بررسی تاثیر انعطاف‌پذیری مالی، کارآیی مدیریتی و چرخه عمر بر عملکرد مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 کارشناسی ارشد، مدیریت مالی، دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران.

2 استادیار، مدیریت مالی، دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران.(

چکیده

هدف از این پژوهش بررسی تأثیر انعطاف‌پذیری مالی و کارایی مدیریت با کنترل چرخه عمر بر عملکرد مالی شرکت‌ها می‌باشد، که در نهایت افزایش ثروت سهامداران را در پی دارد.. نتایج نشان می‌دهد که انعطاف‌پذیری مالی و کارایی مدیریتی تأثیر مثبت و معنیداری بر عملکرد مالی شرکت‌ها دارد. همچنین، پس از تفکیک شرکت‌ها به مراحل مختلف چرخه عمر، کارایی مدیریت در مرحله افول چرخه عمر شرکت‌ها بیشترین تأثیر را بر روی عملکرد دارد در حالی که در مرحله رشد و سپس بلوغ، کارایی مدیریت دارای کمترین تأثیر می‌باشد. بیشترین تأثیر انعطاف‌پذیری مالی بر عملکرد مالی شرکت به ترتیب در مراحل بلوغ، افول و رشد می‌باشد. بررسی تأثیر همزمان و تعاملی انعطاف‌پذیری مالی و کارایی مدیریت بر عملکرد مالی شرکت نشان می‌دهد که اگر تأثیر یکی از آنها ضعیف باشد و دیگری موثر و کارا باشد، در این صورت همانند چتری دیگری را پوشش میدهد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Effect of Financial Flexibility, Managerial Efficiency, and Life Cycle on the Financial Performance of Companies Listed in the Tehran Stock Exchange

نویسندگان [English]

  • Ali Mandegari 1
  • Dariush Damoori 2
1 MSc. Finance Management, Department of Accounting and Finance, Facility of Economic Management and Accounting, Yazd University, Yazd, Iran
2 Assistant Professor, Financial Management, Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran.
چکیده [English]

Objective: The purpose of this study is the investage effect of financial flexibility and management efficiency by controlling the life cycle of the performance of a firm, eventually lead increasing the wealth of shareholders. This research answer two questions. First, whether financial flexibility and management efficiency affect performance and the second question is at what stage of the firm life cycle, financial flexibility, and management efficiency have the greatest impact on firm performance.

research method: The method of this research is descriptive-correlational and quantitative data analysis is combined. The sample includes 84 firms in the period 2011 to 2021. Anthony and Ramesh's method is used for the operational definition of life cycle variables, the VOFF index is used for financial flexibility and the Demorjian method is used for managerial efficiency.

conclusion: This study shows that financial flexibility and managerial efficiency have a positive and significant effect on firm performance. Also, after separating companies into different stages of the life cycle, management efficiency in the decline of the life cycle of companies has the greatest impact on performance, while in the growth stage and then maturity, management efficiency has the least impact. The greatest impact of financial flexibility on the company's performance is in the stages of maturity, decline, and growth respectively. The effectiveness of flexibility on company performance is in the stages of maturity, decline, and then growth respectively. Examining the simultaneous and interactive effect of financial flexibility and management efficiency on the company's performance shows that if the effect of one of them is weak and the other is effective and efficient, then it covers another like an umbrella.

کلیدواژه‌ها [English]

  • Financial Flexibility
  • Financial Performance
  • Life Cycle
  • Managerial Efficiency. Tehran Stock Exchange
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