Investigating specific cases on the balance sheet approach of financing from the point of view of agency theory
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Abstract:
Financing decisions are one of the decisions that managers of the economic unit make in order to maximize the wealth of shareholders. These types of decisions relate to the structure of capital, as well as the selection and selection of the best means of financing and its composition. Therefore, the purpose of the research is to investigate the role of corporate governance mechanisms on the corporate finance balance sheet approach. The research method is quasi-experimental with post-event design, and 98 companies listed in Tehran Stock Exchange during the period 1391-1395 were investigated. To test the hypotheses, multivariate regression technique has been used by panel method. The results of the research showed that there is a positive and significant relationship between the concentration of ownership and the size of the board with the external financing; as the amount of ownership and the number of board members increases, financing from outside sources increases. However, there was no significant relationship between institutional investors and the independence of the board of directors with external financing, and these two variables did not affect the outsourcing of financial resources. Also, there is a meaningful relationship between institutional investors and the size of the board with the financing. In other words, the presence of this group of investors and the number of members of the board has been able to increase funding from the company's resources. However, no significant relationship was found between the ownership concentration and the independence of the board with internal financing.
Article Type:
Research/Original Article
Language:
Persian
Published:
Journal of Investment Knowledge, Volume:8 Issue:29, 2019
Pages:
297 - 313
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