تأثیر سهامداران نهادی بر رابطه بین اندوخته مالی و سرمایه‌گذاری در نوآوری شرکت‌ها
محورهای موضوعی : مدیریت مالی
احمد کوچکی فشکی
1
,
سید عباس برهانی
2
*
,
رضا غلامی جمکرانی
3
1 - گروه حسابداری، واحد قم، دانشگاه آزاد اسلامی، قم، ایران.
2 - گروه حسابداری، واحد قم، دانشگاه آزاد اسلامی، قم، ایران. (نویسنده مسئول)
3 - گروه حسابداری، واحد قم ، دانشگاه آزاد اسلامی، قم، ایران
کلید واژه: اندوخته مالی, سرمایه گذار نهادی, نوآوری.,
چکیده مقاله :
اهداف؛ کشورهای در حال توسعه به‌وسیله زمینه‌های استراتژیک توسعه مبتنی بر نوآوری هدایت می‌شوند و فعالیت‌های نوآورانه شرکت‌ها نیروی محرکه مهم توسعه پایدار در اقتصاد هستند. اندوخته مالی یک منبع انعطاف‌پذیر است که فراتر از نیازهای روزانه فعالیت‌های تجاری، تجمع منبع را فراهم می‌کند. چگونگی تأثیر منابع ارائه شده توسط اندوخته مالی بر سرمایه‌گذاری در فعالیت‌های نوآوری شرکت و تأثیر سهامداران نهادی بر رابطه بین اندوخته مالی و سرمایه‌گذاری در نوآوری شرکت‌ها از اهداف اصلی پژوهش حاضر می‌باشد. روش؛ این پژوهش کمی، توصیفی، نیمه تجربی و کتابخانه‌ای است. روش‌پژوهش از نظر محتوا و ماهیت از نوع همبستگی است. تجزیه و تحلیل آماری بر روی اطلاعات نمونه‌ای از شرکت‌های بورس اوراق‌بهادار تهران طی سال‌های 1396 تا 1401 با 481 مشاهده انجام شد. از رگرسیون چند متغیره با اثرات ثابت سال و صنعت، و نرم‌افزار استاتا ورژن 17 برای آزمون فرضیه‌های پژوهش استفاده شده‌است. نتایج؛ نتایج تجزیه و تحلیل داده‌ها نشان داد که اندوخته مالی بر سرمایه‌گذاری در نوآوری تأثیر مثبت و معناداری دارد و سهامداری مؤسسات مقاوم به فشار تأثیر تعدیل‌کننده مثبتی بر رابطه بین اندوخته مالی و سرمایه‌گذاری در نوآوری دارد و سهامداری مؤسسات حساس به فشار تأثیر تعدیل‌کننده بر رابطه بین اندوخته مالی و سرمایه‌گذاری نوآوری ندارد. نوآوری؛ این مطالعه ضمن بسط ادبیات نظری موجود، عوامل مؤثر بر سرمایه‌گذاری در نوآوری سازمانی را اصلاح و ویژگی‌های ناهمگن سرمایه‌گذاران نهادی را طبقه‌بندی و بررسی می‌کند.
Goals; Developing countries are guided by the strategic fields of innovation-based development, and the innovative activities of companies are an important driving force of sustainable development in the economy. Financial reserve is a flexible resource that provides resource accumulation beyond the daily needs of business activities. How the resources provided by the financial reserve affect the investment in the innovation activities of the company and the effect of institutional shareholders on the relationship between the financial reserve and investment in the innovation of companies are the main goals of this research.. Method; This research is quantitative, descriptive, semi-experimental and library. The research methodology is correlational in terms of content and nature. Statistical analysis was done on sample information from Tehran Stock Exchange companies during the years 2017 to 2022 with 481 observations. Multivariate regression with year and industry fixed effects and Stata version 17 software have been used to test research hypotheses. Results; The data analysis showed that the financial reserve has a positive and significant effect on investment in innovation, and the shareholding of pressure-resistant institutions has a positive moderating effect on the relationship between financial reserve and investment in innovation. Innovation; While expanding the existing theoretical literature, this study modifies the factors affecting investment in organizational innovation and classifies and examines the heterogeneous characteristics of institutional investors.
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