مطالعۀ تطبیقی عوامل مؤثر بر سرعت تعدیل ساختار سرمایه در بین صنایع بورس اوراق بهادار تهران (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
اهداف: شرکت ها با توجه به ویژگی های خاص خود، با هزینه های تعدیل متفاوتی مواجه می شوند و درنتیجه با سرعت های متفاوتی به سمت اهرم هدف حرکت می کنند. هدف پژوهش حاضر، بررسی تطبیقی عوامل مؤثر بر سرعت تعدیل ساختار سرمایه در بین شرکت های خدماتی و تولیدی بورس اوراق بهادار تهران است.روش: برای آزمون فرضیه ها از اطلاعات 137 شرکت پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی سال های 1398-1392 استفاده شد. پس از محاسبه متغیرهای پژوهش، برای آزمون فرضیه ها الگوی رگرسیون داده های ترکیبی به کار گرفته شد. به منظور انتخاب از بین روش های الگوهای رگرسیونی ترکیبی و الگوی داده های تابلویی از آزمون Fلیمر استفاده و روش داده های تابلویی انتخاب شد و نتایج آزمون هاسمن هم استفاده از الگوی اثرات ثابت را تأیید کرد.نتایج: نتایج نشان دهنده آن بود که سرعت تعدیل ساختار سرمایه صنایع تولیدی بزرگ تر از شرکت های خدماتی است. سرعت به دست آمده برای شرکت های خدماتی 73 درصد و صنایع تولیدی 85 درصد است که نشان دهنده سرعت زیاد تعدیل ساختار سرمایه است که در کاهش احتمال وقوع بحران های مالی ناگهانی در اقتصاد موثر است.A Comparative Study of Factors Affecting the Speed of Adjustment of Capital Structure among the Industries of the Tehran Stock Exchange
Companies, depending on their specific characteristics, face different capital structure adjustment costs and, as a result, move to their target leverage at different speeds. The purpose of this study is a comparative investigation of factors affecting the speed of capital structure adjustment among service companies and manufacturing industries listed on the Tehran Stock Exchange. To test the hypotheses, the information of 137 companies listed on the Tehran Stock Exchange in the period 2013-2019 has been used. After calculating the research variables, a panel data regression model was used to test the hypotheses. To choose between the methods of regression data models the Limer F test was used. The panel data model was selected and the results of the Hausman test also confirmed the use of the fixed effects model. The results of the study hypotheses showed that capital structure adjustment speed of manufacturing industries is larger than service companies. The estimated speed is 73% for service companies and 85% for manufacturing industries, which indicates the high speed of adjustment which can reduce the probability of financial crises in the economy.Keywords: Capital Structure Adjustment Speed, Optimal Capital Structure, Target Leverage, Service Companies, Manufacturing Industries. IntroductionEstimating the speed of movement of companies towards the target leverage is the most important issue these days in capital structure literature. Neglecting the optimal capital structure will cause problems in the agency relationships. Therefore, one of the most important decisions of financial managers in commonly traded firms is to determine the structure of debt and equity in financing to maximize the shareholders` wealth. Companies try to adjust their leverage (followed by adjustment costs) at frequently and balance between target leverage deviation costs and the costs of adjustment. The review of past empirical studies shows that examining only one or two factors affecting the speed of adjustment cannot have a comprehensive result, and the goal of capital structure adjustment should be maintaining optimality and not only acceding an acceptable range of leverage. In this regard, this study seeks to include all the influencing factors in the regression model in order to fill the gap of past research and compare the the determinants of speed of adjustment between manufacturing and service industries. Materials and Methods Our sample includes all the companies listed on the Tehran Stock Exchange and excludes the companies 1) have listed after 2012, 2) have exit before 2018, 3) have any financial period other than 1 year (365 days), 4) begin the financial year other than first of April, and 5) with incomplete information in our time period. Our accounting data have been gathered from CODAL website (financial statements of companies), and the data related to the calculation of GDP growth rate and inflation have been collected from the Iranian Statistics Center, and finally, the interest rate is based on the announcement of the Central Bank. Research FindingsThe findings support all hypotheses and the difference in the speed of capital structure adjustment in the two sub-samples. Discussion of Results and ConclusionsOur results can play an important role in future research on capital structure. The high estimated adjustment speed indicates the importance of target leverage in capital structure decisions and, as a result, the application of trade-off theory in explaining the capital structure of companies. Among the basic results emphasized in this research is that corporate variables are basically effective on leverage and capital structure and the selection of each category of its metrics will produce different results, which must be selected according to the type of industry of the companies and the context of their activities. The speed of adjustment of manufacturing and service industries will change due to the selection of different metrics and estimation methods, and the current research has avoided these shortcomings by using a comprehensive model. In order to be able to have better and more complete information about how to manage and combine the financial resources of companies, managers should pay attention to the speedy adjustment of the capital structure of their desired companies.
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