بررسی کارایی بازارهای سرمایه داخلی گروه‌های تجاری در تخصیص منابع و عملکرد؛ تأثیر شکاف مالکیتی- کنترلی و رقابت بازار محصول
پیشرفت های مالی و سرمایه گذاری
مقاله 5 ، دوره 4، شماره 2 ، تیر 1402، صفحه 154-115 916.5 K )
نوع مقاله: پژوهشی
شناسه دیجیتال (DOI): 10.30495/afi.2023.1983050.1207 نویسندگان
فرامرز کرمی طالقانی 1 محمدرضا وطن پرست* 1 جواد رضازاده 2 کیهان آزادی هیر 1 1 گروه حسابداری، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.2 گروه حسابداری، دانشگاه تربیت مدرس، تهران، ایران.چکیده هدف: وجهِ اشتراک رویکردهای نظری اتخاذ شده برای مطالعه گروه‌های تجاری، وجود بازارهای سرمایه داخلی در این گروه‌ها است. ادبیات حسابداری نشان می‌دهد که کارایی این بازارها در تخصیص منابع و عملکرد می‌تواند تحت. تأثیر انگیزه‌های منفعت‌طلبانه ناشی از مسئله نمایندگی قرار گیرد؛ بنابراین، هدف این پژوهش، بررسی تأثیر شکاف مالکیتی- کنترلی بر کارایی بازارهای سرمایه داخلی گروه‌های تجاری در تخصیص منابع و عملکرد با در نظر گرفتن رقابت بازار محصول است.روش شناسی پژوهش: این پژوهش از نوع توصیفی-همبستگی، از منظر هدف کاربردی و با استفاده از رویکرد پس رویدادی انجام شده است. به‌منظور دستیابی به هدف پژوهش، داده‌های 18 گروه تجاری که شرکت اصلی آنها در بورس اوراق بهادار تهران یا فرابورس پذیرفته شده‌اند و شرکت‌های تابعه این گروه‌ها در بازه زمانی 1394 الی 1400 (756 سال-شرکت) جمع‌آوری و با استفاده از تحلیل رگرسیون چندگانه مبتنی بر داده‌های ترکیبی مورد آزمون قرار گرفت.یافته ها: یافته‌های پژوهش نشان می‌دهد که شکاف مالکیتی-کنترلی بر کارایی تخصیص منابع و کارایی عملکرد بازارهای سرمایه داخلی گروه‌های تجاری تأثیر منفی و معنادار دارد. همچنین، یافته‌ها تنها نشان می‌دهد که رابطه بین شکاف مالکیتی-کنترلی و کارایی عملکرد بازارهای سرمایه داخلی گروه‌های تجاری، با افزایش رقابت بازار محصول تضعیف می‌شود. بااین‌حال، شواهدی از تأثیر رقابت بازار محصول بر رابطه بین شکاف مالکیتی-کنترلی و کارایی تخصیص منابع گروه‌های تجاری مشاهده نگردید.اصالت / ارزش افزوده علمی: توجه به بازارهای سرمایه داخلی گروه‌های تجاری به‌عنوان یک مکانیزم بالقوه برای تسهیل در تخصیص کارای منابع و دستیابی به مزایای استراتژیک حائز اهمیت است. ازاین‌رو، با شناخت بیشتر از پدیده شکاف مالکیتی-کنترلی و تأثیر آن بر کارایی بازارهای سرمایه داخلی گروه‌های تجاری در تخصیص منابع و عملکرد، می‌توان گام‌های اساسی برای دستیابی به مزایای استراتژیک (از قبیل توسعه اقتصاد داخلی) برداشت.کلیدواژه‌ها
بازارهای سرمایه داخلی ؛ رقابت بازار محصول ؛ شکاف مالکیتی-کنترلی ؛ گروه‌های تجاری
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