions. This study adopts panel fixed effects regression models to estimate the relationship between diversification (related/unrelated), ownership structure on capital structure, while controlling for some firm-specific characteristics like size, tangibility, growth opportunities, none-debt tax shields, return of total assets and coefficient of variation.The results indicated that related diversification (RD) positively and unrelated diversification (UD) negatively and significantly, effects on capital structure. Baseon the definition of capital structure in this paper, firms that are undertake to unrelated diversification strategy, mainly financed by debt; whereas firms that follow related diversification strategy, increased their profitability and sale of production. therefore firms that use of the strategy (RD), minimize risk of liquidity and are likely to be mainly financed by equity. In addition, the results indicated that there was between ownership concentration and capital structure negatively and significant relation. According to the results, the firms that tend to engage in a high degree of ownership concentration, tending in have a lower level of debt in capital structure and stockholders more tend to finance by equity and thus minimize agency costs. The findings of the research also indicate that there isnot perceive significant relation between institutional stockholders and capital structure. | ||
| کلیدواژه‌ها [English] | ||
| related diversification, unrelated diversification, Capital structure, ownership concentration, institutional stockholders | ||
| مراجع | ||
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