Explain the role of investors with long-term / short-term investment horizons, monitoring different perspectives of managerial decisions

Document Type : Original Article

Authors

1 Ph.D. Candidate, Department of Accounting, Islamic Azad University, Nour, Mazandaran, Iran.

2 Corresponding author, Assistant Prof., Department of Accounting, Islamic Azad University, Qaemshahr, Mazandaran, Iran.

3 Assistant Prof., Department of Accounting, Islamic Azad University, Nour, Mazandaran, Iran.

4 Associate Prof., Department of Accounting, Mazandaran University, Mazandaran, Iran.

Abstract

In this study, we investigate the role of investors with long-term / short-term investment horizons, supervise management decisions in terms of characteristics of financing decisions, dividend payout decisions and volatility variables. This research is based on the published data of listed companies in Tehran Stock Exchange during 2008-2009 with a sample of 99 companies selected. Hypotheses were tested using multivariate linear regression model and econometric models. The research hypotheses are based on the combined / hybrid data and the partial least squares approach of the hypothesis test. The results show that, in companies with long-term, short-term investment horizons, management decisions are monitored from the perspective of financing decisions. In companies with long-to-short-term investor horizons, monitoring of managerial decisions is from the perspective of dividend payout decisions. In companies with long-term short-term investment horizons, monitoring of managerial decisions is a profitable variable. In companies with long-term-short-term investor horizons, monitoring of management decisions is from the perspective of volatility variables.

Keywords

References

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