Estimation of the model of factors affecting financial stability of companies listed on the Tehran Stock Exchange

Subject Areas : Journal of Investment Knowledge

Amirali Bamzar ¹ , Mohammadreza Mehrabanpour ² , hossein Jahangirnia ³ , mozhgan safa ⁴

1 - PhD.Student in Accunting, Qom Branch, Islamic Azad University, Qom, Iran.
2 - Assistant Professor,Department Of Accunting,University Of Tehran, Farabi Campus Qom, Qom, Iran.
3 - Assistant Professor, Department Of Accunting, Qom Branch, Islamic Azad University, Qom, Iran.
4 - Assistant Professor, Department Of Accunting, Qom Branch, Islamic Azad University, Qom, Iran.

Received: 2021-06-12 Accepted : 2021-08-08 Published : 2024-12-21

Keywords: model estimation, key words: Financial stability, financial indicators,

Abstract :

AbstractThe main purpose of this study is to estimate the model of factors affecting financial stability in companies listed on the Tehran Stock Exchange. The research method in terms of design was descriptive-analytical based on past events, field experiments, retrospective or causal after occurrence. A review of the literature, research, and interview results reveals five main themes that categorize the factors affecting financial stability in companies. In the following, the effect of these components on financial stability in companies is evaluated. For this purpose, the performance information of 130 companies that have been screened by the method of screening in the period 2015-2019. The results showed that, return on investment and profit to price ratio per share (from performance indicators), working capital (from resource management indicators), financial cost coverage (from financial structure indicators), instantaneous ratio (from indicators Liquidity indices) and institutional ownership (characteristics of the company) have a positive effect on the financial stability of companies. Also, receivables period (from resource management indicators), long-term debt ratio (from financial structure indicators), debt repayment period (from liquidity indicators) have had a negative impact on financial stability.key words: Financial stability, financial indicators, model estimation.

References:

• اسدی، غلامحسین، نادری نورعینی محمد مهدی و منصور سرفراز. (1396). تأثیر محافظه‌کاری بر پایداری اقلام تعهدی. فصلنامه حسابداری مالی، ۹ (۳۶): 52-32.


• افلاطونی، عباس. (1392). تجزیه و تحلیل آماری با EViews در تحقیقات حسابداری و مدیریت مالی: قابل استفاده برای دانشجویان دوره‌های کارشناسی ارشد و دکتری حسابداری، مدیریت مالی و اقتصاد، انتشارات ترمه، چاپ اول.


• حاجیها، زهره و مریم نادری. (1397). بررسی ارتباط بین کیفیت حسابداری با ضعف‌های بااهمیت کنترل داخلی. فصلنامه حسابداری مالی، ۱۰(۳۷): 118-95.


• بام زر، امیرعلی، (1400). تبیین الگوی ثبات مالی شرکت‌های پذیرفته شده در سازمان بورس اوراق بهادار تهران مبتنی بر شاخص‌های مالی.


• موسوی، سمانه، (1394). بررسی عوامل موثر بر بی‌ثباتی بانک‌ها در ایران با استفاده از شاخص Z-score، پایان‌نامه کارشناسی ارشد، دانشکده علوم اقتصادی و سیاسی گروه اقتصاد، دانشگاه شهید بهشتی.

 

• Allen, W. and Wood, G. (2006), “Defining and achieving financial stability”, Journal of Financial Stability, June, pp. 152‐172.


• Altman, E. I., 1968, Financial ratios, discriminant analysis and the prediction of corporate bankruptcy, The Journal of Finance 23, 589–609.


• Beaver, W. H., 1966, Financial ratios as predictors of failure, Journal of Accounting Research 4, 71–111.


• Beck, T., Degryse, H., & Kneer, C. (2014). Is more finance better? Disentangling intermediation and size effects of financial systems. Journal of Financial Stability, 10, 50-64.


• Blank I.A., 2013. Upravlenie finansovoj bezopasnost'ju predprijatija.


• Crockett, A., (1997), “Why is Financial Stability a Goal of Public Policy?”, in Maintaining Financial Stability in a Global Economy, Symposium Proceedings, Federal Reserve Bank of Kansas City, August, pp. 55‐96.


• Darrat, A. F., S. Gray, J. C. Park, and Y. Wu, 2016, Corporate governance and bankruptcy risk, Journal of Accounting, Auditing and Finance 31, 163–202


• Delas, V., Nosova, E., & Yafinovych, O. (2015). Financial security of enterprises. Procedia Economics and Finance, 27, 248-266.


• Faleye, O., R. Hoitash, and U. Hoitash, 2013, Advisory directors. Available at SSRN: https://ssrn.com/abstract=1866166


• Ferry, L., Gebreiter, F., & Murphy, P. (2017). Written evidence submitted to the Public Accounts Committee


• Gottardo, P., and A. M. Moisello, 2017, Family firms, risk-taking and financial distress, Problems and Perspectives in Management 15, 168–177.


• Habib, A., Costa, M. D., Huang, H. J., Bhuiyan, M. B. U., & Sun, L. (2020). Determinants and consequences of financial distress: review of the empirical literature. Accounting & Finance, 60, 1023-1075.


• Hung, H., Ryan, S, Lissa, J. 2020. Monetary policy in the crisis: testing the limits of monetary policy. In: Speech delivered at the 47th SEACEN Governor’s Conference, Seoul, Korea, February, pp. 13---14.


• 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.


• Large, A., (2003), “Financial Stability: Maintaining Confidence in a complex world”, in Bank of England Financial Stability Review, December, pp. 170‐174


• Lian, Y., 2017, Financial distress and customer-supplier relationships, Journal of Corporate Finance 43, 397–406.


• Lin, F., Liang, D., & Chen, E. (2011). Financial ratio selection for business crisis prediction. Expert Systems with Applications, 38(12), 15094-15102.


• Merton, R. C., 2006, On the pricing of corporate debt: the risk structure of interest rates, The Journal of Finance 29, 449–470


• Miera, D. M., & Repullo, R. (2020). Interest Rates, Market Power, and Financial Stability. Ohlson, J. A., 1980, Financial ratios and the probabilistic prediction of bankruptcy, Journal of Accounting Research 18, 109–131.


• Ohlson, J. A., 1980, Financial ratios and the probabilistic prediction of bankruptcy, Journal of Accounting Research 18, 109–131.


• Padoa‐Schioppa, T., (2002), “Central Banks and Financial Stability: Exploring a Land in Between”, paper


• Rodriguez, L., Fich, E. M., and S. L. Slezak, 2021, Can corporate governance save distressed firms from bankruptcy? An empirical analysis, Review of Quantitative Finance and Accounting 30, 225–251.


• Roncoroni, A., Battiston, S., Farfán, L. O. L. E., & Jaramillo, S. M. (2021). Climate risk and financial stability in the network of banks and investment funds. Journal of Financial Stability, 100870.

 

• Schinasi, G., (2004), “Defining Financial Stability”, IMF Working Paper No. WP/04/187, October.