ارتباط سیاست تقسیم سود و کارایی سرمایه‌گذاری با تاکید بر چرخه عمر شرکت

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری دانشگاه آزاد اسلامی واحد تبریز

2 هیت علمی دانشگاه آزاد اسلامی واحد ایلخچی

3 دانشجوی کارشناسی ارشد دانشگاه آزاد اسلامی واحد ایلخچی

چکیده

به علت افزایش تضاد منافع بین مدیران و سرمایه گذاران، چگونگی تقسیم سود از اهمیت بیشتری برخوردار است. از آنجا که افزایش تضاد منافع و مشکلات نمایندگی، پیامدهایی همچون بیش سرمایه گذاری و کم سرمایه گذاری را در پی دارد و با توجه به این که میزان تضادهای منافع و مشکلات نمایندگی در طول چرخه عمر شرکت متفاوت است، بنابراین پژوهش حاضر برآن است تا به بررسی ارتباط سیاست تقسیم سود و کارایی سرمایه‌گذاری با تاکید بر چرخه عمر شرکت بپردازد. برای اندازه‌گیری کارایی سرمایه‌گذاری از مدل بیدل و همکاران (2009) و همچنین جهت تقسیم‌بندی شرکت‌ها به مراحل چرخه عمر از الگوی تقسیم‌بندی دیکنسون (2011) استفاده شد. علاوه بر آن تعداد 110 شرکت پذیرفته شده در بورس اوراق بهادار تهران برای دوره زمانی 1389 تا 1394 جهت انجام آزمون‌های آماری انتخاب شد. برای آزمون فرضیه‌های پژوهش از الگوی داده‌های ترکیبی استفاده شده است. نتایج نشان داد که بین سیاست تقسیم سود و کارایی سرمایه‌گذاری ارتباط مثبت و معنی‌داری وجود دارد. همچنین پرداخت سود سهام موجب کاهش سرمایه‌گذاری بیشتر و کمتر از حد می‌شود. از سوی دیگر، شرکت‌های مورد بررسی در مراحل چرخه عمر نیز مورد بررسی قرار گرفتند. نتایج نشان داد که پرداخت سود سهام موجب بهبود کارایی سرمایه‌گذاری در مراحل رشد و بلوغ می‌شود، در حالی که پرداخت سود سهام ارتباطی با کارایی سرمایه‌گذاری در مرحله افول ندارد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Relationship Dividend policy and Investment Efficiency with Emphasis on Firm Life Cycle

نویسندگان [English]

  • saeed anvar khatibi 2
  • raana shahdavar 3
2 Scientific Board of Islamic Azad University Ilkhchi
3 Islamic Azad University graduate student Ilkhchi
چکیده [English]

The dividend payments are more important because of the increased conflict of interests between managers and investors. As the increase in interest conflict and agency problems results in over investment and under investment, and given that the degree of interest conflicts and agency problems varies throughout the life cycle of the company. In hence, the aim of present study is investigation of relationship between dividend policy and investment efficiency with emphasis on the life cycle stages. To measure the investment efficiency, the model Biddle et al (2009) and as well as for division of corporate life cycle stages, Dickinson pattern (2011) was used. Thus 110 listed companies on Tehran Stock Exchange for the period 2010-2015 was selected. For this purpose, the panel data model is used by statistical software Eviews. The results showed that there is a positive significant relationship between dividend policy and investment efficiency. Also dividend payment had been reduced over and under investment. Also, dividend paid result in decrease over investment and under investment. On the other hand, companies are examined in three stages of growth, maturity and decline. The results showed that dividend is improved investment efficiency in stages of growth and maturity, whereas dividend payments has not relationship with investment efficiency in decline stage.

کلیدواژه‌ها [English]

  • Dividend policy
  • over investment
  • under investment
  • Life cycle stages
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