بررسی اثرهای ساختار هیئت‎مدیره بر محدودیت در تأمین مالی شرکت های پذیرفته‎شدۀ بورس اوراق بهادار تهران

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 دانشیار حسابداری، دانشگاه شیراز، شیراز، ایران

2 دانشجوی دکتری حسابداری، دانشگاه شیراز، شیراز، ایران

چکیده

هدف این مقاله بررسی اثرهای ساختار هیئت‎مدیره بر محدودیت در تأمین مالی شرکت­های پذیرفته‎شده در بورس اوراق بهادار تهران است. به همین منظور، از شاخص کپلن و زینگالس (KZ) بومی­شده برای شاخص محدودیت در تأمین مالی استفاده شده است. جامعۀ آماری این پژوهش متشکل از 56 شرکت پذیرفته‎شده در بورس اوراق بهادار تهران (392 سال ـ شرکت) طی دورۀ زمانی 1385 تا 1391 است. آزمون فرضیه­های پژوهش به‎کمک تحلیل آماری رگرسیون لجستیک چندمتغیره به اجرا درآمد. نتایج آزمون آماری فرضیه­های پژوهش، رابطۀ معناداری بین ساختار هیئت‎مدیره (استقلال، اندازه، مدرک تحصیلی، تغییر در اعضا و یکسانی مدیر عامل و رئیس هیئت‎مدیره) با محدودیت در تأمین مالی، گزارش نداد. همچنین، نتایج پژوهش در خصوص متغیرهای کنترلی نشان داد بین اندازۀ شرکت­ها و محدودیت در تأمین مالی آنها رابطۀ منفی معناداری وجود دارد؛ در حالی‎که بین عمر شرکت­ها و محدودیت در تأمین مالی آنها رابطۀ مثبت معناداری برقرار است.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Examining the relationship between board structure and financing constraints for the companies listed on Tehran Stock Exchange

نویسندگان [English]

  • Gholamhossein Mahdavi 1
  • Gholamreza Rezaei 2
1 Associate Prof., Accounting Department, Shiraz University, Shiraz, Tehran, Iran
2 Ph.D. Student in Accounting, Young Research Club, Islamic Azad University, Arsanjan Branch, Arsanjan, Iran
چکیده [English]

The purpose of this research is to study the effects of board of director structure on financing constraints for the companies listed on Tehran Stock Exchange (TSE). For this purpose, indigenised Kaplan and Zingales (KZ) index  has been used as a proxy for financing constraints. The population consists of 56 companies of TSE spanning 2007-2013 and the multivariate logistic regression is used. The results suggest that there is no significant relationship between board structure (including independence, size, degree, changes in the membership and CEO duality) and financing constraints. In addition, the research results concerning control variables show that there is a significant negative relationship between firm size and financing constraints, but thereis a significant positive relationship between firms’ age and their financing constraints.

کلیدواژه‌ها [English]

  • board degree
  • board independence
  • board size
  • financing constraints
  • firm age

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