نوع مقاله : مقاله پژوهشی

نویسنده

گروه حسابداری و کنترل، دانشگاه اراسموس، روتردام، هلند.

چکیده

درماندگی مالی شرکت‌ها همواره به عنوان یکی از دغدغه‌های اصلی اعتباردهندگان، سرمایه‌گذاران و دولت‌ها به عنوان مشکلی بغرنج و درخور تامل برای بنگاه­های اقتصادی مطرح بوده، به نحوی که تشخیص به موقع شرکت‌هایی که در شرف درماندگی مالی قرار دارند، می‌تواند تا حدودی از بروز زیان‌های احتمالی ذینفعان جلوگیری کند. رقابت در بازار محصول به‌‌منزله سازوکاری راهبردی عمل می‌کند و انگیزه مدیران را برای کاهش هزینه‌های تولید و جلوگیری از واگذاری سهم بازار به رقبا و جلوگیری از خطر ورشکستگی افزایش می‌دهد. رقابت در بازار محصول، بر انگیزه‌‌های مدیریت برای بهبود نوآوری و بازده محصول تاثیر می‌گذارد و رشد عملکرد را ازطریق تحریک نوآوری و بهبود بهره‌وری ارتقا می‌دهد. هدف این پژوهش، بررسی تاثیر اهرم مالی و رقابت محصول بر ریسک درماندگی مالی با پیامدهای ساختار سرمایه در حضور هزینه نمایندگی است. به این منظور اطلاعات شرکت‌ها در فاصلۀ زمانی 9 ساله از 1392 تا 1400 بررسی و 113 شرکت انتخاب شد. به منظور آزمون فرضیه‌های پژوهش از روش رگرسیون چند متغیره بر مبنای روش تحلیل لجستیک با استفاده از نرم افزار  Eviewsصورت گرفته است. نتایج حاکی ازآن است که اهرم مالی و  رقابت محصول بر ریسک درماندگی مالی تاثیر U معکوس دارد. همچنین اهرم مالی بر رابطه رقابت محصول بر ریسک  درماندگی مالی در صورت وجود هزینه نمایندگی اثر معنادار ندارد.

کلیدواژه‌ها

عنوان مقاله [English]

The effect of financial leverage and product competition on the risk of financial helplessness: implications of capital structure in the presence of agency cost

نویسنده [English]

  • Azadeh Shemshad

Department of Accounting and Control, Erasmus University, Rotterdam, Netherlands.

چکیده [English]

The financial helplessness of companies has always been one of the main concerns of lenders, investors and governments, as a complicated problem worthy of consideration for economic enterprises, in such a way that the timely detection of companies that are on the verge of financial helplessness can, to some extent, prevent the occurrence of Prevent possible losses of beneficiaries. Competition in the product market acts as a strategic mechanism and increases the motivation of managers to reduce production costs and avoid giving up market share to competitors and avoid the risk of bankruptcy. Competition in the product market affects management's incentives to improve product innovation and productivity, and promotes performance growth by stimulating innovation and improving productivity.The purpose of this research is to investigate the effect of financial leverage and product competition on the risk of financial helplessness with the consequences of capital structure in the presence of agency cost. For this purpose, the information of the companies in the period of 9 years from 2013 to 2021 was reviewed and 113 companies were selected. In order to test the hypotheses of the research, multivariate regression method was used based on logistic analysis method using Eviews software. The results indicate that financial leverage  and product competition has an inverted U effect on the risk of financial helplessness. Financial leverage does not have a significant effect on the relationship between product competition and the risk of financial helplessness in the presence of agency fees.

کلیدواژه‌ها [English]

  • Financial leverage
  • Product competition
  • Financial distress risk
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