بررسی رابطه بین نقدشوندگی و تمرکز مالکیت شرکت‌ها با در نظر گرفتن نقش تعدیلی حاکمیت شرکتی

محورهای موضوعی : مدیریت مالی بنگاه‌های اقتصادی

شکراله خواجوی ¹ (گروه حسابداری، دانشکده اقتصاد، مدیریت و علوم اجتماعی، دانشگاه شیراز، شیراز، ایران،)
غلامرضا رضایی ² (گروه حسابداری، دانشکده مدیریت و اقتصاد، دانشگاه سیستان و بلوچستان، زاهدان، ایران)
امیر صفایی ³ (گروه حسابداری و مدیریت مالی، واحد مرودشت، دانشگاه آزاد اسلامی، مرودشت، ایران)

تاریخ دریافت : 1400/02/10 تاریخ پذیرش : 1400/06/30 تاریخ انتشار : 1400/06/01

کلید واژه: حاکمیت شرکتی, تمرکز مالکیت, نقدشوندگی, استقلال هیأت مدیره, هزینه‌های حسابرسی,

چکیده مقاله :

هدف اصلی این پژوهش بررسی رابطه بین تمرکز مالکیت و نقدشوندگی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران با در نظر گرفتن نقش تعدیلی حاکمیت شرکتی است. از این‌رو، پژوهش حاضر در پی یافتن پاسخی برای این پرسش است که: آیا بین تمرکز مالکیت، حاکمیت شرکتی و نقدشوندگی رابطه معناداری وجود دارد؟ جامعه آماری این پژوهش کلیه شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران هستند و نمونه آماری شامل 145 شرکت از بین شرکت های پذیرفته شده در بورس اوراق بهادر تهران است.جهت انجام تحلیل های آماری رگرسیون با بکارگیری نرم‌افزارهای SPSS و Eviews برای آزمون فرضیه‌های پژوهش استفاده شده است. نتایج حاصل از پژوهش نشان‌دهنده آن است که بین تمرکز مالکیت و نقدشوندگی رابطه منفی و معناداری وجود دارد. رابطه بین حاکمیت شرکتی و نقدشوندگی مثبت و معنادار است. همچنین، نتایج پژوهش بیانگر آن است که حاکمیت شرکتی رابطه بین تمرکز مالکیت و نقدشوندگی را تعدیل می‌کند.

چکیده انگلیسی:

The main purpose of this research is to study the relationship between ownership concentration and liquidity for the companies listed on Tehran Stock Exchange (TSE) with considering moderating role of corporate governance. Another Aim was from purpose of this study is to extend priorresearch on this topic. to achieve goals, an attempt will be made to answer the following question: “Is there a significant relationship between ownership concentration, corporate governance, and liquidity?” The research population composes of total companies listed in the TSE and statistical sample composes of 145 companies. The regression analysis whit SPSS and Eviews software are used for testing hypothesis of the research. The results suggest that there is a negative relationship between ownership concentration and liquidity. The relationship between corporate governance and liquidity is positive and significance. Also, the results showed that corporate governance have a moderating role in the relationship between ownership concentration and liquidity.

منابع و مأخذ:

اعتمادی، حسین؛ رسائیان، امیر و حسین کردتبار (1389). رابطه برخی از ابزارهای حاکمیت شرکتی و نقدشوندگی سهام. مجله توسعه و سرمایه، سال سوم، شماره 5، ص­ص. 31-59.

جهانخانی، علی و سعید قربانی (1384). شناسایی و تعییین عوامل تعیین­کننده سیاست تقسیم سود شرکت­های پذیرفته شده در سازمان بورس اوراق بهادار تهران. تحقیقات مالی، شماره 20، ص­ص. 27-48.

رحمانی، علی و حدیثه حاجی مرادخانی (1396). قدرت بازار محصول و نقدشوندگی بازار سهام. مدیریت دارایی و تأمین مالی، دوره پنجم، شماره 2، ص­ص. 21-36.

رحیمیان، نظام­الدین؛ بابائی، فاطمه و حسین جهانگیری (1395). بررسی رابطه بین معیارهای ارزیابی عملکرد و ارزش شرکت. پژوهش­های کاربردی در گزارشگری مالی، سال پنجم، شماره 8، ص­ص. 51-72.

ستایش، محمدحسین؛ رضایی، غلامرضا؛ زیاری، سارا و فاطمه کاظم­نژاد (1392). بررسی رابطه بین کیفیت اطلاعات مالی و محدودیت در تأمین مالی شرکت­های پذیرفته شده در بورس اوراق بهادار تهران. فصلنامه حسابداری مالی، شماره 19، ص­ص. 21-45.

سعیدی، علی و ام­البنین دادار (1386). بررسی رابطه بین نقد شوندگی سهام با شاخص نقد شوندگی دروه های پیشین در بورس اوراق بهادار تهران. مطالعات مدیریت صنعتی، سال ششم، شماره 16، ص­ص. 75-97.

صالحی، اله­کرم (1400). تأثیر قدرت حاکمیت شرکتی بر نقدشوندگی بازار سهام: با تاکید بر معیارهای آمیهود، حجم معامله و شکاف قیمتی. دانش سرمایه­گذاری، دوره 10، شماره 37، ص­ص. 37-55.

قلی­پور، رحمت­اله؛ مشایخی، بیتا و امین ناصری (1395). حاکمیت شرکتی در بخش عمومی و نقش آن در اقتصاد مقاومتی. فصلنامه سیاست­های مالی و اقتصادی، شماره 14، ص­ص. 107-130.

کاشانی­پور، محمد؛ راعی عزآبادی، محمد ابراهیم و محمود ارشادی (1396). تأثیر مکانیزم­های راهبری شرکتی بر تأخیر گزارشگری مالی میان­دوره­ای: مطالعه مورد بورس اوراق بهادار تهران. فصلنامه سیاست­های مالی و اقتصادی، شماره 17، ص­ص. 169-194.

کاشانی­پور، محمد؛ مهرانی، ساسان و یوسف پاشانژاد (1389). بررسی ارتباط برخی از مکانیزم­های نظام راهبری شرکتی با نقدشوندگی بازار. پژوهش­های حسابداری مالی، سال دوم، شماره 2، ص­ص. 61-76.

محمدزاده، فاطمه (1399). بررسی رابطه بین تمرکز مالکیت و نقدشوندگی سهام در شرکت­های پذیرفته شده در بورس اوراق بهادار تهران. مطالعات اقتصاد، مدیریت مالی و حسابداری، دوره 6، شماره 1، ص­ص. 60-67.

مرادی، عزیزالله و محمد قربانیان (1399). نقش تعدیل گری کیفیت گزارش مالی بر رابطه بین حاکمیت شرکتی و ریسک نقد شوندگی سهام. رویکردهای پژوهشی نوین در مدیریت و حسابداری، شماره 28، ص­ص. 15-32.

مهرانی، ساسان و امیر رسائیان (1388). نقدشوندگی سهام و نقدشوندگی دارایی­ها. مجله حسابرس، شماره 46، ص­ص. 52-56.

هرمزی، شیرکو و رزگار طالب­پور اصل (1393). بررسی ارتباط بین نقدشوندگی، حاکمیت شرکتی و ارزش شرکت­ها. پژوهش­های کاربردی در گزارشگری مالی، سال سوم، شماره 4، ص­ص. 49-74.

یعقوب­نژاد، احمد و علی ذبیحی (1390). بررسی رابطه بین کیفیت افشا و نقدشوندگی سهام شرکت­های پذیرفته شده در بورس اوراق بهادار تهران. مجله دانش مالی تحلیل اوراق بهادار، شماره 10، ص­ص. 217-235.

Ali, S., Liu, B. and J.J. Su (2018). Does corporate governance quality affect default risk? The role of growth opportunities and stock liquidity. International Review of Economics and Finance, Vol. 58, pp. 422-448.

Amihud, Y. (2002). Illiquidity and stock returns: Cross-section and time series effects. Journal of Financial Markets, Vol. 5, pp. 31-56.

Brennan, N. M. and J. Solomon (2008). Corporate governance, accountability and mechanisms of accountability: an overview. Accounting, Auditing & Accountability Journal, Vol. 21, No. 7, pp. 885-906.

Chung, K., Elder, J. and J. Kim (2010). Corporate Governance and Liquidity. Journal of Financial and Quantitative Analysis, Vol. 45, No. 2, pp. 265-291.

Chung, K., Van Ness, B. F. and R. A. Van Ness (1999). Limit orders and the bid-ask spread. Journal of Financial Economics, Vol. 53, pp. 255-287.

Darmadi, S. (2016). Ownership concentration, family control, and auditor choice: Evidence from an emerging market. Asian Review of Accounting, Vol. 24, No. 1, pp. 19-42.

Dennis, P. and J. Weston (2001). Who's informed? An analysis of stock ownership and informed trading. American Finance Association Conference.

Etemadi, H., Resaiyan, A. and H. Kordtabar (2010). The relationship between some corporate governance tools and stock liquidity. Journal of Development and Capital, Vol. 3, No. 5, pp. 31-59. (in persian)

Fieldman, D. C. (2004). The devil is in the details: converting good research in to publishable articles. Journal of Management, Vol. 30, pp. 1-6.

Gholipour, R., Mashayekhi, B. and A. Naseri (2016). Corporate governance in the public sector and its role in a resistance economy. Quarterly Journal of Fiscal and Economic Policies, Vol. 14, pp. 107-130. (in persian)

Glosten, L. and P. R. Milgrom (1985). Bid, ask, and transaction prices in a specialist market with heterogeneously informed agents. Journal of Financial Economics, Vol. 14, pp. 71-100.

Harris, L. (1994). Minimum price variations, discrete bid-ask spreads, and quotation sizes. The Review of Financial Studies, Vol. 7, pp. 149-178.

Heflin, F. and W. K. Shaw (2000). Blockholder ownership and market liquidity. Journal of Financial and Quantitative Analysis, Vol. 35, pp. 621-633.

Hormozi, S. and R. Talebpoor Asl (2014). Surveying the relationship between Liquidity, Corporate Governance and the Value of Public Companies in Tehran Stock Exchange. Journal of Applied Research in Financial Reporting, Vol. 3, No. 4, pp. 49-74. (in persian)

Jahankhani, A. and S. Gorbani (2006). Identifying and Determining the Determinants of Profit Sharing Policy of Companies Listed in Tehran Stock Exchange Organization. Financial Research Journal, Vol. 7, No. 2, pp. 27-48. (in persian)

Jensen, M. C. and W. H. Meckling (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol. 3, pp. 305–360.

Johnson, J., Boone, P., Breach, A. and E. Friedman (2000). Corporate governance in the Asian financial crisis. Journal of Financial Economics, Vol. 58, No. 1-2, pp. 141-186.

Jung, H. and S. Choi (2021). The effects of employee stock ownership on stock liquidity: Evidence from the Korean market. The North American Journal of Economics and Finance, Vol. 58, pp. 74-93.

Kashanipour, M., Mehrani, S. and Y. Pashanejad (2010). Investigating the relationship between some mechanisms of corporate governance system and market liquidity. Financial accounting research, Vol. 2, No. 2, pp. 61-76. (in persian)

Kashanipour, M., Raee ezabadi, M.E. and M. Ershadi (2017). The Impact of corporate governance mechanisms on medium term financial reporting delays: A case study of Tehran Stock Exchange. Quarterly Journal of Fiscal and Economic Policies, Vol. 17, pp. 169-194. (in persian)

Kini, O. and S. Mian (1995). Bid-ask spread and ownership structure. Journal of Financial Research, Vol. 18, pp. 401-414.

Leano, M. and A. Pedraza (2018). Ownership concentration and market liquidity: Evidence from a natural experiment. Economic Letters, Vol. 167, pp. 56-59.

Lemmon, M. L. and K. V. Lins (2003). Ownership structure, corporate governance, and firm value: evidence from the East Asian financial crisis. The Journal of Finance, Vol. 58, No. 4, pp. 1445-1468.

McInish, T. and R. Wood (1992). An analysis of intraday patterns in bid/ask spreads for NYSE stocks. The Journal of Finance, Vol. 47, pp. 753-764.

Mehrani, S. and A. Resaiyan (2009). Stock Liquidity and assets liquidity. Auditor, Vol. 46, pp. 52-56. (in persian)

Mohamdzadeh, F. (2020). Investigating the relationship between concentration of ownership and stock liquidity in companies listed on the Tehran Stock Exchange. Economic Studies, Financial Management and Accounting, Vol. 6, No. 1, pp. 60-67. (in persian)

Moradi, A. and M. Ghorbanian (2020). The role of moderating the quality of financial reporting on the relationship between corporate governance and stock liquidity risk. New Research Approaches in Management and Accounting, Vol. 28, pp. 15-32. (in persian)

Nadarajah, S., Ali, S., Liu, B. and A. Huang (2018). Stock liquidity, corporate governance and leverage: New panel evidence. Pacific-Basin Finance Journal, Vol. 50, pp. 216-234.

Prommin, P., Jumreornvong, S., Jiraporn, P. and S. Tong (2016). Liquidity, ownership concentration, corporate governance, and firm value: Evidence from Thailand. Global Finance Journal, Vol. 31, pp. 73-87.

Rahimian, N., Babaie, F. and H. Jahangiri (2016). Investigation the Relationship between Performance Evaluation Criteria and Corporate Value. Journal of Applied Research in Financial Reporting, Vol. 5, No. 8, pp. 51-72. (in persian)

Rahmani, A. and H. Haji Moradkhani (2017). ProductMarket Power and Stock Market Liquidity. Journal of Asset Management and Financing, Vol. 5, No. 2, pp. 21-36. (in persian)

Robin, A. (2007). Ownership level, Ownership Concentration and Liquidity. Journal of financial market, Vol. 10, pp. 219-248.

Saieedi, A. and O. Dadar (2007). Investigating the Relationship between Stock Liquidity and Liquidity Index of Previous Periods in Tehran Stock Exchange. Industrial Management Studies, Vol. 6, No. 16, pp. 75-97. (in persian)

Salehi, A. (2021). impact of corporate governance strength on stock market liquidity: Emphasizing criteria Amihud, transaction volume and bid-ask spread. Investment knowledge, Vol. 10, No. 37, pp. 37-55. (in persian)

Samarasinghe, A. and K. Uylangco (2021). An examination of the effect of stock market liquidity on bank market power. International Review of Financial Analysis, Vol. 77, pp. 101-118.

Sarin, A., Shastri, K. and K. Shastri (1996). Ownership structure and stock market liquidity. Working paper. Santa Clara University.

Setayesh, M., Rezaei, G., Ziari, S. and F. Kazemnejad (2013). Investigating the relationship between financial information quality and financing constraint of Companies Listed in Tehran Stock Exchange. Financial Accounting Quarterly, Vol. 19, pp. 21-45. (in persian)

Shleifer, A. and R. W. Vishny (1997). A survey of corporate governance. The Journal of Finance, Vol. 52, No. 2, pp. 737-783.

Stagliano, R., Rocca, M.L. and D. Gerace (2018). The impact of ownership concentration and analyst coverage on market liquidity: Comparative evidence from an auction and a specialist market. Economic Modelling, Vol. 70, pp. 203-214.

Sun, B. and Y. Gao (2020). Market liquidity and macro announcement around intraday jumps: Evidence from Chinese stock index futures markets. Physica A: Statistical Mechanics and its Applications, Vol. 541, pp. 123-142.

Yagoubnejad, A. and A. Zabihi (2011). The Relationship between Disclosure Quality and Stock Liquidity in listed Companies on Tehran Stock Exchange. Financial Knowledge of Securities Analysis, Vol. 10, pp. 217-235. (in persian)

Ye, Q., Zhou, S. and J. Zhang (2020). Short-selling, margin-trading, and stock liquidity: Evidence from the Chinese stock markets. International Review of Financial Analysis, Vol. 71, pp. 36-48.

Zelenyuk, V. and V. Zheka (2006). Corporate Governance and Firm’s Efficiency: The Case of a Transitional Country, Ukraine. Journal of Productivity Analysis, Vol. 25, pp. 143–157.

Ali, S., Liu, B. and J.J. Su (2018). Does corporate governance quality affect default risk? The role of growth opportunities and stock liquidity. International Review of Economics and Finance, Vol. 58, pp. 422-448.

Amihud, Y. (2002). Illiquidity and stock returns: Cross-section and time series effects. Journal of Financial Markets, Vol. 5, pp. 31-56.

Brennan, N. M. and J. Solomon (2008). Corporate governance, accountability and mechanisms of accountability: an overview. Accounting, Auditing & Accountability Journal, Vol. 21, No. 7, pp. 885-906.

Chung, K., Elder, J. and J. Kim (2010). Corporate Governance and Liquidity. Journal of Financial and Quantitative Analysis, Vol. 45, No. 2, pp. 265-291.

Chung, K., Van Ness, B. F. and R. A. Van Ness (1999). Limit orders and the bid-ask spread. Journal of Financial Economics, Vol. 53, pp. 255-287.

Darmadi, S. (2016). Ownership concentration, family control, and auditor choice: Evidence from an emerging market. Asian Review of Accounting, Vol. 24, No. 1, pp. 19-42.

Dennis, P. and J. Weston (2001). Who's informed? An analysis of stock ownership and informed trading. American Finance Association Conference.

Etemadi, H., Resaiyan, A. and H. Kordtabar (2010). The relationship between some corporate governance tools and stock liquidity. Journal of Development and Capital, Vol. 3, No. 5, pp. 31-59. (in persian)

Fieldman, D. C. (2004). The devil is in the details: converting good research in to publishable articles. Journal of Management, Vol. 30, pp. 1-6.

Gholipour, R., Mashayekhi, B. and A. Naseri (2016). Corporate governance in the public sector and its role in a resistance economy. Quarterly Journal of Fiscal and Economic Policies, Vol. 14, pp. 107-130. (in persian)

Glosten, L. and P. R. Milgrom (1985). Bid, ask, and transaction prices in a specialist market with heterogeneously informed agents. Journal of Financial Economics, Vol. 14, pp. 71-100.

Harris, L. (1994). Minimum price variations, discrete bid-ask spreads, and quotation sizes. The Review of Financial Studies, Vol. 7, pp. 149-178.

Heflin, F. and W. K. Shaw (2000). Blockholder ownership and market liquidity. Journal of Financial and Quantitative Analysis, Vol. 35, pp. 621-633.

Hormozi, S. and R. Talebpoor Asl (2014). Surveying the relationship between Liquidity, Corporate Governance and the Value of Public Companies in Tehran Stock Exchange. Journal of Applied Research in Financial Reporting, Vol. 3, No. 4, pp. 49-74. (in persian)

Jahankhani, A. and S. Gorbani (2006). Identifying and Determining the Determinants of Profit Sharing Policy of Companies Listed in Tehran Stock Exchange Organization. Financial Research Journal, Vol. 7, No. 2, pp. 27-48. (in persian)

Jensen, M. C. and W. H. Meckling (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol. 3, pp. 305–360.

Johnson, J., Boone, P., Breach, A. and E. Friedman (2000). Corporate governance in the Asian financial crisis. Journal of Financial Economics, Vol. 58, No. 1-2, pp. 141-186.

Jung, H. and S. Choi (2021). The effects of employee stock ownership on stock liquidity: Evidence from the Korean market. The North American Journal of Economics and Finance, Vol. 58, pp. 74-93.

Kashanipour, M., Mehrani, S. and Y. Pashanejad (2010). Investigating the relationship between some mechanisms of corporate governance system and market liquidity. Financial accounting research, Vol. 2, No. 2, pp. 61-76. (in persian)

Kashanipour, M., Raee ezabadi, M.E. and M. Ershadi (2017). The Impact of corporate governance mechanisms on medium term financial reporting delays: A case study of Tehran Stock Exchange. Quarterly Journal of Fiscal and Economic Policies, Vol. 17, pp. 169-194. (in persian)

Kini, O. and S. Mian (1995). Bid-ask spread and ownership structure. Journal of Financial Research, Vol. 18, pp. 401-414.

Leano, M. and A. Pedraza (2018). Ownership concentration and market liquidity: Evidence from a natural experiment. Economic Letters, Vol. 167, pp. 56-59.

Lemmon, M. L. and K. V. Lins (2003). Ownership structure, corporate governance, and firm value: evidence from the East Asian financial crisis. The Journal of Finance, Vol. 58, No. 4, pp. 1445-1468.

McInish, T. and R. Wood (1992). An analysis of intraday patterns in bid/ask spreads for NYSE stocks. The Journal of Finance, Vol. 47, pp. 753-764.

Mehrani, S. and A. Resaiyan (2009). Stock Liquidity and assets liquidity. Auditor, Vol. 46, pp. 52-56. (in persian)

Mohamdzadeh, F. (2020). Investigating the relationship between concentration of ownership and stock liquidity in companies listed on the Tehran Stock Exchange. Economic Studies, Financial Management and Accounting, Vol. 6, No. 1, pp. 60-67. (in persian)

Moradi, A. and M. Ghorbanian (2020). The role of moderating the quality of financial reporting on the relationship between corporate governance and stock liquidity risk. New Research Approaches in Management and Accounting, Vol. 28, pp. 15-32. (in persian)

Nadarajah, S., Ali, S., Liu, B. and A. Huang (2018). Stock liquidity, corporate governance and leverage: New panel evidence. Pacific-Basin Finance Journal, Vol. 50, pp. 216-234.

Prommin, P., Jumreornvong, S., Jiraporn, P. and S. Tong (2016). Liquidity, ownership concentration, corporate governance, and firm value: Evidence from Thailand. Global Finance Journal, Vol. 31, pp. 73-87.

Rahimian, N., Babaie, F. and H. Jahangiri (2016). Investigation the Relationship between Performance Evaluation Criteria and Corporate Value. Journal of Applied Research in Financial Reporting, Vol. 5, No. 8, pp. 51-72. (in persian)

Rahmani, A. and H. Haji Moradkhani (2017). ProductMarket Power and Stock Market Liquidity. Journal of Asset Management and Financing, Vol. 5, No. 2, pp. 21-36. (in persian)

Robin, A. (2007). Ownership level, Ownership Concentration and Liquidity. Journal of financial market, Vol. 10, pp. 219-248.

Saieedi, A. and O. Dadar (2007). Investigating the Relationship between Stock Liquidity and Liquidity Index of Previous Periods in Tehran Stock Exchange. Industrial Management Studies, Vol. 6, No. 16, pp. 75-97. (in persian)

Salehi, A. (2021). impact of corporate governance strength on stock market liquidity: Emphasizing criteria Amihud, transaction volume and bid-ask spread. Investment knowledge, Vol. 10, No. 37, pp. 37-55. (in persian)

Samarasinghe, A. and K. Uylangco (2021). An examination of the effect of stock market liquidity on bank market power. International Review of Financial Analysis, Vol. 77, pp. 101-118.

Sarin, A., Shastri, K. and K. Shastri (1996). Ownership structure and stock market liquidity. Working paper. Santa Clara University.

Setayesh, M., Rezaei, G., Ziari, S. and F. Kazemnejad (2013). Investigating the relationship between financial information quality and financing constraint of Companies Listed in Tehran Stock Exchange. Financial Accounting Quarterly, Vol. 19, pp. 21-45. (in persian)

Shleifer, A. and R. W. Vishny (1997). A survey of corporate governance. The Journal of Finance, Vol. 52, No. 2, pp. 737-783.

Stagliano, R., Rocca, M.L. and D. Gerace (2018). The impact of ownership concentration and analyst coverage on market liquidity: Comparative evidence from an auction and a specialist market. Economic Modelling, Vol. 70, pp. 203-214.

Sun, B. and Y. Gao (2020). Market liquidity and macro announcement around intraday jumps: Evidence from Chinese stock index futures markets. Physica A: Statistical Mechanics and its Applications, Vol. 541, pp. 123-142.

Yagoubnejad, A. and A. Zabihi (2011). The Relationship between Disclosure Quality and Stock Liquidity in listed Companies on Tehran Stock Exchange. Financial Knowledge of Securities Analysis, Vol. 10, pp. 217-235. (in persian)

Ye, Q., Zhou, S. and J. Zhang (2020). Short-selling, margin-trading, and stock liquidity: Evidence from the Chinese stock markets. International Review of Financial Analysis, Vol. 71, pp. 36-48.

Zelenyuk, V. and V. Zheka (2006). Corporate Governance and Firm’s Efficiency: The Case of a Transitional Country, Ukraine. Journal of Productivity Analysis, Vol. 25, pp. 143–157.