تحلیل نقش تعدیل‌کنندۀ نقدینگی در رابطۀ میان اهرم مالی، اندازۀ شرکت و سودآوری

نویسندگان

    محسن هاشمی گهر * گروه حسابداری، واحد شهرقدس، دانشگاه آزاد اسلامی ،تهران، ایران. Mohsen.hashemigohar@iau.ac.ir
    ساره محبعلی گروه مهندسی مالی، واحد شهرقدس، دانشگاه آزاد اسلامی ،تهران، ایران.
    مسعود بذرافکن گروه مهندسی مالی، واحد شهرقدس، دانشگاه آزاد اسلامی ،تهران، ایران.

کلمات کلیدی:

نقدینگی, اهرم مالی, اندازه شرکت, سودآوری

چکیده

هدف: هدف این پژوهش بررسی نقش تعدیل‌کنندۀ نقدینگی در رابطه بین اهرم مالی، اندازۀ شرکت و سودآوری در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. روش‌شناسی: پژوهش حاضر از نوع بنیادی و توصیفی–همبستگی بوده و جامعه آماری شامل 550 شرکت پذیرفته‌شده در بورس طی سال‌های 1397 تا 1403 می‌باشد. با استفاده از روش حذف سیستماتیک، 150 شرکت انتخاب گردید. داده‌ها با استفاده از نرم‌افزار EViews 13 و رویکرد رگرسیون داده‌های تابلویی تحلیل شد. انتخاب مدل از طریق آزمون‌های چاو، هاسمن و لاگرانژ انجام گرفت. یافته‌ها: نتایج نشان داد که ساختار سرمایه اثر منفی و معناداری بر سودآوری دارد، در حالی که اندازۀ شرکت اثر مثبت و معناداری بر سودآوری دارد. همچنین نقدینگی اثر مثبت و معناداری بر سودآوری نشان داد. با این حال، نقدینگی نقش تعدیل‌کنندۀ معناداری در رابطۀ بین اندازۀ شرکت و سودآوری ایفا نکرد، اما در تعامل با ساختار سرمایه اثر منفی اهرم مالی بر سودآوری را تقویت نمود. نتیجه‌گیری: اندازۀ شرکت و ساختار سرمایه عوامل کلیدی در تبیین سودآوری هستند، اما نقدینگی به‌عنوان متغیر تعدیل‌کننده نقشی محدود دارد. این نتایج بر اهمیت تمرکز شرکت‌ها بر کارایی عملیاتی و مدیریت بهینه منابع تأکید دارد و نشان می‌دهد که نقدینگی بالا لزوماً تضمین‌کننده سودآوری پایدار نیست.

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هاشمی گهر م.، محبعلی س.، و بذرافکن م. (1404). تحلیل نقش تعدیل‌کنندۀ نقدینگی در رابطۀ میان اهرم مالی، اندازۀ شرکت و سودآوری. مدیریت پویا و تحلیل کسب و کار، 1-17. https://dmbaj.org/index.php/dmba/article/view/237

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