The Mediation Effect of Financial Leverage on the Relationship between Ownership Concentration and Financial Corporate Performance

Document Type: Research Paper

Authors

Department of Accounting, Kerman Branch, Islamic Azad University, Kerman, Iran

Abstract

The purpose of this paper is examining the impact of financial leverage as a mediation variable on the relationship between ownership concentration and financial corporate performance. To test the hypotheses, multiple regression analysis is used. The statistical population of this research is all listed companies in Tehran Stock Exchange. However, data were available only for 60 companies during the period of 2004-2015. The research results show that the ownership structure negatively affects the financial corporate performance. Moreover, the financial leverage explains the relationship between the ownership concentration and financial corporate performance. It is recommended to the investors and other users of financial statements to increase the quality of their portfolio decisions, by taking into account the hidden impact of financial leverage on the relationship of ownership concentration and the companies’ performance, in addition to the direct impact of ownership concentration on the companies’ performance.

Keywords

Main Subjects


Article Title [Persian]

تأثیر میانجی اهرم مالی بر رابطة بین تمرکز مالکیت و عملکرد مالی شرکتی

Authors [Persian]

  • امیر حسین تائبی نقندری
  • علی تائبی نقندری
گروه حسابداری، دانشکده ادبیات و علوم انسانی، دانشگاه آزاد اسلامی واحد کرمان، کرمان، ایران
Abstract [Persian]

هدف اصلی این مقاله بررسی تأثیر میانجی اهرم مالی بر رابطة بین تمرکز مالکیت و عملکرد شرکتی است. برای آزمون فرضیه‌‌ها از روش رگرسیون چند متغیره بهره برده شده است. جامعة آماری این تحقیق شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. از بین آن‌ها، داده‌ها برای شصت شرکت در افق زمانی سال 1383 تا 1394 مهیا شد. نتایج این پژوهش نشان می‌دهد که تمرکز مالکیت به‌صورت منفی بر عملکرد مالی شرکت‌ها تأثیر می‌گذارد. اهرم مالی نیز رابطة بین تمرکز مالکیت و عملکرد شرکتی را به‌صورت کامل توضیح می‌دهد. این تحقیق به سرمایه‌گذاران و دیگر ذی‌نفعان صورت‌های مالی پیشنهاد می‌دهد که در تصمیم‌گیری‌های مالی خود را، به‌جز توجه به رابطة مستقیم بین تمرکز مالکیت و عملکرد شرکتی، به تأثیر پنهان اهرم مالی بر این رابطه متمرکز کنند.

Keywords [Persian]

  • اثر تعدیلگری
  • اهرم مالی
  • تمرکز مالکیت
  • عملکرد شرکتی
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