Designing a Confirmatory Factor Analysis Model to investigate the impact of Risk Management on Corporate Profit Sharing

الموضوعات :

Hossein Nouri Farid ¹ (Accounting Department, Zahedan Branch, Islamic Azad University, Zahedan, Iran)
Alireza Momeni ² (Department of Accounting, Payame Noor University, Tehran, Iran)
Aziz Gord ³ (Department of Accounting, Payame Noor University, Tehran, Iran)

تاريخ الإرسال : 26 الخميس , شوال, 1441 تاريخ التأكيد : 23 الإثنين , ربيع الأول, 1442 تاريخ الإصدار : 20 الثلاثاء , شوال, 1442

الکلمات المفتاحية: risk management, confirmatory factor analysis, Profit Sharing,

ملخص المقالة :

The dividend is one of the issues that has long been considered by financial researchers and continues to be one of the controversial issues in the field of financial management. The aim of this study was to model confirmatory factor analysis to investigate the effect of risk management on corporate dividends. For this reason, we have used some systematic risk components such as exchange rate risk, interest rate risk, and financial risk to measure risk management. In order to investigate the dividend of companies, we have used the variables of earnings per share, dividends, earnings growth per share, and dividend ratio. The research tool was a questionnaire whose reliability was confirmed based on the opinion of a group of faculty members and related experts and Cronbach's alpha coefficient was used to determine the reliability of different departments (0.78-0.92). Data were analyzed using Lisrel8.8 software. To analyze the collected data, first, descriptive statistics describing the main variables and demographic characteristics are examined. Then inferential statistics are presented. In inferential statistics, confirmatory factor analysis (CFA) with covariance-based approach was used by Lisrel8.8 software to assess the occasion of the measurement tool (questionnaire). Also, skolgi and elongation coefficients were used to investigate the type of data distribution. According to the type of questions raised in the questionnaire, an independent sample T-test was used to investigate the assumptions. The results of the hypothesis test indicate that risk management is directly related to corporate dividends.

المصادر:

• Hashemi H. (2016), Investigating the relationship between dividend policy and risk of falling stock prices of listed companies in Tehran Stock Exchange, International Conference on Management and Accounting, 15(2): 114-125.


• Lynnette D. (2011), Assessing credit or determining qualitity? The evolving role of ratingagencies, 14(1): 89-104.


• Baker H. & Farrelly G. & Edelman R. (2018), A survey of management views on dividend policy, Financ Manage, 14(1): 78-84.


• Ebrahimzadeh T. (2017), "Investigating the Interaction between Risk Management and Corporate Governance on Earnings Volatility", Economics, Financial Management and Accounting Studies, 2(1): 246-260.


• Basse T. & Vers W. (2019), The impact of the financial crisis on the dividend policy of the european insurance industry: additional empirical evidence, 18(1): 3-17.


• Abdollahzadeh F. (2016), Investment Management and Stock Exchange, Processors Publications, 6(3): 930-941.


• Dastgir M. & Zafari F. (2017), The Role of Accounting Information in Predicting Stock Return Rates, sychological Bulletin, 12(1): 44-63.


• Bahramfar N. & Mehrani K. (2014), "The Relationship between Earnings per Share, Dividend and Investment in Companies Listed in The Stock Exchange", Accounting and Auditing Reviews, 9(4): 31-40.


• Moradi M. (2019), "The Relationship between Earnings Quality and Audit Fees with The Dividend Policy of Companies Listed in Tehran Stock Exchange", Accounting and Management Perspective, 12(4): 1-16.


• Yunasi E. & Karrahi Moghadam S. (2013), Factors Affecting Dividends in Companies Listed in Tehran Stock Exchange, Financial Accounting Quarterly, 5(3): 93-102.


• Diwai S. (2011), Dividend Policy and Ownership Structure: An Applied Study on Industrial Companies in Malesia StockExchange, Journal of Management Research, 9(2): 117-128.


• Barazandeh M. (2017), Effect of macroeconomic variables on stock price index, MSc thesis in economics, Allameh Tabataba'i University, 8(6): 55-63.


• Byrne K. (2005), How do consumers evaluate risk in financial products? Journal of Financial Services Marketing, Henry Stewart Publications, 19(5): 82-94.


• Jahankhani A. & Parsaian A. (2015), Stock Exchange, 2nd edition, Tehran: University of Tehran, 11(3): 26-37.


• Yong W. (2015), An Empirical Study of the Relationship between the Listed Company Stock, 7Returns and the Credit Rating, 20(7): 8-17.


• Rabin A. & Kahnemn D. (2016), "Belief in the law of small numbers", sychological Bulletin, 2(4): 9-16.


• Pirsalehi M. (2018), The Relationship between Risk and Investment Return in Tehran Stock Exchange, MSc Thesis in Business Administration, University of Isfahan, 14(5): 101-113.


• Jahankhani A. & Ghorbani S. (2015), "Identifying and Explaining the Determinants of Corporate Profit Policy In Tehran Stock Exchange", Financial Research Quarterly, 20(6): 51-63.


• Campbell J. & Hilscher J. & Szilagyi J. (2018), In search of distress risk, Financial Management and Accounting Studies, 6(1): 3-10.


• Haghighat H. & Panahi M. (2011), "The Relationship between Earnings Quality and Future Stock Returns in Listed Companies in Tehran Stock Exchange", Journal of Accounting Knowledge, 9(3): 90-99.


• Kamyabi Y. & Ranjbar S. (2013), The Relationship between Return, Risk and Dividend Policy with Stock Price Fluctuations in Companies Listed in Tehran Stock Exchange, Journal of Accounting Knowledge, 16(5): 27-40.


• Sadeghi Sharif J. (2013), "Designing a Pricing Model for Capital Assets in Bor S. Tehran Securities", Ph.D. Thesis in Financial Oriented Management, University of Tehran, 14(2): 77-89.


• Hashimujo G. & Solberg D. & Zorn T. (2018), Simultaneou Determination of Insider ownership, Debt, and Dividend Policies in Malesia, Journal of Financial and Quantitative Analysis, 21(2): 249-261.