نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه حسابداری، واحد لاهیجان، دانشگاه آزاد اسلامی، لاهیجان، ایران.

2 گروه حسابداری، مرکز سیاهکل، دانشگاه آزاد اسلامی، سیاهکل، ایران.

3 گروه حسابداری، موسسه آموزش عالی قدیر، لنگرود، ایران.

10.22105/imos.2021.291730.1126

چکیده

هدف: تصمیمات مربوط به پرداخت سود سهام به‌عنوان یکی از مؤلفه‎های اساسی در سیاست مدیریتی شرکت‌ها و از مهم‌ترین مباحث مطرح در ادبیات مالی می‎باشد؛ ازیک‌طرف عامل اثرگذار بر سرمایه‌گذاری‌های پیش‌روی شرکت‌ها است و از طرف دیگر بسیاری از سهامداران با افق سرمایه‌گذاری کوتاه‌مدت خواهان تقسیم سود نقدی هستند، ازاین‌رو مدیران باهدف حداکثر کردن ثروت همواره باید بین علایق مختلف آنان و فرصت‌های سودآور سرمایه‌گذاری تعادل برقرار کنند.
روش‌شناسی پژوهش: در این پژوهش تأثیر فشار سرمایه‌گذاران بر سیاست تقسیم سود موردبررسی قرار گرفت. برای دستیابی به هدف پژوهش، 84 شـرکت پذیرفته‌شده در بورس اوراق بهادار تهران در بازه زمانی 1392 تا 1397 انتخاب شد و با استفاده از رویکرد داده‌های ترکیبی، فرضیه‌های پژوهش آزمون شدند.
یافته‌ها: نتایج این پژوهش حاکی از آن است که فشار سرمایه‌گذاران بر سود تقسیمی هر سهم و نسبت سود تقسیمی به فروش تأثیر مثبت و معناداری دارد.
اصالت/ارزش‌افزوده علمی: تشریح و تبیین سیاست تقسیم سود شرکت‌ها و عوامل تعیین‌کننده آن‌ یکی از بزرگ‌ترین چالش‌هایی است که همواره پیش روی متفکران حوزه اقتصاد مالی بوده است که در پژوهش حاضر مورد بررسی قرار گرفت.

کلیدواژه‌ها

عنوان مقاله [English]

Investigating the Effect of Investor Pressure on Dividend Policy

نویسندگان [English]

  • Seyed Reza Seyed Nezhad Fahim 1
  • Ayat Balali 2
  • Fereshteh Hasanzadeh 3

1 Department of Accounting, Lahijan Branch, Islamic Azad University, Lahijan, Iran.

2 Department of Accounting, Siahkal Center, Islamic Azad University, Siahkal, Iran.

3 Department of Accounting, Qadir Institute of Higher Education, Langarud, Iran

چکیده [English]

Purpose: Dividend payment decisions are one of the critical components of corporate policy and one of the most important issues in the financial literature. On the one hand, they affect companies' investments. On the other hand, many shareholders with short-term investment horizons want to distribute cash dividends, so managers must constantly balance their interests and profitable investment opportunities to maximize wealth. This study examines the effect of investor pressure on dividend policy.
Methodology: Eighty-four companies listed on the Tehran Stock Exchange from 2013 to 2018 were selected. Using the combined data approach, we tested the research hypotheses.
Findings: The results of this study indicate that the pressure of investors has a positive and significant effect on the dividend per share and the ratio of dividends to sales.
Originality/Value: Explaining the policy of profit sharing of companies and its determining factors is one of the biggest challenges that has always been faced by thinkers in the field of financial economics, which was examined in the present study.

کلیدواژه‌ها [English]

  • Dividend Policy
  • Investor Pressure
  • Swing Trade
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