بررسی تأثیر رقابت در بازار محصول بر سرعت تعدیل ساختار سرمایه با درنظرگرفتن نقش تعدیل‌کننده برون‌گرایی مدیرعامل

محورهای موضوعی : بازارها و نهادهای مالی

مهدی فیل سرائی ¹ (گروه حسابداری، مؤسسه آموزش عالی حکیم توس، مشهد، ایران.)

تاریخ دریافت : 1402/02/08 تاریخ پذیرش : 1402/05/21 تاریخ انتشار : 1402/04/01

کلید واژه: رقابت در بازار محصول, رتبه اعتباری, سرعت تعدیل ساختار سرمایه, برون‌گرایی مدیرعامل,

چکیده مقاله :

هدف: هدف این پژوهش بررسی رابطه رقابت در بازار محصول، برون‌گرایی مدیرعامل و سرعت تعدیل ساختار سرمایه در بازار سرمایه است.روش‌شناسی پژوهش: این پژوهش از نظر هدف کاربردی، از نوع داده کمی، از منطق اجرا استقرایی و از نحوه اجرا توصیفی - همبستگی است.روش موردنظر برای گردآوری شواهد از نوع پس رویدادی است. روابط بین متغیر‌‌ها با استفاده از مدل‌های همبستگی و رگرسیون چندگانه با رویکرد پانل آزمون شده است. در مدل‌های تحقیق از اطلاعات 143 شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران در طی دوره زمانی 1391 تا 1400 استفاده شد. اطلاعات شرکت‌ها به کمک نرم‌افزار R مورد آنالیز و تحلیل واقع و برای برآورد مدل تحقیق از روش رگرسیون چندمتغیره استفاده شد.یافته‌ها: نتایج تحلیل داده‌ها با استفاده از رگرسیون‌های چندگانه با رویکرد پانل دیتا در سطح خطای مورد انتظار پنج درصد نشان داد: بین رقابت در بازار محصول و سرعت تعدیل ساختار سرمایه رابطه معناداری وجود دارد. همچنین برون‌گرایی مدیرعامل، رابطه بین رقابت در بازار محصول و سرعت تعدیل ساختار سرمایه را تقویت می‌کند.اصالت / ارزش‌افزوده علمی: نتایج این پژوهش علاوه بر توسعه ادبیات مربوط به‌سرعت تعدیل ساختار سرمایه و رقابت در بازار محصول، به تمام ذی‌نفعان و استفاده‌کنندگان کمک می‌کند تا میزان توجه شرکت‌ها به تأثیر رقابت در بازار محصول و سرعت تعدیل ساختار سرمایه را با استفاده از نظریه‌های بدهی محدود و رفتار غارتگرایانه مورد ارزیابی قرار دهند. همچنین این رابطه بر اساس نوع شخصیت مدیرعامل (برون‌گرایی) مورد بررسی و تجزیه‌وتحلیل قرار می‌گیرد. در هیچ‌یک از پژوهش‌های داخلی، تحقیقی راجع به اثر برون‌گرایی مدیریت عامل بر سرعت تعدیل ساختار سرمایه صورت نپذیرفته است. ازاین‌حیث، پژوهش حاضر در داخل کشور نوآوری دارد.

چکیده انگلیسی:

Objective: This research aims to examine the relationship between market competition, CEO extraversion, and the speed of capital structure adjustment in the capital market.Research Methodology: This study is applied in terms of its objective, quantitative in terms of data, deductive in terms of logic, and descriptive-correlational in terms of execution. The preferred method for gathering evidence is post-event. Relationships between variables have been examined using correlation and multiple regression models with a panel data approach. The study employs data from 143 publicly traded companies on the Tehran Stock Exchange during the period from 2012 to 2021. Company data is analyzed and processed using the R software, and multiple regression is used to estimate the research model.Findings: Data analysis results, using multiple regression with a panel data approach at an expected error level of five percent, reveal a significant relationship between market competition and the speed of capital structure adjustment. Furthermore, CEO extraversion strengthens the relationship between market competition and the speed of capital structure adjustment.Originality/Scientific Contribution: The findings of this research not only contribute to the literature on capital structure adjustment speed and market competition but also assist all stakeholders and users in assessing companies' attention to the impact of market competition and capital structure adjustment speed using the theories of limited liability and opportunistic behavior. Additionally, this relationship is analyzed and dissected based on the personality type of the CEO (extraversion). No previous domestic studies have investigated the effect of CEO extraversion on the speed of capital structure adjustment. Therefore, this research is innovative within the country.

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