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بررسی پیامدهای کوتهبینی مدیران از دیدگاه تئوری نمایندگی و فرضیۀ جریانهای نقد آزاد | ||
| بررسیهای حسابداری و حسابرسی | ||
| مقاله 7، دوره 23، شماره 4، 1395، صفحه 546-527 اصل مقاله (350.12 K) | ||
| نوع مقاله: مقاله علمی پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22059/acctgrev.2017.60858 | ||
| نویسندگان | ||
| جواد مرادی* 1؛ فاطمه کشاورز2 | ||
| 1استادیار گروه حسابداری، دانشگاه شیراز، دانشکدۀ اقتصاد، مدیریت و علوم اجتماعی، شیراز، ایران | ||
| 2کارشناسارشد 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 | ||
| بازده سهام؛ جریانهای نقدی آزاد؛ کوتهبینی مدیران؛ مخارج بازاریابی و تحقیق و توسعه | ||
| عنوان مقاله [English] | ||
| Investigation of the Outcomes Resulting from Managers' Myopia Based on Agency Theory and Free Cash Flow Hypothesis | ||
| نویسندگان [English] | ||
| Javad Moradi1؛ Fatemeh Keshavarz2 | ||
| 1Assistant Prof., Faculty of Economic-Management and Social Sciences, Shiraz University, Shiraz, Iran | ||
| 2M.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 | ||
| مراجع | ||
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