جستجوی مقالات مرتبط با کلیدواژه « agency problem » در نشریات گروه « حسابداری »

The purpose of this study is to investigate the impact of business strategy and profitability of the firm's internal transactions and also to investigate the moderating effect of managers' overconfidence on this relationship.

Bentley et al.'s (2013) combined scoring system has been used to determine the strategy of each firm. In this research, 74 of the firms listed on the Tehran Stock Exchange during the period 2014-2020 have been examined. To test the hypotheses, were used the test of comparing two independent societies (defensive firms and aggressive firms) and t-test (Wilcoxon rank-sum tests).

The main results of the study show that the profitability of internal transactions in offensive firms is higher than defensive firms, but in firms with overconfidence of managers, the profitability of internal transactions in defensive firms is higher than offensive firms. Additional tests show that the relationship between business strategy and the profitability of internal transactions is more pronounced in these cases: domestic sales, internal transactions by men (relative to women), firms that are not covered by Act 141 of the Commercial Code in Iran, and are under family control and have significant distortions in reporting and the high level of information asymmetry.

This study empirically shows that business strategy can affect the profitability of internal transactions and managers' overconfidence is an effective indicator in adjusting this relationship. Understanding the impact of business strategy on the profitability of internal transactions can help foreign investors cautiously allocate resources among firms with a distinct business strategy.

Contribution: 

This study provides interesting evidence of the impact of business strategy on the profitability of internal transactions as well as the moderating effect of managers' overconfidence as one of the behavioral biases on the relationship between business strategy and profitability of internal transactions. These cases have not been studied so far and the results of this study develop the theoretical literature in this regard.mThe findings can also be useful in understanding the characteristics of firms that seek profitability through internal transactions, and also useful for those seeking to reduce the benefits of internal transactions (e.g., legislators).

The Effect of Cost Stickiness on Firm Value by Considering the Resource Adjustment Cost and Agency ProblemAbstract:Cost stickiness is one of the factors affecting the value of the firm, which can be caused by resource adjustment costs or agency problems, and this was the main motivation of this study. The statistical the population of this study are all companies listed in Tehran Stock Market, in which 102 companies in the period 2013 to 2022 have been selected by systematic elimination method. For data analysis and hypothesis testing, multivariate regression model based on compound data is used. The research results showed that cost stickiness has a negative effect on firm value. Also, the findings showed that when the resource adjustment cost is high, the effect of cost stickiness on the value of the firm increases. In addition, agency problems do not affect the relationship between costs and firm value.Keywords: Firm Value, Cost Stickiness, Resource Adjustment Cost, Agency Problem

This research seeks to investigate whether credit trade can decrease cost stickness (as a signal of opportunistic behavior of manager) or not? and whether agency problem, product market competition and customer concentration can moderate the effect of trade credit on cost stickness or not?

Trade credit is measured by two ratios: accounts payable to cost of good sold ratio and accounts payable to sale ratio. Cost stickness is measures by selling, general and administrative expense stickness (SGA) and cost of goods sold stickness(CGS). The statistical population consists of the firms listed in Tehran Stock Exchange between 2014 to 2020.

Credit trade affects negatively on cost stickiness and this effect is prevalent in the firms with more agency problems and active in less competitive market.

According to obtained findings, using credit trade leads to decrease the opportunistic behavior of managers and cost stickiness and so, it is a monitoring tool that can be used in evaluating performance and expense efficiency of firms. Additionally, in the firms suffer from more agency problems or active in less competitive market, trade credit decreases cost stickness more because suppliers monitor these firms more than others in order to maintain their interest.

Understanding cost behavior in the case of changes in sales and examining the factors which affects asymmetric cost behavior lead to the greater awareness of managers' motivations and decisions. The main purpose of this study is to investigate the relationship between trade credit and corporate cost stickiness as well as the moderating effect of agency problem and customer concentration on the relationship. The sample of this paper includes 161 companies listed on Tehran Stock Exchange in a period of 7 years from 2014 to 2020. Our results show that trade credit as an external governance mechanism has a negative relation with cost stickiness. In addition, the findings show that the agency problem strengthens the relationship between trade credit and corporate cost stickiness, however, customer concentration weakens that relationship. Our study contributes to the cost management literature through identifying one of the potential factors that can reduce cost stickiness in companies.

Trade credit is an important element of short-term financing for companies. By providing trade credit, companies are putting themselves at risk because it is likely that the buyer will not use the resources properly. Also, increasing competition in domestic and global markets has required companies to better identify their cost behaviour. Therefore, in this study, the moderating effect of agency problem on the relationship between trade credit and cost stickiness on the Listed Firms in Tehran Stock Exchange has been investigated. For this purpose, the financial statements of 167 companies in the period 2010 to 2019 have been collected. This research is a quantitative research and the research method is correlational and multiple regression analysis with combined data was used to test the hypotheses. The results show that using all three criteria of trade credit, there is no significant relationship between trade credit and cost stickiness. In addition, the results show that among the indicators of agency problem, the effect of capital expenditures on the relationship between the third criterion of trade credit (ratio of accounts payable to purchases) and cost stickiness is confirmed. However, no evidence was found for the effect of acquisition ratio on the relationship between the first criterion of trade credit (ratio of accounts payable to cost of goods sold) and the second criterion of trade credit (ratio of accounts payable divided by sales) and cost stickiness.

Stickiness of costs occurs as declining of the demand, in order to avoid adjustment costs, managers decide to maintain the unutilized resources. Managerial decisions to maintain unutilized resources can also be caused by personal considerations and result in agency costs. In this study, the effect of the agency problem on degree of costs stickiness has been examined. Free cash flow, the CEO tenure and CEO horizon has been used as variables of the agency problem and the number of 135 firms were selected in the period of the years 1383 to 1393 as a statistical sample which totally created a number of 1485 firm-year. In order to test these hypotheses of the study, multiple log-linear regression, using pooled data through generalized least squares method with cross-sectional weighting, has been applied. The findings of this study indicate that there is a positive and significant correlation between the free cash flows and the cost stickiness of goods sold, the sales, general and administrative costs and furthermore, a positive and significant correlation between CEO tenure and the cost stickiness of goods sold, and moreover, a positive and significant correlation between CEO horizon and the cost stickiness of sales, general and administrative costs; by contrast, no significant correlation between CEO horizon and cost stickiness of goods sold, CEO tenure and cost stickiness of sales administration and general cost has not been found. Overall, the results indicate that there is positive and significant relation between the agency problem and degree of costs stickiness.

Evaluating the performance of companies is one of the most important issues for managers, investors, creditors and other Stakeholders and the results of research, is a base of many internal and external decision making. Thus, the purpose of this study is examination of the relationship between capital structure and performance in the listed companies at Tehran Stock Exchange with an emphasis on agency costs. For this purpose once hypotheses are developed and data from 69 companies in Tehran Stock Exchange for the period between 2005 to 2014 are analyzed. In this study, for calculating capital structure and performance is used from leverage and return on assets respectively. For testing hypothesis of research, regression models is used in both static and dynamic. This regression models in static mode is used panel data with random effects approach, and in dynamic mode is used generalized method of moment (GMM) reviews and tests. The results in both static and dynamic models indicated that there is a U-shaped relationship between capital structure and company performance. Also, the dynamic model results showed that the performance of a prior period has a positive and significant relationship with the company's current performance. In addition, the results in both models showed that there is a U-shaped relationship between company size and company's performance.

Normal 0 false false false EN-US X-NONE FA MicrosoftInternetExplorer4 The fundamental assumption in cost accounting is that expense changes in relation with increase and decrease in level of activity is symmetrical. But recent research shows asymmetric behavior of the costs when demand fluctuations. In this study، costs stickiness by taking consideration traditional factors، namely economic factors affecting sticky costs، personal motives of managers in the effective agency factors of the costs asymmetry، are test. A sample of 100 companies was selected having features proposed in this survey during from 1379 to 1389. The results suggest a significant impact of agency variables on asymmetry of selling، general and administrative (SG&A) costs. Hence the asymmetry of Costs due to the agency problem is positively related with personal motivations and empire building of managers.

Today there is a rapidly changing business world. Therefore most of the growing Enterprises are moving towards Enterprise Resource Planning (ERP) systems in order to integrate their business units. Implementing this systems have a great impact on the performance of that Enterprises. The objective of this paper is investigating the impact of Enterprise Resource Planning (ERP) Systems on the effectiveness of internal controls over financial reporting. The sample include 120 Firm-yaer observations during 2008 to 2012. The hyposis tested using probit regression model. The result suggest that ERP - implementing firms are less likely to report internal control weaknesses (ICW) than a matched control sample of non – implementing firm. Furthermore firms with M&A activity، losses، lower market value، lower ERP age are less likely to relate to lower level of internal control weaknesses.