جستجوی مقالات مرتبط با کلیدواژه « Financial Flexibility » در نشریات گروه « حسابداری »

The aim of this study is the investigating the effect of political communication on financial flexibility. The sample of the present study is 142 Tehran Stock Exchange member firms in the period of 2014-2018. The present study included four hypotheses that exploring the relationship between the four criteria of political connections with the criteria of financial flexibility included spare debt capacity, leverage ratio, cash ratio and fixed asset ratio. The results showed when a member of board director in addition to was government agent, he/she was executive member, there was a positive relationship between political connection and financial flexibility (spare debt capacity). Other our result showed that political connection has a negative effect on the firms leverage ratio, also there was not a significance relationship between political connection and the firms cash ratio. Finally, the results showed that as the level of political connection increased, the firms fixed asset ratio decreas and led to an increase in corporate financial flexibility.

The purpose of the research is the impact of the company's sustainability performance on the behavior of investors with the role of financial flexibility in companies listed on the Tehran Stock Exchange. This research is an applied research in terms of its nature and descriptive method and in terms of its purpose, and since in the current research the current state of the variables has been analyzed by collecting information through past information, it is in the ranks of descriptive studies. And it is included after the event. In the course of conducting this research, two hypotheses were formulated and 160 companies were selected through systematic elimination sampling for the 8-year period between 1394 and 1401, and the data related to the research variables were collected in Excel using the software. Statistical analyzes were carried out. The results of the hypothesis test showed that the company's sustainability performance has a significant direct impact on the behavior of investors with the role of financial flexibility.

Economic conditions and the conditions of society are constantly changing and fluctuating, and unwanted events always occur. Due to fluctuations and possible events, today the issue of financial flexibility is effective in the success of companies. The purpose of this research was to determine the relationship between financial flexibility and financial inability of sports product manufacturing companies using regression in 1402. The research tool was a five-choice Likert scale questionnaire that was distributed among 311 sports product manufacturers and distributors using a targeted sampling method. Due to the normality of the data, statistical analyzes were performed using regression and SPSS statistical software version 2019. The findings showed that there is a significant and inverse relationship between financial flexibility and financial inability of sports product manufacturing companies. According to the results of the research, sports companies must always improve their financial flexibility to avoid financial incapacity. Considering the continuous advancement of knowledge and existing risks, companies cannot avoid policies to maintain flexibility in order to stay in the competition scene.

The present study examines the relationship between marginal value of cash and unused debt capacity on the dividend’s adjustment speed, considering the role of Liquidity shock moderation. In order to measure the dividends adjustment speed, which is a benchmark for dividend smoothing, the rolling window regressions based on the Lintner model was used Dijang et al and Faulkender and Wang method is applied for measuring the marginal value of cash and unused debt capacity, which is an indicator for measuring financial flexibility. According to the research constraints, 105 companies listed in Tehran Stock Exchange during the period of 2011-2020 have been investigated. The Research's findings show that the marginal value of cash and unused debt capacity does not have a significant effect on the dividend’s adjustment speed. Also, the Liquidity shock has no effect on the relationship between the marginal value of cash and unused debt capacity on the dividend’s adjustment speed. According to the results, in justifying the positive relationship between the Marginal Value of Cash and the Dividends adjustment speed, it can be said that any Firm with a higher Financial Flexibility would face a lower overall risk and improve managers' performance when using Growth and investment opportunities, and ultimately, their Dividend Smoothing is higher. Also, in justifying the negative relationship between Unused Debt Capacity and the Dividends adjustment speed, it can be said that any Firm with a higher Unused Debt Capacity has a lower Dividend Smoothing.

The Legal claims of companies have increased during the Covid-19 era and have caused disruptions in the accounting system of companies. The most important reason for conducting this research is to provide a qualitative model of conditional accounting conservatism and financial flexibility with the aim of reducing the legal claims of the company during the outbreak of Corona. The research method was carried out using qualitative mixed methodology (critical evaluation method based on Multi Grounded Theory) in MAXQDA software. Financial flexibility has participated in the corona pandemic with the aim of reducing lawsuits in order to be able to identify its components, effective factors and consequences. The studied population of this research can be experts and specialists working in companies admitted to the stock exchange and expert professors in the fields of accounting, auditing, economics, financial engineering and financial management. The results of the research show that the components of "accounting conditional conservatism with the functional status approach"; "accounting conditional conservatism with the ideal significance approach"; "company legal claims with the approach "Performance status"; "Company lawsuits with the ideal importance approach"; "Financial resilience with the functional status approach" and "Financial resilience with the ideal importance approach" have an important place in the qualitative model of conditional accounting conservatism and financial flexibility with the aim of reducing lawsuits. Company law in the era of covid-19 with critical evaluation method based on Multi Grounded Theory.

It is important that financial flexibility is very important in the development of company financial decisions in the market. Financial by researchers is considered as one of the important components of the company's decisions, as well as the company's viewpoints to risk the company's decisions. Therefore, this study was aimed at studying the relationship between risk, financial flexibility and the role of product market competition in Tehran Stock Exchange companies. Research method of this study based on the purpose of implementation, of the type of applied research, which is done in a correlation method. Information required for testing and analyzing hypotheses from financial statements and their accompanying commentary notes from 130 companies listed in Tehran Stock Exchange as a statistical sample of 2014 to 2019 and has been edited. Systematic removal method (screening) was also used to determine the sample size and size. Linear regression data and linear regression model are used to test the research hypotheses. The findings from the test hypotheses test showed that the risk and competitiveness of the product market are positively related to financial flexibility and that product market competition has no effect on the relationship between risk and financial flexibility.

Empirical accounting studies have shown that economic, social and political structures such as legal systems, commercial and tax laws, the nature and type of relations defined in the economy, customs, culture and political system along with capital market pressures, the behavior of managers, auditors, Influences investors, regulators, and other market participants on financial reporting. The purpose of this study is to investigate the effect of macroeconomic variables on the financial flexibility of companies listed on the Tehran Stock Exchange. The study population is member companies of Tehran Stock Exchange, of which 166 companies (1162 years-company) were selected as a sample. Ives, the research hypothesis was tested. The results show that macroeconomic variables (GDP, inflation rate and money supply) affect the financial flexibility of companies.

The main objective of this study is to investigate the need for the adoption of specific financial reporting standards for small and medium-sized enterprises to achieve a favorable picture of the financial situation, financial performance and financial flexibility of small and medium business units in Iran. This research was conducted through interviewing experts, preparing hypothetical financial statements and conducting surveys using a questionnaire, and compilers of accounting and auditing standards, seeking to examine whether small and medium enterprises in Iran Do you need specific standards? Will adoption of international financial reporting standards for small and medium enterprises in Iran be necessary? This research is applied in terms of purpose and in terms of data gathering method. The results show that small and medium sized business units need financially for accounting and financial reporting, and the adoption of international financial reporting standards for small and medium enterprises in Iran is necessary. The results also indicate a significant and positive relationship between the adoption of International Financial Reporting Standards for small and medium enterprises in Iran and the improvement of the qualitative characteristics of accounting information (presentation and disclosure, reliability, recognition and measurement, comparability), which indicates the necessity of accepting or not accepting international standards for small and medium sized entities.

Political economy is an important field in the scientific study of social phenomena. This method considers the formation of social phenomena as a result of political and economic components. According to the theory of political economy, in most market-oriented economic societies, business units are the focus of economic, social and political interactions between different groups. Therefore, the purpose of this study is to investigate the effect of political relations on the financial flexibility of companies listed on the Tehran Stock Exchange. The study population of member companies of Tehran Stock Exchange with respect to special restrictions, from which a sample of 166 companies active in the Tehran Stock Exchange was selected. The time domain of the research includes a seven-year period based on the financial statements of the studied companies during the years 1392 to 1398 and to test the hypotheses, multivariate linear regression method using EVIEWS software version 9 has been used. . The results show that political communication does not affect the financial flexibility of companies.

Monitoring the financial solvency of insurance companies has been one of most important tasks of central insurance. By drafting regulation No.69 to protect the rights of insurers, solvency based on risk-based capital insurance companies periodically are surveyed at five levels. Depending on the location of insurance companies at a level of less than one, they are obligated to provide financial recovery plan for the next three financial years and present to central insurance. The purpose of this research is investigating the relationship between financial flexibility and free cash flows with solvency based on risk- based capital in insurance companies. Based on this, the applicability of the mentioned regulation and ability of insurance companies with financial flexibility and free cash flows in facing of unpredictable and unexpected conditions in the period between 2014 to 2018 were examined. Data collection is census using descriptive inference and comparison of means and correlation analysis were used to analyze the results of research hypotheses. The results indicate a significant and inverse (negative) relationship between financial flexibility and solvency based on risk-based capital. Also, the results indicate that there is a significant and direct (positive) relationship between free cash flows and solvency based on risk-based capital in insurance companies.

The main concern of managers of economic entities is to choose the optimal capital structure and different ways of providing resources and financial expenditures to maximize shareholders wealth. Maximizing the company's wealth requires the optimal use of financial resources and the earning the returns and the selection of appropriate risk through the selection of favorable financial policies for the company. Undoubtedly, one of the most important factors influencing financial policies is financial flexibility. Financial flexibility indicates the ability of a company to equip financial resources to maximize the value of the company and adapt the capital structure to the needs arising from changing circumstances. The purpose of this study is to investigate the effect of the value of financial flexibility on the dividend policies of companies of listed companie in Tehran Stock Exchange. The statistical sample includes 112 companies in the period 2010 to 2019. To test the hypotheses, a multivariate regression model, with pooled data is used and stata software is employed to analyse the data. Findings indicate a significant and inverse effect of the value of financial flexibility on dividend policies of companies listed on the Tehran Stock Exchange. Higher levels of financial flexibility value; a decrease in cash dividends will lead to a tendency not to pay cash dividends and to hold larger amounts of cash. Therefore, companies with more financial flexibility encourage their shareholders to keep cash in the company, or management has a greater ability to limit dividend payments.

This paper aims to examine dividend smoothing based on financial flexibility and capital structure adjustment.

In this study, the data of 120 companies listed in the Tehran Stock Exchange in the period 2009 to 2016 were collected, and the pooled regression model was used to test the research hypotheses.

Findings verified the first and second hypotheses of the research. In other words, the results of the first hypothesis indicated that financial flexibility leads to dividends smoothing. The results of the second hypothesis showed significant relationship between capital structure adjustment and dividend smoothing. Finally, the results of the third hypothesis indicated that capital structure adjustment does not have significant effect on the interaction between financial flexibility and dividend smoothing.

According to the research findings, there is a tendency to change the method of dividend payments as a result of lack of transparency in the financial status and unfavorable capital structure, so that managers limit changes in dividends to limit the risk of non-transparency.

Internal financial flexibility Management directly relies on how to use cash, unused debt capacity and its interaction in crisis situations and external shocks and also on corporate dividend policies. Investigating unused debt capacity as a component of corporate internal financial flexibility is important because it addresses the dynamics and sustainability of internal financial flexibility and improves corporate performance in dealing with shock and unexpected financial crises as well as the use of Optimized for investment opportunities and profitability. In this regard, the present paper examines the relationship between unused debt capacity and the dividends adjustment speed, considering the role of Liquidity shock moderation. In order to measure the dividends adjustment speed, which is a benchmark for dividend smoothing, the rolling window regressions based on the Lintner model (1956) was used Dijang et al (2012) and Faulkender and Wang (2006) method is applied for measuring the unused debt capacity, which is an indicator for measuring financial flexibility. According to the research constraints, 105 companies listed in Tehran Stock Exchange during the period of 2008-2018 using the STATA software have been investigated. The results of the research show that the unused debt capacity does not have a significant effect on the dividends adjustment speed. Also, the Liquidity shock has no effect on the relationship between the unused debt capacity and the dividends adjustment speed.

Reported earnings of a company reflects the efficient allocation of resources within the company and the company's operating activities. Therefore managers have strong incentives to manage earnings. This study examines The Impact of financial flexibility and financial Constraints on earnings management. financing and the purpose of the application of the methodology of the study was causal (after the event) is. The research population firms listed in the Tehran Stock Exchange is using systematic eliminationas a sample of 103 companies in the period between 2010to 2015were selected. The results showed that financial flexibility have negative impact on realand Accruals base earningsmanaement. The results showed that financial Constraints on Accruals baseearnings management has a positive impact but did not show significant effect on the real earningsmanagement.

One of the most important factors affecting financing issues as a challenge for companies is to maintain financial flexibility. Internal Financial flexibility is affected by the company's liquidity. The cash holding indicates the ability of a company to deal with the risks, which largely depends on changes in cash flow and dividend policy of the company. In order to measure the dividends adjustment speed, which is a benchmark for dividend smoothing, the rolling window regressions based on the Lintner model (1956) was used Faulkender and Wang (2006) method is applied for measuring the marginal value of cash, which is an indicator for measuring financial flexibility. According to the research constraints, 105 companies listed in Tehran Stock Exchange during the period of 2008-2018 using the STATA software have been investigated. The results of the research show that the marginal value of cash does not have a significant effect on the dividends adjustment speed. Also, the Liquidity shock has no effect on the relationship between the marginal value of cash and the dividends adjustment speed

This study investigates the relation between a company's internal factors (maturity and financial flexibility) and its business strategy and the relation between business strategy and financial performance (risk and return). Finally, the impact of industry (market volatility and competition in the industry) on the relation between internal factors and the company's business strategy has been investigated. To assess the type of companies' applied strategy (aggressive or defensive) , the Ittner and Larcker) 1997) scoring system is used. For statistical analysis, multivariate regression model with two control variables (firm size and financial leverage) is used. The sample consists of 168 companies listed in Tehran Stock Exchange for the period from 2011 to 2015. The results show that the more mature and financially flexible a company is, the more defensive business strategy it has. In addition, the more aggressive business strategy of a company, the more asset returns and the less specific risk. The results also show that higher market volatility and industry competitiveness do not have any amplifying effect on the relation of the maturity and financial flexibility of a company to its business strategy

Management ability is one of the influential variables on financial performance and continuity of activity, which can lead to higher efficiency and productivity. Considering the significant impact of management ability on company’s performance, investment and cash creation, and considering the importance of the company's liquidity role in its financial status, management can increase the company's flexibility to keep company Financially safe. The purpose of this study is to investigate the mediator role of financial flexibility in explaining the relationship between management ability and financial distress of 104 companies listed in Tehran Stock Exchange during 2010-2016. To test the hypotheses Panel data regression and logistic regression and for mediation recognition Sobel test has been used. The results showed that there is a positive and significant relationship between management ability and financial flexibility. In addition, the results indicate a negative and significant relationship between management ability, financial flexibility and financial distress and the results of the Sobel test indicate that financial flexibility does not play a mediator role in explaining the relationship between management ability and financial distress. In the other words, while financial flexibility is an important element which affect the financial performance of companies, it can not be regarded as a mediator between the management ability and financial distress.

One of the major challenges facing firms is obtaining funds needed to finance current operations and investment. Financing of firms is influenced by different many internal and external factors. On the other hand, several studies have shown that due to the problems of the traditional theory of capital structure, financial flexibility is one of the main factors effective on financing of firms. This study examines the relation between financial flexibility and finance type (debt or equity). For this purpose, 108 firms listed in Tehran Stock Exchange from 2003 to 2013 are studied. In this study, the marginal value of cash which is an indicator of financial flexibility is calculated using the model horoscope Faulkender and Wang (2006) and then the impact of financial flexibility on financing through stock or debt or a combination is investigated using simple and multiple logistic regression. The results show that financial flexibility has a significant and positive relationship with firm's transitory debt issuance, but it has no significant relation with equity issuance. In this study, transitory debt means the debt over the estimated optimal leverage

Working capital management is one of the most important issues for financial managers, and they always try to determine the rational level of working capital to manage their activities. Cash conversion cycle is the indicator used for measuring working capital. When a firm uses its sources rationally to react to unexpected financial situation, sources of working capital may provide competitive ability for the firm. In this study, a sample of 257 companies listed in the Tehran Stock Exchange in a period of11 years from 2002 to 2012 was selected to assess the expected effects of working capital and financial flexibility on competitive ability of the firms. Data analysis was carried out by the generalized momentum method.The results indicated that there exists a positive and significant relationship between current asset turnover period and competitive ability, and that there are negative and significant relationships between the three variables of receivables collection period, payable turnover period, and cash conversion cycle, and the variable of competitive ability. Also, the results showed that there are not significant relationships between the three variables of inventory turnover period, current ratio, and quick ratio, and the variable of competitive ability. The results of this study revealed that working capital management has widely effects on the competitive ability in market and the functional efficiency of the firms, and that working capital ability has positive effects on the competitive ability in products market, but such effects reduce when working capital ability decreases below a certain level.

Selection the optimal capital structure and the method of financing، is the main concern of the financial manager. Inadequate capital structure، affect different areas of the company and can create problems such as inefficiency in the marketing of products، inability to use the manpower and the same result. On the other hand، several studies have shown that due to the problems of the traditional theory of capital structure، the factors affecting the issues of financing companies، the financial flexibility. This study examines the role of financial flexibility to adjust speed of corporate financial leverage. For this purpose، the companies listed in Tehran Stock Exchange، 108companies were selected and financial data for the years 1382 to 1392 were studied. The results indicate that for companies that are above optimal leverage، financial flexibility is not the main factor to adjust speed of leverage. But for companies that are below optimal leverage، a significant positive correlation is obtained with the adjustment speed of leverage.