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کاربرد نوع شرط:
- جایگاه : پژوهشی
- مجله: مدیریت دارایی و تامین مالی
- نوع مقاله: Journal Article
- کلمات کلیدی: ارزش شرکت,نقدشوندگی سهام,ریسکپذیری شرکت
- چکیده: هدف: سنجش ریسک پروژهها و ارتباط آن با بازده یکی از عوامل اساسی در تصمیمهای سرمایهگذاری است؛ به گونهای که اجتناب از ریسک و ریسکپذیری بیش از حد درنهایت، بر ارزش شرکت تأثیر میگذارد. هدف اصلی این پژوهش، بررسی رابطۀ بین سطح ریسکپذیری شرکت و ارزش شرکت است؛ بهعلاوه رابطۀ بین نقدشوندگی سهام و ارزش شرکت نیز مطالعه شده است.
روش: برای آزمون فرضیههای پژوهش، تعداد 156 شرکت از شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران در بازۀ زمانی 1393 تا 1397 مطالعه شده است. دادهها به روش همبستگی با استفاده از الگوی رگرسیونی و مبتنیبر ساختار مقطعی و نرمافزار Eviews تجزیه و تحلیل شده است.
نتایج: نتایج پژوهش نشان میدهد ریسکپذیری شرکت رابطۀ مثبت و معنیداری با ارزش شرکت دارد؛ با این حال شاخصهای مختلف نقدشوندگی حاکی از نتایج مختلفی است؛ به گونهای که نسبت گردش سهام، نسبت عدم نقدشوندگی آمیهود و درصد سهام شناور آزاد فاقد رابطۀ معنیدار با ارزش شرکت است؛ ولی رتبۀ نقدشوندگی شرکت رابطۀ مثبت و معنیداری با ارزش شرکت دارد؛ بهعلاوه نتایج نشان میدهد نقدشوندگی سهام رابطۀ بین ریسکپذیری و ارزش شرکت را تعدیل نمیکند.
نوآوری: تاکنون، در پژوهشهای داخلی رابطۀ بین ریسکپذیری شرکت و ارزش شرکت مطالعه نشده است؛ همچنین الگوی معرفیشده برای سنجش ریسکپذیری تاکنون، استفاده نشده و بهجای استفاده از دادههای مالی (انحراف معیار بازده سهام) از دادههای حسابداری برای تبیین ریسکپذیری استفاده شده است.
- چکیده انگلیسی: Objective: Measuring project risk and its relationship to returns is one of the key factors in investment decisions. In such a way that avoiding risk and also excessive risk-taking ultimately affects the value of the company. The main purpose of this study is to investigate the relationship between corporate risk-taking level and firm value. Also, the relationship between stock liquidity and firm value has been studied.
Method: To test the research’s hypotheses, 156 companies listed on the Tehran Stock Exchange between 2014 and 2018 have been studied. The cross-sectional data were analyzed by correlation method and using a regression model.
Results: The research results show that corporate risk-taking has a positive and significant relationship with firm value. However, different liquidity proxies show different results. As the stock turnover ratio, Amihud liquidity ratio and the percentage of free-floating stocks have no significant relationship with firm value, but the firm's liquidity rating has a positive and significant relationship with firm value. Also, the results show that stock liquidity does not modify the relationship between risk-taking and firm value.
Innovation: In local (Iranian) researches, the relationship between corporate risk-taking and company value has not been studied. Also, the model introduced to measure the corporate's risk-taking has not been used in internal researches yet, and instead of using financial data (standard deviation of stock returns), accounting data has been used to explain the corporate risk-taking.
Introduction:
Risk-taking plays an important role in maintaining companies' competitive advantage and can lead them to higher economic growth. The financial literature in this field also shows that stock returns are affected by non-systematic risk (Nguyen, 2011). Previous studies have shown that the willingness of entrepreneurs to take risks in pursuit of profitable opportunities is an essential part of long-term economic growth (John et al., 2008). In this regard, several previous studies have shown that risk-taking increases the firm value on average (Jensen and Meckling, 1976; Shin and Stulz, 2000; Imhof and Seavey, 2014).
On the other hand, stock liquidity has been introduced as one of the main factors of determining firm value (Fang et al., 2009; Gao et al., 2019). Managers who do not consider stock liquidity finance at a high cost of capital rates and miss out on appropriate investment opportunities (Butler et al., 2005). In Addition, stock liquidity by reducing the cost of capital and agency costs between shareholders and managers provides the basis and leads companies to invest in risky projects and this increases the level of corporate risk-taking of these companies (Hsu et al., 2018). In this line, the present study has made an attempt to assess the effect of corporate risk-taking on firm value.
In previous studies in Iran, the effect of various factors on risk-taking has been studied; in other words, corporate risk-taking has been studied as a dependent variable. However, this study seeks to examine the effect of corporate risk-taking on firm value by considering corporate risk-taking as an independent variable. Also, in previous studies, the deviation of the stock return criterion has been introduced as a proxy of risk-taking. But it is desirable to use a proxy that shows the direct risk-taking behavior of managers. In other words, it is better to use the standard deviation of (accounting) earnings as a proxy.
Method and Data:
We selected our sample from all firms listed on the TSE during the 2015-2019 period after excluding financial and insurance firms and also firms with missing data for our models. The shares of the studied firms have been actively traded during the research years (do not stop trading for more than 3 months). Our final sample consists of 780 firm-year observations from 156 firms. We extracted our data from the Comprehensive Information System of Listed firms (CODAL) databases. Multivariate linear regression was used to examine the research hypotheses.
Findings:
The corporate risk-taking coefficient (as an independent variable of the first hypothesis) is positive and significant. In other words, the positive relationship between risk-taking and firm value, which has been documented according to previous research, is also confirmed in the context of Iranian's financial and business environment. However, different liquidity proxies show different results. As the stock turnover ratio, the Amihud liquidity ratio and the percentage of free-floating stocks have no significant relationship with firm value, but the firm's liquidity rating has a positive and significant relationship with firm value. Also, the results show that stock liquidity does not modify the relationship between risk-taking and firm value.
Conclusion and discussion:
The behavioral model of agency theory states that managers are loss aversion instead of being risk aversion. Accordingly, the risk acceptance is very likely when the decision-maker expects risk-taking to lead to positive outcomes. On the other hand, if negative results are expected, risk-taking is rejected. In other words, although managers need to be risk-taker to make their firms survive, either taking too much risk or avoiding risk can threaten the survival of the firm. Briefly, adopting an appropriate level of risk-taking could increase the firm value and increase the wealth of shareholders.
The results show that with increasing the level of corporate risk-taking, the firm value could also increase. This result is consistent with the results of research by Su et al., (2017) conducted in China, as well as the research by Imhof and Seavey (2014), Parino et al., (2005), and Shin and Stulz (2000). The results show that only the liquidity rank index has a positive and significant effect on the firm value but other liquidity proxies used in this study do not confirm this relationship. Moreover, none of the liquidity proxies modify the positive relationship between risk-taking and firm value.- انتشار مقاله: 25-01-1399
- نویسندگان: مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی
- مشاهده
- جایگاه : پژوهشی
- مجله: مدیریت دارایی و تامین مالی
- نوع مقاله: Journal Article
- کلمات کلیدی: ارزش شرکت,نقدشوندگی سهام,ریسکپذیری شرکت
- چکیده: هدف: سنجش ریسک پروژهها و ارتباط آن با بازده یکی از عوامل اساسی در تصمیمهای سرمایهگذاری است؛ به گونهای که اجتناب از ریسک و ریسکپذیری بیش از حد درنهایت، بر ارزش شرکت تأثیر میگذارد. هدف اصلی این پژوهش، بررسی رابطۀ بین سطح ریسکپذیری شرکت و ارزش شرکت است؛ بهعلاوه رابطۀ بین نقدشوندگی سهام و ارزش شرکت نیز مطالعه شده است.
روش: برای آزمون فرضیههای پژوهش، تعداد 156 شرکت از شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران در بازۀ زمانی 1393 تا 1397 مطالعه شده است. دادهها به روش همبستگی با استفاده از الگوی رگرسیونی و مبتنیبر ساختار مقطعی و نرمافزار Eviews تجزیه و تحلیل شده است.
نتایج: نتایج پژوهش نشان میدهد ریسکپذیری شرکت رابطۀ مثبت و معنیداری با ارزش شرکت دارد؛ با این حال شاخصهای مختلف نقدشوندگی حاکی از نتایج مختلفی است؛ به گونهای که نسبت گردش سهام، نسبت عدم نقدشوندگی آمیهود و درصد سهام شناور آزاد فاقد رابطۀ معنیدار با ارزش شرکت است؛ ولی رتبۀ نقدشوندگی شرکت رابطۀ مثبت و معنیداری با ارزش شرکت دارد؛ بهعلاوه نتایج نشان میدهد نقدشوندگی سهام رابطۀ بین ریسکپذیری و ارزش شرکت را تعدیل نمیکند.
نوآوری: تاکنون، در پژوهشهای داخلی رابطۀ بین ریسکپذیری شرکت و ارزش شرکت مطالعه نشده است؛ همچنین الگوی معرفیشده برای سنجش ریسکپذیری تاکنون، استفاده نشده و بهجای استفاده از دادههای مالی (انحراف معیار بازده سهام) از دادههای حسابداری برای تبیین ریسکپذیری استفاده شده است.
- چکیده انگلیسی: Objective: Measuring project risk and its relationship to returns is one of the key factors in investment decisions. In such a way that avoiding risk and also excessive risk-taking ultimately affects the value of the company. The main purpose of this study is to investigate the relationship between corporate risk-taking level and firm value. Also, the relationship between stock liquidity and firm value has been studied.
Method: To test the research’s hypotheses, 156 companies listed on the Tehran Stock Exchange between 2014 and 2018 have been studied. The cross-sectional data were analyzed by correlation method and using a regression model.
Results: The research results show that corporate risk-taking has a positive and significant relationship with firm value. However, different liquidity proxies show different results. As the stock turnover ratio, Amihud liquidity ratio and the percentage of free-floating stocks have no significant relationship with firm value, but the firm's liquidity rating has a positive and significant relationship with firm value. Also, the results show that stock liquidity does not modify the relationship between risk-taking and firm value.
Innovation: In local (Iranian) researches, the relationship between corporate risk-taking and company value has not been studied. Also, the model introduced to measure the corporate's risk-taking has not been used in internal researches yet, and instead of using financial data (standard deviation of stock returns), accounting data has been used to explain the corporate risk-taking.
Introduction:
Risk-taking plays an important role in maintaining companies' competitive advantage and can lead them to higher economic growth. The financial literature in this field also shows that stock returns are affected by non-systematic risk (Nguyen, 2011). Previous studies have shown that the willingness of entrepreneurs to take risks in pursuit of profitable opportunities is an essential part of long-term economic growth (John et al., 2008). In this regard, several previous studies have shown that risk-taking increases the firm value on average (Jensen and Meckling, 1976; Shin and Stulz, 2000; Imhof and Seavey, 2014).
On the other hand, stock liquidity has been introduced as one of the main factors of determining firm value (Fang et al., 2009; Gao et al., 2019). Managers who do not consider stock liquidity finance at a high cost of capital rates and miss out on appropriate investment opportunities (Butler et al., 2005). In Addition, stock liquidity by reducing the cost of capital and agency costs between shareholders and managers provides the basis and leads companies to invest in risky projects and this increases the level of corporate risk-taking of these companies (Hsu et al., 2018). In this line, the present study has made an attempt to assess the effect of corporate risk-taking on firm value.
In previous studies in Iran, the effect of various factors on risk-taking has been studied; in other words, corporate risk-taking has been studied as a dependent variable. However, this study seeks to examine the effect of corporate risk-taking on firm value by considering corporate risk-taking as an independent variable. Also, in previous studies, the deviation of the stock return criterion has been introduced as a proxy of risk-taking. But it is desirable to use a proxy that shows the direct risk-taking behavior of managers. In other words, it is better to use the standard deviation of (accounting) earnings as a proxy.
Method and Data:
We selected our sample from all firms listed on the TSE during the 2015-2019 period after excluding financial and insurance firms and also firms with missing data for our models. The shares of the studied firms have been actively traded during the research years (do not stop trading for more than 3 months). Our final sample consists of 780 firm-year observations from 156 firms. We extracted our data from the Comprehensive Information System of Listed firms (CODAL) databases. Multivariate linear regression was used to examine the research hypotheses.
Findings:
The corporate risk-taking coefficient (as an independent variable of the first hypothesis) is positive and significant. In other words, the positive relationship between risk-taking and firm value, which has been documented according to previous research, is also confirmed in the context of Iranian's financial and business environment. However, different liquidity proxies show different results. As the stock turnover ratio, the Amihud liquidity ratio and the percentage of free-floating stocks have no significant relationship with firm value, but the firm's liquidity rating has a positive and significant relationship with firm value. Also, the results show that stock liquidity does not modify the relationship between risk-taking and firm value.
Conclusion and discussion:
The behavioral model of agency theory states that managers are loss aversion instead of being risk aversion. Accordingly, the risk acceptance is very likely when the decision-maker expects risk-taking to lead to positive outcomes. On the other hand, if negative results are expected, risk-taking is rejected. In other words, although managers need to be risk-taker to make their firms survive, either taking too much risk or avoiding risk can threaten the survival of the firm. Briefly, adopting an appropriate level of risk-taking could increase the firm value and increase the wealth of shareholders.
The results show that with increasing the level of corporate risk-taking, the firm value could also increase. This result is consistent with the results of research by Su et al., (2017) conducted in China, as well as the research by Imhof and Seavey (2014), Parino et al., (2005), and Shin and Stulz (2000). The results show that only the liquidity rank index has a positive and significant effect on the firm value but other liquidity proxies used in this study do not confirm this relationship. Moreover, none of the liquidity proxies modify the positive relationship between risk-taking and firm value.- انتشار مقاله: 25-01-1399
- نویسندگان: مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی
- مشاهده
- جایگاه : پژوهشی
- مجله: مدیریت دارایی و تامین مالی
- نوع مقاله: Journal Article
- کلمات کلیدی: ارزش شرکت,نقدشوندگی سهام,ریسکپذیری شرکت
- چکیده: هدف: سنجش ریسک پروژهها و ارتباط آن با بازده یکی از عوامل اساسی در تصمیمهای سرمایهگذاری است؛ به گونهای که اجتناب از ریسک و ریسکپذیری بیش از حد درنهایت، بر ارزش شرکت تأثیر میگذارد. هدف اصلی این پژوهش، بررسی رابطۀ بین سطح ریسکپذیری شرکت و ارزش شرکت است؛ بهعلاوه رابطۀ بین نقدشوندگی سهام و ارزش شرکت نیز مطالعه شده است.
روش: برای آزمون فرضیههای پژوهش، تعداد 156 شرکت از شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران در بازۀ زمانی 1393 تا 1397 مطالعه شده است. دادهها به روش همبستگی با استفاده از الگوی رگرسیونی و مبتنیبر ساختار مقطعی و نرمافزار Eviews تجزیه و تحلیل شده است.
نتایج: نتایج پژوهش نشان میدهد ریسکپذیری شرکت رابطۀ مثبت و معنیداری با ارزش شرکت دارد؛ با این حال شاخصهای مختلف نقدشوندگی حاکی از نتایج مختلفی است؛ به گونهای که نسبت گردش سهام، نسبت عدم نقدشوندگی آمیهود و درصد سهام شناور آزاد فاقد رابطۀ معنیدار با ارزش شرکت است؛ ولی رتبۀ نقدشوندگی شرکت رابطۀ مثبت و معنیداری با ارزش شرکت دارد؛ بهعلاوه نتایج نشان میدهد نقدشوندگی سهام رابطۀ بین ریسکپذیری و ارزش شرکت را تعدیل نمیکند.
نوآوری: تاکنون، در پژوهشهای داخلی رابطۀ بین ریسکپذیری شرکت و ارزش شرکت مطالعه نشده است؛ همچنین الگوی معرفیشده برای سنجش ریسکپذیری تاکنون، استفاده نشده و بهجای استفاده از دادههای مالی (انحراف معیار بازده سهام) از دادههای حسابداری برای تبیین ریسکپذیری استفاده شده است.
- چکیده انگلیسی: Objective: Measuring project risk and its relationship to returns is one of the key factors in investment decisions. In such a way that avoiding risk and also excessive risk-taking ultimately affects the value of the company. The main purpose of this study is to investigate the relationship between corporate risk-taking level and firm value. Also, the relationship between stock liquidity and firm value has been studied.
Method: To test the research’s hypotheses, 156 companies listed on the Tehran Stock Exchange between 2014 and 2018 have been studied. The cross-sectional data were analyzed by correlation method and using a regression model.
Results: The research results show that corporate risk-taking has a positive and significant relationship with firm value. However, different liquidity proxies show different results. As the stock turnover ratio, Amihud liquidity ratio and the percentage of free-floating stocks have no significant relationship with firm value, but the firm's liquidity rating has a positive and significant relationship with firm value. Also, the results show that stock liquidity does not modify the relationship between risk-taking and firm value.
Innovation: In local (Iranian) researches, the relationship between corporate risk-taking and company value has not been studied. Also, the model introduced to measure the corporate's risk-taking has not been used in internal researches yet, and instead of using financial data (standard deviation of stock returns), accounting data has been used to explain the corporate risk-taking.
Introduction:
Risk-taking plays an important role in maintaining companies' competitive advantage and can lead them to higher economic growth. The financial literature in this field also shows that stock returns are affected by non-systematic risk (Nguyen, 2011). Previous studies have shown that the willingness of entrepreneurs to take risks in pursuit of profitable opportunities is an essential part of long-term economic growth (John et al., 2008). In this regard, several previous studies have shown that risk-taking increases the firm value on average (Jensen and Meckling, 1976; Shin and Stulz, 2000; Imhof and Seavey, 2014).
On the other hand, stock liquidity has been introduced as one of the main factors of determining firm value (Fang et al., 2009; Gao et al., 2019). Managers who do not consider stock liquidity finance at a high cost of capital rates and miss out on appropriate investment opportunities (Butler et al., 2005). In Addition, stock liquidity by reducing the cost of capital and agency costs between shareholders and managers provides the basis and leads companies to invest in risky projects and this increases the level of corporate risk-taking of these companies (Hsu et al., 2018). In this line, the present study has made an attempt to assess the effect of corporate risk-taking on firm value.
In previous studies in Iran, the effect of various factors on risk-taking has been studied; in other words, corporate risk-taking has been studied as a dependent variable. However, this study seeks to examine the effect of corporate risk-taking on firm value by considering corporate risk-taking as an independent variable. Also, in previous studies, the deviation of the stock return criterion has been introduced as a proxy of risk-taking. But it is desirable to use a proxy that shows the direct risk-taking behavior of managers. In other words, it is better to use the standard deviation of (accounting) earnings as a proxy.
Method and Data:
We selected our sample from all firms listed on the TSE during the 2015-2019 period after excluding financial and insurance firms and also firms with missing data for our models. The shares of the studied firms have been actively traded during the research years (do not stop trading for more than 3 months). Our final sample consists of 780 firm-year observations from 156 firms. We extracted our data from the Comprehensive Information System of Listed firms (CODAL) databases. Multivariate linear regression was used to examine the research hypotheses.
Findings:
The corporate risk-taking coefficient (as an independent variable of the first hypothesis) is positive and significant. In other words, the positive relationship between risk-taking and firm value, which has been documented according to previous research, is also confirmed in the context of Iranian's financial and business environment. However, different liquidity proxies show different results. As the stock turnover ratio, the Amihud liquidity ratio and the percentage of free-floating stocks have no significant relationship with firm value, but the firm's liquidity rating has a positive and significant relationship with firm value. Also, the results show that stock liquidity does not modify the relationship between risk-taking and firm value.
Conclusion and discussion:
The behavioral model of agency theory states that managers are loss aversion instead of being risk aversion. Accordingly, the risk acceptance is very likely when the decision-maker expects risk-taking to lead to positive outcomes. On the other hand, if negative results are expected, risk-taking is rejected. In other words, although managers need to be risk-taker to make their firms survive, either taking too much risk or avoiding risk can threaten the survival of the firm. Briefly, adopting an appropriate level of risk-taking could increase the firm value and increase the wealth of shareholders.
The results show that with increasing the level of corporate risk-taking, the firm value could also increase. This result is consistent with the results of research by Su et al., (2017) conducted in China, as well as the research by Imhof and Seavey (2014), Parino et al., (2005), and Shin and Stulz (2000). The results show that only the liquidity rank index has a positive and significant effect on the firm value but other liquidity proxies used in this study do not confirm this relationship. Moreover, none of the liquidity proxies modify the positive relationship between risk-taking and firm value.- انتشار مقاله: 25-01-1399
- نویسندگان: مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی
- مشاهده
- جایگاه : پژوهشی
- مجله: دانش حسابداری
- نوع مقاله: Journal Article
- کلمات کلیدی: رشد اقتصادی,اهرم مالی,چسبندگی مالیات,کشش مالیات,شدت سرمایه
- چکیده: هدف: سیاستهای مالیاتی از مهمترین عوامل مؤثر بر متغیرهای اقتصادی در سطح کلان محسوب میشود. مطالعه چگونگی تغییرات درآمدهای مالیاتی نسبت به تغییرات تولید ناخالص داخلی (کشش مالیاتی) از جمله مفاهیم اساسی در این حوزه به شمار میآید. لذا، بر پایه استدلال فوق، هدف اصلی این مقاله بررسی کشش مالیاتی در سطح خرد (چسبندگی مالیات) است. در این راستا، آهنگ تغییرات مالیات بر درآمد (سود) شرکتها در مقایسه با تغییرات سود شرکت سنجیده میشود. چسبندگی مالیات در صورتی وجود دارد که نرخ کاهش در مالیات از نرخ کاهش در سود کمتر باشد.
روش: برای بررسی موضوع نمونهای متشکل از 284 شرکت پذیرفتهشده در بورس اوراق بهادار تهران در فاصله سالهای 1390 تا 1397 انتخاب شده است. دادهها با استفاده از رگرسیون تحلیل شده است.
یافتهها: نتایج پژوهش نشان میدهد چسبندگی مالیات در سطح شرکتهای مورد مطالعه وجود ندارد. بهعلاوه، تأثیر متغیرهای رشد اقتصادی و شدت سرمایه معنادار نیست. بااینحال، اهرم مالی میتواند چسبندگی مالیات را کاهش دهد.
نتیجهگیری: دلیل عدم چسبندگی مالیات را از یک بعد میتوان به سیاستهای مالیاتی دولت و کاهش اتکا به مالیات بر سود شرکتها در سالهای مورد مطالعه و همچنین توجه کم به مالیات بر عایدی سرمایه در ساختار مالیاتی نسبت داد. از بعد دیگر میتوان تخصص شرکتهای پذیرفتهشده در بورس نسبت به شرکتهای غیربورسی در برنامهریزی مالیاتی را در این امر دخیل دانست. بهطور خلاصه با توجه به اهمیت درآمدهای مالیاتی در شرایط تحریمی حال حاضر کشور (کاهش نرخ رشد اقتصادی) مطلوب است وزن مناسبی در ساختار مالیاتی کشور به مالیات بر عایدی سرمایه اختصاص یابد.- چکیده انگلیسی: Objective: This article seeks to extend the concept of tax elasticity to corporate tax sensitivity. This issue is interpreted as corporate tax stickiness (changes in the corporate income tax to changes in the net income). In other words, in the sense of tax stickiness, the corporate income is analyzed instead of GDP, and the corporate income tax instead of government tax revenues. Theoretically, it is unlikely that the company's tax will always increase. In other words, when the company's income decreases, so does the tax. But given the stickiness of the tax, the pace of change between the two will be asymmetric. Tax policy is one of the most important factors affecting macroeconomic variables. Studying changes in tax revenue in response to variations in GDP is the key concept in this area. Based on the above argument, the main purpose of this study is to examine tax elasticity at a micro level (called tax stickiness). The rate of change in corporate income tax is compared to changes in corporate income (profit). Tax stickiness exists when the rate of tax reduction is less than the rate of profit reduction.
Method: In this study, data were collected from a sample of 284 companies listed on the Tehran Stock Exchange, TSE, in the period 2012-2019. Data were analyzed using a regression model.
Result: The results showed that there is no tax stickiness in the studied companies. Also, the effects of the variables of economic growth and capital intensity are not significant. However, financial leverage can decrease tax stickiness. In the third and fourth hypotheses, the effects of economic growth and capital intensity on tax stickiness were tested. It is argued that in the conditions of economic growth and high capital intensity, the level of investment of the companies increases, and the tax revenue from capital raises. Given that there is no capital tax in the tax structure, the lack of effects of economic growth and capital intensity on tax stickiness in the companies under study can be justified.
Conclusion: The reasons for the lack of effects of economic growth and capital intensity on tax stickiness can be attributed to government tax policies, reduction of reliance on corporate income tax in the studied years, and low attention to the capital taxation in the tax structure. On the other hand, tax stickiness can be attributed to the expertise of the TSE companies in tax planning compared to the non-TSE companies. In short, given the importance of tax revenue in the current condition of sanctions (reducing economic growth rates), it is desirable to allocate appropriate weight to capital tax in the state tax structure. The positive effects of revealing the uncertain tax situation and the motivation of managers' reward on tax avoidance, and the prominence of these features in the TSE companies compared to the non-TSE companies can be interpreted as non-stickiness of taxes. Also, in terms of the positive effects on tax avoidance, the lack of tax stickiness in the TSE companies can be attributed to the overconfidence of the managers of these companies. All these features can be the reasons for the non-sticking of income tax to the companies under study.- انتشار مقاله: 18-08-1398
- نویسندگان: مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی,مجتبی گل محمدی شورکی
- مشاهده
- جایگاه : پژوهشی
- مجله: بررسیهای حسابداری و حسابرسی
- نوع مقاله: Journal Article
- کلمات کلیدی: حقالزحمۀ حسابرسی,اجتناب مالیاتی,اظهارنظر تعدیلشدۀ حسابرسی,نرخ مؤثر مالیاتی
- چکیده: حسابرسان برای قیمتگذاری خدمات حسابرسی از عوامل گوناگونی استفاده میکنند. از لحاظ نظری، ریسک و پیچیدگی واحدی که رسیدگی میشود از عوامل اصلی مؤثر بر حقالزحمۀ حسابرسی است. هدف این پژوهش، بررسی تأثیر ریسک با وضعیت مالیاتی شرکت بر حقالزحمۀ حسابرسی است. ریسک یادشده از طریق اندازۀ نرخ مؤثر مالیاتی شرکت کمیسازی میشود. در این راستا، هر چه نرخ مؤثر مالیاتی کمتر باشد، ریسک وضعیت مالیاتی شرکت (اجتناب مالیاتی) بیشتر است. برای بررسی این موضوع، نمونهای متشکل از 62 شرکت پذیرفتهشده در بورس اوراق بهادار تهران در سالهای 1387 تا 1392 انتخاب شد. فرضیههای پژوهش بهکمک تحلیل رگرسیون بررسی شدند. شواهد پژوهش نشان میدهد رابطۀ منفی (مثبت) و معناداری میان نرخ مؤثر مالیات (ریسک وضعیت مالیاتی) و حقالزحمۀ حسابرسی وجود دارد. به بیانی، هر چه وضعیت مالیاتی شرکت از ریسک بیشتری برخوردار باشد، حقالزحمۀ حسابرسی بیشتری پرداخت میشود. همچنین نتایج پژوهش برقراری رابطۀ مثبت و معنادار میان اندازۀ شرکت و گزارش زیان را تأیید کرد و نشان داد میان اهرم مالی و اظهار نظر تعدیلشده با حقالزحمۀ حسابرسی رابطۀ منفی و معناداری وجود دارد.
- چکیده انگلیسی: Auditors use several factors for pricing of audit services. Theoretically, corporate risk and complexity are the main factors affecting audit fees. The purpose of this study is to evaluate the impact of corporate tax risk on audit fees. This risk is quantificated through the company's effective tax rate. In this regard, if the effective tax rate is lower, tax avoidance is considered higher. For this purpose, a sample of 62 companies listed on TSE from 2009 to 2014 is selected. Research hypotheses have been examined using regression analysis. Results show that a significant negative (positive) correlation exists between effective tax rate (corporate tax risk) and audit fees. In other words, if the corporate tax risk is higher, audit fee will be more. Furthermore, the results reveal a significant positive relationship between firm size and reported loss with the audit fees and a negative significant relationship between financial leverage and unqualified audit opinion with the audit fees.
- انتشار مقاله: 22-08-1393
- نویسندگان: امید پورحیدری,مجتبی گل محمدی شورکی
- مشاهده
- جایگاه : پژوهشی
- مجله: بررسیهای حسابداری و حسابرسی
- نوع مقاله: Journal Article
- کلمات کلیدی: تئوری نمایندگی,ارزش شرکت,تئوری ذینفعان,سود تقسیمی,مدیریت ذینفعان
- چکیده: محیط تجاری امروزی، زمینۀ کاربست و ادغام تئوری ذینفعان را با تئوری نمایندگی در استراتژیهای مالی و مدیریتی شرکتها فراهم آورده است. در این راستا، مدیریت و ایجاد تعادل بین منافع کلیۀ ذینفعان حائز اهمیت است. هدف از این پژوهش، بررسی تأثیر مدیریت ذینفعان بر سود تقسیمی و ارزش شرکت مطابق با تحلیلهای تئوری نمایندگی و تئوری ذینفعان است. برای سنجش شاخص مدیریت ذینفعان، جریانهای نقدی پرداختی به هر یک از گروههای ذینفع مبنا قرار گرفته است. برای بررسی موضوع، نمونهای متشکل از 220 شرکت پذیرفتهشده در بورس اوراق بهادار در فاصلۀ سالهای 1389 تا 1394 انتخاب شده و دادهها با استفاده از رگرسیون تجزیه و تحلیل شده است. شواهد تحقیق نشان میدهد رابطۀ مثبت و معناداری بین مدیریت ذینفعان و سود تقسیمی وجود دارد. همچنین بین مدیریت ذینفعان و ارزش بازار شرکت رابطۀ منفی و معناداری برقرار است. این نتایج نشان میدهد در محیط ایران، مدیریت ذینفعان نیز بیشتر در جهت منافع سهامداران صورت میگیرد.
- چکیده انگلیسی: Business environment at now provides basis for application and integration stakeholder theory with agency theory in managerial and financial strategies. In this regard, balance creation between the interests of all stakeholders is important. The purpose of this study is to evaluate the impact of stakeholder management on dividends and firm value in consistent with the analysis of agency theory and stakeholder theory. To determine stakeholder management, cash flows paid to each of the stakeholders are used as the basis. For this purpose, a sample of 220 companies listed in the TSE is selected from 2010 to the 2015. Data has been examined using regression analysis. Research evidence shows a significant positive relationship between stakeholder management and dividends, also negative relationship between stakeholders management and market value of the firm. These results suggest that stakeholder management is also done in the interests of shareholders.
- انتشار مقاله: 27-06-1395
- نویسندگان: مجتبی گل محمدی شورکی,امید پورحیدری,مهدی بهارمقدم
- مشاهده