بررسی تاثیر هزینه های نمایندگی بر سرعت تعدیل قیمت سهام: شواهدی از بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشگاه آزاد اسلامی، واحد امارات، دوبی، امارات متحده عربی

2 استاد مالی دانشکده مدیریت و اقتصاد، دانشگاه تربیت مدرس، تهران، ایران،

3 دانشیار دانشگاه آزاد اسلامی واحدتبریز، تبریز، ایران

4 دانشیار گروه حسابداری و مدیریت دانشگاه آزاد اسلامی تهران شمال، تهران، ایران

چکیده

بررسی هزینه‌های نمایندگی و تأثیر آن بر عملکرد شرکت‌ها و تصمیمات سرمایه‌گذاران حائز اهمیت فراوانی می‌باشد. هدف اصلی این پژوهش، ارزیابی تأثیر هزینه‌های نمایندگی بر سرعت انعکاس اطلاعات در قیمت سهام می‌باشد. برای اندازه‌گیری هزینه‌های نمایندگی از سه شاخص نسبت هزینه‌های عملیاتی به فروش، نسبت گردش دارایی‌ها و تعامل بین فرصت‌های رشد و جریان‌های نقدی آزاد استفاده‌شده و برای اندازه‌گیری سرعت تعدیل قیمت سهام از روش هاو و موسکوویتنز استفاده‌شده است. جامعه آماری این پژوهش، شرکت‌های بورس اوراق بهادار تهران می‌باشد. داده‌های موردمطالعه این پژوهش شامل 130 شرکت بوده و برای سال‌های 1388 تا 1394 تحلیل گردیده‌اند روش پژوهش از نوع همبستگی و علّی پس رویدادی و روش آزمون فرضیه‌ها، آزمون همبستگی و رگرسیون است. نتایج نشانگر آن است که نسبت هزینه‌های عملیاتی به فروش تأثیر معنی‌داری بر سرعت تعدیل قیمت سهام دارد. همچنین، تأثیر معنی‌دار نسبت گردش دارایی‌ها و تعامل بین فرصت‌های رشد و جریان‌های نقدی آزاد بر سرعت تعدیل قیمت سهام مشاهده نگردید.
 

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Agency Costs on the Speed of Stock Price Adjustment: Evidence of Tehran Stock Exchange

نویسندگان [English]

  • Ali Asghar Zamani 1
  • Ali Asghar Anvary Rostamy 2
  • Younes Badavar Nahandi 3
  • Ali Saeedi 4
1 Ph.D. candidate in Financial Management, Islamic Azad University, UAE branch, Dubai, UAE.
2 Professor of Finance, Tarbiat Modares University
3 Islamic Azad University Tabriz Branch
4 Assistant Professor, Islamic Azad University, North Tehran Branch
چکیده [English]

The investigation of the effects of agency costs on the firms’ performance and investors’ decision is very important. The purpose of this study is to evaluate the effect of agency costs on the speediness of stock price adjustment. To measure the agency costs, three variables of the ratios of operating costs to sales, asset turnover, and the interaction between growth opportunities and free cash flows were used and to measure the speed of stock price adjustment, Hou and Moskowitz method was applied. The population of this research consists of firms listed in Tehran Stock Exchange. The study used data from the years 2008 to 2014 for 130 companies. To analyze the data and test the hypothesis, correlation and regression method is used. The results indicate that the ratio of operating costs to sales significantly affect the speed of stock price adjustment. However, no significant effect of the asset turnover and the interaction between growth opportunities and free cash flows on the speediness of stock price adjustment was seen.

کلیدواژه‌ها [English]

  • Agency Costs
  • Speed of Stock Price Adjustment
  • Stock Price
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