بررسی تأثیر عدم اطمینان محیطی بر سرعت تعدیل اهرم هدف

نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه حسابداری، واحد اهواز، دانشگاه آزاد اسلامی، اهواز، ایران

2 گروه حسابداری، واحد مسجدسلیمان، دانشگاه آزاد اسلامی، مسجدسلیمان، ایران

چکیده

هدف این پژوهش، بررسی تأثیر عدم اطمینان محیطی بر سرعت تعدیل اهرم هدف در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. در این پژوهش برای اندازه‌گیری عدم اطمینان محیطی از (ضریب تغییرات فروش پنج (5) سال گذشته) استفاده شده است. بدین منظور دو فرضیه برای بررسی این موضوع تدوین و داده‌های مربوط به 142 شرکت عضو بورس اوراق بهادار تهران برای دوره‌ زمانی بین سال‌های 1389 تا 1397 مورد تجزیه و تحلیل قرار گرفته است. الگوی رگرسیون پژوهش با استفاده از روش داده‌های تابلویی با رویکرد اثرات ثابت بررسی و آزمون شده است. نتایج به دست آمده نشان می‌دهد معیارهای عدم اطمینان محیطیی تأثیر مثبت و معناداری بر سرعت تعدیل اهرم هدف دارد. علاوه بر این، نتایج پژوهش نشان می‌دهد که تأثیر عدم اطمینان محیطی بر سرعت تعدیل اهرم هدف در شرکت‌های با شکاف اهرم بیش از حد، بیشتر از شرکت‌های با شکاف اهرم هدف کمتر از حد دارد. بنابراین نتایج پژوهش حاکی از آن است که عدم اطمینان محیطی، موجب می‌شود که عدم تقارن اطلاعاتی بین مدیریت و سهامداران حادترشود و همچنین محدودیت‌های جدی برای شرکت ایجاد می‌کند و بر استراتژی و تصمیمات مدیران شرکت مؤثر است. و در نتیجه موجب می‌شود که اهرم هدف سریع‌تر اصلاح شود.

کلیدواژه‌ها

عنوان مقاله [English]

Impact of Environmental Uncertainty on on speed of adjustment to target leverage

نویسندگان [English]

  • Mohamad Ali ahmadi 1
  • Allahkaram Salehi 2
  • Saeed Nasiri 1
  • Alireza jorjorzadeh 1
1 Department of Accounting, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran
2 Department of Accounting, Masjed-soleiman Branch, Islamic Azad University, Masjed-soleiman, Iran.
چکیده [English]

The aim of this study is to investigate the effect of Environmental Uncertainty on speed of adjustment to target leverage of listed Companies in Tehran Stock Exchange. The coefficient of variation (CV) of sales (scaled by total assets) to capture environmental uncertainty. For this purpose three hypotheses are developed and data on the 142 companies in Tehran Stock Exchange for the period of 1389 to 1397 were analyzed. This regression model using combined data with a consolidated approach, reviews and tests. The results showed that the criteria of Environmental Uncertainty has significant positive impact on speed of adjustment to target leverage. Moreover, the results showed that the effect of Environmental Uncertainty on speed of adjustment to target leverage in firms with a above-target leverage adjust their leverage More than in firms with a below-target leverage adjust their leverage. Therefore, the research results indicate that Environmental uncertainty, Makes information asymmetry between management and stakeholders more acute it also imposes serious restrictions for the company, and influences the strategy and decisions of company managers. As a result, the target lever adjusts faster.

کلیدواژه‌ها [English]

  • "Environmental Uncertainty"
  • "speed of adjustment to target leverage "
  • " target leverage"

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