بررسی رابطه اندازه، مدیریت سود و زمان‌بندی بازار با عملکرد شرکت در زمان افزایش سرمایه

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار گروه مدیریت مالی دانشگاه شهید بهشتی

2 کارشناس ارشد مدیریت مالی دانشگاه البرز

چکیده

برخی شواهد تجربی حاکی از آن است که شرکت‌ها در زمان افزایش سرمایه نسبت به مدیریت سود و زمان‌بندی بازار اقدام نموده و به‌کارگیری هر یک از راهبرد‌های مذکور تحت تأثیر اندازه آنها است. هدف پژوهش حاضر بررسی رابطه اندازه، مدیریت سود و زمان‌بندی بازار با عملکرد شرکت در زمان افزایش سرمایه است. نمونه این پژوهش متشکل از 63 شرکت پذیرفته ‌شده در بورس اوراق بهادار تهران است که در فاصله زمانی سال‌های 1380 تا 1392 افزایش سرمایه داشتند. جهت بررسی رابطه اندازه، مدیریت سود و زمان‌بندی با عملکرد سهام از آزمون مقایسه میانگین دو جامعه و روش رگرسیون داده‌های تابلویی استفاده می‌شود. یافته‌های پژوهش حاکی از تأثیر مثبت و معنادار مدیریت سود بر عملکرد کوتاه‌مدت و همچنین تأثیر منفی آن بر عملکرد یک ساله است؛ حال آن‌که عملکرد کوتاه‌مدت، یک ساله، دو ساله و سه ساله در اثر زمان‌بندی بازار تضعیف می‌گردد. همچنین نمی‌توان ادعا کرد تصمیم شرکت جهت اقدام به مدیریت سود و زمان‌بندی بازار در زمان افزایش سرمایه تحت تأثیر اندازه شرکت است. 

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Relation of Size, Earning Management and Market Timing to the Firm Performance in Seasoned Equity Offerings

نویسندگان [English]

  • Maryam Davallou 1
  • afsane payesye 2
چکیده [English]

Some empirical evidence indicate that firms during the period of seasoned equity offerings take necessary actions of earning management and market timing and also, applying each of these approaches is affected by their size. The aim of this study is to investigate the relation of size, earning management and market timing to firm performance during the period of seasoned equity offerings. The sample of this study includes 63 firms listed in Tehran Stock Exchange that have experienced seasoned equity offerings from 2001 to 2013. The test of comparing two population means and panel data regression method have been used in order to investigate the relation of size, earning management and market timing to stock performance. Research findings indicate that earning management has a positive significant influence on short term performance, while it has a negative influence on one-year performance; however, market timing weaken the short term, one, two and three-year performances. Also, it cannot be claimed that a firm's decision of earning management and market timing during the period of seasoned equity offerings is affected by its size.

کلیدواژه‌ها [English]

  • Firm Size
  • Market Timing
  • earnings management
  • Seasoned Equity Offerings
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