تعیین حد آستانه ساختار بهینه سرمایه و رابطه آن با عملکرد مالی شرکتهای دارویی و شیمیایی: رهیافتی از تئوری مبادله و هزینه نمایندگی | ||
| سیاست گذاری اقتصادی | ||
| دوره 17، شماره 33، فروردین 1404، صفحه 1-28 اصل مقاله (695.89 K) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22034/epj.2024.21103.2555 | ||
| نویسندگان | ||
| سمانه نورانی آزاد1؛ نادیا میرزابابازاده* 1؛ فرهاد خداداد کاشی2 | ||
| 1استادیار گروه اقتصاد، دانشکده اقتصاد و مدیریت، دانشگاه پیام نور، تهران، ایران | ||
| 2استاد تمام گروه اقتصاد، دانشکده اقتصاد و مدیریت، دانشگاه پیام نور، تهران، ایران | ||
| چکیده | ||
| هدف محوری پژوهش حاضر تعیین حد آستانهای ساختار بهینه سرمایه در دو سناریوی بدهی و حقوق صاحبان سهام و بررسی اثر آنها بر عملکرد مالی شرکتهای دارویی و شیمیایی بورسی ایران است. بدین منظور از دادههای در دسترس 31 شرکت دارویی و شیمیایی در بازه زمانی 1391-1400 و رویکرد رگرسیون غیرخطی آستانهای انتقال ملایم استفاده شد. نتایج پژوهش در هر دو سناریو رابطه غیرخطی آستانهای بین ساختار بهینه سرمایه و بازدهی دارایی شرکتهای دارویی و شیمیایی را نشان میدهد. علاوه براین در سناریوی اول با افزایش اهرم بدهی بهعنوان ساختار بهینه سرمایه بازدهی دارایی شرکت کاهش مییابد اما در سناریوی دوم با افزایش نسبت حقوق صاحبان سهام به دارایی این بازدهی بهشدت افزایش یافته است؛ از طرفی شدت تأثیرپذیری بازدهی دارایی از کانال بدهی نسبت به حقوق صاحبان سهام بیشتر است؛ این امر میتواند گویای آن باشد که در شرکتهای دارویی و شیمیایی استفاده از کانال بدهی در مقایسه با حقوق صاحبان سهام برای مدیران در تصمیمگیری تأمین مالی سرمایهگذاری ارجحتر است. از طرفی نتایج مربوط به سهم سهامداران بزرگ در هر دو سناریو شواهدی دال بر اینکه شرکتهای دارویی و شیمیایی توانستهاند با محدودکردن بخش عمده فعالیت در دست تعداد محدودی بازیگران زمینه تسلط بر بازار، بروز رفتارهای غیررقابتی و افزایش بازدهی دارایی را در سطوح بالاتر از حد آستانه ساختار بهینه سرمایه را فراهم نمایند. | ||
| کلیدواژهها | ||
| ساختار بهینه سرمایه؛ اهرم بدهی؛ حقوق صاحیان سهام؛ سهم سهامداران بزرگ؛ رگرسیون غیرخطی آستانهای | ||
| عنوان مقاله [English] | ||
| Optimal Capital Structure Threshold and its Impact on the Financial Performance of Pharmaceutical and Chemical Companies: A Trade-off and Agency Cost Theory Perspective | ||
| نویسندگان [English] | ||
| Samaneh Norani azad1؛ Nadia Mirzababazadeh1؛ Farhad Khodadad Kashi2 | ||
| 1Assistant Professor of Economics, Department of Management and Economics, Payame Noor University, Tehran, Iran. | ||
| 2Professor of Economics, Department of Management and Economics, Payame Noor University, Tehran, Iran. | ||
| چکیده [English] | ||
| Purpose: The viability and growth of any business depend on securing the required capital and financial resources. Decisions regarding the optimal capital structure are crucial, not only for survival, growth, and efficiency but also for navigating the competitive environment. Managers, in the realm of company financing, aim to identify the optimal blend of financial resources, known as the capital structure, involving a combination of debt and equity. So, this research aims to determine the threshold level of optimal capital structure in two scenarios, namely debt and equity, and assess their impacts on the financial performance of pharmaceutical and chemical companies listed on the Iranian stock exchange. Previous research on financial management decisions regarding the determination of the optimal capital structure and its impact on company financial performance has presented diverse perspectives and theories, categorizable into distinct groups. Among them, both agency theory and trade-off theory can substantiate the existence of positive or negative associations between capital structure and the financial performance of companies and industries. Within the first category, studies rooted in agency theory elucidate a direct positive relationship between capital structure and company financial performance. They posit that managers lack the motivation to maximize efforts in securing shareholder interests; instead, they pursue personal interests or the policies aligned with their own benefits. Consequently, managerial decisions to finance the capital structure through debt serve as a control mechanism to curb opportunistic behavior and safeguard shareholder interests, leading to a reduction in the company's free cash flows and the compultion of managers to avoid negative investments for the benefit of shareholders. Conversely, studies in the second category focus on interpreting the negative and indirect relationship between capital structure and company performance and contend that, based on the trade-off theory, the potential for incurring bankruptcy costs does exist. As financing with debt entails tax advantages and costs associated with debt financing (bankruptcy costs and financial distress costs), an increase in debt leads to a decrease in net income and an increase in total costs. Excessive debt may also push the company into a financial crisis or bankruptcy, resulting in a decline in the company's value and performance. In the light of previous studies and theories, it is evident that determining the threshold level of capital structure and its impact on financial performance is a challenging issue that has garnered the attention of numerous researchers. Using the data for 31 companies in the pharmaceutical and chemical sector from 2011 to 2022, a non-linear threshold regression approach was applied to address the core questions ‘What is the relationship between optimal capital structure and the financial performance of these companies, considering the trade-off theory and the agency cost theory?’ and ‘Is this relationship linear or non-linear?’ Methodology: This research sought to determine the optimal threshold level of capital structure in two scenarios, modeling its relationship with the company's financial performance. We identify this threshold in scenarios of financial leverage and equity. Building upon prior theories and foundations, we elucidate the threshold levels of financial leverage and asset return in the first scenario and equity and asset return in the second scenario using the Panel Smooth Transition Regression (PSTR) model. The PSTR model, a non-linear threshold regression model in econometrics, accommodates varying coefficients over time and regimes, addressing the challenge of heterogeneous estimated parameters. Following the recommendations of Gonzalez et al. (2017) and Collitaz & Hurlin (2006), we model the potential non-linear relationship between variables using a transition function and a threshold variable. The functional form of the PSTR model, incorporating two extreme regimes and a continuous transition function, is employed. Findings and discussion: The research findings demonstrate a non-linear threshold relationship between optimal capital structure and asset return in both scenarios. In the first scenario, an increase in financial leverage results in a decrease in asset return within the optimal capital structure. Conversely, in the second scenario, an elevated equity-to-asset ratio significantly enhances asset return. The impact of asset return through debt is more pronounced than through equity, suggesting a preference for debt financing over equity in financial investment decisions within pharmaceutical and chemical companies. The results regarding large shareholders' share indicate that these companies have successfully limited market dominance, fostered non-competitive behaviors and increased asset returns beyond the threshold level of optimal capital structure. Before reaching the threshold level in the first scenario, variables such as large shareholders' stakes, company size, and intensity of entry barriers enhance the asset return. Despite debt funding during this stage, increased structural variables, representing market dominance and favorable conditions, contribute to the increase of the asset return. Even after reaching the threshold, these variables continue to positively influence financial performance. The impact of financial leverage exhibits a non-linear relationship and suggests a decrease in the asset return beyond the threshold (0.44). Regarding the equity-to-asset ratio, both before and after the threshold level of 0.17, its increase strengthens the asset return. Conclusion and policy implication: According to the results of the research, certain suggestions can be made for future research. Financial planners and stakeholders are advised to resolve their conflict of interests by determining an appropriate concentration level for shareholders to enhance the company's asset return. Managers, in financial decision-making for investment, are also recommended to have a higher percentage of financing from debt channels compared to equity. | ||
| کلیدواژهها [English] | ||
| Optimal capital structure, Debt leverage, Equity, Large shareholders', share, Non-linear threshold regression | ||
| مراجع | ||
|
Abdullah, H., & Tursoy, T. (2021). Capital Structure and Firm Performance: a Panel Causality Test. Munich Personal RePEc Archive. (n.d.). Retrieved from https://mpra.ub.uni-muenchen.de/105871/. Arabsalehi, M. Moayedfar, R., & Safari B. S. (2012). The Effect of Environment Risk, Corporate Strategy and Capital Structure on Performance of Listed Companies in Tehran Stock Exchange. Financial Accounting Research, 4(3), 47-70. (In Persion). Arab, R., Hosseini, S. Z., & Gholamrezapoor, M. (2021). An Investigation into the Relationship between CEO Power and Corporate Financial Leverage. Financial Management Strategy, 9(3), 123-140. (In Persian) Arosa, B., Iturralde, T., & Maseda, A. (2010). Ownership Structure and Firm Performance in Non-Listed Firms: Evidence from Spain. Journal of Family Business Strategy, 1(2), 88-96. Berk, J., DeMarzo, P., Harford, J., Ford, G., Mollica, V., & Finch, N. (2013). Fundamentals of Corporate Finance. Pearson Higher Education AU. Birru, M. W. (2016). The Impact of Capital Structure on Financial Performance of Commercial Banks in Ethiopia. Global Journal of Management and Business Research, 16(8), 44-52. Boshnak, H. (2023). The Impact of Capital Structure on Firm Performance: Evidence from Saudi-Listed Firms. International Journal of Disclosure and Governance, 20(1), 15-26. Chu, W. (2009). The Influence of Family Ownership on SME Performance: Evidence from Public Firms in Taiwan. Small Business Economics, 33, 353-373. Colletaz, G. & Hurlin, C. (2006). Threshold Effects of the Public Capital Productivity: An International Panel Smooth Transition Approach. https://shs.hal.science/halshs-00008056/. Essel, R. E. (2024). The Effect of Capital Structure on Corporate Performance: Panel Empirical Evidence of an Emerging Capital Market. Journal of African Business, 25(2), 224-263. Gonzalez, A. Teräsvirta, T. Van Dijk, D., & Yang, Y. (2017). Panel Smooth Transition Regression Models. Retrieved from https://www.diva-portal.org/smash/record.jsf?pid=diva2%3A1152759&dswid=-5462. Gord, A. Vaghfi, H., & Fakouri, M. (2014). Examine Relationsheep between Measures of Financial Leverage (Capital Structure) and Measure of Performance. Journal of Accounting and Social Interests, 4(4), 1-18. (In Persion). Grossman, S. J. & Hart, O. D. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691-719. Habrosh, A. A. (2017). Impact of Cash Flow, Profitability, Liquidity, and Capital Structure Ratio on Predict Financial Performance. Advanced Science Letters, 23(8), 7177-7179. Hu, X., Yao, G., & Zhou, T. (2022). Does Ownership Structure Affect the Optimal Capital structure? A PSTR Model for China. International Journal of Finance & Economics, 27(2), 2458-2480. Huang, P., Lu, Y., & Wee, M. (2020). Corporate Governance Analysts and Firm Value: Australian Evidence. Pacific-Basin Finance Journal, 63, 101430. Jarallah, S., Saleh, A. S., & Salim, R. (2019). Examining Pecking Order versus Trade‐off Theories of Capital Structure: New Evidence from Japanese Firms. International Journal of Finance & Economics, 24(1), 204-211. Jensen, M. C., & Meckling, W. H. (2019). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. In Corporate Governance, (pp. 77-132). Gower. Khan, M. I. (2012). Capital Structure, Equity Ownership and Firm Performance: Evidence from India. http://dx.doi.org/10.2139/ssrn.2016420. Kim, E. H. (1978). A Mean‐Variance Theory of Optimal Capital Structure and Corporate Debt Capacity. The Journal of Finance, 33(1), 45-63. Kraus, A. & Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4), 911-922. Le, T. P. V. & Phan, T. B. N. (2017). Capital Structure and Firm Performance: Empirical Evidence from a Small Transition Country. Research in International Business and Finance, 42, 710-726. Margaritis, D. & Psillaki, M. (2010). Capital Structure, Equity Ownership and Firm Performance. Journal of Banking & Finance, 34(3), 621-632. Mengli, K. M. & Shibani T. A. (2022). Movement in the Adjustment Speed of the Capital Structure, 6th International and National Conference on Management, Accounting and Law Studies, Tehran, Iran, 830-844. (In Persian). Modigliani, F. & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: a Correction. The American Economic Review, 433-443. Mousavi Haghighi, M. H. & Khalifeh, M. (2015). Simulating the Effect of Financial Leverage Model on Company Value via System Dynamics Approach (Case Study: National Iranian Copper Industries Company). Journal of Asset Management and Financing, 3(3), 83-104. (In Persian). Myers, S. C. & Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221. Nguyen, T. A. & Tran, T. P. T. (2019). The Impact of Capital Structure on Firm Performance of Vietnamese Non-Financial Listed Companies Based on Agency Cost Theory. VNU Journal of Economics and Business, 35(2). Park, K. & Jang, S. S. (2013). Capital Structure, Free Cash Flow, Diversification and Firm Performance: A Holistic Analysis. International Journal of Hospitality Management, 33, 51-63. Pesaran, M. H. (2012). On the Interpretation of Panel Unit Root Tests. Economics Letters, 116(3), 545-546. Salam, Z. A. & Shourkashti, R. (2019). Capital Structure and Firm Performance in Emerging Market: An Empirical Analysis of Malaysian Companies. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(3), 70-82. Salehi, M. Lotfi, A. & Farhangdoust, S. (2017). The Effect of Financial Distress Costs on Ownership Structure and Debt Policy: An Application of Simultaneous Equations in Iran. Journal of Management Development, 36(10), 1216-1229. Schorr, A. & Lips, M. (2019). The Optimal Capital Structure of Swiss Dairy Farms. Agricultural Finance Review, 79(3), 323-337. Spitsin, V., Vukovic, D., Anokhin, S., & Spitsina, L. (2021). Company Performance and Optimal Capital Structure: Evidence of Transition Economy (Russia). Journal of Economic Studies, 48(2), 313-332. Stulz, R. (1990). Managerial Discretion and Optimal Financing Policies. Journal of financial Economics, 26(1), 3-27. Vernimmen, P., Quiry, P., & Le Fur, Y. (2022). Corporate Finance: Theory and Practice. John Wiley & Sons. Zeitun, R. & Goaied, M. (2022). The Nexus between Debt Structure, Firm Performance, and the Financial Crisis: Non-Linear Panel Data Evidence from Japan. Applied Economics, 54(40), 4681-4699. | ||
|
آمار تعداد مشاهده مقاله: 965 تعداد دریافت فایل اصل مقاله: 578 |
||