فرصت رشد و سیاست سرمایه‌گذاری باتوجه‌به نقش مشوق مدیریتی در بازار سرمایه ایران

محورهای موضوعی : سرمایه‌گذاری

میثم دعائی ¹

1 - گروه مدیریت مالی، دانشگاه آزاد اسلامی واحد اسفراین

تاریخ دریافت : 1402/08/29 تاریخ پذیرش : 1403/03/15 تاریخ انتشار : 1403/03/15

کلید واژه: سیاست سرمایه‌گذاری, فرصت رشد, مشوق مدیریتی,

چکیده مقاله :

هدف: بررسی رابطه فرصت رشد و سیاست سرمایه‌گذاری باتوجه‌به نقش مشوق مدیریتی در نمونه‌ای مورد مطالعه از شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران و فرابورس ایران می‌باشد. روش‌شناسی پژوهش: پژوهش حاضر از نظر هدف کاربردی، از نظر نوع داده کمی، از نظر منطق اجرا استقرایی و از نظر نحوه اجرا توصیفی - همبستگی می‌باشد. در این پژوهش با استفاده از از منابع کتابخانه¬ای، روابط بین متغیرها با استفاده از مدل‌های همبستگی و رگرسیون چندگانه با رویکرد پانل پویا آزمون شده است. ابتدا داده‌های گردآوری شده در نرم‌افزار اکسل طبقه¬بندی و پس از ساماندهی و محاسبه متغیرها، جهت تجزیه‌و‌تحلیل اطلاعات از نرم‌افزار آماری R بهره گرفته شد. یافته‌ها: بر اساس تحلیل آماری و تخمین رگرسیون‌ها نتایج حاصل از بررسی فرضیه‌ها در سطح خطای مورد انتظار نشان داد بین فرصت رشد و سرمایه‌گذاری در دارایی‌های مشهود و همچنین دارایی‌های نامشهود رابطه معنی‌داری وجود دارد. همچنین مشوق مدیریتی رابطه بین فرصت رشد و سرمایه‌گذاری در دارایی‌های مشهود و همچنین نامشهود را تعدیل می‌کند. اصالت / ارزش‌افزوده علمی: نوآوری این پژوهش در زمینه مشخص کردن نقش مشوق مدیریتی در رابطه بین فرصت رشد و سیاست سرمایه‌گذاری در بازار سرمایه ایران می‌باشد.

چکیده انگلیسی:

Objective: This study examines the relationship between growth opportunities and investment policy, considering the role of managerial incentives within a sample of firms listed on the Tehran Stock Exchange and the Iran Fara Bourse. Methodology: This research is applied in goal, quantitative in data type, inductive in logic, and descriptive-correlational in its implementation. Using library resources, relationships between variables were tested using correlation models and multiple regression with a dynamic panel approach. Initially, data collected were organized and processed in Excel, and subsequently, the R statistical software was employed for data analysis. Findings: Statistical analysis and regression estimates indicate that there is a significant relationship between growth opportunities and investment in both tangible and intangible assets. Furthermore, managerial incentives moderate the relationship between growth opportunities and investments in both types of assets. Originality/Scientific Value: The innovation of this research lies in identifying the role of managerial incentives in the relationship between growth opportunities and investment policy in Iran's capital market.

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