تأثیر سهامداران نهادی بر رابطه بین اندوخته مالی و سرمایه‌گذاری در نوآوری شرکت‌ها
محورهای موضوعی : مدیریت مالی
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
کلید واژه: اندوخته مالی, سرمایه گذار نهادی, نوآوری.,
چکیده مقاله :
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).
Objective: To examine how resources provided by financial slack affect investment in a company's innovation activities and the moderating role of institutional shareholders on the relationship between financial slack and innovation investment.
Research Methodology: This quantitative, descriptive, retrospective, and correlational study analyzed data from companies listed on the Tehran Stock Exchange during the years 2017 to 2022, with 481 observations. Multivariate regression and Stata software were used to test the hypotheses. Innovation investment was measured by research and development (R&D) expenses; financial slack was measured by cash and short-term investments relative to total assets; institutional ownership was categorized into pressure-resistant institutions (such as pension funds and insurance companies) and pressure-sensitive institutions (such as banks).
Findings: Data analysis results showed that financial slack has a positive and significant effect on innovation investment (β = 0.328, p < 0.01). Moreover, ownership by pressure-resistant institutions positively moderates the relationship between financial slack and innovation investment (β = 0.215, p < 0.05), while ownership by pressure-sensitive institutions does not have a significant moderating effect on this relationship (β = 0.074, p > 0.10).
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