محدودیت های مالی در شرکت ها و رابطه آن با استراتژی های تأمین مالی با تأکید بر نقش تعدیل گر حاکمیت شرکتی (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
اهداف: بررسی این مسئله است که آیا افزایش محدودیت های مالی شرکت ها بر استراتژی های تأمین مالی آنها اثرگذار است. بر این اساس، استراتژی های مدیران شرکت ها برای تأمین مالی در قالب تمایل آنها به تأمین مالی داخلی به جای بیرونی و از طریق معامله با اشخاص وابسته و تأمین مالی از محل بدهی به جای انتشار سهام در بازار سرمایه تدوین شد. این پژوهش، با تأکید بر نقش حاکمیت شرکتی و اثر آن بر روابط تعریف شده به دنبال ارائه پاسخ منطقی در ارتباط با اثر حاکمیت شرکتی بر کاهش اثر نامساعد محدودیت های مالی بر استراتژی های تأمین مالی شرکت هاست.روش: داده های 150 شرکت فعال در بورس اوراق بهادار تهران طی بازه زمانی 1395 تا 1399 انتخاب شد و با تأکید بر شاخص کاپلان و زانگالس (1997) به عنوان معیار سنجش محدودیت های مالی حاکم بر شرکت ها فرضیه های پژوهش بررسی شد.نتایج: نتایج این بررسی نشان دهنده آن بود که محدودیت های مالی رابطه منفی و معناداری با معامله با اشخاص وابسته و رابطه مثبت و معناداری با ساختار سرمایه دارد. علاوه بر آن، حاکمیت شرکتی تنها بر رابطه بین محدودیت های مالی با ساختار سرمایه اثر تعدیلی دارد.The Relationship Between Financing Restrictions and Financing Strategies: An Emphasis on the Mediating Role of Corporate Governance
The purpose of this study is to investigate whether the increase in financing restrictions of companies has an effect on their financing strategies. Based on this, the strategies of company managers for financing were formulated in the form of their desire to finance internally instead of externally and through transactions with related parties and financing from debt instead of issuing shares in the capital market. In addition, this research, emphasizing the role of corporate governance and its effect on defined relationships, seeks to provide a reasonable answer in relation to the effect of corporate governance on reducing the adverse effect of financing restrictions on the financing strategies of companies. In this regard, the data of 150 companies listed in the Tehran Stock Exchange during 2015-2019 were selected, and according to the Kaplan/Zengales indices as a measure of supplier criteria governing the companies, research hypotheses were examined. The results of this study showed that financing restrictions have a negative and significant relationship with transactions with related parties and a positive and significant relationship with capital structure. In addition, corporate governance only has a moderating effect on the relationship between financing constraints and capital structure.Keywords: Financing Restrictions, Financial Strategies, Related-party Transactions, Capital Structure, Corporate Governance. IntroductionFirms need financial resources to realize their activities and maximize the wealth of shareholders. Deciding on the choice between internal and external sources, the combination of capital structure and generally their strategies for financing is one of the most important decisions related to the growth and survival of the company. The concept of financing is explained by cash flows entering the firm, and any change and fluctuation is an indication of potential risk in financing activities, investment, and future operations of firms. In lack of proper financing and fewer cash flows, the firm faces financial restrictions and this problem affects the reduction of their investments and consequently the incoming cash flows to the firm. On the other hand, the existence of asymmetric information and agency problems can lead firms to not invest due to financial restrictions. Uninformed investors have less information about the net present value of their investment, while increasing the levels of information transparency and increasing the cash flow in firms lead to decreasing the lack of investment.According to this, in this research, we examined the relationship between financial restrictions and financing strategies. We also answered the question of whether corporate governance can lead to reducing the adverse effects of financial restrictions in adopting financing strategies. In this research, financing strategies will be discussed in the form of two categories of strategies, including transactions with related parties and capital structure. Methods and DataTo test the hypotheses, we used simple regression and multivariate regression models. For financial data and information, we collected the financial statements of firms listed on the Tehran Stock Exchange and databases such as Rahvard Navin. We examined the firm’s data for 5 years from 2015 to 2019. Based on this, 150 companies listed on the Tehran Stock Exchange were selected as a sample to investigate the research hypotheses. FindingsThe results of the estimation of the first model of the research indicated that at a significance level of 99%, financial constraints based on the Kaplan and Zangales’ (1997) index have a negative and significant relationship with transactions with related parties. Therefore, the first hypothesis of the study regarding the relationship between financial constraints and transactions with related parties is confirmed. The results of the estimation of the second research model indicated that financial constraints have a positive and significant relationship with capital structure. Therefore, the second hypothesis of the research about the relationship between financial constraints and capital structure is confirmed. The results of the estimation of the third model of the research indicated that there was a negative relationship between corporate governance and financial constraints. Therefore, the third hypothesis of the research is confirmed. The results of the estimation of the fourth research model indicated that the moderator variable (corporate governance) did not have a significant effect on the relationship between financial restrictions and transactions with related parties. Therefore, the fourth hypothesis of the research was rejected. The results of the estimation of the fifth research model indicated that the the moderator variable (corporate governance) has a significant effect on the relationship between financial constraints and capital structure. Discussion and ConclusionsThis research was done with two main goals and several sub-goals. One of the main goals of this study was to investigate the effects of financial restrictions on financing strategies. Another main goal of this study was to provide a solution to reduce the negative effect of financial constraints on the mentioned strategies. For this purpose, corporate governance was used. According to the theory of hierarchy, it was predicted that firms facing financial constraints are likely to have a much greater desire for debt than issuing shares in external financing, and also to use intragroup transactions tend to occur. Also, the results of this research in the Iranian capital market showed that the financial constraints of firms have a significant effect on the financing strategies, and it is necessary to consider them in the examination of the situation of firms. For this reason, investors estimate the risk of their investments higher. In addition, the results of this research confirmed the effect of corporate governance in controlling the negative effects of financial restrictions on firms. In other words, by establishing the principles of corporate governance, firms can reduce the problems of information asymmetry and representation caused by financial constraitns. Therefore, the present study can be effective in better understanding the effect of financial constraints on the selected strategies of firms in the capital market of Iran and lead to the development and enrichment of research literature in this field.
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