بررسی تأثیر توانایی مدیریت بر ساختار سرمایه در صنعت مواد و محصولات دارویی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 عضو هیأت علمی گروه حسابداری دانشگاه خلیج فارس

2 دانشجوی دکتری حسابداری دانشگاه شیراز

چکیده

مقدمه: با توجه به این که توانایی مدیریت می‌تواند باعث افزایش کارایی منابع مورد استفاده شرکت شود، هدف پژوهش حاضر اندازه‌گیری توانایی مدیریت و بررسی تأثیر آن بر ساختار سرمایه شرکت‌های صنعت مواد و محصولات دارویی پذیرفته‌شده در بورس اوراق بهادار تهران است.
روش پژوهش: در این پژوهش، ابتدا، کارایی بنگاه اقتصادی با استفاده از تحلیل پوششی داده‌ها اندازه‌گیری می‌شود. سپس، توانایی مدیریت با استفاده از الگوی ارائه شده به وسیله دمرجیان و همکاران برای 26 شرکت در بازه زمانی 1392-1383 محاسبه می‌شود. به منظور محاسبه توانایی مدیریت و بررسی تأثیر آن بر ساختار سرمایه از رگرسیون داده‌های ترکیبی و نرم‌افزارهای DEA Frontier و EViews نسخه 7 استفاده شد.
یافته‌ها: نتایج حاصل از آزمون فرضیه‌های پژوهش نشان داد که شرکت‌های با مدیران تواناتر از اهرم مالی بیشتری استفاده می‌کنند. هم‌چنین، متغیرهای اندازه، دارایی‌های ثابت مشهود و دارایی‌های نامشهود تأثیر معناداری بر اهرم مالی ندارد.
نتیجه‌گیری: نتایج پژوهش حاضر فرضیه خطر-کارایی را مورد تأیید قرار می‌دهد. به این معنی که کارایی بیشتر بنگاه اقتصادی که دستاورد مدیران تواناست، این امکان را برای بنگاه اقتصادی فراهم می‌کند تا دسترسی بهتر به منابع استقراضی داشته و هم‌چنین ثبات و پایداری بیشتری در مقابل خطر ناشی از افزایش بدهی ایجاد شود.

کلیدواژه‌ها

عنوان مقاله [English]

Examining the Effect of Managerial Ability on Capital Structure in the Pharmaceutical Products and Material Industry

نویسندگان [English]

  • H. Hajeb 1
  • A. Ghayouri Moghadam 1
  • M. Ghaffari 2
1 Faculty Member of Accounting Department, Persian Gulf University
2 Ph. D. Student in Accounting, Shiraz University
چکیده [English]

Introduction: Regarding that the managerial ability can increase the used resources efficiency of a company, the objective of this research is measuring the managerial ability and its effect on the capital structure of pharmaceutical products and material industry companies listed on the Tehran Stock Exchange.
Method: In this research, first, the efficiency of an economic entity is measured by using Data Envelopment Analysis. Next, the managerial ability has been calculated by Demerjian et al. presented model for 26 companies over 2004-2013. In order to calculate the managerial ability, and examine its effect on the capital structure, the panel data regression model along with the DEA Frontier and EViews Version 7 Softwares have been used.
Results: The results derived from testing the hypotheses of the research indicated that the companies with more capable managers enjoy a greater financial leverage. Moreover, the variables of size, fixed assets, and intangible assets do not have any significant effect on the financial leverage.
Conclusion: The findings of the current research confirm the efficiency-risk hypothesis. It means that the greater efficiency of an economic entity which resulted from the accomplishment of more capable managers, provides the economic entity with acquiring a better access to borrowing resources, and also, more stability and persistence against the resulted risks from increasing debt would be developed.

کلیدواژه‌ها [English]

  • Capital Structure
  • Data Envelopment Analysis
  • Managerial Ability
  • Pharmaceutical Products and Material Industry

مراجع

1      Demerjian, P.; Lev, B.; and S. McVay (2012). “Quantifying Managerial Ability: A New Measure and Validity Tests”, Management Science, Vol. 58, No. 7, pp. 1229-1248.
2      Andreou, P.; Daphna, E.; and C. Louca (2013). “Managerial Ability and Firm Performance: Evidence from the Global Financial Crisis”, Available at: http://www.efmaefm.org. [Online][15 April 2014]
3      Leverty, T. and M. Grace (2012). “Dupes or Incompetents? An Examination of Management’s Impact on Firm Distress”, The Journal of Risk Insurance, Vol. 79, No. 3, pp. 751-783.
4      Demerjian, P.; Lev, B.; Lewis, M.; and S. McVay (2013). “Managerial Ability and Earnings Quality”, The Accounting Review, Vol. 88, No. 2, pp. 463-498.
5      Chemmanur, T. and I. Paeglis (2005). “Management Quality, Certification, and Initial Public Offerings”, Journal of Financial Economics, Vol. 2, No. 76, pp. 331-368.
6      Chemmanur, T.; Paeglis, I.; and K. Simonyan (2009). “Management Quality Financial Investments and Asymmetric Information”, Journal of Financial and Quantitative Analysis, Vol. 44, No. 5, pp. 1045-1079.
7      Margaritis, D. and M. Psillaki (2010). “Capital Structure and Firm Performance”, Journal of Banking and Finance, Vol. 9,No. 34, pp. 621-632.
8      Sajjadi, S. H.; Mohammadi, K.; and Sh. Abbasi (2011). “Examining the Effect of Choosing the Capital Structure on the Performance of the Stock Exchange Companies”, Financial Accounting, Vol. 3,No. 9, pp. 19-38. [In Persian]
9      Chahyadi, S. C. (2008). “What Do We Know About Capital Structure of Privatized Firms? A Study of Evolution and Determinants of Capital Structure of Privatized Firms”, Available at: http://www.proquest. com/. [Online][12 December 2014]
10  Jensen, M. C. and W. H. Meckling (1976). “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, Vol. 3,No. 4, pp.  305-360.
11  Frank, M. Z. and V. K. Goyal (2007). “Trade-off and Pecking Order Theories of Debt”, Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=670543. [Online][12 December 2014]
12  Khaleghi Moghadam, H. and R. Baghomiyan (2008). “A Review of the Capital Structure Theories”, Journal of Peyke Noor, Vol. 5,No. 4, pp.  58-82. [In Persian]
13  Gonzalez, V. M. (2013). “Leverage and Corporate Performance: International Evidence, International Review of Economics and Finance”, Vol. 25, No. 1, pp. 169-184.
14  Barr, R. and T. Siems (1997). “Bank Failure Prediction Using DEA to Measure Management Quality”, Interfaces in Computer Science and Operations Research, Vol. 7, pp. 341-366.
15  Mok, V.; Yeung, G.; Han, Z.; and Z. Li (2007). “Leverage, Technical Efficiency and Profitability: An Application of DEA to Foreign-Invested Toy Manufacturing Firms in China”, Journal of Contemporary China, Vol. 16, No. 51, pp. 259-274.
16  Margaritis, D. and M. Psillaki (2007). “Capital Structure and Firm Efficiency”, Journal of Business Finance and Accounting, Vol. 7, No. 34, pp. 1447-1469.
17  Silva, A. C. (2010). “Managerial Ability and Capital Flows”, Journal of Development Economics, Vol. 93, No. 1, pp. 126-136.
18  Demerjian, P.; Lewis, M.; and S. McVay (2012). “Managerial Ability and Earnings Management”, The Accounting Review, Vol. 2, No. 88, pp. 463-498.
19  Ashrafi, M. (2010). “Examining the Relationship between the Mechanisms of Corporate Leadership System and Paid Capital Structure of the Companies Listed on the Tehran Stock Exchange”, M. A. Thesis, Islamic Azad University, Mobarakeh Branch. [In Persian]
20  Akbari Moghadam, B. and A. Piri (2011). “Examining the Effect of Corporate Governance Mechanisms on the Capital Structure of the Companies Listed on the Tehran Stock Exchange”, Journal of Development and Evolution Management, Vol. 3, No. 7, pp. 31-37. [In Persian]
21  Moghadam, A. and A. Momeni Yansari (2012). “Examining the Effect of Some Features of the Corporate Leadership System on Capital Structure Decisions of the Companies Listed on the Tehran Stock Exchange”, The Iranian Accounting and Auditing Review, Vol. 19, No. 2, pp. 123-136. [In Persian]
22  Mirzaie, H.; Khataie M.; and Y. Ghanbari (2013). “Examining the Relationship between Business Risk and Financial Risk with Performance of Pharmaceutical Companies Listed on the Tehran Stock Exchange”, Journal of HealthAccounting, Vol. 2, No. 4, pp. 77-91. [In Persian]
23  Dadashi, I.; Asghari, M.; Zarie, S.; and M. Jafari-baie (2013). “Examining the Effect of Capital Structure and Financing on the Technical Efficiency of the Pharmaceutical Companies Listed on the Tehran Stock Exchange”, Journal of HealthAccounting, Vol. 2, No. 1, pp. 1-19. [In Persian]
24  Salehi, M.; Valipour, H.; and F. Akhtarshenas (2013). “Examining the Effect of the Type of Auditing Report on Financing (Borrowing from Banks) of the Pharmaceutical Products and Material Industry Companies Listed on the Tehran Stock Exchange”, Journal of HealthAccounting, Vol. 2, No. 1, pp. 35-56. [In Persian]
25  Fosu, S. (2013). “Capital Structure, Product Market Competition and Firm Performance: Evidence from South Africa”, The Quarterly Review of Economics and Finance, Vol. 2, No. 53, pp. 140-151.
26  Baltagi, B. H. (2005). Econometric Analysis of Panel Data, 1st Edition, Britain: John Wiley and Sons Ltd.
27  Abrishami, H. (Translator) (2011). The Basics of Econometrics, 2nd Edition, Tehran: Tehran University Publications. [In Persian]

فایل ها

هم رسانی

ارجاع به این مقاله

آمار