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تأثیر بیشاطمینانی مدیران بر سیاست تقسیم سود شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران | ||
| بررسیهای حسابداری و حسابرسی | ||
| مقاله 5، دوره 21، شماره 4، دی 1393، صفحه 485-504 اصل مقاله (307.81 K) | ||
| نوع مقاله: مقاله علمی پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22059/acctgrev.2014.52905 | ||
| نویسندگان | ||
| شهناز مشایخ1؛ سمیرا بهزادپور* 2 | ||
| 1استادیار گروه حسابداری، دانشکدۀ علوم اجتماعی و اقتصادی دانشگاه الزهرا (س)، تهران، ایران | ||
| 2دانشجوی دکتری حسابداری، دانشکدۀ علوم اجتماعی و اقتصادی دانشگاه الزهرا (س)، تهران، ایران | ||
| چکیده | ||
| ویژگیهای شخصیتی مدیران، از عوامل مهمِ تصمیمگیری مدیران درخصوص سیاست تقسیم سود بهشمار میرود. یکی از مهمترین ویژگیهای شخصیتی مدیران بیشاطمینانی است؛ مدیران نسبت به سودها و جریانهای نقدی آتی واحد تجاری خود خوشبین هستند و چشمانداز مثبتی از ریسک و بازده آتی شرکت دارند.از این رو، هدف این پژوهش بررسی تأثیر بیشاطمینانی مدیران بر سیاست تقسیم سود است. بهمنظور آزمون فرضیههای پژوهش، به بررسی 56 شرکت پذیرفتهشده در بورس اوراق بهادار تهران در دورۀ زمانی 1386 تا 1391 پرداخته شد. نتایج نشان داد بین بیشاطمینانی مدیران و تقسیم سود شرکت ارتباط منفی و معناداری وجود دارد؛ بهگونهای که مدیران بیشاطمینان تقسیم سود کمتری دارند. همچنین بررسیها نشان داد با افزایش جریانهای نقدی عملیاتی، مدیرِ بیشاطمینان جریانهای نقدی عملیاتی آتی بالاتری را برآورد میکند و سود تقسیمی بیشتری را میپردازد. از سوی دیگر، جدا از اینکه مدیر بیشاطمینان باشد یا منطقی، مدیر شرکت با فرصتهای رشد بالاتر سود تقسیمی کمتری پرداخت میکند. | ||
| کلیدواژه‌ها | ||
| بیشاطمینانی؛ جریان وجه نقد؛ سیاست تقسیم سود؛ فرصتهای رشد؛ نظام راهبری شرکتی | ||
| عنوان مقاله [English] | ||
| The effect of managers' overconfidence on dividend policy in the firms listed in Tehran stock market | ||
| نویسندگان [English] | ||
| Shahnaz Mashayekh1؛ Samira Behzadpur2 | ||
| 1Assistant Prof., Faculty of Economic and social Sciences, Alzahra University, Tehran, Iran | ||
| 2Ph.D. Candidate, Faculty of Economic and social Sciences, Alzahra University, Tehran, Iran | ||
| چکیده [English] | ||
| The characteristic of managers' personality is a key factor in their dividend policy. Overconfidence is an important feature of managers who are optimism about future earnings and cash flows and have a positive view of potential risk and return. Hence, we are going to investigate the effect of managers' overconfidence on dividend policy. We study 56 companies listed in Tehran Stock Exchange in the period of 2007 to 2012 to test the hypothesis. The results show that there is a significant and negative relation between managers' overconfidence and dividend policy; in other words they have lower dividend payout. We also demonstrate that an overconfident manager perceives the current operating cash flow as a stronger predictor of future operating cash flow so and increases the dividend payout. In addition regardless of whether the manager is rational or overconfident, a manager in a higher-growth firm pays a smaller dividend than a similar manager in a lower-growth firm. | ||
| کلیدواژه‌ها [English] | ||
| cash flows, Corporate governance, dividend policy, growth opportunities, Overconfidence | ||
| مراجع | ||
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