تأثیر روابط سیاسی هیئت مدیره و کیفیت انتشار و افشای اطلاعات بر سود تقسیمی شرکت‌ها

نوع مقاله : مقاله پژوهشی

نویسنده

استادیار حسابداری، گروه تحصیلات تکمیلی حسابداری و حسابرسی، واحد تهران شمال، دانشکده مدیریت، دانشگاه آزاد اسلامی، تهران، ایران.

چکیده

به دلیل نقش با اهمیت سیاست تقسیم سود در تصمیم ­گیری­ مدیران شرکت‌ها، آگاهی از عوامل تعیین‌کننده تقسیم سود ضمن آن‌که تصویر روشنی از توان توزیع نقدی شرکت­ها ارایه می­ دهد، امکان برآورد رفتار آتی آن­ها را نیز فراهم می ­سازد. شواهد مطالعاتی حاکی از نقش ماهیت افشای اطلاعات شرکت‌ها و نوع روابط شرکت‌ها با کانون قدرت سیاسی در زمینه تقسیم سود است. هدف مقاله حاضر مطالعه ‌تاثیر روابط سیاسی هیات‌مدیره، کیفیت افشاء و انتشار اطلاعات بر سود تقسیمی شرکت­ها است. فرضیه ­های پژوهش از طریق نتایج برازش مدل ­های رگرسیون چند متغیره با بکارگیری داده­ های ترکیبی شرکت/ سال با اثرات ثابت و روش حداقل مربعات تعمیم‌یافته ارزیابی گردیده ­اند. برای این منظور، تعداد 204 شرکت پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی سال­های 1391 تا 1397 طبق روش حذفی سیستماتیک به عنوان نمونه آماری پژوهش، غربالگری شدند. طبق یافته­ های پژوهش در شرکت­ هایی که هیات‌مدیره آن­ها از روابط سیاسی دولتی برخوردار بوده ­اند، نسبت تقسیم سود بالاتری قابل مشاهده است. این نتایج منطبق با دیدگاه مطرح در فرضیه علامت‌دهی است. همچنین، شرکت­ هایی که امتیاز بالاتری در حوزه انتشار و افشای اطلاعات به موقع و قابل‌اتکا داشته­اند، از تقسیم سود بالاتر پیروی کرده ­اند. این نتایج منطبق با دیدگاه مطرح در فرضیه پیامد است. به علاوه، امتیاز بالای افشای اطلاعات در مشاهده ­های دارای روابط سیاسی هیات‌مدیره سبب افزایش سود تقسیمی شرکت­ها شده است. سایر نتایج حاکی از این است که تخصص مالی هیات‌مدیره، جایگاه مدیرعامل در هیات‌مدیره و استقلال هیات‌مدیره ‌تاثیر بر سود تقسیمی شرکت­ها نداشته ­اند. هزینه­ های نمایندگی، نسبت بدهی­ بلندمدت، گزارش زیان، تغییر درآمدها، اندازه و سرمایه­ گذاری در دارایی­های مشهود ‌تاثیر معنی­دار و منفی بر سود تقسیمی شرکت­ها داشته ­اند. از طرفی عمر، مالکیت مدیریتی و اجتناب مالیاتی ‌تاثیر معنی­ دار و مثبتی بر سود تقسیمی شرکت­ ها داشته ­اند. به طور کلی، نتایج این پژوهش می­تواند ضمن تمرکز بر جنبه‌های نظری و تجربی، دیدگاهی مشخص جهت شناسایی عوامل موثر بر سیاست تقسیم سود شرکت‌ها ارائه نماید.

کلیدواژه‌ها

عنوان مقاله [English]

The Impact of Political Connection of Board & Information Disclosure Quality on Firms’ Dividend Payout Policy

نویسنده [English]

  • Mohammad Hassani
Assistant Professor in Accounting, Department of Accounting & Auditing, Faculty of Management, North Tehran Branch, Islamic Azad University. Tehran, Iran.
چکیده [English]

Because of the important role of dividend payout policy in managers’ decision makings, the perception and determination the effecting factors on dividend payout policy not only provide an explicit description about the firms’ ability to distribute cash, but also it can provide the possibility of estimation the future behavior of firms. Some studies showed that firms’ dividend payout policy affected by information disclosure and connection to center of political power. This paper empirically analyzed the impact of political connection of board & information disclosure quality on firms’ dividend payout policy. Research hypotheses tested by using multivariate regression models based on panel data with fixed effect and generalized least squares method. Research samples include 204 firms listed in Tehran Stock Exchange during 2012 till 2019. According to the findings, those firms with board political connected, paid more dividends. This result is accordance with signaling hypothesis. Also, those firms with high quality of information disclosure, paid more dividends. This result is accordance with outcome hypothesis. In Addition, high quality of information disclosure in political connected firms leads to increase the dividend payout. Other findings indicated that board’s expertise, leadership and independence had no impact on dividend payout. Agency cost, long-term debt, loss, revenue volatility, size and tangibility had negative impact, but age, managerial ownership and tax avoidance had positive impact on dividend payout. So, these findings provide specified approach to determine the effecting factors related to dividend payout by focusing on theoretical & empirical perspectives.

کلیدواژه‌ها [English]

  • Board Political Connection
  • Information Disclosure Quality
  • Dividend Payout Policy
  • Signaling Hypothesis
  • Outcome Hypothesis

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  • تاریخ دریافت: 17 دی 1398
  • تاریخ بازنگری: 24 اسفند 1400
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