پیوندهای مفید
آمار
| تعداد نشریات | 21 |
| تعداد شمارهها | 679 |
| تعداد مقالات | 9,900 |
| تعداد مشاهده مقاله | 70,088,947 |
| تعداد دریافت فایل اصل مقاله | 49,395,351 |
Relationships between managers financing attitude and their financing policies | ||
| International Journal of Nonlinear Analysis and Applications | ||
| مقاله 18، دوره 15، شماره 2، اردیبهشت 2024، صفحه 223-232 اصل مقاله (332.82 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22075/ijnaa.2022.27930.3771 | ||
| نویسندگان | ||
| Ali Beidaghi1؛ Mohammadreza Vatanparast* 1؛ Mehrdad Sadr Ara2 | ||
| 1Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran | ||
| 2Faculty of Literature and Human Sciences, Guilan University, Guilan, Iran | ||
| تاریخ دریافت: 11 اردیبهشت 1401، تاریخ بازنگری: 21 مرداد 1401، تاریخ پذیرش: 27 مرداد 1401 | ||
| چکیده | ||
| Financing decisions and capital structure are very important for companies and are influenced by several factors. This study aims to examine the relationship between managers' financing attitudes (internal or external) and their financing policies. In this examination, the survey population consists of companies listed on Tehran Stock Exchange whose CEO or financial manager (at least one) was unchanged between 2019 and 2021. Redman et al.'s (2002) questionnaire was applied to determine the attitude toward financing. Financing policies used by the managers were collected by referring to the audited financial statements of the companies. Totally, 51 usable answers were received from the respondents. The research hypotheses were dragging using a multivariate regression equation model in the form of panel data. The results show a significant relationship between the financing methods through retained earnings and debt with the attitudes toward financing from the place of retained earnings and debt. In contrast, the financing tendency through debt has no significant relationship with the policy of financing the stock issue through the issuance of shares. | ||
| کلیدواژهها | ||
| Financing؛ Borrowing؛ Stock Issue؛ Retained Earnings | ||
| مراجع | ||
|
[1] J. Abor, Corporate governance and financing decisions of Ghanaian listed firms, Int. J. Bus. Soc. 7 (2007), no. 1, 83–92. [2] P. Asquith and D.W. Mullins, The impact of initiating dividend payments on shareholders’ wealth, J. Bus. 56 (1983), 77–96. [3] A.J Auerbach, Taxes, firm financial policy, and the cost of capital: An empirical analysis, J. Public Econ. 23 (1984), 27–57. [4] B. Baik, P.A. Brockman, D.B. Farber and S. Lee, Managerial ability and the quality of firms’ information environment, J. Account. Audit. Financ. 33 (2018), no. 4, 506–527. [5] H.K. Baker, Dividends and Dividend Policy, John Wiley & Sons, 2009. [6] M. Baker and J. Wurgler, Market timing and capital structure, J. Finance, 57 (2002), no. 1, 1–32. [7] M. Baker, S.R. Ruback and J. Wurgler, Behavioral corporate finance, Chapter 4, Handbook Empir Corporate Finance, 2007, pp.145–186. [8] R. Ball, J.R. Gerakos, T.J. Linnainmaa and V. Nikolaev, Earnings, retained earnings, and book-to-market in the c cross-section of expected returns, J. Financ. Econ. 135 (2020), no. 1, 231–254. [9] A.N. Berger and G.F. Udell, The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle, J. Bank. Finance 22 (1998), no. 6–8, 613–673. [10] S.M. Bilafif and A. Ibrahim, Effect of capital structure decisions on firm value of listed manufacturing firms in Mombasa county, Strategic J. Bus. Change Manag. 6 (2019) no. 2, 658–677. [11] F.B. Campbell, Fundamentals of Financial Management, The Dryden Press, New York: The Dryden Press, 2012. [12] X. Chang, S. Dasgupta and G. Hilary, Analyst coverage and financing decisions, J. Finance 61 (2006), no. 6, 3009–3048. [13] J.W. Fredrickson, D.C. Hambrick and S. Baumrin, A model of CEO dismissal, Acad. Manag. Rev. 13 (1988), no. 2, 255–270. [14] E. Gambetti and F. Giusberti, Personality, decision-making styles and investments, J. Behav. Experiment. Econ. 80 (2019), 14–24. [15] W. Gao and F. Zhu, Information asymmetry and capital structure around the world, Pacific-Basin Finance J. 32 (2015), no. C, 131–159. [16] M. Grinblatt and B. Han, Prospect theory, mental accounting, and momentum, J. Financ. Econ. 78 (2005), 311–339. [17] D. Hackbarth, Managerial traits and capital structure decisions, J. Financ. Quantitative Anal. 43 (2008), no. 4, 843–881. [18] F. Hafezi, The study of financing methods on profitability, J. Basic Appl. Sci. Res. 3 (2013), 47–49. [19] R. Huang and R.J. Ritter, Corporate cash shortfalls and financing decisions, Rev. Financ. Stud. 34 (2021), no. 4, 1789–1833. [20] M.C. Jensen, Agency costs of free cash flow, corporate finance, and takeovers, Amer. Econ. Rev. 76 (1986), 323–329. [21] M. Jensen and W.H. Mackling, Theory of the firm: managerial behavior, agency cost and ownership structure, J. Financ. Quant. Anal. 27 (1976), 247–263. [22] D. Kahneman and A. Tversky, Prospect theory: an analysis of decision under risk, Econometrica 47 (1979), no. 2, 263–291. [23] M.L. Lemmon and J.F. Zender, Debt capacity and tests of capital structure theories, J. Financ. Quantitative Anal. 45 (2010), no. 5, 1161–1187. [24] V. Mande, Y.K. Park and M. Son, Equity or debt financing: Does good corporate governance matter?, Corporate Governance: Int. Rev. 20 (2012), no. 2, 195–211. [25] P.K. Mitra and O. Naik, Debt financing and agency cost on profitability: Are real estate firms’ performance in India getting affected?, Asia-Pacific J. Manag. Res. Innov. 17 (2021), no. 1–2, 43–56. [26] F. Modigliani and M.H. Miller, The cost of capital, corporation finance and the theory of investment, Amer. Econ. Rev. 48 (1958), no. 3, 261–297. [27] F. Modigliani and M.H. Miller, Corporate income taxes and the cost of capital: a correction, Amer. Econ. Rev. 53 (1963), no. 3, 433–443. [28] S.C. Myers, The capital structure puzzle, Journal of Finance, 34 (1984), 575–592. [29] K. Paudyal, Y. Guney, and A. Antonious, Determinants of Corporate Capital Structure: Evidence from European Countries, Center for Empirical Research in Finance, Department of Economics and Finance, University of Durham, 2002. [30] A.L. Redman, J.R. Tanner, and H. Manakyan, Corporate real estate financing methods: A statistical study of corporations’ choices, J. Corporate Real Estate 4 (2002), no. 2, 169–186. [31] T. Saliha, A. Medabesh, and A. Abdessatar, The challenges of financing a share issue: An empirical investigation for Tunisian and French companies, British J. Econ. Financ Manag. Sci. 3 (2011), no. 1, 153–160. [32] B. Sony and S. Bhadhuri, Information asymmetry and debt-equity choice: Evidence from an emerging market, India Rev. Market Integration 10 (2018), no. 3, 228–252. [33] S. Sutomo, S. Wahyudi, I. Rini D. Pangestuti and H. Muharam, Determinants of financing decision: Empirical evidence on manufacturing firms in Indonesia, Investment Manag. Financ. Innov. 16 (2019), no. 2, 159–170. [34] J. Sun, L. Ding, M. Guo, and Y. Li, Ownership, capital structure, and financing decision: evidence from the UK, British Account. Rev. 48 (2016), no.4, 448–463. [35] J.K. Thomas, Discussion of post-earnings announcement drift and market participants information processing biases, Rev. Account. Stud. 8 (2003), no. 2, 347–353. [36] M.G. Thuranira, The Effect of Retained Earnings on the Returns of Firms Listed at the Nairobi Securities Exchange, The University of Nairobi, 2014. | ||
|
آمار تعداد مشاهده مقاله: 19,018 تعداد دریافت فایل اصل مقاله: 10,157 |
||