فهرست مطالب

مجله مدیریت دارایی و تامین مالی
سال سیزدهم شماره 1 (پیاپی 48، بهار 1404)

  • تاریخ انتشار: 1403/11/14
  • تعداد عناوین: 6
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  • محمد توحیدی*، مسعود روح الله صفحات 1-26
    اهداف
    هدف از این پژوهش شناسایی، استخراج و طبقه بندی عوامل و الزامات موثر بر توسعه صندوق های سرمایه گذاری املاک و مستغلات با استفاده از روش پژوهش کیفی فراترکیب است.
    روش
    با جست وجو در پایگاه‏ های عملی معتبر، 1869 مطالعه مرتبط در بازه زمانی 23 سال (2000 تا 2023) بررسی شد و پس از اعمال فیلترهای مختلف، 91 مطالعه که ازنظر عنوان، چکیده و محتوا بیشترین ارتباط را با موضوع پژوهش داشت، برای تجزیه وتحلیل نهایی استفاده ‏ شد. درنهایت، عوامل و الزامات توسعه صندوق های سرمایه گذاری املاک و مستغلات در قالب 4 مضمون فراگیر و 12 مضمون سازمان‏ دهنده طبقه بندی شد.
    نتایج
    نتایج پژوهش بیانگر این است که عوامل و الزامات توسعه صندوق های سرمایه گذاری املاک و مستغلات را می‏ توان براساس چهار مقوله کلی (عملکردی، نظارتی و حمایتی، زیرساختی و ساختاری و حاکمیتی) تحلیل کرد. از منظر عملکردی، توجه به شاخص‏ ها و مباحث مالی و اقتصادی، توجه به عوامل فرایندی و عملیاتی، توجه به اصول و مبانی سرمایه گذاری و مدیریت ریسک بررسی می شود. از منظر نظارتی و حمایتی، عوامل مرتبط با قانون‏ گذاری، سیاست گذاری و اصول نظارتی مطرح می‏ شود. از منظر زیرساختی، دو بعد فرهنگ‏ سازی و آموزشی و نیز نوآوری و فناوری تحلیل می شود. از منظر ساختاری و حاکمیتی، عوامل ناظر بر مدیران، سرمایه گذاران و نیز حاکمیت شرکتی صندوق های سرمایه گذاری املاک و مستغلات شناسایی می‏ شود.نوآوری: باتوجه به اینکه در پژوهش حاضر از رویکرد فراترکیب استفاده شده است، نوآوری آن در بررسی کلیه مطالعات داخلی و خارجی در این زمینه بوده و اطمینان می دهد، ابعاد موضوع را به صورت جامع و همه جانبه، شناسایی و دسته بندی کرده است.
    کلیدواژگان: صندوق سرمایه گذاری املاک و مستغلات، فراترکیب، سرمایه گذاری جایگزین، املاک و مستغلات طبقه بندی JEL: O16، R33، O23
  • پویا صادقی، داریوش فرید*، حمید رضا میرزایی، ابوالفضل دهقانی صفحات 27-46
    هدف
    هدف اصلی این پژوهش، رتبه بندی میزان اهمیت هریک از مولفه های مدیریت سرمایه در گردش در پیش بینی وقوع درماندگی مالی شرکت ها است.
    روش
    جامعه آماری متشکل از 167 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال های 1397 تا 1401 است. در راستای دستیابی به هدف پژوهش، 7 مولفه از مهم ترین شاخص های مدیریت سرمایه در گردش اثر گذار بر درماندگی مالی انتخاب شده است. به علاوه، با استفاده از مدل پیش بینی درماندگی مالی زاوگین (1985) شرکت های نمونه به دو گروه درمانده و سالم طبقه بندی شدند؛ سپس در گام اول، با استفاده از الگوریتم جنگل تصادفی توان 7 شاخص منتخب مدیریت سرمایه در گردش در پیش بینی درماندگی مالی شرکت ها سنجیده شد.
    نتایج
    نتایج پژوهش حاکی از آن است که شاخص های مدیریت سرمایه در گردش تا 85درصد می توانند در شناسایی و پیش بینی وضعیت درماندگی مالی شرکت ها موفق عمل کنند. در مرحله دوم، رتبه بندی میزان اهمیت هریک از مولفه های سرمایه در گردش برای رسیدن به نمره 85درصد در تشخیص درست کلاس شرکت ها با استفاده از ویژگی منحصربه فرد الگوریتم جنگل تصادفی در این زمینه صورت پذیرفت. یافته های پژوهش نشان می دهد که دوره وصول مطالبات، به طرز چشمگیری اهمیت بیشتری از سایر مولفه های سرمایه در گردش در پیش بینی درماندگی مالی دارد.
    کلیدواژگان: درماندگی مالی، مدیریت سرمایه در گردش، دوره وصول مطالبات، الگوریتم جنگل تصادفی
  • حسین عامری* صفحات 47-62
    عدم افشای اطلاعات قابل اعتماد، مشکل عدم تقارن اطلاعاتی ایجاد می کند و باعث افزایش هزینه سرمایه سهام می شود؛ بنابراین، افشای داوطلبانه اطلاعات می تواند به کاهش ریسک غیرسیستماتیک منجر شود و این کاهش می تواند به واسطه علامت دهی مالی موجب افزایش اطمینان سرمایه گذاران شود. وقتی سرمایه گذاران احساس کنند که شرکتی در برابر نوسانات خاص مقاوم تر است، بتای آن شرکت -که نمایانگر ریسک سیستماتیک است- به سمت کاهش، تمایل پیدا می کند. این تغییر در ارزیابی ریسک می تواند منجر به کاهش هزینه سرمایه سهام شود. از طرفی وقتی کیفیت اطلاعات یک شرکت بهبود یابد، نه تنها آن شرکت بلکه سایر شرکت ها نیز تحت تاثیر قرار می گیرند؛ به عبارت دیگر، افشای اطلاعات توسط یک شرکت می تواند بر ادراک عمومی و ارزیابی ریسک سایر شرکت ها تاثیر بگذارد؛ بنابراین، در این پژوهش نقش میانجی عدم تقارن اطلاعاتی بر رابطه بین افشای داوطلبانه اطلاعات و هزینه سرمایه با استفاده از مدل CAPM بررسی می شود. برای دستیابی به اهداف پژوهش تعداد 159 شرکت پذیرفته شده در بورس اوراق بهادار تهران در طی بازه زمانی 1397-1401برای نمونه آماری انتخاب شدند. برای آزمون فرضیه ها از روش تجزیه وتحلیل داده های ترکیبی و رگرسیون خطی چندمتغیره استفاده شد. یافته ها نشان می دهد که افشای داوطلبانه اطلاعات بر هزینه سرمایه تاثیر معناداری ندارد و متغیر میانجی عدم تقارن اطلاعاتی نیز بر رابطه افشای داوطبانه اطلاعات و هزینه سرمایه تاثیر معناداری ندارد. به علت پایین بودن سطح میانگین افشای داوطلبانه اطلاعات و کارانبودن بازار سرمایه در ایران و محدودبودن اقلام افشای داوطلبانه اطلاعات تاثیر معناداری بین افشای داوطلبانه اطلاعات و هزینه سرمایه مشاهده نشد. از طرفی به دلیل فقدان تحلیلگران مالی و عدم توجه سرمایه گذاران، میزان افشای داوطلبانه شرکت ها نتوانسته است میزان عدم تقارن اطلاعاتی را در بازار سرمایه به طور چشمگیری تغییر دهد.
    کلیدواژگان: عدم تقارن اطلاعاتی، افشای داوطلبانه اطلاعات، هزینه سرمایه، مدل قیمت گذاری دارایی های سرمایه ای (CAPM)
  • وحید تقی زاده خانقاه، یونس بادآور نهندی* صفحات 63-80
    مالی سازی شرکت ها پدیده ای اجتناب ناپذیر برای مدیریت است که می تواند سودهای فوق العاده را به عنوان مکمل عملیات به دست آورد یا نقدینگی را پوشش دهد تا کمبود موجود نقد را ازطریق نگهداری دارایی های مالی جبران کند. از سوی دیگر، اثرات نامطلوب مالی سازی بیش ازحد، ممکن است رشد پایدار اقتصاد را مختل کند؛ ازاین رو هدف پژوهش حاضر بررسی تاثیر عدم اطمینان سیاست اقتصادی بر مالی سازی شرکت با نقش تعدیل گری محدودیت مالی است. با استفاده از روش نمونه گیری سیستماتیک تعداد 125 شرکت برای دوره زمانی 1401-1394 انتخاب می شود. برای آزمون فرضیه های پژوهش از رویکرد داده های ترکیبی به روش داده های تابلویی استفاده می شود. نتایج نشان داد که یک رابطه یوشکل بین عدم قطعیت سیاست اقتصادی و مالی سازی شرکت ها وجود دارد. افزایش عدم قطعیت سیاست اقتصادی در سطوح پایین به کاهش سرمایه گذاری بر روی دارایی های مالی منجر می شود؛ اما در سطوح بالا موجب افزایش سرمایه گذاری بر روی دارایی های مالی می شود. علاوه براین، یافته ها نشان می دهد که محدودیت مالی ارتباط بین عدم اطمینان سیاست اقتصادی و مالی سازی شرکت را تعدیل می کند. یعنی رابطه منفی در سطوح پایین و رابطه مثبت در سطوح بالای عدم قطعیت، سیاست اقتصادی را تضعیف می کند؛ بنابراین، شرکت هایی که با محدودیت های مالی قوی مواجه هستند، میزان سرمایه گذاری بر روی دارایی های مالی را به گونه ای تنظیم می کنند که باتوجه به شرایط اقتصادی، نقدینگی لازم را برای فعالیت های تجاری تامین کند. پژوهش حاضر شواهد تجربی جدیدی را برای آشکارکردن رابطه یوشکل بین عدم قطعیت سیاست اقتصادی و مالی سازی شرکت ارائه می کند؛ به علاوه، این مطالعه متفاوت از پژوهش های پیشین در کشورهای توسعه یافته است و عدم قطعیت سیاست های اقتصادی را در ایران، به عنوان کشوری که قوانین و مقررات حاکمیتی در مدیریت اقتصاد نقش برجسته ای دارد، مطالعه می کند.
    کلیدواژگان: مالی سازی شرکت، عدم اطمینان سیاست اقتصادی، محدودیت مالی
  • فرشاد سبزعلی پور*، علی نادری، زهرا اوریایی، آرش کاظمی صفحات 81-100
    شرکت هایی که در وضعیت درماندگی مالی قرار دارند، به دنبال راه هایی برای کاهش خروج وجه نقد ناشی از مالیات هستند. صرفه جویی مالیاتی یک منبع تامین مالی داخلی است که با تشدید محدودیت های مالی در طول دوره شیوع کووید19 اهمیت آن برای شرکت ها دوچندان می شود؛ ازاین رو، این شرکت ها با احتمال بیشتری درگیر اجتناب مالیاتی می شوند. هدف پژوهش حاضر بررسی تاثیر درماندگی مالی بر اجتناب مالیاتی و چگونگی این تاثیر در دوره شیوع کووید19 است. داده های پژوهش شامل 162 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره 1396 تا 1401است. به منظور برازش مدل های رگرسیونی پژوهش از روش حداقل مربعات تعمیم یافته استفاده شده است. یافته ها حاکی از آن است که درماندگی مالی بر اجتناب مالیاتی تاثیر مثبت و معناداری دارد؛ بنابراین، در کل دوره پژوهش، شرکت هایی که درماندگی مالی بیشتر داشته اند، بیشتر درگیر اجتناب مالیاتی بوده اند؛ به علاوه، شیوع کووید19 در رابطه بین درماندگی مالی و اجتناب مالیاتی اثر تعدیلی معناداری ندارد. پژوهش حاضر ضمن توسعه ادبیات موجود درباره تاثیر درماندگی مالی بر اجتناب مالیاتی، به درک اثر بحران های مالی در نتیجه شیوع کووید19 بر این رابطه کمک می کند. برخلاف انتظارات حاصل از فرضیه ها، یافته ها حاکی از تاثیرنداشتن معنادار کووید19 بر رابطه بین درماندگی مالی و اجتناب مالیاتی است؛ ازاین رو، انجام سایر پژوهش ها در این حوزه با در نظر گرفتن اثر فاکتورهای خاص دوران شیوع کووید19 ازجمله اعطای بخشودگی مالیاتی می تواند به توسعهادبیات کمک کند.
    کلیدواژگان: درماندگی مالی، اجتناب مالیاتی، کووید 19، بخشودگی مالیاتی
  • عبدالله خالد عزیز، اکبر زواری رضایی*، مهدی حیدری صفحات 101-120
    هدف مطالعه حاضر بررسی و تبیین این موضوع است که چگونه شرکت‏ ها در مواجهه با ریسک سقوط قیمت سهام، سرعت تعدیل اهرم مالی خود به سمت اهرم هدف را تنظیم می‏ کنند؛ علاوه براین، پژوهش حاضر بررسی می کند که چگونه محافظه کاری حسابداری می تواند به شرکت ها کمک کند تا در شرایط وجود ریسک سقوط قیمت سهام، سرعت تعدیل اهرم مالی خود را بهبود بخشند. در این پژوهش از اطلاعات 101 شرکت پذیرفته شده در بورس اوراق بهادار تهران در طی دوره زمانی 10ساله از سال 1392 تا 1401 استفاده و برای تجزیه وتحلیل داده‏ های مربوط به فرضیه‏ های پژوهش از نرم‏ افزار ایویوز و استتا استفاده شده است. نتایج فرضیه اول نشان داد که ریسک سقوط قیمت سهام بر سرعت تعدیل اهرم اثر منفی و معناداری دارد؛ به عبارت بهتر، هرچه میزان ریسک سقوط قیمت سهام بیشتر باشد، شرکت‏ ها به کندی به سمت اهرم هدف حرکت می‏ کنند. برازش مدل‏ آماری فرضیه دوم نیز بیانگر رد اثر تعدیلی محافظه‏ کاری حسابداری بر رابطه بین ریسک سقوط قیمت سهام و سرعت تعدیل اهرم مالی است؛ بااین وجود اثر مستقیم محافظه‏ کاری حسابداری بر سرعت تعدیل اهرم مثبت و معنادار است. مطالعات انجام شده توسط محققین نشان می دهد که پژوهش های پیشین، به ویژه در حوزه پژوهشی ایران، عمدتا بر بررسی عواملی تمرکز داشته اند که موجب ایجاد ریسک سقوط قیمت سهام می شوند، درحالی که به پیامدهای ناشی از این ریسک کم توجهی شده است. این پژوهش با تحلیل تاثیرات ریسک سقوط قیمت سهام بر تنظیم اهرم مالی شرکت ها اطلاعات ارزشمندی را در اختیار سازمان ها قرار خواهد داد، تا در فرآیند تصمیم گیری مدیران آنها نقش موثری ایفا کند.
    کلیدواژگان: ریسک سقوط قیمت سهام، سرعت تعدیل اهرم مالی، محافظه‏ کاری حسابداری
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  • Mohammad Tohidi *, Masoud Rouhollah Pages 1-26
    This study aimed to identify, extract, and classify the factors and requisites influencing the development of Real Estate Investment Trusts (REITs) using a qualitative research method. A systematic review was conducted, examining 1,869 relevant studies published over 23 years (2000-2023). After applying various filters, 91 studies most closely aligned with the objectives were selected for final analysis. The factors and requisites for REIT development were then classified into 4 overarching and 12 organizing themes. The findings indicated that the factors and requisites for REIT development could be analyzed across 4 broad categories: functional, supervisory and supportive, infrastructural, and structural and governance. The functional aspects included attention to financial and economic indicators, operational processes, investment principles, and risk management. The supervisory and supportive aspects covered legislation, policymaking, and regulatory frameworks. The infrastructural aspects encompassed cultural, educational, innovative, and technological dimensions. The structural and governance aspects involved monitoring of managers, investors, and corporate governance. The use of the meta-synthesis approach in this research ensured a comprehensive and holistic review of both domestic and international studies in this field, facilitating the identification and categorization of the multifaceted dimensions influencing REIT development.
    Keywords: Real Estate Investment Trust (REIT), Meta-Synthesis, Alternative Investment, Real Estate
  • Pouya Sadeghi, Daryush Farid *, Hamid Reza Mirzaei, Abolfazl Dehghani Pages 27-46
    The primary objective of this research was to analyze the relative importance of working capital management factors in predicting financial distress among companies. The study population consisted of 167 companies listed on the Tehran Stock Exchange (TSE) from 2019 to 2023. 7 key working capital management indicators were selected based on their potential impacts on financial distress. Using Zavgren’s (1985) financial distress prediction model, the sample companies were classified into distressed and healthy groups. In the first step, a random forest algorithm was employed to assess the predictive power of the seven working capital management indicators in classifying companies as distressed or healthy. The results indicated that these indicators could successfully identify and predict the financial distress status of the companies with up to 85% accuracy. In the second step, the unique feature of the random forest algorithm was leveraged to rank the importance of each working capital component in achieving this 85% classification accuracy. The findings showed that the Average Collection Period (ACP) was significantly more important than the other working capital components in predicting financial distress.Keywords: Financial Distress, Working Capital Management, Average Collection Period (ACP), Random Forest AlgorithmJEL Classification: G01, G30, C38 IntroductionIn recent years, financial distress and bankruptcy have become increasingly prevalent issues for business enterprises. The financial literature offers various definitions to describe the state of financial distress and bankruptcy. While some researchers equate financial distress with bankruptcy, financial distress is more accurately viewed as a precursor to bankruptcy – a stage of financial decline that may or may not ultimately lead to a company's bankruptcy. Simply put, financial distress reflects a business entity's inability or weakness in fulfilling its obligations to creditors (Gerged et al., 2022). Given the rapid growth of joint-stock companies and the emergence of severe financial crises at both micro- and macro-economic scales, it is crucial to identify the key factors that can predict a company's financial health before it reaches the stage of bankruptcy, i.e., during the financial distress phase (Pourheydari et al., 2010). Evidence suggests that working capital management is a significant factor influencing the financial distress of business enterprises (Geng et al., 2015). Companies experiencing financial distress and bankruptcy often exhibit weaknesses in working capital management, particularly in cash control. Therefore, the aim of this study was to evaluate the predictive power of working capital management components in forecasting financial distress and rank the importance of each component in this prediction process.Materials & MethodsThe raw financial statement data for this research were extracted from Rahavard Novin Database and the Codal website. These data were then systematically organized in Excel. After applying certain eligibility criteria, a sample of 167 companies was identified as the accessible statistical population. To classify the sample companies into distressed and healthy groups, which served as the target variable (label), Zavgren’s (1985) financial distress prediction model was utilized. Subsequently, the predictive power of 7 key working capital management components in forecasting financial distress was tested using Python software and the random forest algorithm.The random forest method is based on ensemble learning, wherein the data are split into training and testing sets. During the learning phase, the model attempts to identify the inherent pattern or the relationship between the dependent variable (financial distress) and each explanatory variable (working capital management components) with the validity of this learning measured by the testing data. The random forest method employs a bagging approach, creating subsets from the entire dataset and determining the final result based on the average outcomes of these subsets. This approach helps to significantly mitigate the overfitting problem.One notable feature of the random forest algorithm is its ability to rank the importance of the input features in determining the trend of the target variables. This capability was leveraged in this research to answer the second research question, which focused on the relative importance of each working capital component in predicting financial distress. Research FindingsThe model achieved an accuracy of 85%, indicating that it could correctly predict whether a company was in financial distress or not based on what it learned during the training phase. Additionally, the model's F1-Score metric was 0.89 for identifying healthy companies and 0.76 for predicting distressed companies. These scores, being close to 1, suggested that the model's estimations were performed with a high degree of accuracy.The analysis of the relative importance of each working capital management component in achieving this 85% accuracy rate revealed some key insights. The Average Collection Period (ACP) was identified as the most important factor in predicting financial distress. Following the ACP, the Current Ratio (CR) ranked second, the Average Payable Period (APP) ranked third, and the Inventory Turnover In Days (ITID) ranked fourth in importance.These findings suggested that the initial signs of financial trouble for a company often stemmed from its failure to collect receivables in a timely manner, leading to an increased collection period. If the company's management did not effectively address this issue, other problems could likely arise, ultimately pushing the business entity into a state of financial distress. Discussion of Results & ConclusionThe results of the data analysis using the random forest algorithm indicated that working capital management indicators had an 85% predictive power for identifying financial distress in companies. This finding is consistent with those of the previous studies by Habib and Kayani (2022), Morshed (2020), and Li et al. (2018). Regarding the second research objective, which aimed to rank the importance of each working capital management component in predicting financial distress, the analysis revealed that the Average Collection Period (ACP) was the most significant factor. This suggested that a company's inability to collect receivables in a timely manner was a crucial early indicator of impending financial distress.An increase in the ACP could lead to a serious risk of bad debts and liquidity problems for the company. As a result, the company's management might need to secure additional working capital to fund operations, which could potentially increase the Weighted Average Cost of Capital (WACC). However, if the company failed to generate adequate returns to cover these elevated financing costs, it might ultimately fall into a state of financial distress (Panigrahi, 2014). Given the notable importance of the ACP compared to other working capital management components, it appeared that many of the underlying issues leading to financial distress stemmed from poor performance in collecting receivables. Therefore, this research underscored the critical need for robust management practices of receivables to maintain liquidity and avoid the escalating costs and risks associated with financial distress.
    Keywords: Financial Distress, Working Capital Management, Average Collection Period (ACP), Random Forest Algorithm JEL Classification: G01, G30, C38
  • Hosein Ameri * Pages 47-62
    The lack of reliable information disclosure contributes to information asymmetry, which in turn raises the equity cost of capital. Voluntary information disclosure can mitigate unsystematic risk and this reduction can enhance investor confidence through financial signaling. When investors perceive a company as more resilient to specific market fluctuations, the company’s beta—a measure of systematic risk—tends to decrease. This shift in risk perception can ultimately lower the equity cost of capital. Furthermore, when a company improves the quality of its disclosures, it not only affects its own valuation, but can also influence the broader market. In this sense, the disclosure practices of one company can shape public perception and impact the risk assessments of other companies as well.  This study explored the mediating role of information asymmetry in the relationship between voluntary information disclosure and the equity cost of capital, utilizing the Capital Asset Pricing Model (CAPM). To achieve the research objectives, a sample of 159 companies listed on the Tehran Stock Exchange (TSE) from 2018 to 2023 was selected. Panel data analysis and multivariate linear regression were employed to test the hypotheses. The findings indicated that voluntary information disclosure did not significantly affect the equity cost of capital. Moreover, the mediating variable of information asymmetry also did not significantly influence the relationship between voluntary information disclosure and the equity cost of capital. This lack of significance might be attributed to the generally low level of voluntary disclosure, inefficiencies within the Iranian capital market, and the limited scope of disclosed information. Additionally, the absence of financial analysts and insufficient investor attention had hindered voluntary disclosures from effectively reducing information asymmetry in the capital market.
    Keywords: Information Asymmetry, Voluntary Disclosure Of Information, Cost Of Capital, CAPM
  • Vahid Taghizadeh Khanqah, Younes Badavar Nahandi * Pages 63-80
    Corporate financialization has attracted significant attention from researchers due to its implications for financial stability, economic growth, and income inequality. This phenomenon is profoundly influenced by economic uncertainty and the financial constraints faced by firms. The primary objective of this study was to investigate how financial constraints moderated the relationship between economic policy uncertainty and corporate financing decisions. The sample comprised 125 companies listed on the Tehran Stock Exchange (TSE). Appropriate regression analyses were conducted following preliminary tests. The findings indicated that economic policy uncertainty had led to a substitution effect between business investment and financial investment. Furthermore, financial constraints were identified as a moderating factor in the relationship between economic policy uncertainty and corporate financing decisions. Additionally, different types of firms demonstrated varying levels of sensitivity and responsiveness to economic policies under diverse economic conditions.
    Keywords: Company Financialization, Economic Policy Uncertainty, Financial Constraints.
    JEL Classification: D04, D81, G38
     
    Introduction
    In recent years, the real economy has faced unprecedented pressures and risks, resulting in declining investment returns. Concurrently, financial development has increasingly diverged from its role of supporting the real economy, leading to an accumulation of funds within the financial system (Tang & Zhang, 2019). Various factors influence corporate financing; however, these factors cannot be detached from the broader macroeconomic environment. Governments often implement economic reform policies that heighten uncertainty regarding economic policies and increase volatility in financial markets. This raises a critical question: How does economic policy uncertainty influence the allocation of financial assets by companies and how does this, in turn, promote corporate financialization? Previous studies have shown that companies frequently adjust their investment strategies during periods of financial crisis and heightened uncertainty surrounding economic policies (Durnev, 2010). While existing literature has explored the effects of economic uncertainty on various business decisions, such as increasing cash holdings, reducing capital expenditures, and engaging in merger and acquisition activities, there is a notable gap in research specifically addressing the impact of economic uncertainty on corporate financing (Nguyen & Phan, 2017; Gulen & Ion, 2016). Recent empirical studies emphasize the critical role of financial constraints in moderating the effects of economic policy uncertainty on corporate financing. Firms facing financial constraints, such as limited access to external financing, may exhibit heightened sensitivity to economic policy uncertainty, leading to a greater reliance on financing as a risk mitigation strategy (Chun et al., 2023). This study aimed to enhance the existing literature on economic policy uncertainty from the perspective of corporate financing while providing new empirical evidence to elucidate the U-shaped relationship between economic policy uncertainty and corporate financing in emerging markets.
     
     
    Materials &
    Methods
    To determine the appropriate model for estimating the research framework, the Hausman and Limmer tests were employed, while the Breusch-Pagan test was used to assess heteroscedasticity. The Jarque-Bera test was applied to evaluate the normality of the residuals. To establish the reliability of the research variables, the Levin, Lin, and Chu tests were conducted. Given the significance of the variables, it could be concluded that the regression models designed for hypothesis testing were valid. The independent variable in this study was economic policy uncertainty defined as a situation in which the probabilities of future events are indeterminate; even when potential events are known, their associated probabilities remain uncertain. Following the methodologies of Demir (2009), Tang and Zhang (2019), and Zhou and Guo (2021), this study measured firm financialization using the ratio of financial assets held by firms (i.e., the ratio of financial assets to total assets). Financial assets encompass a range of items, including money market funds, commercial financial assets, marketable securities, held-to-maturity investments, derivative financial instruments, net loans and advances, long-term equity investments, real estate, and dividend and interest receivable.
     
    Findings
    The findings indicated that when economic policy uncertainty remained within an optimal range, an increase in such uncertainty could stimulate business investment in tangible assets rather than in financial assets. Conversely, extremely high levels of economic policy uncertainty might lead companies to increase their investments in financial assets. However, excessive investment in financial assets could negatively impact the real economy. Therefore, it was essential for the government to enhance the transparency of its macroeconomic policies and adopt flexible transitions in economic policy to mitigate the adverse effects of excessive financialization, particularly during periods of economic downturn. Simultaneously, companies had to critically assess the risks and opportunities arising from economic policy uncertainty and make informed investment decisions. Furthermore, the findings revealed that financial constraints influenced the relationship between economic policy uncertainty and corporate financialization. This suggested that different types of firms exhibited varying degrees of sensitivity and responsiveness to economic policies under diverse economic conditions. Consequently, these factors had to be taken into account when evaluating the impact of economic policy uncertainty. Firms facing significant financial constraints might need to adjust their capital structures by reallocating financial assets to maintain normal business operations through cash flow management. In contrast, when economic policy uncertainty was high, firms with lower financial constraints might experience reduced operational risks and could leverage their financial resources to invest in financial assets for potentially higher returns.
     
    Discussion &
    Conclusion
    The findings offer valuable insights for policymakers aiming to manage corporate financial levels and mitigate the risk of financial crises. Given the significant impact of economic policy uncertainty on corporate financialization, Iranian policymakers should recognize its adverse effects on the real economy and work to reduce this uncertainty in order to foster a stable business environment for enterprises. Additionally, the government should collaborate with businesses to enhance their financialization channels. When management has access to reliable and substantial financialization services, the likelihood of excessive reliance on financialization products diminishes. Finally, greater attention should be directed toward small enterprises, non-governmental organizations, poorly governed companies, and those experiencing slower growth. These entities often face greater financial constraints and are less equipped to navigate the financial processes necessary for sustainable operations.
    Keywords: Company Financialization, Economic Policy Uncertainty, Financial Constraints
  • Farshad Sabz Alipour *, Ali Naderi, Zahra Oryaie, Arash Kazemi Pages 81-100
    Financially distressed firms are actively seeking ways to minimize tax-related cash outflows. During the COVID-19 pandemic, as financial constraints intensified, tax savings emerged as a vital source of internal financing for these firms. As a result, financially distressed firms are more likely to adopt tax avoidance strategies. This study aimed to investigate the impact of financial distress on tax avoidance and how this relationship manifested during the COVID-19 pandemic. The research sample consisted of 162 firms listed on the Tehran Stock Exchange (TSE) from 2017 to 2022. The findings revealed that financial distress had a positive and significant effect on tax avoidance, indicating that firms experiencing greater financial distress were more likely to engage in tax avoidance throughout the study period. Additionally, the COVID-19 pandemic did not significantly moderate the relationship between financial distress and tax avoidance. While this study contributed to the existing literature on the effects of financial distress on tax avoidance, it also enhanced our understanding of how financial crises, particularly those resulting from COVID-19, influenced this relationship. Moreover, contrary to the initial research hypotheses, the findings suggested that COVID-19 did not significantly impact the relationship between financial distress and tax avoidance.
    Keywords: Financial Distress, Tax Avoidance, COVID-19 Pandemic, Tax Discount.
    JEL Classification: H26, G32, M41, M48
     
    Introduction
    In times of financial distress, firms often deplete a significant portion of their cash reserves, exacerbating their financial challenges. This state of distress drives companies to seek ways to reduce tax-related cash outflows, increasing the likelihood that financially distressed firms will engage in tax avoidance (Brondolo, 2009). Several studies (e.g., Edwards et al., 2016; Richardson et al., 2015; Mokhtari, 2019; Hajiha et al., 2017) provide evidence supporting a positive relationship between financial distress and tax avoidance. The COVID-19 pandemic has introduced unprecedented economic challenges and uncertainties for firms worldwide. In response to these uncertainties, managers are compelled to develop various strategies, with tax avoidance emerging as a preferred method for generating internal cash flows. This study aimed to examine the impact of financial distress on tax avoidance and investigate the moderating effect of the COVID-19 pandemic on the relationship between financial distress and tax avoidance. Our research contributed significantly to the existing literature. First, our findings enhanced the body of research on tax avoidance among financially distressed firms (e.g., Edwards et al., 2016; Dang & Tran, 2021; Sadjiarto et al., 2020; Putri & Chariri, 2017; Nugroho et al., 2020; Mokhtari, 2019; Qavi Panjeh & Gharib, 2018; Hajiha et al., 2017). Second, by considering both macroeconomic and firm-level factors that influenced corporate tax strategies, this study deepened our understanding of how firms utilized tax avoidance as a strategy during periods of uncertainty. This study examined the following hypotheses:H1: Financial distress is associated with tax avoidance. 
    H2: The COVID-19 pandemic moderates the relationship between financial distress and tax avoidance.
     
    Materials &
    Methods
    Data were collected from 162 firms listed on the Tehran Stock Exchange (TSE) between 2015 and 2022, resulting in a total of 972 firm-year observations. The sample excluded firms from the insurance, financial, and banking sectors. Tax avoidance was measured as the difference between a firm's cash taxes paid adjusted for any tax refunds receivable and the product of its pretax book income and the statutory tax rate. This measure was then scaled by the book value of the firm's assets. A firm was considered to engage in tax avoidance when its cash taxes paid were less than its pretax income multiplied by the statutory tax rate. Since part of the tax paid in the current period might pertain to taxes determined in prior periods, the tax expense reported in the income statement was used in place of cash taxes paid for this analysis. Financial distress was assessed using the Altman Z Score. The COVID-19 pandemic served as the moderating variable represented as a dummy variable with a value of 1 for the COVID-19 period and zero otherwise. The years 2019 and 2020 were designated as the COVID-19 outbreak period. To test the research hypotheses, regression models were estimated using the Generalized Least Squares (GLS) estimator.
     
    Findings
    Table 1 presents the results of the GLS regression analysis regarding the impact of financial distress on tax avoidance, as well as the moderating effect of COVID-19 on this relationship. Column 1 shows the effect of financial distress on tax avoidance. The findings indicated that the coefficient for financial distress was positive and statistically significant, suggesting that financial distress was associated with increased tax avoidance. Furthermore, the results revealed that the coefficient for the interaction term (COVID*FD) was not statistically significant, indicating that the COVID-19 variable did not have a significant effect on the relationship between financial distress and tax avoidance. Consequently, the model estimation results did not support our second hypothesis.
     
    Discussion &
    Conclusion
    Tax avoidance is a strategy used to minimize tax liabilities. Theoretical arguments and empirical evidence suggest that financially distressed firms have a stronger incentive to engage in tax avoidance as tax savings can provide an alternative source of financing. Furthermore, during crises, such as the COVID-19 pandemic, the significance of tax savings increases for firms facing heightened financial challenges. This study investigated the moderating effect of COVID-19 on the relationship between financial distress and tax avoidance. The findings indicated that financial distress positively affected tax avoidance, supporting the notion that financially distressed firms are more likely to adopt tax avoidance strategies. These results are consistent with previous theoretical frameworks and empirical studies, including Edwards et al. (2016), Dang and Tran (2021), Mills and Newberry (2005), Sadjiarto et al. (2020), Putri and Chariri (2017), Nugroho et al. (2020), Richardson et al. (2015), Hasan et al. (2017), Akamah et al. (2021), Dyreng and Markle (2016), Hajiha et al. (2017), and Mokhtari (2019). Moreover, while several studies indicated that firms adopt aggressive tax strategies to mitigate the adverse effects of uncertainty (Lee et al., 2021; Guenther et al., 2019; Huang et al., 2017), this study found that the COVID-19 outbreak did not significantly moderate the relationship between financial distress and tax avoidance. The contributions of this study enrich the growing body of literature on corporate tax strategies during times of crisis. The findings have important implications for both corporate managers and investors. For corporate managers, the results underscore the importance of tax avoidance strategies. When considering tax avoidance, managers should weigh the benefits, such as reduced tax liabilities and increased cash flow, against potential costs, including audit expenses, penalties, and reputational damage that may arise.
    Keywords: Financial Distress, Tax Avoidance, COVID-19 Pandemic, Tax Discount
  • Abdullah Khaled Azeez, Akbar Zavari Rezaei *, Mehdi Heidari Pages 101-120
    This study aimed to investigate how companies adjust the speed at which they move toward their target financial leverage in response to stock price crash risk. Additionally, it examined the role of accounting conservatism in enhancing the speed of leverage adjustment under these risk conditions. The sample comprised data from 101 companies listed on the Tehran Stock Exchange (TSE) over a 10-year period (2013 to 2022) with analyses conducted using EViews and Stata software to test the hypotheses. The findings indicated that stock price crash risk had a negative and significant effect on the speed of leverage adjustment. Specifically, as the risk of a stock price crash increased, the companies tended to slow their adjustment toward target leverage. Conversely, the analysis of the second hypothesis revealed that accounting conservatism did not significantly moderate the relationship between stock price crash risk and the speed of leverage adjustment. However, accounting conservatism had a positive and significant direct effect on the speed of leverage adjustment.Keywords: Stock Price Crash Risk, Speed of Leverage Adjustment, Conservative Accounting.JLE: D25, D53, M41 IntroductionDebt is a critical financing instrument for companies and firms typically strive to adjust their leverage to an optimal level. According to trade-off theory, maintaining leverage at this optimal level maximizes a company's market value. One significant determinant of optimal leverage is information asymmetry. Companies operating in environments with high information asymmetry face elevated financing costs, which subsequently reduce both the frequency and speed of leverage adjustments. Dynamic trade-off theory further posits that companies seek to optimize their capital structures, with transaction costs playing a pivotal role in determining the speed of adjustment. Additionally, a positive relationship exists between stock price crash risk and information asymmetry, indicating that such risk can hinder the speed at which companies adjust their leverage. In situations characterized by information asymmetry, accounting conservatism can help alleviate these challenges and mitigate the likelihood of stock price crashes. Conservative accounting practices tend to communicate negative information to the market more promptly than positive news, thereby reducing the risk of misleading investors. Consequently, firms facing stock price crash risk may struggle to adjust their leverage swiftly due to the associated high financing costs. This study aimed to investigate whether accounting conservatism could enhance the speed of leverage adjustment in the context of stock price crash risk. Materials & MethodsThis study employed both experimental and statistical methods to test the hypotheses. By utilizing post-event observations, the study minimized the potential for variable manipulation. The findings were relevant not only to the academic community, but also to regulators, business practitioners, and stakeholders. Data were obtained from multiple sources: the Tehran Stock Exchange (TSE) database for stock returns, Rahvard software for financial statement information, and the IRI Central Bank's website for annual inflation data. The research period spanned a decade, from 2012 to 2021, encompassing 101 companies and generating a total of 1,010 firm-year observations. Data analysis was conducted using EViews and Stata software. FindingsThe results indicated that stock price crash risk had a negative and significant effect on the speed of leverage adjustment. Specifically, an increase in stock price crash risk hampered a company’s progress toward its target leverage, thereby inhibiting swift adjustments. This finding aligned with dynamic trade-off theory, which asserts that firms must consider transaction costs and suboptimal leverage ratios when making adjustments to their leverage (Fischer et al., 1989; Goldstein et al., 2001; Strebulaev, 2007). When the costs associated with rapid adjustments exceeded transaction costs, the firms might postpone such adjustments until the benefits justify the costs of recapitalization. Moreover, the companies facing substantial stock price crash risk often experienced increased information asymmetry between management and external investors, resulting in elevated financing costs. As financing costs rose, the speed at which companies adjusted their leverage toward an optimal level diminished (Kim & Zhang, 2016). Therefore, it was reasonable to conclude that high stock price crash risk impeded financial leverage adjustment. Interestingly, the findings also revealed that while accounting conservatism did not significantly moderate the relationship between stock price crash risk and leverage adjustment speed, it did have a positive and significant impact on leverage adjustment as an independent variable. Companies that employed conservative accounting practices might be more effective in adjusting their financial leverage in response to stock market risks. The literature on accounting conservatism supports this research's hypothesis. Prior studies suggested that accounting conservatism mitigates the accumulation and concealment of negative information, thereby reducing the likelihood of a sudden release of bad news into the market. As conservatism increases, the probability of hidden bad news decreases, which in turn diminishes the risk of stock price crashes and facilitates leverage adjustment. Additionally, conservatism limits managerial incentives to delay the disclosure of negative information, thereby expediting the release of positive news through voluntary disclosures. This not only reduces stock price crash risk, but also lessens the potential for price bubbles, which are a significant source of crash risk (Kim & Zhang, 2016). However, the findings indicated that accounting conservatism did not act as a moderator between stock price crash risk and leverage adjustment speed. Discussion & ConclusionAccounting conservatism involves a cautious approach to financial reporting, where losses and expenses are recorded more promptly, while revenues and gains are recognized at a later date. While this approach can enhance transparency and reduce reporting risks, it may also diminish managers' willingness to undertake bold financial decisions. In situations that require leverage adjustments, managers might hesitate to adopt risky or innovative strategies due to concerns about negative outcomes and increased risk (LaFond & Watts, 2008). Consequently, although accounting conservatism promotes transparency and mitigates the accumulation of negative information, it may not have an immediate and direct impact on the speed of leverage adjustment as it potentially reduces managerial incentives to take risks. Additionally, there may be a timing mismatch between conservative financial reporting and managerial decisions regarding leverage adjustments. The timing of financial reports may not align with decisions about leverage adjustments, thereby weakening the effect of conservatism on the speed of adjustment (Dechow & Sloan, 1991; Ball et al., 2000). In conclusion, stock price crash risk presents significant financial and economic challenges for companies that extend beyond the capacity of accounting conservatism to fully address. In scenarios of severe financial crises, conservatism alone may not adequately counterbalance the negative effects of crash risk. As Watts (2003) notes, the limitations of accounting conservatism become particularly evident in such extreme conditions and it may fall short of fully mitigating all associated challenges and risks.
    Keywords: Stock Price Crash Risk, Speed Of Leverage Adjustment, Conservative Accounting