متنوع سازی (مرتبط/غیرمرتبط) محصولات، ساختارمالکیت و ساختارسرمایه

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 استادیار حسابداری، دانشکدۀ مدیریت و حسابداری، دانشگاه آزاد اسلامی، قزوین، ایران

2 کارشناس‎ارشد مدیریت بازرگانی (گرایش مالی)، دانشگاه آزاد اسلامی، قزوین، ایران

چکیده

 در این مقاله به ‏بررسی تأثیر متنوع‏سازی ‏مرتبط، غیرمرتبط محصولات و ساختار مالکیت بر ساختار سرمایه شرکت‏های پذیرفته‌شده در بورس اوراق بهادار تهران پرداخته شد. بدین‌منظور، 87 شرکت از 19 صنعت مختلف به‌منزلۀ نمونۀ آماری انتخاب شد و از طریق برازش الگوهای رگرسیون چندمتغیره با داده‏های مقطعی‌ـ ترکیبی، رابطۀ میان متنوع‏سازی ‏مرتبط و غیرمرتبط محصولات، ساختار مالکیت و ساختار سرمایه شرکت طی دورۀ شش‌ساله (1383 تا 1388) ‌بررسی شد. نتایج نشان داد که بین متنوع‏سازی مرتبط محصولات و ساختار سرمایه رابطۀ معنادار و مثبتی وجود دارد و متنوع‏سازی غیرمرتبط محصولات نیز اثر معکوس و معناداری بر ساختار سرمایه دارد. همچنین نتایج پژوهش وجود رابطۀ معنادار و معکوسی بین تمرکز مالکیت و ساختار سرمایه ‏را نشان ‏داد. مطابق ‏این ‏نتایج،‏ شرکت‏هایی‏ که ‏‌میزان ‏تمرکز مالکیت‏ بالایی‏ ‌دارند، در ساختار سرمایه شرکت ‏از اهرم (بدهی) کمتری استفاده می‏کنند و سهامداران بیشتر تمایل دارند که ‏منابع مالی مورد نیاز خود را از محل سود انباشته تأمین کنند. با وجود این، شواهدی مبنی بر وجود رابطۀ معنادار بین سهامداران نهادی با ساختار سرمایه مشاهده نشد.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Product Diversification (Related/Unrelated) ,Ownership Structure and Capital Structure

نویسندگان [English]

  • Farzin Rezaei 1
  • Kazem Chavoshi Nia 2
1 Assistant Professor, Accounting & Management Faculty, Islamic Azad University, Qazvin,Iran
2 Master of finance-based Business Management, Islamic Azad University, Qazvin,Iran
چکیده [English]

The paper studies of the effect the related and unrelated diversification for products and ownership structure on capital structure for a sample of 87 firms out of 19 industry listed on the Tehran stock exchange during the period 2004- 2009. For to regress of models to apply of multivariate approach include panel data and cross-sectional regressions. This study adopts panel fixed effects regression models to estimate the relationship between diversification (related/unrelated), ownership structure on capital structure, while controlling for some firm-specific characteristics like size, tangibility, growth opportunities, none-debt tax shields, return of total assets and coefficient of variation.The results indicated that related diversification (RD) positively and unrelated diversification (UD) negatively and significantly, effects on capital structure. Base‌on the definition of capital structure in this paper, firms that are undertake to unrelated diversification strategy, mainly financed by debt; whereas firms that follow related diversification strategy, increased their profitability and sale of production. therefore firms that use of the strategy (RD), minimize risk of liquidity and are likely to be mainly financed by equity. In addition, the results indicated that there was between ownership concentration and capital structure negatively and significant relation. According to the results, the firms that tend to engage in a high degree of ownership concentration, tending in have a lower level of debt in capital structure and stockholders more tend to finance by equity and thus minimize agency costs. The findings of the research also indicate that there isnot perceive significant relation between institutional stockholders and capital structure.

کلیدواژه‌ها [English]

  • related diversification
  • unrelated diversification
  • Capital structure
  • ownership concentration
  • institutional stockholders

مراجع

Al-Najjar, B. & Taylor, P. (2008) . The Relationship between Capital Structure and Ownership Structure. Managerial Finance, 34)12(: 919-933.
Arbabian, A. & Grayili, M. (2009) . The study of capital structures effect on the profitability of accepted companies at Tehran stock exchange. Management outlook, 33 (???): 159-175. (in Persian)
Assadi, Gh. & Mohammadi, Sh. & Khoram, A. (2010) . The relationship between capital structure & ownership structure. knowledge of accounting, 4(???): 29-48. (in Persian)
Baldwin, J., Beckstead, D., Gellatly, G. & Peters, A. (2000) . Patterns of Corporate Diversification in Canada: An Empirical Analysis. Analytical Studies Research, Research Paper Series. Available at http://dx.doi.org/10.2139/ ssrn.244523.
Baltagi, B. (2005) . Econometric Analysis of panel data, Third edition. John Wiley & sons, LTd..
Tan, B., Chang, H. Ch. & Lee, Ch. K.(2007) . Relationships among industry environment, diversification motivations and corporate performance. International Journal of Commerce, 17)4(: 326-346.
Brost, A. & Kliner, H. (1995) . New Developments in Corporate Diversification Strategies. Management Research News, 18(3-4-5): 24-33.
Bruche, G. (2000) . Corporate Strategy, Relatedness and Diversification. Journal of Finance, ??? (???): ???-???.
David, F. (1999) . Strategic management, Tehran: cultural researches office.
(in Persian)
Grant, R. M. (1988) . Diversity, diversification, and profitability among British manufacturing companies. Academy of Management Journal, 31 (4): 85-106.
Hadlock, C. J. & James, C. M. (2002) . Do Banks Provide Financial Slack? Journal of finance, 57(9): 1383- 420.
Kordlur, A. & Arabi, M. (2010) . The centralization of ownership and profit quality at accepted companies at Tehran stock exchange. Financial accounting researches, 2 (???): 95-110. (in Persian)
La Rocca, M., La Rocca, T. & Cariola, A. (2008). Capital structure decisions and diversification: the effect of relatedness on corporate financial behaviours. Journal of finance, University of Calabria, Arcavacata di Rende .
Larry, D. Su. (2010). Ownership Structure, Corporate diversification and capital structure. Management Decision, 48(2): 314-339.
Lichtenthaler, E. (2005) . Corporate diversification: identifying‏new businesses systematically in the diversified firm. Technovation, 25 (7): 697-709.
Lin, C. and Su, D. (2008) . Industrial diversification, partial privatization and firm valuation: evidence from publicly listed firms in China. Journal of Corporate Finance, 14(4): 405-417.
Mehrani, S. & Hosseini, A. & Heydari, H. & Pooyanfar, A. (2012) . Studying the effect of ownership structure affecting the value of accepted companies at Tehran stock exchange. financial researches(investigation), 15(1): 129-148. (in Persian)
Mishra, A. & Akbar, M. (2007). Empirical examination of diversification strategies in business groups. International Journal of Emerging, 2 (1): 22-38.
Mohammadi, Sh., Ghalibafasl, H. & Meshki, M. (2010) . Studying the effect of ownership structure (concentration & combination) on the output and value of accepted companies at Tehran stock exchange. financial investigations, 11(28): 69-88. (in Persian)
Setayesh, M. & Kashanipoor, F. (2010) . The study of effective causes affecting capital structure of accepted companies at Tehran stock exchange. Financial investigation, 12(30): 57-74. (in Persian)
Setayesh, M. & Kazemnejad, M. (2010) . Studying the effects of ownership structure and organization of director's board on the policy of accepted companies profitdivision at Tehran stock exchange. Knowledge of accounting, 1(???): 29-51. (in Persian)
Singh, M. & Davidson, W. Ш & Suchard, J. (2003). Corporate‏ diversification‏ Strategies‏ and capital‏structure. Quarterly Review‏ of Economics and Finance, 43(???): 147-167.
Tehrani, R. & Ahmadian, H. (2006) . The study of existing relationship between products variety risk and output of producing companies share of Tehran stock exchange. Commercial research journal, 15(???): 187-212. (in Persian)
Tehrani, R. & Babaei, M. & Karimi, K. (2007). The effect of variety strategy on the financial performance of producing companies of Tehran stock exchange. Financial investigations, 10(25): 21-40. (in Persian)
Zhao, J. (2010). Ownership‏structure and corporate diversification strategies of Chinese business groups. Management Research Review, 33(12): 1101-1112.
 
تحقیقات مالی
دوره 16، شماره 2 - شماره پیاپی 2
پاییز و زمستان
مهر 1393
صفحه 271-288

فایل ها

هم رسانی

ارجاع به این مقاله

آمار