بررسی تاثیر انعطاف پذیری مالی بر ریسک پذیری شرکت ها با نقش تعدیلی کارایی سرمایه گذاری
محورهای موضوعی : نقش اطلاعات حسابداری در اطلاع بخشی و کارایی بازار سرمایه
عبدالرسول مستاجران
1
*
,
سمانه افتخاری
2
,
طاهره سجادی راد
3
1 - عضو هیئت علمی دانشکده علوم مالی ،دانشگاه خوارزمی،تهران،ایران
2 - دانشجوی دکتری دانشگاه آزاد تهران جنوب،تهران،ایران
3 - دانشجوی دکتری دانشگاه تهران جنوب ،تهران،ایران
کلید واژه: انعطاف پذیری مالی, ریسک پذیری شرکتها, کارایی سرمایه گذاری,
چکیده مقاله :
در سال‌های اخیر، مفهوم انعطاف‌پذیری مالی به‌عنوان یک عامل کلیدی در تصمیم‌گیری‌های استراتژیک شرکتها به ویژه در اقتصادهای در حال توسعه مورد توجه قرار گرفته است. از طرفی، با توجه به رشد سریع اقتصادی و تغییرات پویا در محیط‌های مالی، ریسک‌پذیری شرکتها یک عامل حیاتی برای رشد و توسعه آن‌ها محسوب می‌شود؛ بنابراین، در این پژوهش بررسی شده است که آیا انعطاف‌پذیری مالی می‌تواند محرک ریسک‌پذیری شرکتی باشد یا خیر. بعلاوه نقش تعدیلی کارایی سرمایه‌گذاری در این رابطه نیز مورد بررسی قرار گرفته است. به این منظور از یک رویکرد تجربی کمّی مبتنی بر تحلیل رگرسیون چند متغیره استفاده شده و داده‌های گردآوری شده از 153 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1392 تا 1402 با تکنیک اقتصادسنجی پانل پویا (GMM) و نرم‌افزار ایویوز تحلیل شدند. نتایج نشان داد با افزایش انعطاف‌پذیری مالی، ریسک‌پذیری شرکتها نیز افزایش می‌یابد که نشان می‌دهد انعطاف‌پذیری مالی می‌تواند به‌عنوان یک منبع استراتژیک عمل کند و با فراهم کردن منابع مالی کافی، شرکتها را قادر به اتخاذ تصمیمات ریسکی‌تر نماید. همچنین، نقش کارایی سرمایه‌گذاری به‌عنوان یک عامل تعدیل‌کننده در این رابطه مورد تایید قرار گرفت و مشخص شد کارایی سرمایه‌گذاری، تاثیر مثبت انعطاف‌پذیری مالی بر ریسک‌پذیری را تقویت می‌کند. این یافته‌ها بینش‌های ارزشمندی را برای مدیران و سرمایه‌گذاران فراهم می‌آورد و بر اهمیت انعطاف‌پذیری مالی برای ریسک‌پذیری در شرکت‌های ایرانی تأکید می‌کند.
Abstract
In recent years, the concept of financial flexibility has gained attention as a key factor in the strategic decision-making of firms, especially in developing economies. On one hand, given the rapid economic growth and dynamic changes in financial environments, the risk-taking ability of firms is considered a vital factor for their growth and development. Therefore, this research examines whether financial flexibility can act as a driver of corporate risk-taking. Additionally, the moderating role of investment efficiency in this relationship has also been investigated. To this end, a quantitative empirical approach based on multivariate regression analysis was employed, utilizing data collected from 153 firms listed on the Tehran Stock Exchange during the years 2013 to 2023, analyzed using the dynamic panel econometric technique (GMM) and EViews software. The results indicated that with an increase in financial flexibility, the risk-taking of firms also increases, suggesting that financial flexibility can serve as a strategic resource, enabling firms to make riskier decisions by providing sufficient financial resources. Furthermore, the role of investment efficiency as a moderating factor in this relationship was confirmed, revealing that investment efficiency enhances the positive impact of financial flexibility on risk-taking. These findings provide valuable insights for managers and investors and emphasize the importance of financial flexibility for risk-taking in Iranian firms.
Acharya, V. V., Amihud, Y., & Litov, L. (2011). Creditor rights and corporate risk-taking. Journal of Financial Economics, 102(1), 150–166.
Alkaraan, F. (2023). Editorial: Corporate governance and sustainability issues. Corporate Governance and Sustainability Review, 7(1), 4–6.
Almeida, H., & Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. The Review of Financial Studies, 20(5), 1429–1460.
Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: Evidence
from financial crises. Review of Quantitative Finance and Accounting, 42(2), 211–250. Bagh, T., Khan, M. A., Naseer, M. M., & Iftikhar, K. (2024). Does financial flexibility drive firms’ risk-taking in emerging markets? The moderating role of investment efficiency. Managerial and Decision Economics, 1–21.
Bancel, F., & Mittoo, U. R. (2011). Financial flexibility and the impact of the global financial crisis. International Journal of Managerial Finance, 7(2), 179–216.
Baum, C. F., Caglayan, M., Ozkan, N., & Talavera, O. (2006). The impact of macroeconomic uncertainty on non-financial firms’ demand for liquidity. Review of Financial Economics, 15(4), 289–304.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2), 112–131.
Borio, C. (2014). The financial cycle and macroeconomics: What have we learnt? Journal of Banking & Finance, 45, 182–198.
Bromiley, P. (1991). Testing a causal model of corporate risk taking and performance. Academy of Management Journal, 34(1), 37–59.
Cao, J., & Juelsrud, R. E. (2022). Opacity and risk-taking: Evidence from Norway. Journal of Banking & Finance, 134, 106010. Chang, B.-G., & Wu, K.-S. (2021). The nonlinear relationship between financial flexibility and enterprise risk-taking during the
COVID-19 pandemic in Taiwan’s semiconductor industry. Oeconomia Copernicana, 12(2), 307–333. Chao, C.-H., & Huang, C.-J. (2022). Firm performance following actual share repurchases: Effects of investment crowding out and financial flexibility. Pacific-Basin Finance Journal, 73, 101738.
Chen, N., Sung, H.-C., & Yang, J. (2017). Ownership structure, corporate governance and investment efficiency of Chinese listed firms. Pacific Accounting Review, 29(3), 266–282.
Chen, Z., Du, J., Li, D., & Ouyang, R. (2013). Does foreign institutional ownership increase return volatility? Evidence from China. Journal of Banking & Finance, 37(2), 660–669.
Cucculelli, M., & Ermini, B. (2013). Risk attitude, product innovation, and firm growth: Evidence from Italian manufacturing firms. Economics Letters, 118(2), 275–279.
Denis, D. J. (2011). Financial flexibility and corporate liquidity. Journal of Corporate Finance, 17(3), 667–674.
Denis, D. J., & McKeon, S. B. (2012). Debt financing and financial flexibility: Evidence from proactive leverage increases. The Review of Financial Studies, 25(6), 1897–1929.
Díez-Esteban, J. M., García-Gómez, C. D., López-Iturriaga, F. J., & Santamaría-Mariscal, M. (2017). Corporate risk-taking, returns and the nature of major shareholders: Evidence from prospect theory. Research in International Business and Finance, 42, 900–911.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74.
Faccio, M., Marchica, M.-T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209.
Gamba, A., & Triantis, A. (2008). The value of financial flexibility. The Journal of Finance, 63(5), 2263–2296.
Gu, Y., & Yuan, F. (2020). Internal control, financial flexibility and corporate performance: Based on empirical analysis of listed companies in the information technology industry. Journal of Physics: Conference Series, 1607(1), 012118.
Habib, A., & Hasan, M. M. (2017). Firm life cycle, corporate risk-taking and investor sentiment. Accounting and Finance, 57(2), 465–497.
Hair, J.F.J., Anderson, R.E., Tatham, R.L. & Black, W.C. (1998). Multivariate Data Analysis, Macmillan, New York, NY.
Hao, Z., Zhang, X., & Wei, J. (2022). Research on the effect of enterprise financial flexibility on sustainable innovation. Journal of Innovation & Knowledge, 7(2), 100184.
Hu, J., Li, K., Xia, Y., & Zhang, J. (2023). Gender diversity and financial flexibility: Evidence from China. International Review of Financial Analysis, 90, 102934.
Huang, G., An, Z., & Li, D. (2023). Foreign institutional ownership and corporate risk-taking: International evidence. Corporate Governance: An International Review, 31(2), 260–284.
Hunjra, A. I., Bagh, T., Palma, A., & Goodell, J. W. (2024). Is enterprise risk-taking less sensitive to financial flexibility post COVID-19? Evidence from non-linear patterns. International Review of Financial Analysis, 95, 103432.
Islam, M., Wang, M., & Dewri, L. (2019). Financial flexibility: A synthesis of literature review. International Journal of Accounting and Financial Reporting, 9(1), 245–256.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk-taking. The Journal of Finance, 63(4), 1679–1728. Kanga, D., Murinde, V., & Soumaré, I. (2020). Capital, risk and profitability of WAEMU banks: Does bank ownership matter? Journal of Banking & Finance, 114, 105814.
Kopyrina, O., Wu, K., & Ying, Z. (2023). Greening through central inspection: The role of legitimacy pressure and risk-taking. Pacific-Basin Finance Journal, 77, 101894.3
Kuo, Y.-F., Lin, Y.-M., & Chien, H.-F. (2021). Corporate social responsibility, enterprise risk management, and real earnings management: Evidence from managerial confidence. Finance Research Letters, 41, 101805.
Langenmayr, D., & Lester, R. (2018). Taxation and corporate risk-taking. The Accounting Review, 93(3), 237–266.
Leahy, J. V., & Whited, T. M. (1995). The effect of uncertainty on investment: Some stylized facts. National Bureau of Economic Research Working Paper Series, No. 4986.
Li, R., Cui, Y., & Zheng, Y. (2021). The impact of corporate strategy on enterprise innovation based on the mediating effect of corporate risktaking. Sustainability, 13(3), 1023.
Liu, Y., & Chang, Y. (2020). The impact of financial flexibility on enterprise risk-taking. 1st Africa-Asia Dialogue Network (AADN) International Conference (AADNIC 2019).
López-Gamero, M. D., & Molina-Azorín, J. F. (2016). Environmental management and firm competitiveness: The joint analysis of external and internal elements. Long Range Planning, 49(6), 746–763.
Ma, C.-A., & Jin, Y. (2016). What drives the relationship between financial flexibility and firm performance: Investment scale or investment efficiency? Evidence from China. Emerging Markets Finance and Trade, 52(9), 2043–2055.
Marchica, M.-T., & Mura, R. (2010). Financial flexibility, investment ability, and firm value: Evidence from firms with spare debt capacity. Financial Management, 39(4), 1339–1365.
Miller, M. H., & Modigliani, F. (1963). Dividend policy and market valuation: A reply. The Journal of Business, 36(1), 116–119.#3 Minh, H. N., & Vinh, H. L. (2022). Impact of the Covid-19 pandemic on the risk-taking behavior of non-financial firms listed in Vietnam with cash holdings as a moderating variable. Journal of Eastern European and Central Asian Research, 9(3), 462–470.
Mishra, D. R. (2024). Risk-taking incentives and risk-taking outcomes. Journal of Banking & Finance, 160, 107080.
Myers, S. C. (2003). Chapter 4 – Financing of corporations. In G. M. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the economics of finance (Vol. 1, pp. 215–253).
Naseer, M. M., Khan, M. A., Bagh, T., Guo, Y., & Zhu, X. (2024). Firm climate change risk and financial flexibility: Drivers of ESG performance and firm value. Borsa Istanbul Review, 24(1), 106–117.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46.
Palmer, T. B., & Wiseman, R. M. (1999). Decoupling risk taking from income stream uncertainty: A holistic model of risk. Strategic Management Journal, 20(11), 1037–1062.
Panousi, V., & Papanikolaou, D. (2012). Investment, idiosyncratic risk, and ownership. The Journal of Finance, 67(3), 1113–1148.
Phan, D. H. B., Iyke, B. N., Sharma, S. S., & Affandi, Y. (2021). Economic policy uncertainty and financial stability–Is there a relation? Economic Modelling, 94, 1018–1029.
Raza, A., Hamid, K., Sajid, M., & Rasheed, A. (2021). Mediating and moderating role of investment efficiency and investment scale between financial flexibility and firm performance. International Journal of Management (IJM), 12(4), 658–672.
Saeed, A., & Sameer, M. (2017). Impact of board gender diversity on dividend payments: Evidence from some emerging economies. International Business Review, 26(6), 1100–1113.
Shahzad, F., Lu, J., & Fareed, Z. (2019). Does firm life cycle impact corporate risk-taking and performance? Journal of Multinational Financial Management, 51, 23–44.
Shapiro, S. P. (2005). Agency theory. Annual Review of Sociology, 31, 263–284.
Smieja, J., Zaleskiewicz, T., Sobkow, A., & Traczyk, J. (2023). Imagining risk taking: The valence of mental imagery is related to the declared willingness to take risky actions. Journal of Behavioral Decision Making, 36(4), e2340.
Tang, H.-W., & Chang, C.-C. (2024). CEO overconfidence, risk-taking, and firm value: Influence of incentive compensation and financial constraints. The North American Journal of Economics and Finance, 69, 102034.
Tran, Q. T. (2020). Foreign ownership and investment efficiency: New evidence from an emerging market. International Journal of Emerging Markets, 15(6), 1185–1199.
Trigeorgis, L., & Reuer, J. J. (2017). Real options theory in strategic management. Strategic Management Journal, 38(1), 42–63. Ullah, I., Majeed, M. A., & Fang, H.-X. (2021). Female CEOs and corporate investment efficiency: Evidence from China. Borsa Istanbul Review, 21(2), 161–174.
Wu, W., Alkaraan, F., & Le, C. (2023). The moderating effects of corporate governance and investment efficiency on the nexus
between financial flexibility and firm performance. Journal of Financial Reporting and Accounting, ahead-of-print. Zhang, H., & Geng, Q. (2018). Management ownership, financial flexibility and corporate risk-taking. Finance and Accounting Monthly, 2, 85–93.
Zhou, L., Guo, N., Zhou, Z., & Zeng, H. (2020). The impact of corporate social responsibility and financial flexibility on risk. Finance and Accounting Monthly, 14, 58–68.