تأثیر سهامداران نهادی بر رابطه بین اندوخته مالی و سرمایه‌گذاری در نوآوری شرکت‌ها
الموضوعات :
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
الکلمات المفتاحية: اندوخته مالی, سرمایه گذار نهادی, نوآوری.,
ملخص المقالة :
هدف: بررسی چگونگی تأثیر منابع ارائه‌شده توسط اندوخته مالی بر سرمایه‌گذاری در فعالیت‌های نوآوری شرکت و تأثیر سهامداران نهادی بر رابطه بین اندوخته مالی و سرمایه‌گذاری در نوآوری شرکت‌ها.
روش‌شناسی پژوهش: این پژوهش کمی، توصیفی، گذشته‌نگر و از نوع همبستگی است. تجزیه‌وتحلیل آماری بر روی اطلاعات شرکت‌های نمونه پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1396 تا 1401 با 481 مشاهده انجام شد. از رگرسیون چند متغیره و نرم‌افزار استاتا برای آزمون فرضیه‌ها استفاده شده است. سرمایه‌گذاری در نوآوری با هزینه‌های تحقیق و توسعه، اندوخته مالی با وجه نقد و سرمایه‌گذاری‌های کوتاه‌مدت نسبت به کل دارایی‌ها، و سهامداری نهادی به دو دسته مؤسسات مقاوم به فشار (مانند صندوق‌های بازنشستگی و شرکت‌های بیمه) و مؤسسات حساس به فشار (مانند بانک‌ها) تقسیم‌بندی شد.
یافته‌ها: نتایج تجزیه‌وتحلیل داده‌ها نشان داد که اندوخته مالی بر سرمایه‌گذاری در نوآوری تأثیر مثبت و معناداری دارد (β = 0.328، p < 0.01). همچنین سهامداری مؤسسات مقاوم به فشار تأثیر تعدیل‌کننده مثبتی بر رابطه بین اندوخته مالی و سرمایه‌گذاری در نوآوری دارد
(β = 0.215، p < 0.05)، اما سهامداری مؤسسات حساس به فشار تأثیر تعدیل‌کننده معناداری بر این رابطه ندارد (β = 0.074، p > 0.10).
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