باورهای پولی مدیران و نگرش تأمین مالی آنان

محورهای موضوعی : مدیریت مالی بنگاه‌های اقتصادی

علی بیدقی ¹ , محمدرضا وطن پرست ^{2 *} , مهرداد صدر آرا ³

1 - گروه حسابداری، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.
2 - گروه حسابداری، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.
3 - گروه حسابداری، دانشگاه گیلان، رشت، ایران.

تاریخ دریافت : 1401/05/14 تاریخ پذیرش : 1401/09/11 تاریخ انتشار : 1401/10/01

کلید واژه: سود انباشته, انتشار سهام, استقراض, باورهای پولی,

چکیده مقاله :

هدف: مطابق مطالعات رفتاری، نوع نگرش مدیران شرکت‌ها در تصمیم‌گیری آن‌ها اثرگذار است. هدف این پژوهش، مطالعه رابطه باورهای پولی مدیران با نگرش تأمین مالی (درون‌سازمانی و برون‌سازمانی) آنان است.روش‌شناسی پژوهش: در این پژوهش، جمع‌آوری داده‌ها از طریق پرسش‌نامه و با روش نمونه‌گیری در دسترس صورت گرفته است. جامعه موردمطالعه مدیران عامل یا مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در سال 1400 است. حجم نمونه پژوهش با استفاده از جدول مورگان 183 نفر تعیین شد و در نهایت 159 پاسخ‌نامه قابل‌استفاده جمع‌آوری شد.یافته‌ها: نتایج، رابطه معناداری بین باور اجتناب از پول با هیچ‌یک از نگرش‌های تأمین مالی ارائه نکرد. به‌علاوه، باور هوشیاری نسبت به پول با تمایل به تأمین مالی از طریق سود انباشته، انتشار سهام و استقراض دارای رابطه مثبت است. باور منزلت دهندگی پول با تمایل به تأمین مالی برون‌سازمانی (استقراض و سهام) دارای رابطه مثبت است. باور پرستش پول نیز با نگرش تأمین مالی از طریق سود انباشته و انتشار سهام دارای رابطه مثبت است.اصالت / ارزش‌افزوده علمی: باتوجه‌به اینکه باورهای پولی مدیران می‌تواند بر رفتار آنان مؤثر باشد و این موضوع چندان هم موردتوجه تحقیقات پیشین نبوده است، نتایج این پژوهش می‌تواند در بهبود تصمیم‌گیری‌ها مؤثر بوده و ادبیات حوزه تأمین مالی را گسترش دهد. شرکت‌ها می‌توانند در کنار سایر مؤلفه‌ها باورهای پولی مدیران را نیز موردتوجه قرار دهند تا از طریق پیش‌بینی سیاست‌های تأمین مالی آنان و درنظرگرفتن سیاست‌های توسعه‌ای شرکت تعارض منافع بین سهام‌داران و مدیران را کاهش دهند.

چکیده انگلیسی:

Purpose: According to behavioral studies, the decision-making and behavior of company managers are among the factors affecting the type of their attitude toward various issues. This study aims to study the relationship between managers' money beliefs to their financing tendencies (internal or external).Methodology: In this study, data were collected through a questionnaire and the convenient sampling method. The study population is CEOs or financial managers of companies listed on the Tehran Stock Exchange in 2021. The study sample size (n = 183) was determined using the Morgan table, and 159 usable answer sheets were received.Findings: The results of the statistical analysis of data did not show a significant relationship between money avoidance beliefs and financing attitudes. In addition, the money vigilance belief had a positive relationship with the tendency to finance through retained earnings, stock issuance, and borrowing. Money status belief had a positive association with the external financing attitude (borrowing and stock). The money worship belief was positively related to the financing attitude through retained earnings and the issuance of shares.Originality / Value: Since managers' money beliefs can affect their behavior, this issue has not been the focus of previous research. The results of this research can be effective in improving decision-making. Also, the results of this research expand the literature in the field of financing. Companies can pay attention to the money beliefs of managers to reduce the conflict of interests between shareholders and managers by predicting their financing policies and considering the company's development policies.

منابع و مأخذ:

Agung, G; Hasnawati, S; Huzaimah, R. A. F. (2021). The Effect of Investment Decision, Financing Decision, Dividend Policy on Firm Value. Jurnal Bisnis Dan Manajemen, 17(1), 1–12.

Ajzen, I. (1985). From Intentions to Actions: a Theory of Planned Behavior. Action Control, 11–39.

Alhosseini Almodarresi, S; Farzinfar, Z; Saeida Ardakani, S. (2016). The Role of Money Attitude in Compulsive Buying of Youth. Management Research in Iran, 20(2), 177-194. [In Persian]

Antoniou, A; Guney, Y; Paudyal, K. N. (2002). Determinants of Corporate Capital Structure: Evidence from European Countries. SSRN Electronic Journal.

Bahrami, A; Taebi Noghondari, A; Zeinali, H. (2022). The Effects of Money Beliefs on Investment Addiction. Iranian Journal of Accounting, Auditing and Finance, 6(1), 53-66.

Baik, B; Brockman, P; Farber, D. B. (2018). Managerial Ability and the Quality of Firms’ Information Environment. Journal of Accounting Auditing and Finance, 33(4), 506–527.

Baker, M; Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1–32.

Ball, R; Gerakos, J; Linnainmaa, J. T; Nikolaev, V. (2020). Earnings, retained earnings, and book-to-market in the cross section of expected returns. Journal of Financial Economics, 135(1), 231-254.

Batool, A; Awan, T; Chugtai, S. (2021). Impact of CEO Overconfidence on Corporate Financing Decision with Mediating Role of Risk Perception. Business Review, 16(2), 77–95.

Bayat, A; Rostami, A. (2021). The Effect of Accounting Conservatism on Debt Capacity among Listed Companies in Tehran Stock Exchange. Journal of Accounting and Management Vision, 4(45), 18-32. [In Persian]

Campbell, M. A. B. (2007). A phenomenological study of family influence on Millennial college students’ money beliefs and behaviors. SSRN Electronic Journal.

Choo, M. R; Wang, C. W; Yin, C; Li, J. L. (2020). Managerial Ability and External Financing. Asia-Pacific Financial Markets, 28(2), 207–241.

Cude, B. J; Lawrence, F. C; Lyons, A. C; Metzger, K; LeJeune, E; Marks, L; Mactmes, K. (2006). College students and financial literacy: What they know and what we need to learn. Eastern Family Economics and Resource Management Association, 102–109.

Furnham, A; Okamura, R. (1999). Your money or your life: Behavioral and emotional predictors of money pathology. Human Relation. 52(9). 1157–1177.

Hafezi, F. (2013). The Study of Financing Methods on Profitability. Jouranl of Basic and Applied Scientific Research, 3(9), 47-49.

Heizer, T; Rettig, L. R. (2020). Top management team optimism and its influence on firms’ financing and investment decisions. Review of Financial Economics, 38(4), 601-622.

Henseler, J; Ringle, C. M; Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135.

Homan, H. A. (2017). Structural equation modeling with Lisrel application. The Center for Studying and Compling University Books in Humanitics (SAMT). Institute for Research and Development in the Humanities. [In Persian]

Khoshkar, F; Sarshar, S. (2022). The role of managers' psychological characteristics on the relationship between family corporate ownership and R&D investment. Journal of Accounting and Management Vision, 5(56), 31-43. [In Persian]

Kim, H. T; Nguyen, Q. (2022). Managers’ loss aversion and firm debt financing: Some insights from Vietnamese SMEs. Finance Research Letters, 44, 102046.

Klontz, B; Britt, S. L. (2012). How Clients' Money Scripts Predict Their Financial Behaviors. Journal of Financial Planning. 25(11). 33-43.

Klontz, B; Britt, S. L; Mentzer, J; Klontz, T. (2011). Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy, 2(1), 1-22.

Klontz, B; Klontz, T. (2009). Mind over money: Overcoming the money disorders that threaten our financial health. New York, Broadway Business.

Klontz, B; Klontz, T; Kahler, R. (2008). Wired for wealth: Change the money mindsets that keep you trapped and unleash your wealth potential. Dearfield Beach, Health Communications Inc.

Kokot-Stepien, P. (2022). The importance of external financing in management of innovative processes in the SME sector. Ekonomia I Prawo, 21(1), 145–163.

Kumar, S; Anjum, B; Nayyar, S. (2012). Financing Decisions: Studi of Pharmaceutical Companies of India. International Journal of Marketing, Financial Services & Management Research, 1(1), 14-28.

Lawson, D; Klontz, B. T; Britt, S. L. (2014). Money Scripts. Financial Therapy, 23–34.

Mohamadi, Y; Mohamadi, A; Esmaeli Kia, G. (2019). Managerial Overconfidence, financing policies and investment efficiency. Journal of Iranian Economic Issues, 6(12), 195-231. [In Persian]

Nadeem, M. A; Qamar, M. A. J; Nazir, M. S; Ahmad, I; Timoshin, A; Shehzad, K. (2020). How Investors Attitudes Shape Stock Market Participation in the Presence of Financial Self-Efficacy. Frontiers in Psychology, 11.

Pakdelan, S; Hesami, H; Asefnia, R; Bagheri Dadokolai, F. (2022). Investigating the effect of managers' overconfidence on the diversity of companies in companies listed on the stock exchange. Journal of Accounting and Management Vision, 5(60), 1-13. [In Persian]

Phan, T. C; Rieger, M. O; Wang, M. (2019). Segmentation of financial clients by attitudes and behavior. International Journal of Bank Marketing, 37(1), 44-68.

Raei Ezabadi, M. E; Dehgani, J; Sheykh, M. J. (2013). The Effect of Inflation Rate on Financing of Company listed in Tehran Security Exchange (Debt Financing and Equity Financing). Journal of Asset Management and Financing, 1(2), 51-68. [In Persian]

Rahnamay Roodposhti, F; Zandi, A. (2020). The Impact of Corporate Strategy on Capital Structure in Tehran Stock Exchange. Advances in Finance and Investment, 1(1), 1-17. [In Persian]

Redman, A. L; Tanner, J. R; Manakyan, H. (2002). Corporate real estate financing methods: A statistical study of corporations’ choices. Journal of Corporate Real Estate, 4(2), 169–186.

Rita, M. R; Kristanto, A. B; Nugrahanti, Y. W; Utomo, M. N. (2021). Entrepreneurial orientation and emotional bias in MSMEs’ financing and performance. Jurnal Ekonomi Dan Bisnis, 24(2), 237–270.

Sabaghiyan Toosi, O; Moradi, Z; Yazdani, S. (2022). Selecting The Optimal Model For Impact of External Financing Variables on Voluntary Discretionary Accruals in Companies with High and Low Investment Opportunities. Advances in Finance and Investment, 3(7), 72-47. [In Persian]

Sadeqi Arani, Z; Mazroui Nasrabadi, E; Moslehi Vadeghani, M. (2019). Analysis of Women’s Attitudes and Beliefs towards Money under the influence of Employment and Personality (Case: Employed and Unemployed Women in Kashan). Woman in Development & Politics, 17(4), 513-538. [In Persian]

Setayesh, M. H; Karimipoor, I. (2020). Investigating the Relationship between Managerial Personality Characteristics and Dividend Policy. Journal of Accounting Knowledge, 11(4), 149-170. [In Persian]

Sholin, T; Lim, H. N; Reiter, M; Antonoudi, E; Lurtz, M. (2021). The Money Scripts Related to the Use and Trust of Investment Advice. Journal of Financial Therapy, 12(2), 47-71.

Smith, J. K; Smith, R. L; Bliss, R. T. (2020). Entrepreneurial Finance: Strategy, Valuation, and Deal Structure. Stanford University Press.

Taylor, C. D; Klontz, B; Britt, S. L. (2016). Reliability and Convergent Validity of the Klontz Money Script Inventory-Revised (KMSI-R). Journal of Financial Therapy, 6(2), 2.

Ting, I. W. K; Lean, H. H; Kweh, Q. L; Azizan, N. A. (2016). Managerial overconfidence, government intervention and corporate financing decision. International Journal of Managerial Finance, 12(1), 4–24.

Wetzels, M; Odekerken-Schröder, G; Van Oppen, C. (2009). Using PLS Path Modeling for Assessing Hierarchical Construct Models: Guidelines and Empirical Illustration. MIS Quarterly, 33(1), 177-195.

Yatiwelle Koralalage, W. B. (2016). CFOs’ views on corporate financing decisions. Qualitative Research in Financial Markets, 8(4), 331–358.