توانایی مدیریت و سرعت تعدیل نگهداشت وجه نقد (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
این مقاله ارتباط بین توانایی مدیریت و سرعت تعدیل نگهداشت وجه نقد به سمت حالت بهینه با استفاده از مدل تعدیل جزئی نگهداشت وجه نقد را مورد بررسی قرار می دهد. بدین منظور در این پژوهش داده های ترکیبی مربوط به 130 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره زمانی 1387 - 1397 به روش رگرسیون حداقل مربعات (OLS) برای برآورد نسبت وجه نقد هدف، مورد تجزیه و تحلیل قرار گرفته است. نتایج حاصل از بررسی با استفاده از نرم افزار Stata نشان داد که توانایی مدیریت رابطه معکوس با سرعت تعدیل نگهداشت وجه نقد دارد. همچنین وجود شرکت های فرعی تاثیری بر رابطه بین توانایی مدیریت و سرعت تعدیل نگهداشت وجه نقد به سمت هدف ندارد.Managerial Ability and Cash Holdings Adjustment Speed
Cash management is one of the most important duties of company managers in order to maximize shareholder wealth. As both companies, having a financial deficit or/and an excess of cash, will face many problems due to poor (improper) cash management therefore investigation of (the amount of) cash holding deviation from the target, cash adjustable speed to the target level, and corporate factors influencing the adjustment speed are important and significant for company managers. So the main purpose of the study is to investigate the relationship between management skills and cash holding decisions focusing on cash holding adjustment speed to optimal mode and the partial adjustment mode is used.
The study is an applied researchs which is done by a corret approach and the required data are analyzed by combing data sets and ordinary least squares (OLS) regression from 2008-2018 in order to estimate the ratio of target cash.
The results indicate an inverse correlation between adjustment speed of cash holdings and managerial skills. Skillful managers can predict the possible future shocks better than cash flow and are able to determine the optimal level of cash holdings so that these managers with efficient liquidity management and peaceful relations with lenders or suppliers are better able to cope with poor cash flow, so it Will result in reduction of their motivation for raising the cash balance level. Additionally, existence of subsidiary companies has no effect on the relationship between managerial skills and adjustment of cash holdings as managers in subsidiary companies transfer cash from low-growth companies in high-growth. And even in the financial crisis period they can make a good investment without any limitations, so in these companies there is a lower possibility to witness a decrease in the amount of cash adjustment after a high cash balance.
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