نقش میانجیگری ساختار سرمایه بر رابطه بین بیش‌اعتمادی مدیران و کارایی شرکت: با تاکید بر روش تحلیل پنجره ای

نوع مقاله : مدیریت و سازمان(اخلاق و مسئولیت اجتماعی، رهبری و تحول سازمانی، عملکرد سازمانی، ریسک، مدیریت منابع سازمانی، سطوح تحلیل سازمانی، بلوغ سازمانی، آسیب­‌شناسی سازمانی، نظام اداری، . . . )

نویسندگان

1 دانشیار، گروه حسابداری ، دانشکده علوم اقتصادی و اداری، دانشگاه قم، قم، ایران

2 کارشناسی ارشد حسابداری، دانشکده علوم اقتصادی و اداری، دانشگاه قم، قم، ایران

چکیده

یکی از مهم‌ترین تصمیمات مدیران شرکت‌ها، تصمیم در مورد ترکیب و چگونگی تامین مالی شرکت‌ها است که نقش بسزایی در عملکرد و کارایی شرکت دارد. عوامل متعددی می‌تواند بر تصمیمات تامین مالی شرکت‌ها اثر بگذارد، از جمله این عوامل، ویژگی‌های شخصیتی مدیران ارشد است. هدف این مقاله بررسی تاثیر بیش‌اعتمادی مدیران بر کارایی شرکت با در نظر گرفتن رابطه میانجیگری ساختار سرمایه است. روش: جامعه آماری این پژوهش شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران و نمونه آماری آن شامل داده‌های 229 شرکت طی دوره پنج ساله 1395-1399 است. روش نمونه‌گیری، حذف سیستماتیک بوده و روش مورد استفاده برای برآورد الگو، روش رگرسیون چند متغیره مستحکم است. یافته‌ها: نتایج پژوهش نشان داد در رابطه، بیش‌اعتمادی و کارایی شرکت با میانجیگری ساختار سرمایه، بین بیش‌اعتمادی‌ مدیران و کارایی شرکت رابطه معناداری وجود ندارد و بین ساختار سرمایه و کارایی شرکت رابطه منفی و معنادار برقرار است که این امر بیانگر نقش میانجیگری کامل ساختار سرمایه در این پژوهش است و به عبارتی تمامی اثر بیش‌اعتمادی مدیران از طریق ساختار سرمایه بر روی کارایی شرکت اعمال می‌گردد. نتیجه‌گیری: بیش‌اعتمادی باعث می‌شود مدیران منطقی عمل نکرده و سطح ریسک خود را به درستی تفسیر نکنند. به همین دلیل مدیران بیش‌اعتماد ممکن است، با وجود ریسک تامین مالی از خارج شرکت، باز هم از بدهی بیشتری در ساختار سرمایه شرکت استفاده کنند. همین امر موجب افزایش هزینه‌های مالی شرکت شده و کاهش کارایی شرکت می‌شود.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The mediating role of capital structure on relationship between managers' overconfidence and company's efficiency: with an emphasis on window analysis method

نویسندگان [English]

  • Mohammad Javad Zare Bahnamiri 1
  • Saeedeh Delazar 2
1 Associate Prof. Accounting Department, Economics and Administrative Science, University of Qom, Qom, Iran.
2 MSc. of Accounting, Faculty of Economics & Administrative Science, Qom University, Qom, Iran.
چکیده [English]

One of the most important decisions of company managers is the one about combining and how to finance companies, that plays an important role in company's operation and efficiency. Decisions of financing can be affected by different factors. One of these factors is manager's personality trait. The main purpose in this article is to study the effects of managers' overconfidence on company's efficiency with considering the relevancy of intermediacy capital structure. Method: Statistical population in this research is the accepted companies in Tehran's Stock Exchange and its statistical sample includes 229 company data in a period of 6 years (2016-2020). Sampling method is systematic removal and the used method for sample estimation is firm multivariate regression. Findings: The study's results have shown that in relevancy, overconfidence and company's efficiency with mediation of capital structure, there is no strong relation between manager's overconfidence and company's efficiency, and there is a strong reverse relation between capital structure and company's efficiency. This issue represents the complete mediation role of capital structure in this study, in other word all the effects of manager's overconfidence are applied on company's inefficiency by capital structure.  Conclusion: Overconfidence makes managers not to make logical decisions and interpret their risk level properly. That's why the overconfident managers may use more debts in capital structure, despite the risk of financing from out of company. This issue makes the company's financial costs to grow and company's efficiency to descend

کلیدواژه‌ها [English]

  • Overconfident
  • Capital Structure
  • Firm Efficiency
  • Window Analysis
Akbari, N. (2007). Application of multi-indicator ranking and decision-making methods, Tehran, Organization of Municipalities and Villages of the country (In persian).
Alinejad Saruklai, M. & Sobhi, M. (2016). The effect of managers' overconfidence on capital structure, Journal of Financial accounting and audit research, 8 (31), PP. 93-109 (In persian).
Azad, R. & Kamyabi, y. & Khalilpour, M. (2020). Managers' behavioral characteristics and stock liquidity, Journal of Financial accounting and audit research, 12 (45), pp. 191-214 (In persian).
Bacidore, J. M., Boquist, J. A., Milbourn, T. T., & Thakor, A. V. (1997). The search for the best financial performance measure. Financial Analysts Journal, 53 (3), 11-20.
Bakhtiari, S. & Dehghani Zadeh, M. & Hosseinipour, M. (2014). An analysis of labor productivity and efficiency in the cooperative sector: a case study of industrial cooperatives in Yazd province, Journal of Management and development process, 89(28), PP. 45-74(In persian).
Baron, R.M., and D.A. Kenny. (1986). The moderatormediator variable distinction in social psychol ogical research: conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology 51, 1173-1182.
Ben-David, I., Graham, J. R., & Harvey, C. R. (2013). Managerial Miscalibration*. The Quarterly Journal of Economics, 128(4), 1547–1584. doi: 10.1093/qje/qjt023
Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics. 118(4): 301–330.
Chen, Y., Podolski, E. J., & Veeraraghavan, M. (2015). Does managerial ability facilitate corporate innovative success?. Journal of empirical finance, 34, 313-326.
Chen, I. Ju., & Lin, S. (2012). Will managerial optimism affect the investment efficiency of a firm? 2nd Annual International Conference on Accounting and Finance (AF 2012). Procedia Economics and Finance. 2:73 – 80.
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. The accounting review, 88(2), 463-498.
Deshmukh, S., Goel, A. M., & Howe, K. M. (2013). CEO overconfidence and dividend policy. Journal of Financial Intermediation, 22(3), 440–463. doi: 10.1016/j.jfi.2013.02.003
Didar, H. & Mansoorfar, GH. & Rahimi, GH. (2013). The effect of intellectual capital on the efficiency of companies by examining the effect of capital structure as a moderating variable on companies listed on the Tehran Stock Exchange., The 11th National Accounting Conference of Iran, 13(53), PP. 85-163(In persian).
Fallahshams, M., Ghalibaf Asl, H., & Nobakht Saraei, S. (2010). The impact of experience on risktaking, overconfidence and herding of investment companies’managers. Journal of Securities Exchange, 12: 25-42 (in Persian).
Grossman, S, J., Hart, O. (1982). Corporate financial structure and managerial incentives. The Economics of Information and Uncertainty. University of Chicago Press.
Habibniya, H., Dsouza, S., Rabbani, M. R., Nawaz, N., & Demiraj, R. (2022). Impact of capital structure on profitability: panel data evidence of the telecom industry in the United States. Risks, 10(8), 157.
Hashemi, A. & Akhlaghi, H. (2020). The effect of financial leverage, dividend policy and profitability on the future value of the company, Journal of Financial Accounting Quarterly, 2(6), PP. 38-49(In persian).
Hackbarth, D. (2008). Managerial traits and capital structure decisions. Journal of Financial and Quantitative Analysis. 43 (4): 843–882.
Hambrick, D. C., & Mason, P. A. (1982, August). The Organization as a Reflection of Its Top Managers. In Academy of Management Proceedings (Vol. 1982, No. 1, pp. 12-16). Briarcliff Manor, NY 10510: Academy of Management.
Haji Ebrahimi, M. & Iskandar, H. (2019). Investigating the impact of management overconfidence on risk-taking and company performance, Journal of Experimental accounting research, 9(1), PP. 340-365(In persian).
Han, S. , Lai, G. C. , Ho, C. L. (2015). CEO confidence or overconfidence? The impact of CEO overconfidence on risk taking and firm performance in the U. S. Property-Liability insurance companies, World risk and insurance economics congress
Huang, R., Tan, K., & Faff, R. W. (2016). CEO overconfidence and corporate debt maturity. Journal of Corporate Finance. (36): 93-110.
Irza, A. & Seyfi, F. (2018). The effect of working capital management on the efficiency of Tehran Stock Exchange companies, Journal of Financial management strategy, 6(4), PP. 131-156(In persian).
Irza, A. & Seyfi, F. (2020). The effect of financial risks on the efficiency of Tehran Stock Exchange companies, Journal of Financial knowledge of securities analysis, 13(45), PP. 1-13(In persian).
Ibrahimpour Azbari, M. & Akbari, M. & Rafii Rashtabadi, F. (2018). The effect of environmental uncertainty, production flexibility and operational efficiency on firm performance: the moderating role of operational absorptive capacity, Journal of Industrial management studies, 16(49), PP. 37-66(In persian).
Izdi Nia, N. (2005). Criticism on the accounting standards of performance evaluation and proposal of standards of added economic value and free cash flows for reporting the vibrations of the commercial unit, Journal of Faculty of Administrative Sciences and Economics, University of Isfahan, 17(1) (In persian).
Javadi, N. & Fatahi, S. (2016). Investigating the impact of managers' bonuses on the capital structure and financial performance of companies listed on the Tehran Stock Exchange, Journal Financial management strategy, 4 (3), PP. 69-94(In persian).
Jensen, M. (1986). "Agency costs of free cash flow, corporate finance, and takeovers", American Economic Review, 76 (2): 323–329.
Jensen, M., Meckling, W. (1976). "Theory of the firm: Managerial behavior, agency costs and capital structure", Journal of Financial Economics, 3 (4): 305– 360.
Khatiri, M. & Taghipurian, Y. & Gholami Jamkarani, R. (2019). Personality characteristics, managers' financial intelligence and company performance, Journal of Accounting knowledge, 6(3), PP. 141-165(In persian).
Khorrami, D. & Gholami Jamkarani, R. (2016). Mechanisms of corporate governance system and managerial optimism, Journal of Accounting knowledge, 7(27), PP. 159-182(In persian).
Kushafar, M. & Noravesh, I.& Mashayekhi, B (2017). Measuring the efficiency and ability of management based on financial criteria, Journal of Knowledge of management accounting and auditing, 6(23), PP. 187-202(In persian).
Lahiri, S., and B.L. Kedia. (2009). The effects of internal resources and partnership quality on firm performance: An examination of Indian BPO providers. Journal of International Management 15(2): 209- 224.
Leverty, J. T., & Grace, M. F. (2012). Dupes or incompetents? An examination of management's impact on firm distress. Journal of Risk and Insurance, 79(3), 751-783.
Malmendier, U., & Tate, G. (2005). Does overconfidence affect corporate investment? CEO overconfidence measures revisited. European financial management, 11(5), 649-659.
Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of financial Economics, 89(1), 20-43.
Malmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies. The Journal of Finance, 66(5), 1687–1733. doi: 10.1111/j.1540-6261.2011.01685.x
Margaritis,D and Psillaki,M. Capital Structure and Firm Efficiency, Journal of Business Finance & Accounting, 34(9) & (10), 1447–1469, November/December 2007, 0306-686X doi: 10.1111/j.1468-5957.2007.02056.x
Mohammadi, Y. & Mohammadi, I. & Ismaili Kia, GH (2020). Investigating the effect of managers' overconfidence on companies' financing solutions, Journal of Development and capital, 5(1), PP. 205-226(In persian).
Momeni Taheri, Y. & Sadeghi, S. (2020). The relationship between capital structure and financial performance with an emphasis on business cycles: an analysis of equity-oriented and debt-oriented firms., Journal of Economic modeling, 11(38), PP. 137-156(In persian).
Mundi, H. S. (2023). Impact of CEO overconfidence on capital structure decisions: evidence from S&P BSE 200. Vision, 27(1), 63-78.
Myers, S. (1977). "Determinants of corporate borrowing", Journal of Financial Economics, 5 (4): 147–175.
Nasiri Pourdari, S. & Bani Mahd, B. & Ahmadzadeh, H. (2016). Manager's overconfidence and profit maximization, Journal of Management Accounting, 9(30), PP. 55-65(In persian).
Park,Cheonsik, Kim,H,(2009),"The Effect Of Managerial Overconfidence On Leverage".International Business & Economics RessearchJournal.Volume 8, NO.12.
Pourzamani, Z. & Karimi, A. (2010). The impact of effective risk management and intellectual capital on the performance level of companies, Journal of Financial knowledge of securities analysis, 3(6), PP. 1-18(In persian).
Rajabi, I. & Nasralhi, KH. (2012). The use of data window analysis in analyzing the stability and efficiency of commercial banks in Iran, Journal of Improve management, 6(3), PP. 179-214(In persian).
Roghanizadeh, M. (2016). Factors, behavioral characteristics and personality type affecting the investor's decision in the stock exchange, Journal of Economics studies, financial management and accounting, 6(2), PP. 92-103(In persian).
Sandra, L. (2010). “Capital Structure Decision: The Use of Preference Share and Convertible Debt in The UK”, Available at: http://ssrn.com/.‌[Online][19 June 2016]
Seay, R., & Williams, T. (2012). The Role of managerial ability in auditor changes: Does efficiency matter. Electronic copy available at: http://ssrn.‌com/abstract, 2126684.
Sajjadi, H. & Mohammadi, K. & Abbasi, SH. (2011). Investigating the effect of capital selection on the performance of stock companies, Journal of Financial Accounting Quarterly, 3(9), PP. 19-38(In persian).
Setayesh, M. & Ghiori Moghadam, A. (2020). Simulating agency costs in the manager-owner relationship using a systemic dynamics approach: the case study of Shiraz Petrochemical, Journal of Experimental accounting research, 10(4), PP. 113-149(In persian).
Stulz, R. (1990). "Managerial discretion and optimal financing policies", Journal of Financial Economics, 26 (4): 3–27.
Taheri Abed, R. & Alinejad Saruklai, M. & Faghani Makrani, KH. (2018). Ability, financial knowledge of CEOs and transparency of financial reporting. Knowledge of financial accounting, Journal of Accounting knowledge, 5(2), PP. 85-110(In persian).
Vakilifard, H. & Faizabadi, F. (2015). Investigating the relationship between financial leverage and the performance measurement criteria of pharmaceutical and food companies listed in the Tehran Stock Exchange using DEA, Journal of Health accounting, 4(4), PP. 97-113(In persian).
Yan-li, W. and L. Chuan-zhe (2014). “Capital Structure, Equity Structure, and Technical Efficiency-Empirical Study Based on China Coal Listed Companies”, Procedia Earth and Planetary Science, Vol. 1, No. 1, pp.1635-1640.
Yue, P.,(1992). Data Envelopment Analysis and Commercial Bank Performance: A Primer with Application to Missouri Banks” Federal Reserve Board of St. No74 (1), pp31-45.