نقش تعدیل کنندگی حاکمیت شرکتی بر رابطه بین ریسک مالی و چسبندگی بهای تمام شده کالای فروش رفته (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
رفتار هزینه نقش مهمی در رشد فروش و سودآوری شرکت دارد و تأثیر آن در امر تصمیم گیری استفاده کنندگان و تعیین ارزش شرکت ها باعث شده است محققان مجدداً به بررسی رفتار نامتقارن هزینه توجه کنند. پژوهش حاضر با هدف بررسی نقش تعدیلی حاکمیت شرکتی بر رابطه بین ریسک مالی و چسبندگی بهای تمام شده کالای فروش رفته انجام شده است. داده های این مطالعه از گزارشات سالانه حسابرسی شده 128 شرکت تولیدی پذیرفته شده در بورس اوراق بهادار تهران در سال های 1391 تا ۱۴۰۰ با کل مشاهدات 1280 سال - شرکت جمع آوری شدند و برای ارائه مدل از رویکرد مدل معادلات ساختاری استفاده شده است. یافته ها نشان دادند بهای تمام شده کالای فروش رفته در نمونه بررسی شده دارای رفتار چسبنده است و ریسک مالی و حاکمیت شرکتی رابطه مثبت و معناداری با چسبندگی بهای تمام شده کالای فروش رفته دارند و همچنین، حاکمیت شرکتی تعدیل کننده رابطه بین ریسک مالی و چسبندگی بهای تمام شده کالای فروش رفته است. نتایج مطالعه می توانند برای مدیران به منظور درک رفتار هزینه برای برنامه ریزی، کنترل و کاهش هزینه ها و همچنین برای تحلیلگران مالی و سرمایه گذاران به منظور ارزیابی عملکرد شرکت ها و درنهایت گرفتن تصمیمات مربوط به سرمایه گذاری مفید باشند.The moderating role of corporate governance on the relationship between financial risk and cost of goods sold stickiness
Cost behavior plays an important role in the growth of sales and profitability of the company, and its effect on users' decision-making and determining the value of companies has made researchers pay attention to the asymmetric cost behavior again. The current research was conducted with the aim of investigating the moderating role of corporate governance on the relationship between financial risk and the stickiness of the cost of goods sold. The data of this study was collected from the audited annual reports of 128 manufacturing companies admitted to the Tehran Stock Exchange during the years 2013 to 2022 with a total of 1280 company-year observations, and the structural equation model approach was used to present the model. The findings showed that the cost of goods sold in the studied sample has a sticky behavior and financial risk and corporate governance have a positive and significant relationship with the stickiness of the cost of goods sold and also corporate governance moderates the relationship between financial risk and stickiness of the total price. The product has been sold. The results of the study can be useful for managers in order to understand cost behavior for planning, controlling and reducing costs, as well as for financial analysts and investors to evaluate the performance of companies and finally make investment decisions.IntroductionIn Iran, research has been conducted on the asymmetric behavior of costs, based on which the existence of asymmetric cost behavior in companies admitted to the Tehran Stock Exchange has been confirmed. However, until now, the effect of financial risk on the asymmetric behavior of the cost of goods sold, or the moderating role of corporate governance in this relationship, especially with the help of structural equation modeling, has not been investigated, so this research is the first attempt to investigate the direct effect of financial risk on the behavior of the cost of goods sold using modified Altman Z-score model as a proxy for financial risk. Based on this, the main research question is as follows:Does corporate governance have a significant moderating role in the relationship between financial risk and the stickiness of the cost of goods sold?This research seeks to achieve two goals. The first is to expand the cost stickiness literature by experimentally testing the stickiness behavior of the cost of goods sold in manufacturing companies admitted to the Iranian capital market between 2013 and 2022, and the second is to investigate the potential effect of financial risk on the degree of asymmetric behavior of the cost of goods sold alone and with the help of the moderating role of corporate governance according to structural equation modeling. For this purpose, four hypotheses were designed and tested.Methods & MaterialThe statistical population of the present study includes all the companies admitted to the Tehran Stock Exchange and the Over-the-counter for 10 years in the period 2013-2022. This study only focuses on manufacturing companies and excludes other economic sectors because the cost structure varies from one economic sector to another and this may affect the results of the study. Finally, a sample consisting of 128 companies was selected to implement the structural equation model. For data analysis during the period of 2013 to 2022, research variables were prepared using Excel software from the raw data and then the final analysis was done by Smart PLS software. Structural equations based on Partial Least Squares (PLS-SEM) were used to examine the relationship between the constructs (stickiness of the cost of goods sold, financial risk, and corporate governance) as shown in Figure (1). Stickiness of the cost of goods soldFinancial riskCorporate governanceFigure 1. Conceptual Model of Research In this research, the basic model of Anderson et al. (2003) was used to determine stickiness, which is widely used in cost stickiness research (Banker & Byzalov, 2014; Cannon, 2014; Via & Perego, 2014; Ozkaya, 2020; Mandour, 2021). Model (Fig. 1) evaluates the behavior of costs concerning changes in the level of sales in the periods of increase and decrease in income separately. (1)To measure financial risk, the modified Altman's bankruptcy prediction model has been used because this model is more applicable to manufacturing companies (Shahwan, 2015). (2)FindingsAfter collecting the data and information of the companies, the desired model was implemented in the Smart PLS software. For this purpose, first, the stickiness of the cost of goods sold was investigated and the results show that for a one percent increase in the level of sales, the cost of goods sold increases by 0.95 percent, while for a one percent decrease in the level Sales, the cost of goods sold decreases by 0.92 percent (0.95-0.03) and this indicates the existence of stickiness in the cost of goods sold in the sample companies.In the next step, the effect of financial risk on the stickiness of the cost of goods sold was investigated, and the results show that for a one percent increase in the sales level, the cost of goods sold increases by 0.95 percent, while for a one percent decrease in the sales level, the cost of goods sold decreases by 0.91 percent (0.95-0.04). Therefore, it can be concluded that at the confidence level of 90%, financial risk has a positive and significant relationship with the stickiness of the cost of goods sold because it has increased the stickiness of the cost of goods sold compared to the first model.In the next step, the effect of corporate governance on the stickiness of the cost of goods sold was investigated. The results of the implementation of the third model show that for a one percent increase in sales, the cost of goods sold increases by 0.94 percent, and for a one percent decrease in sales, the cost of goods sold increases by 0.92 percent. (0.94-0.02) decreases, which indicates that corporate governance has a positive and significant effect on the stickiness of the cost of goods sold.In the last step, the moderating role of corporate governance in the effect of financial risk on the stickiness of the cost of goods sold was investigated with the presence of control variables. According to the test of research hypotheses and t-statistics, the coefficient of the sales variable is 0.95 (significance level 0.00) and the interactive variable (successive decrease in sales*sales level) is -0.02 (significance level 0.07) at the 10% error level. It indicates that the mentioned variables have a significant effect on the behavior of the cost of goods sold. Also, according to the significance level of the adjustment variable of corporate governance in the effect of financial risk on the cost of goods sold, its adjustment role is confirmed. Also, the results show that the influence of all control variables is not confirmed.Conclusion & ResultsCost stickiness is a sign of the manager's opportunistic behavior and behavior that jeopardizes the interests of the business unit's stakeholders. The results of the present study showed that the cost of goods sold in the examined samples is sticky and the result of the first hypothesis is consistent with the results of studies conducted by Yasukata and Kejiwara (2011), Ezat (2014), Ibrahim (2015), Subramaniam and Watson (2016), Ibrahim and Ezat (2017), Chen et al. (2019), Ozkaya (2020), Abdeltawab (2021), Mandour (2021) on the existence of stickiness in the cost of goods sold.The result of the second hypothesis that there is a positive and significant relationship between financial risk and the stickiness of the cost of goods sold is in line with the results obtained by the studies of Reimer (2018) and Mandour (2021). This relationship may reflect that managers with higher financial risk are more likely to be overly optimistic about their firm's future sales and therefore, avoid adjusting the unused capacity and are even more willing to add capacity to increase current sales and maintain the unused capacity to reduce current sales, which leads to the stickiness of spending behavior (Mandour, 2021; Reimer, 2018), but the result of this hypothesis is not consistent with the results of the study by Holzhacker et al. (2015) and Cheng et al. (2018) because they believed that with the increase of financial risk, the manager prefers to reduce unused resources to prevent the increase of costs, and this leads to the reduction of cost stickiness, and somehow they pointed to the negative relationship between financial risk and cost stickiness.According to the third hypothesis, corporate governance showed a significant relationship with the stickiness of the cost of goods sold, which is consistent with the results of Zhang et al. (2023), Ibrahim (2015), Yasukata and Kajiwara (2011), Muntashi (2021), Pazouki and Darabi (2019), Azizi et al. (2015) and the fourth hypothesis about the moderating role of corporate governance in the relationship between financial risk and the stickiness of the cost of goods sold was confirmed. According to the results, managers are recommended to check the company's cost behavior, especially the cost of goods sold, and if it is asymmetric, estimate the intensity of this adhesion or anti-adhesion so that they can act more accurately in their decisions to plan, control and reduce costs. It is also recommended that managers minimize the number of adjustments necessary to reduce the level of their operating assets in periods of reduced demand and reduce the intensity of cost stickiness by concluding appropriate contracts for renting operational assets and hiring temporary employees, and subsequently it is suggested to investors, stakeholders and financial analysts to become more familiar with the concept of cost stickiness and financial risk, and in their decisions regarding the evaluation of companies, take into account this asymmetric cost behavior, the company's financial helplessness and its effect on cost behavior to reach favorable and sustainable decisions. * Corresponding author
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