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

الموضوعات :

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.

تاريخ الإرسال : 14 الأربعاء , رمضان, 1444 تاريخ التأكيد : 19 الخميس , ذو القعدة, 1444 تاريخ الإصدار : 04 الخميس , ذو الحجة, 1444

الکلمات المفتاحية: رقابت بازار محصول, بازارهای سرمایه داخلی, شکاف مالکیتی-کنترلی, گروه‌های تجاری,

ملخص المقالة :

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.

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