بررسی تاثیر ‌نظام راهبری شرکت بر ارتباط بین جریان نقدی آزاد و بازده سهام شرکت‌ها

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشیار گروه حسابداری دانشگاه بین‌المللی امام خمینی (ره)، قزوین

2 دانشجوی دکتری دانشگاه بین المللی امام خمینی (ره)، قزوین

3 کارشناسی ارشد حسابداری دانشگاه بین المللی امام خمینی (ره)، قزوین

چکیده

تضاد منافع بین مدیران و سهامداران بر سر مساله توزیع سود سهام به خصوص زمانی که شرکت دارای جریان نقدی آزاد با اهمیتی است، شدت می‌گیرد. چنانچه جریان نقدی آزاد شرکت به صورت کارا سرمایه گذاری شود، بازده سهام افزایش خواهد یافت.
در این تحقیق تأثیر  نظام راهبری شرکتی که نقش تعدیل کننده بر مساله نمایندگی داشته بر ارتباط بین جریان نقد آزاد و بازده سهام شرکت‌ها بررسی شده است. تحلیل داده‌های112 شرکت تولیدی پذیرفته شده در بورس اوراق بهادار تهران برای دوره‌ی زمانی 1385 تا 1392 نشان داد مالکیت نهادی اثر منفی معنادار و تمرکز مالکیت اثر مثبت معناداری بر ارتباط بین جریان نقد آزاد و بازده سهام دارند. همچنین، نتایج تحقیق حاکی از عدم تأثیر معنادار استقلال هیات مدیره بر ارتباط مذکور بوده است. در نهایت، نتایج تحقیق در حالت کلی نیز نشان داد نظام راهبری خوب می‌تواند هزینه‌های نمایندگی مرتبط با جریان نقدی آزاد را کاهش دهد. 

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Corporate Governance And Relation between Free Cash Flow and Return

نویسندگان [English]

  • gholamreza kordestani 1
  • Ramin Ghorbani 2
  • niko khansari 3
1 prof
2 phd student
3 ma student
چکیده [English]

Conflict of interests usually occurs between management and shareholders on dividend and more severely in firms with significant free cash flow. If free cash flow is invested efficiently, stock return will be increase. This study investigates the effect of corporate governance,  as an adjusting factor of agency issue, on the relation between free cash flow and stock return.
The sample consists of 112 firms listed in Tehran Stock Exchange for the period from 2006 to 2013. The results show that institutional ownership and ownership concentration have respectively significant negative and significant positive effects on relation between free cash flow and stock return.   Also, the results show that the board independence has no significant effect on relation between free cash flow and stock return. Generally results indicate that good corporate governance can decrease agency costs of free cash flow.

کلیدواژه‌ها [English]

  • Stock Return
  • free cash flow and corporate governance
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