بررسی کارایی بازارهای سرمایه داخلی گروه‌های تجاری در تخصیص منابع و عملکرد؛ تأثیر شکاف مالکیتی- کنترلی و رقابت بازار محصول

محورهای موضوعی : سرمایه‌گذاری

فرامرز کرمی طالقانی ¹ , محمدرضا وطن پرست ² , جواد رضازاده ³ , کیهان آزادی هیر ⁴

1 - گروه حسابداری، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.
2 - گروه حسابداری، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.
3 - گروه حسابداری، دانشگاه تربیت مدرس، تهران، ایران.
4 - گروه حسابداری، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.

تاریخ دریافت : 1402/01/16 تاریخ پذیرش : 1402/03/18 تاریخ انتشار : 1402/04/01

کلید واژه: رقابت بازار محصول, بازارهای سرمایه داخلی, شکاف مالکیتی-کنترلی, گروه‌های تجاری,

چکیده مقاله :

هدف: وجهِ اشتراک رویکردهای نظری اتخاذ شده برای مطالعه گروه‌های تجاری، وجود بازارهای سرمایه داخلی در این گروه‌ها است. ادبیات حسابداری نشان ‌می‌دهد که کارایی این بازارها در تخصیص منابع و عملکرد می‌تواند تحت. ‌تأثیر انگیزه‌های منفعت‌طلبانه ناشی از مسئله نمایندگی قرار گیرد؛ بنابراین، هدف این پژوهش، بررسی تأثیر شکاف مالکیتی- کنترلی بر کارایی بازارهای سرمایه داخلی گروه‌های تجاری در تخصیص منابع و عملکرد با در نظر گرفتن رقابت بازار محصول است.روش‌شناسی پژوهش: این پژوهش از نوع توصیفی-همبستگی، از منظر هدف کاربردی و با استفاده از رویکرد پس رویدادی انجام‌ شده است. به‌منظور دستیابی به هدف پژوهش، داده‌های 18 گروه تجاری که شرکت اصلی آنها در بورس اوراق بهادار تهران یا فرابورس پذیرفته شده‌اند و شرکت‌های تابعه این گروه‌ها در بازه زمانی 1394 الی 1400 (756 سال-شرکت) جمع‌آوری و با استفاده از تحلیل رگرسیون چندگانه مبتنی بر داده‌های ترکیبی مورد آزمون قرار گرفت.یافته‌ها: یافته‌های پژوهش نشان‌ می‌دهد که شکاف مالکیتی-کنترلی بر کارایی تخصیص منابع و کارایی عملکرد بازارهای سرمایه داخلی گروه‌های تجاری تأثیر منفی و معنادار دارد. همچنین، یافته‌ها تنها نشان ‌می‌دهد که رابطه بین شکاف مالکیتی-کنترلی و کارایی عملکرد بازارهای سرمایه داخلی گروه‌های تجاری، با افزایش رقابت بازار محصول تضعیف می‌شود. بااین‌حال، شواهدی از تأثیر رقابت بازار محصول بر رابطه بین شکاف مالکیتی-کنترلی و کارایی تخصیص منابع گروه‌های تجاری مشاهده نگردید.اصالت / ارزش‌افزوده علمی: توجه به بازارهای سرمایه داخلی گروه‌های تجاری به‌عنوان یک مکانیزم بالقوه برای تسهیل در تخصیص کارای منابع و دستیابی به مزایای استراتژیک حائز اهمیت است. ازاین‌رو، با شناخت بیشتر از پدیده شکاف مالکیتی-کنترلی و تأثیر آن بر کارایی بازارهای سرمایه داخلی گروه‌های تجاری در تخصیص منابع و عملکرد، می‌توان گام‌های اساسی برای دستیابی به مزایای استراتژیک (از قبیل توسعه اقتصاد داخلی) برداشت.

چکیده انگلیسی:

Purpose: The common feature of the theoretical approaches adopted to study business groups is the presence of internal capital markets in these groups. The accounting literature shows that the efficiency of these markets in allocating resources and performance can be affected by self-interested motives resulting from the agency problem. Therefore, the purpose of this research is to investigate the effect of the ownership-control wedge on the efficiency of internal capital markets of business groups in resource allocation and performance with regard to product market competition.Methodology: This descriptive-correlation research has been done from the perspective of practical purpose and using the post-event approach. . In order to achieve the goal of the research, the data of 18 business groups whose parent companies are listed in the Tehran Stock Exchange or OTC were collected during the years 2015 to 2022 and the study hypotheses were tested using multiple regression with panel data.Findings: the findings of the study show that the ownership-control wedge has a negative and significant effect on the efficiency of resource allocation and the efficiency of the internal capital markets of business groups. Also, the findings only show that the relationship between the ownership-control wedge and the efficiency of the internal capital markets of business groups weakens with the increase in product market competition. However, there was no evidence of the effect of product market competition on the relationship between ownership-control wedge and resource allocation efficiency.Originality / Value: It is important to pay attention to the internal capital markets of business groups as a potential mechanism to facilitate the efficient allocation of resources and achieve strategic advantages. Therefore, by knowing more about the phenomenon of ownership-control gap and its effect on the efficiency of internal capital markets of business groups in the allocation of resources and performance, basic steps can be taken to achieve strategic benefits (such as the development of the domestic economy).

منابع و مأخذ:

Abdi Golzar, B., & Badavar Nahandi, Y. (2022). The Effect of Moral Hazard of Managers on the Stock Illiquidity and Firm Value with Emphasis on Corporate Governance Mechanisms. Advances in Finance and Investment, 2(5), 67-90. [In Persian]

Almeida, H., & Wolfenzon, D. (2006). Should business groups be dismantled? The equilibrium costs of efficient internal capital markets. Journal of Financial Economics, 79(1), 99-144.

Anvary Rostamy, A. A., Movahed, M., & Etemadi, H. (2013). Investigation of the Impact of Product Market Competition on Dividend Policies. Journal of Asset Management and Financing, 1(2), 1-18. [In Persian]

Attig, N., Fischer, K. P., & Gadhoum, Y. (2004). On the determinants of pyramidal ownership: Evidence on dilution of minority interests. Available at SSRN 434201.

Bae, K. H., Kang, J. K., & Kim, J. M. (2002). Tunneling or value added? Evidence from mergers by Korean business groups. The journal of finance, 57(6), 2695-2740.

Beiner, S., Schmid, M. M., & Wanzenried, G. (2011). Product market competition, managerial incentives and firm valuation. European Financial Management, 17(2), 331-366.

Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out tunneling: An application to Indian business groups. The quarterly journal of economics, 117(1), 121-148.

Beyer, B., Downes, J., & Rapley, E. T. (2017). Internal capital market inefficiencies, shareholder payout, and abnormal leverage. Journal of Corporate Finance, 43, 39-57.

Bozec, Y., & Laurin, C. (2008). Large shareholder entrenchment and performance: Empirical evidence from Canada. Journal of Business Finance & Accounting, 35(1‐2), 25-49‏.

Buchuk, D., Larrain, B., Muñoz, F., & Urzúa, F. (2014). The internal capital markets of business groups: Evidence from intra-group loans. Journal of Financial Economics, 112(2), 190-212.

Byun, H. S., Lee, J. H., & Park, K. S. (2018). Product market competition and the ownership choice of business groups: Evidence from Korean chaebols. Emerging Markets Finance and Trade, 54(1), 100-131.

Chakrabarti, R., Megginson, W., & Yadav, P. K. (2008). Corporate governance in India. The Journal of Applied Corporate Finance, 20(1), 59–72.

Chari, M. D., & Banalieva, E. R. (2015). How do pro-market reforms impact firm profitability? The case of India under reform. Journal of World Business, 50(2), 357-367‏.

Choi, D., Gam, Y. K., & Shin, H. (2020). Corporate fraud under pyramidal ownership structure: Evidence from a regulatory reform. Emerging markets review, 45, 100726.

Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57(6), 2741-2771.

Colombier, C. (2008). Efficiency in public infrastructure provision: a theoretical note. Journal of Economic Studies, 35(6), 528-543.

Cui, R., Ma, Z., & Wang, L. (2022). Allocation of decision rights and CSR disclosure: Evidence from listed business groups in china. Sustainability, 14(7), 3840.‏

Cui, Z., Meng, X., Wang, X., & Wang, K. (2019). Diversified investment strategy and the operation of internal capital market: The moderating effect of corporate governance mechanism. IEEE Access, 7, 51665-51680.‏

Dhaliwal, D., Huang, S., Khurana, I. K., & Pereira, R. (2014). Product market competition and conditional conservatism. Review of Accounting Studies, 19, 1309-1345.

Doyle, J., W. Ge, and S. McVay. (2007). Accruals Quality and Internal Control over Financial Reporting. The Accounting Review, 82, 1141-1170.

Ebrahimi, S. K., Bahraminasab, A., & Parvaneh, S. (2016). Product Market Competition, Free Cash Flow, Over Investment and Low Investment. Empirical Studies in Financial Accounting, 13(50), 137-156. [In Persian]

Elango, B., Pattnaik, C., & Wieland, J. R. (2016). Do business group characteristics matter? An exploration on the drivers of performance variation. Journal of Business Research, 69(9), 3205–3212.

Fan, J. P., & Wong, T. J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of accounting and economics, 33(3), 401-425.

Giroud, X., & Mueller, H. M. (2011). Corporate governance, product market competition, and equity prices. The Journal of Finance, 66(2), 563-600.

Goncharuk, A. G. (2009). Improving of the efficiency through benchmarking: a case of Ukrainian breweries. Benchmarking: an international journal, 16(1), 70-87.‏

Gopalan, R., Nanda, V., & Seru, A. (2007). Affiliated firms and financial support: Evidence from Indian business groups, Journal of Financial Economics, 86, 759-795.

Guadalupe, M., & Perez-Gonzalez, F. (2010). Competition and Private Benefits of Control. SSRN Electronic Journal.

Guo, X., Chen, S., Yu, W., & Liu, C. (2022). Product market competition and controlling shareholders' tunneling: Evidence from China. Managerial and Decision Economics, 43(8), 3820-3832.

Haghighat, H., & Heidari, H. (2012). Asymmetric Cash Flow Sensitivity of Cash Holdings. Empirical Studies in Financial Accounting, 10(40), 27-52. [In Persian]

Hosseini, A., Asna Ashari, H., & lak, E. (2016). The Relation between Complex Ownership Structure in Subsidiary Firms and Related Party Transactions. Empirical Research in Accounting, 6(3), 41-62. [In Persian]

Jargoni, F., Ebrahimi, S. K., Amri-Asrami, M., & Jalali, F. (2022). The moderating role of product market competition on the relation between social responsibility and operational performance. Iranian Journal of Accounting, Auditing and Finance in the Islamic Environment, 1(2), 158-190. [In Persian]

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.‏

Jin, K., & Park, C. (2015). Separation of cash flow and voting rights and firm performance in large family business groups in Korea. Corporate Governance: An International Review, 23(5), 434-451.

Kamyabi, Y., Bouzhmehrani, E., & Mohammadi, P. (2017). The Study of the Relationship between Related-Party Transactions and the Control-Ownership Wedge of the Ultimate Controlling Shareholder. Financial Management Strategy, 4(4), 45-65. [In Persian]

Kang, M., Lee, H. Y., Lee, M. G., & Park, J. C. (2014). The association between related-party transactions and control–ownership wedge: Evidence from Korea. Pacific-Basin Finance Journal, 29, 272-296.

Karami Taleghani, F., Vatanparast,. M., Rezazadeh,. J., & Azadi,. K. (2023). Organizational Concentration and Efficiency of Internal Capital Markets of Business Groups in Resource Allocation and Performance; Emphasizing the Moderating Role of Environmental Uncertainty. Applied Research in Financial Reporting, 11(2), 321-362. [In Persian]

Kato, H. K., Loewenstein, U., & Tsay, W. (2002). Dividend policy, cash flow, and investment in Japan. Pacific-Basin Finance Journal, 10(4), 443-473.

Khajavi, S., Rezaei, G., & Safaiee, A. (2021). Investigating of the relationship between liquidity and firms’ ownership concentration whit considering moderating role of corporate governance. Advances in Finance and Investment, 2(3), 1-30. [In Persian]

Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The journal of finance, 55(2), 867-891.‏

Khanna, T., & Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic management journal, 22(1), 45-74.‏

Khanna, T., & Yafeh, Y. (2005). Business Groups and Risk Sharing around the World. The Journal of Business, 78(1), 301–340.

Kock, C. J., & Guillén, M. F. )2001(. Strategy and structure in developing countries: Business groups as an evolutionary response to opportunities for unrelated diversification. Industrial and Corporate Change, 10(1), 77-113.

Kostova, T., Marano, V., & Tallman, S. (2016). Headquarters–subsidiary relationships in MNCs: Fifty years of evolving research. Journal of World Business, 51(1), 176–184.

Lee, K. W. (2007). Corporate voluntary disclosure and the separation of cash flow rights from control rights. Review of Quantitative Finance and Accounting, 28, 393-416.

Lee, M., Choi, Y., & Moon, S. (2017). The Effect Of Internal Capital Market Of Korean Large Business Groups On Investment Efficiency. Journal of Applied Business Research (JABR), 33(5), 903–918.

Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The Journal of Finance, 58(4), 1445-1468.

Lins, K. V. (2003). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38(1), 159–184.

Luo, Y., & Tung, R. L. (2018). A general theory of springboard MNEs. Journal of International Business Studies, 49, 129-152.‏

Mahmood, I., Chung, C. N., & Mitchell, W. (2013). The evolving impact of combinatorial opportunities and exhaustion on innovation by business groups as market development increases: The case of Taiwan. Management Science, 59(5), 1142-1161.‏

Malekian, E., Salmani, R., & Shahsavari, M. (2016). Study of the relationship between governmental and institutional ownership with corporate social responsibility (Companies listed on the Tehran Stock Exchange). Journal of Investment Knowledge, 5(17), 55-74. [In Persian]

McAfee, R. P., & McMillan, J. (1995). Organizational diseconomies of scale. Journal of Economics and Management Strategy, 4(3), 399–426.

Miller, G. J. (1993). Managerial dilemmas : the political economy of hierarchy. Cambridge University Press.

Mohamadzadeh, A., & Bahri, S. (2022). The Moderating Role of Firm’s Size and Age in the Relationship of Managerial Ownership with Liquidity and ‎Investment Constraints ‎. Journal of Asset Management and Financing, 10(4), 1-24. [In Persian]

Mohammadi Ramezani, M. R., Rezaei, F., & Kazemi, H. (2022). Management Characteristics and the Relationship Between Product Market Competition And Management Performance. Empirical Research in Accounting, 12(2), 151-174. [In Persian]

Mota, J. H., & Santos, M. C. D. (2019). Does Internal Capital Market Membership Matter for Capital Allocation? Theory and Evidence from the Euro Area.

Namazi, M., Rezaei, G., & Momtazian, A. (2015). Product Market Competition and Accounting Information Quality. Journal of Accounting Advances, 6(2), 131-166. [In Persian]

Park, H. Y., Chae, S. J., & Cho, M. K. (2016). Controlling shareholders’ ownership structure, foreign investors’ monitoring, and investment efficiency. Investment Management and Financial Innovations, 13(3), 159-170.

Purkayastha, A., Pattnaik, C., & Pathak, A. A. (2022). Agency conflict in diversified business groups and performance of affiliated firms in India: Contingent effect of external constraint and internal governance. European Management Journal, 40(2), 283-294.

Raghunath, S., & Rose, E. L. (Eds.). (2016). International business strategy: perspectives on implementation in emerging markets. Springer.

Rahmanian Koushkaki, A., & Selki, S. (2021). Investigating the Effect Mediation Role of Product Market Competition and Capital Structure on the Relationship between CEO Duality on Firm Performance in Listed Firms on Tehran Stock Exchange. Journal of Development and Capital, 6(2), 201-226. [In Persian]

Rajan, R., Servaes, H., & Zingales, L. (2000). The cost of diversity: The diversification discount and inefficient investment. The journal of Finance, 55(1), 35-80.‏

Ren, H. Y., Hsu, C. C., Feng, G. F., Jia, J., & Tsai, W. C. (2021). The impacts of internal capital allocation efficiency on R&D investments: evidence from China. Applied Economics Letters, 28(14), 1195-1201.

Rodriguez, R. R., Saiz, J. J. A., & Bas, A. O. (2009). Quantitative relationships between key performance indicators for supporting decision-making processes. Computers in industry, 60(2), 104-113.‏

Saedi, R., & Dastger, M. (2018). The Effect of Internal Control Weakness and Controlling Shareholders' Wedge on Investment Efficiency of Companies Listed on Tehran Stock Exchange. Financial Accounting Research, 9(4), 17-38. [In Persian]

Shahraki, M., Asadi, G., & Asnaashari, H. (2019). An Investigation of the Moral Hazard of Controlling Shareholders and Financing Constraints. Applied Research in Financial Reporting, 7(2), 73-98. [In Persian]

Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.

Shyu, J. (2013). Ownership structure, capital structure, and performance of group affiliation: Evidence from Taiwanese group‐affiliated firms. Managerial Finance, 39(4), 404-420.‏

Smångs, M. (2006). The nature of the business group: A social network perspective. Organization, 13(6), 889-909.‏

Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. The journal of finance, 52(1), 111-133.

Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of financial Economics, 26(1), 3-27.

Taghizadeh Khanqah, V., Badavar Nahandi, Y., Mottagi, A., & Taghizadeh, H. (2019). Presentation of Firm's Investment Efficiency Measurement Model inTehran Stock Exchange. Financial Research Journal, 21(2), 237-264. [In Persian]

Van der Molen, R. (2005). Capital allocation in Indian business groups. Who benefits, who loses?. Who Benefits, Who Loses.

Villalonga, B., & Amit, R. (2006). How do family ownership, control, and management affect firm value? Journal of Financial Economics, 80(2), 385-417.

Wang, F. J., & Xie, Z. H. (2010). A study on the relationship between internal capital market and diversification. Journal of Beijing Technology and business university (social science), 25 (1), 43, 48.‏

Yana, K. (2020). Internal capital markets in russian business groups: evidence from corporate investments. Корпоративные финансы, 14(2), 58-71.

Yeh, Y. H., & Lin, J. J. (2021). Investment-cash flow sensitivity to internal capital markets and shareholding structure: evidence from Taiwanese business groups. Eurasian Business Review, 11(4), 637-657.

Zhao, J., Wang, M., & He, Q. (2022). Cash holdings, the internal capital market, and capital allocation efficiency in listed companies. Economic Research-Ekonomska Istraživanja, 1-18.