بررسی تأثیر توانایی مدیریت بر سیاست تقسیم سود

نوع مقاله: مقاله پژوهشی

نویسندگان

1 مربی گروه حسابداری دانشگاه بزرگمهر قائنات

2 استادیار گروه حسابداری دانشگاه علامه طباطبائی

چکیده

سیاست تقسیم سود و عوامل تأثیرگذار بر آن، از موضوعات با اهمیتی است که در ادبیات مالی مدرن به طور گسترده‌ای مورد بررسی قرار گرفته است. محققان در اغلب این پژوهش‌ها به برخی از ویژگی‌های شرکت اشاره کرده‌اند. نتایج پژوهش‌های اخیر نشان می‌دهد یکی از عوامل تعیین‌کننده سیاست تقسیم سود، "توانایی مدیریت" است. در ادبیات حسابداری، توانایی مدیریت یکی از ابعاد سرمایه انسانی شرکت‌هاست که به عنوان دارایی نامشهود طبقه‌بندی می‌شود. برخی محققان توانایی مدیریت را به عنوان کارایی مدیران نسبت به رقبا در تبدیل منابع شرکت به درآمد تعریف می‌کنند. هدف پژوهش حاضر بررسی تأثیر توانایی مدیریت بر سیاست تقسیم سود است. جامعه آماری پژوهش را 118 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1386 تا 1393 تشکیل می‌دهد. سنجه توانایی مدیریت، بخشی از کارایی شرکت است که تحت تأثیر عوامل ذاتی شرکت قرار نمی‌گیرد. به منظور محاسبه و تحلیل اطلاعات توانایی مدیران از مدل ارائه شده توسط دیمرجان و همکاران (2012، 2013) استفاده شده است. آزمون فرضیه پژوهش نیز با استفاده از روش‌های آماری رگرسیون خطی چند متغیره و الگوی تحلیل پوششی داده‌ها صورت گرفته است. نتایج حاصل از آزمون فرضیه پژوهش نشان می‌دهد توانایی مدیریت تأثیر مثبت معناداری بر تقسیم سود شرکت دارد. به عبارت دیگر، مدیران تواناتر سود تقسیمی بیشتری را پرداخت می‌کنند. بر اساس بررسی‌های بیشتر میزان جریان‌های نقدی بر سطح تقسیم سود شرکت تأثیرگذار است. تأثیرگذاری جریان‌های نقدی بر سطح تقسیم سود بیانگر وجود حساسیت سود تقسیمی نسبت به جریان‌های نقدی است

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Impact of Managerial Ability on Dividend Policy

نویسندگان [English]

  • masoud hasani alghar 1
  • mohammad marfou 2
چکیده [English]

Dividend policy and factors affecting it are among the important topics widely used in modern financial literature. In most studies in this regard, researchers have pointed out some firms characteristics. The results of recent studies show that Managerial Ability is one of the determinants of dividend policy. In accounting literature, managerial ability is one of the dimensions of human capital, which is classified as an intangible asset. Some researchers define managerial ability as management efficiency for changing the company`s resources into revenue, as compared to the competitors,. This article is aimed to study the effect of managerial ability on dividend policy. The sample consists of 118 firms listed in Tehran Stock Exchange (TSE) from 2007 to 2014. Managerial ability is a part of firm`s performance, which is not affected by the firm's intrinsic factors. In order to calculate and analyse the managerial ability data, the model proposed by Demerjian et al. (2012, 2013) is employed. Hypothesis testing is performed using multivariate linear regression statistical methods and Data Envelopment Analysis model (DEA). The results show that managerial ability has a positive significant effect on dividend policy. In other words, more able managers pay more dividends. Also, according to the findings, cash flow is effective on a firm dividend level, that means dividend is sensitive to cash flows

کلیدواژه‌ها [English]

  • managerial ability
  • Dividend policy
  • Firm`s Performance
  • Cash flow
  • Growth Opportunities

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