جستجوی مقالات مرتبط با کلیدواژه « تامین مالی داخلی » در نشریات گروه « حسابداری »

The importance of banks maintaining high capital ratios and avoiding long periods of undercapitalization requires the presence of independent directors on bank boards with financial expertise to enhance the board's understanding of the banking business. Therefore, the purpose of this research was to investigate the effect of the financial expertise of the board of directors on the internal and external financing of companies listed on the Tehran Stock Exchange between 2015 and 2019 with a sample of 120 companies and using multivariable linear regression. According to the results of the first hypothesis test, it was observed that in the first hypothesis, the financial expertise of the board of directors has a significant effect on the internal financing of companies listed on the Tehran Stock Exchange. Also, in the other results of the hypothesis test, it was observed that the financial expertise of the board of directors has a significant effect on the external financing of companies. Accepted in Tehran Stock Exchange has a significant effect.

One of the most important decisions managers should take and one of the crucial components of every business unit operation is financing. Managers have the control over choosing the resource of financing and compared with external financing, internal financing is much easier for them. Choosing the optimal financing policy by managers plays an important role in risk and wealth creation for shareholders. Manager’s over confidence is an important behavioual characteristic that affect the way managers invest, finance and decide on dividend policies. Managers prefer internal financing over external financing because they have more control on internal resources and then, when this is combined with risk-taking behavior of  over confident managers they can affect the investment efficiency since they may stray from the optimal level of investment. On the other hand, if managers feel that corporate governance mechanisms constraint them or they have insufficient internal resources for investing, they may be reluctant to invest. The purpose of this study is to investigate the relationship between management over-confidence, internal financing and investment efficiency.

This is an applied reseach and it is a quasi-emprical research and its methodology is  post-event research. This research investigates the real data of firms listed on Tehran Stock Exchange (TSE) and because of that its results are generalizable to the research population. In this research we have used systematic elimination method to chose the research sample. In order to test the research hypothesis, time priod of 2012 to 2018 were chosen and the multivariate regression model by combined data method was used obtain the results. Data from 188 firms were analyzed and we used Microsoft Excel and Eviews version 9 to analyze the data and extract research results.

The results of testing research hypotheses show that there is a negative significant relationship between internal financing and investment efficiency. It can be said that the benefits of internal financing has decreased the efficiency of firms’ investment, an example of this benefits is the availability of internal resources. This availability cause managers to violate the optimum level of investment (over-invest or under-invest in projects). Also, there is a negative relationship between internal financing and over-investment and a positive relation between internal financing and under-investment. Putting into another words, in firms with under-investment, the level of internal financing is higher and the amount of external resources for financing decreases. So, the internal financing is one of the reasons we have under-investment in firms. In addition, taking together the effects of management over confidence and internal financing, investment efficiency decreases. This results are consistent with research theoretical literature. In contrast to internal financing, external financing creates some limitations for managers and because of that managers are reluctant to finance through external resources. So, this is why the revel of investment strays form its optimum level. This results are in line with He et al (2019), Taghizade Khanqah & Badavar Nahandi (2020) and Faraji et al (2019).

Internal financing is a factor that affect under-investment positively. So, based on managers control over internal resources and their concern about valuation of their firm by market, it is evident that they prefer to face minimally with control mechanisms and external regulation. In addition, it can be said that, it is not always for the best interest of firm and its shareholders to have a high degree of internal financing. Therefore stockholders should consider this in their analysis. Putting constraints on the level of internal financing (based on its effect on the level of investment by managers) by stake holders can affect the return of firm considerably. Also, the relationship between use of internal financing and the level of investment by managers and their over-confidence may be a two-way relationship. With an increase in the use of internal financing and the decreasion of over-investment and increasion of under-investment, the predicted income of projects and the firm in total may be decreased, that in this case the over-confidence of managers will in turn decrease again.

Overconfidence is an interdisciplinary concept related to the possibility of misjudgment in psychology. More importantly, management overconfidence is a concept derived from behavioral financing. Overconfidence can define unfounded belief in one's cognitive abilities, judgments, and intuitive reasoning. Overconfidence is one of the most important personality traits of managers that affect risk-taking companies in prioritizing their financial resources in terms of cost. Companies prefer to use the domestic budget and then the external financial resources as a last resort to issuing new shares. Because managers with overconfidence feel optimistic about the profitability of their business, they assume the capital market is underestimating their stock. In cases where the entity needs financing, they prefer financing through issuing bonds instead of issuing shares and think they may increase the wealth of shareholders by choosing debt with a short-time maturity. Overconfidence is irrational behavior, and corporate executives express it when making business decisions. The purpose of this study is to investigate the relationship between overconfidence management and investment efficiency with emphasis on the mediating role of internal financing In the companies listed on the Tehran Stock Exchange, TSE, over the period 2009-2018.  

Data collection completed using modern software, financial statements of the TSE official website. To test the research hypotheses, we used a panel data model with Eviews software. In this research, the statistical sample consists of information and data of 101 companies from the TSE. This study tests five hypotheses. The logarithm of total assets was used to measure the control variable of company size, and the ratio of long-term debt to total assets to measure the financial leverage control variable.  Also, the ratio of net profit to total assets was used to assess the control variable of return on assets, and the ratio of net profit to equity to assess profitability.  

Overconfidence in management has a positive and significant relationship with internal financing. Internal financing has a positive and significant relationship with overinvestment and a negative and significant relationship with underinvestment. Internal financing does not have any mediating effect on the relationship between management overconfidence and investment efficiency. Control variables are firm size, financial leverage, return on assets, and profitability. The difference between earnings per share and real earnings per share measures the management distrust. The logarithm of the accumulated profit and legal reserves measure the variable of domestic financing, and investment efficiency is divided into two variables of over-investment and under-investment.

As managers become more confident, their willingness to use internal resources increases, and as internal financing rises, managers tend to invest more. Manager's distrust is an essential factor in financing so that managers with overconfidence incline to raise domestic financing and investment more than others.

The purpose of this study is to examine the relationships between management overconfidence, internal financing, and investment efficiency in the companies listed in the Tehran Stock Exchange.

A sample of 130 companies was selected in the period 2007-2017. To measure investment efficiency, the indicators of over- and under-investment were rated. Also, to measure management overconfidence and internal financing, capital expenditures and retained earnings were assessed, respectively.

The findings showed that there is a positive relationship between management overconfidence and internal financing. Also, there are positive relationships between management overconfidence and investment level, and between management overconfidence and over-investment, and there is a negative relationship between the management overconfidence and under-investment. On the other hand, the results showed that there are positive relationships between internal financing and the investment level, and between internal financing and over-investment, and that there is a negative relationship between internal financing and under-investment. The results indicate that 1) internal financing has positive effects on the relationship between managerial overconfidence and the level of investment, 2) the interactive effect of internal financing on the relationship between the managerial overconfidence and over-investment is significant and positive, while the similar effect concerning under-investment is not significant.

Existence of internal resources increases the motivation of overconfidence managers in using personal gain resources and leads to non-optimal investment behaviors. This process is done by increasing the levels of investment.

The purpose of this study is to examine the effect of Managerial overconfidence the Relationship between internal financing and investment efficiency.The statistical population of the study is Tehran Stock Exchange companies. Sampling method was used for systematic sampling (screening), according to which 87 companies were selected as sample. The present research is an applied and post-event method. The realm of research has been from 2012 to 2017. To investigate the hypotheses of the research, ordinary least squares method has been used in the form of Eviews software. Research findings show that internal financing has a positive and fair effect on investment efficiency. And internal financing does not have a positive relationship with investment. Also, internal financing has a negative and equitable relationship with low investment. The Managerial overconfidence on the relationship between internal financing and investment efficiency is not the same.

The research deals with the relation between asset growth and stock return and also the role of financing resources in returns of firms with high or low asset growth. With an accurate study of literature, six hypotheses and a statistical sample of 96 firms listed in Tehran Stock Exchange for a seven-year period during 2005 to 2011 have been provided. Hypotheses were analyzed by multivariate regression and tests of F and t. Results obtained by hypothesis test show that there is a significant positive relation between asset growth and stock return of firms and there is a significant negative (positive) relation between internal & external financing and stock return of firms with high (low) asset growth. But relation of financing through bank and capital market with stock return of firms with high (low) asset growth is significantly positive (negative). In addition, the results show that there is no significant relation between the proportion of free float shares and stock return of firms with high asset growth, however, there is positive and significant relation between the proportion of free float shares and returns of firms with low asset growth.

The goal of this research is to investigate the relation between board of directors’ attitudes and financing methods of listed companies of Tehran Stock Exchange. This research population includes 65 listed companies of Tehran Stock Exchange during 2004-2011. The multivariate linear regression analysis is used to hypotheses testing. Results of research hypotheses testing indicate that there is a significant negative relation between the board of directors’ size and internal financing. Moreover, there is a significant negative relation between board of directors’ independency and the board of directors’ ownership percent with external financing either. On the other hand, research results show that there is significant statistical relation between board of director independency and the board of directors’ ownership percent with external financing and a similar relation between the board of directors’ size and external financing. Results of control variables demonstrate that there is a significant positive relation between firm size and internal financing and a significant negative relation between firm life time and financial leverage with internal financing. Also, results show that there is a significant positive relation between the firm size, firm life time and financial leverage with external financing.

This research examined the effect of various financing methods and ways of using proceeds provided from these methods on futures stock returns. The financial literature documents two hypotheses, namely security mispricing hypothesis and over-investment hypothesis, which explain the effect of various external financing methods on future stock returns. These hypotheses posit that external financing methods have negative impact on future stock returns. Also, the over-investment hypothesis posits that the negative relation between financing transactions and future stock returns arises when the proceeds provided from these methods are invested in operating activities. Moreover, because of transaction costs and manager/investor information asymmetries, internally generated funds should be less costly than funds raised by externally generated funds. Thus, it is expected that internal to external funding ratio has positive relation with future stock returns. Also, this relation will be magnified for high growth firms relative to low growth firms since the disparity between inside information and publicly available information about high growth firm's investment opportunities is greatest. Hypothesis: In order to provide evidence about the effect of various financing methods and ways of using proceeds provided from these methods on futures stock returns, main hypothesis to be tested is that:H1: The changes of total financing will be negatively correlated with the cumulative abnormal return (CAR). So, we expect β1 to be negative and significantly different from zero in the model (1). CARi,t+1 = α + β1*∆Fini,t + β2*UX i,t + β3* BETA i,t + β4*SIZE i,t + ei,t+1 (1)H2: the cumulative abnormal return (CAR) is negatively correlated with the external financing if operational net assets of the firms increased after external financing.H3: the cumulative abnormal return (CAR) is negatively correlated with the internal financing if operational net assets of the firms increased after internal financing. So, we expect β1 and β2 to be negative and significantly different from zero in the model (2). CARi,t+1 = α + β1*∆EXNOAi,t + β2*∆INOAi,t + β3*∆CASHi,t + ei,t+1 (2) H4: the earnings response coefficient (ERC) is higher for firms with higher internal to external funding ratio. So, we expect β2 to be negative and significantly different from zero in the model (3). CARt+1=α+β1*UXt+β2*I/XFt*UXt+β3*LEVt*UXt+ β4* BETAt* UXt+ Β5*PERSt*UXt+ β6*HIt* UXt + β7*SIZEt*UXt + et+1(3)H5: the earnings response coefficient (ERC) is positively correlated with the internal to external funding ratio for firms with higher growth. So, we expect β2H to be positive and significantly different from zero in the model (4). CAR t+1 = α + β1*UXt + β2*I/XFt*UXt + β2,H*HI*I/XFt*UXt + β3*LEVt*UXt + β4*BETAt*UXt + Β5* PERSt*UXt + β6*HIt*UXt + β7*SIZEt*UXt + et+1 (4) The sample includes 65 production firms listed in Tehran Stock Exchange (TES) with data available between 1378 and 1385. Financial firms and firms that changed fiscal year end during the test period are excluded from sample. We used cross-section and polling data methods for estimated models. The results of estimated models (1) to (4) in cross-section and polled data methods show that: on the basis of pooled data, there are significantly positive relationships between net changes in total financing, net changes in external financing and changes in internally financed net operating assets and cumulative abnormal returns (CAR). Moreover, the relationship between internal to external funding ratio and CAR is stronger in high growth firms relative to low growth firms. Also, on the basis of cross-sectional data, net changes in internal financing and changes in internally financed net operating assets have a significantly positive relationship with CAR. Discussion and The financial literature documents the effect of various external and internal financing methods on future stock returns. The external financing methods have negative impact on future stock returns and negative relationship between financing transactions and future stock returns arises when the proceeds provided from these methods are invested in operating activities. The internal financing should be less costly than external financing. Thus, it is expected that internal to external funding ratio has positive relation with future stock returns. Our findings do not confirm negative relation between external financing and future stock returns (Richardson et.al.2003; Bradshaw et.al 2006) but the results show the positive relation between internal financing future stock returns (Chul, Park and Pincus, 2001).