بررسی ارتباط نقدینگی، سیاست‌های اعتباری و بازده سهام با توجه به نقش واسطه‌ای قدرت رقابت‌پذیری: شواهدی از شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی (کاربردی)

نویسندگان

1 استادیار حسابداری، دانشکده مهندسی صنایع و مدیریت، دانشگاه صنعتی شاهرود، شاهرود، ایران.

2 استادیار مالی، دانشکده مهندسی صنایع و مدیریت، دانشگاه صنعتی شاهرود، شاهرود، ایران.

10.48301/kssa.2023.338765.2077

چکیده

پژوهش حاضر به بررسی تأثیر نقدینگی بر سیاست­های اعتباری و نقش ویژگی­های رقابت­پذیری شرکت بر حساسیت سیاست­های اعتباری به نقدینگی شرکت­های پذیرفته‌شده در بورس اوراق بهادار تهران پرداخته است. همچنین تأثیر سیاست­های اعتباری شرکت بر بازده اضافی سهام و تأثیرگذاری قدرت رقابت­پذیری شرکت بر حساسیت بازده اضافی سهام به سیاست اعتباری مطالعه شده است. به‌منظور بررسی موضوع مطالعه، پس از استخراج اطلاعات مالی ۱۴۲ شرکت پذیرفته‌شده در بورس اوراق بهادار تهران برای دوره زمانی ۱۳۸۷ تا ۱۳۹۹، از مدل رگرسیون چندگانه با استفاده از الگوی داده‎های ­ترکیبی استفاده شده است. یافته­های به‌دست‌آمده از مدل­های رگرسیونی پژوهش بیانگر آن است که سیاست اعتباری شرکت­ها به شکلی معنادار تحت تأثیر نقدینگی قرار گرفته و قدرت رقابت‌پذیری شرکت در بازار، حساسیت سیاست­های اعتباری به نقدینگی را تحت تأثیر قرار داده است. علاوه بر این در خصوص تأثیر سیاست­های اعتباری بر بازده اضافی سهام شرکت نتایج بیانگر آن هستند که سیاست­های اعتباری، تأثیری معنادار بر بازده اضافی سهام شرکت داشته اما با لحاظ قدرت رقابت­پذیری، از تأثیرگذاری سیاست­های اعتباری بر بازده اضافی سهام کاسته شده است. 

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Investigating the Relationship Between Liquidity, Credit Policies and Stock Returns with the Mediating Role of Competitiveness: Evidence from Companies Listed on the Tehran Stock Exchange

نویسندگان [English]

  • Mohsen Lotfi 1
  • Abdolmajid Abdolbaghi Ataabadi 2
1 Assistant Professor, Department of Accounting, Faculty of Industrial Engineering & Management, Shahrood University of Technology, Shahrood, Iran.
2 Assistant Professor, Department of Management, Faculty of Industrial Engineering & Management, Shahrood University of Technology, Shahrood, Iran.
چکیده [English]

The current research was conducted to investigate the effect of liquidity on credit policies and the role of company competitiveness characteristics on the sensitivity of credit policies to the liquidity of companies listed on the Tehran Stock Exchange. In addition, the effect of company credit policies on excess stock returns and the effect of firm competitiveness on the sensitivity of excess stock returns to credit policy were studied. For this purpose, after extracting the financial information of 142 companies listed on the Tehran Stock Exchange for the period 2008-2020, the multiple regression model was used with the combined data model. The results of the regression models indicated that corporate credit policy was significantly affected by cash flows and the company's competitiveness in the market affected the sensitivity of credit policies to cash flows. In addition, regarding the effect of credit policies on the company's excess stock returns, the results indicated that credit policies had a significant impact on the company's excess stock returns. However, in terms of competitiveness, the impact of credit policies on excess stock returns was decreased.

کلیدواژه‌ها [English]

  • Credit policies
  • Company liquidity
  • Competitiveness
  • Excess stock returns

مراجع

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فصلنامه علمی کارافن
دوره 20، ویژه نامه
علوم انسانی
شهریور 1402
صفحه 641-655

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سابقه مقاله

  • تاریخ دریافت: 02 خرداد 1401
  • تاریخ بازنگری: 07 آذر 1401
  • تاریخ پذیرش: 10 بهمن 1401

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