نقش تعدیلی تنوع هیئت مدیره و پیچیدگی گزارشگری مالی در رابطه بیش اعتمادی مدیریت بر تصمیمات تامین مالی بدهی بازار سرمایه ایران
محورهای موضوعی : پژوهش های مالی و رفتاری در حسابداری
شکوفه اعتبار
1
,
حسین جنت مکان
2
,
علی تامرادی
3
1 - استادیار، دانشکده مهارت و کارآفرینی، واحد کرج، دانشگاه آزاد اسلامی، کرج، ایران
2 - استادیار، گروه حسابداری، دانشکده حسابداری، واحد اهواز، دانشگاه آزاد اسلامی، اهواز، ايران
3 - مربی حسابداری، دانشگاه پیام نور رامهرمز، رامهرمز، ایران
کلید واژه: بیش اعتمادی مدیریت, تصمیمات تامین مالی, تنوع هیئت مدیره, پیچیدگی گزارشگری مالی,
چکیده مقاله :
هدف از پژوهش حاضر بررسی نقش تعدیلی تنوع هیئت مدیره و پیچیدگی گزارشگری مالی بر رابطه بیش اعتمادی مدیریت بر تصمیمات تامین مالی در بازار سرمایه ایران است. اطلاعات 145 شرکت نمونه در بازه زمانی 1395 تا 1401 گردآوری و با استفاده از روش رگرسیون چند متغیره بر پایه داده‌های ترکیبی (تابلویی و به روش اثرات تصادفی ) موردآزمون قرار گرفته است . نتایج پژوهش نشان دادند که، بیش اعتمادی مدیریت بر تصمیمات تامین مالی از طریق بدهی تاثیر مثبت معناداری دارد، بنابراین با افزایش بیش اعتمادی مدیریت، تصمیمات تامین مالی از طریق بدهی در شرکت‌ها افزایش می‌یابد و بین پیچیدگی گزارشگری مالی و تصمیمات تامین مالی نیز رابطه معنی داری وجود دارد. همچنین بین تنوع هیئت مدیره شرکت و تصمیمات تامین مالی رابطه معنی دار و مثبتی وجود دارد و بین پیچیدگی گزارشگری مالی و تصمیمات تامین مالی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران رابطه منفی و معناداری وجود دارد. تنوع هیئت مدیره رابطه بیش اعتمادی مدیریت و تصمیمات تامین مالی را تعدیل می‌کند (رابطه معنادار و مثبت)، بنابراین تنوع هیئت مدیره موجب تعدیل و کاهش رابطه مثبت بین بیش اعتمادی مدیریت و تصمیمات تامین مالی می‌شود، ولی افزایش پیچیدگی گزارشگری مالی موجب تعدیل رابطه مثبت (رابطه غیر معنادار و منفی) بین بیش اعتمادی مدیریت و تصمیمات تامین مالی نمی‌شود.
The aim of the present study is to investigate the moderating role of board diversity and financial reporting complexity on the relationship between management overconfidence and financing decisions in the Iranian capital market. Data from 145 sample companies were collected between 2015 and 2021 and tested using multivariate regression based on combined data (panel and random effects). The research results showed that, Management overconfidence has a significant positive effect on debt financing decisions, so with increasing management overconfidence, debt financing decisions in companies increase and there is also a significant relationship between the complexity of financial reporting and financing decisions. There is also a significant and positive relationship between the diversity of the company's board of directors and financing decisions, and there is a significant and negative relationship between the complexity of financial reporting and financing decisions of companies listed on the Tehran Stock Exchange. Board diversity moderates the relationship between management overconfidence and financing decisions (significant and positive relationship), so board diversity moderates and reduces the positive relationship between management overconfidence and financing decisions, but increasing the complexity of financial reporting does not moderate the positive relationship (non-significant and negative relationship) between management overconfidence and financing decisions.
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