بررسی تعامل بین سیاست بدهی و مالکیت نهادی در شرکت‌های دارویی و غیردارویی پذیرفته شده در بورس اوراق بهادار تهران با استفاده از معادلات هم‌زمان

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استاد حسابداری دانشگاه شیراز

2 کارشناس ارشد حسابداری از دانشگاه شیراز

چکیده

مقدمه: به دلیل اهمیت صنعت داروسازی و رابطه آن با سلامت جامعه و در راستای بررسی روابط موجود در این صنعت، پژوهش حاضر به بررسی روابط متقابل بین سیاست بدهی و مالکیت نهادی در شرکت‌های دارویی و مقایسه آن با شرکت‌های غیردارویی پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1390-1380 می‌پردازد.
روش پژوهش: در پژوهش حاضر از طرح شبه‌تجربی و روش داده‌های ترکیبی استفاده شده است. هم‌چنین، به دلیل وجود اریب هم‌زمانی در متغیرهای درون‌زای پژوهش و تشخیص معادلات به عنوان «دقیقاً مشخص»، فرضیه‌های پژوهش با استفاده از روش معادلات حداقل مربعات دو ‌مرحله‌ای مورد آزمون قرار گرفته‌اند. نمونه مورد استفاده در پژوهش شامل دو گروه شرکت‌های دارویی و غیردارویی (هرکدام 187 سال- شرکت) فعال در بورس اوراق بهادار تهران است که با استفاده از نمونه‌گیری جفتی انتخاب شده‌اند.
یافته‌ها: نتایج حاصل از آزمون فرضیه‌های پژوهش تفاوت عمده‌ای در روابط مورد بررسی در شرکت‌های دارویی نسبت به شرکت‌های غیردارویی را نشان می‌دهد. به این معنا که رابطه متقابل معنادار بین متغیرهای تمرکز مالکیت نهادی، سطح مالکیت نهادی و سیاست بدهی در شرکت‌های دارویی وجود ندارد؛ در صورتی که این روابط در شرکت‌های غیردارویی، به استثنای اثرگذاری متغیر سطح مالکیت نهادی بر متغیر سیاست بدهی، با اهمیت و منفی تشخیص داده شده است.
نتیجه‌گیری: نبود رابطه معنادار بین متغیرهای مورد بررسی در شرکت‌های دارویی را می‌توان ناشی از استفاده ناچیز از بدهی در صنعت دارویی، به دلیل تضاد منافع بین مالکان و بستانکاران و یا نبود تقارن اطلاعاتی، دانست.

کلیدواژه‌ها


عنوان مقاله [English]

Investigation the Interaction between Debt Policy and Institutional Ownership among Pharmaceutical and Non-Pharmaceutical Companies Listed on the Tehran Stock Exchange via Simultaneous Equations

نویسندگان [English]

  • M. Namazi 1
  • A. Shokrollahi 2
1 Professor of Accounting, Shiraz University
2 M. A. in Accounting, Shiraz University
چکیده [English]

Introduction: Due to the importance of pharmaceutical industry and its relationship with the public health, and in order to investigate the existing relations in this industry, the present study examines the reciprocal relationships between debt policy and institutional ownership in pharmaceutical companies, and compares it with non-pharmaceutical companies listed on the Tehran Stock Exchange from 2002 to 2012.
Method: In this research, quasi-experimental design and panel data method have been used. Also, due to the existence of simultaneous skew in endogenous variables of the research and the recognition of equations as “just identified”, the research hypotheses have been tested by two-stage least squares method. The applied sample of the research consists of two groups of active pharmaceutical and non-pharmaceutical companies on the Tehran Stock Exchange (each group 187 years-company) which have been selected through pair sampling.
Results: The results derived from testing the research hypotheses show a significant difference in the studied relations in pharmaceutical companies beside non-pharmaceutical companies. It means that there is not a reciprocal and significant relationship between institutional ownership concentration, the level of institutional ownership, and debt policy among the pharmaceutical companies; however, these relationships in non-pharmaceutical companies, except for the level of institutional ownership variable's impact on debt policy, were identified as significant and negative.
Conclusion: The absence of a meaningful relationship between the investigated variables in the pharmaceutical companies may be caused by the limited use of debt in the pharmaceutical industry due to the conflict of interests between the owners and creditors, or it may be the result of the lack of informational asymmetry.

کلیدواژه‌ها [English]

  • Debt Policy
  • Institutional Ownership Concentration
  • Level of Institutional Ownership
  • Pharmaceutical Companies
  • Simultaneous Equations
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