تحلیل نقش تعدیلکنندۀ نقدینگی در رابطۀ میان اهرم مالی، اندازۀ شرکت و سودآوری
کلمات کلیدی:
نقدینگی, اهرم مالی, اندازه شرکت, سودآوریچکیده
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.
دانلودها
مراجع
Aslani, A., & Markazian, S. (2022). The Impact of Growth Opportunities, Operating Cash Flow, Financial Leverage, and Liquidity on Profitability. Eighth International Conference on Management and Accounting Sciences. https://doi.org/https://civilica.com/doc/1511034
Baghbani Boroujeni, M., Bakhshinezhad, M., & Alali, S. A. (2020). The Impact of Financial Leverage and Profitability on Firm Value and the Moderating Role of Dividend Policy in Companies Accepted in the Tehran Stock Exchange. Sixth National Conference on New Research in the Field of Humanities, Economics, and Accounting in Iran. https://doi.org/https://civilica.com/doc/1117590
Bimo, A., Putri, A., & Sulaksana, H. H. (2024). The Effect of Leverage, Profitability, Liquidity, and Firm Size on Earnings Quality (Empirical Study on the Hotel Sub-Sector Service Company, Restaurant & Tourism on the Indonesia Stock Exchange for the period 2016-2020). International Journal of Research in Community Services, 5(2), 82-85. https://doi.org/10.46336/ijrcs.v5i2.623
Bintara, R. (2020). The Effect of Working Capital, Liquidity and Leverage on Profitability. Saudi Journal of Economics and Finance, 4(1), 28-35. https://doi.org/10.36348/sjef.2020.v04i01.005
Brigham, E. F., & Houston, J. F. (2020). Dasar-Dasar Manajemen Keuangan. Salemba Empat.
Dindar Farkouchi, P. (2024). The Impact of Profitability, Audit Committee, Firm Size, Activity, and Board of Directors on Sustainability. Third National Conference on New Approaches in Accounting, Auditing, and Finance. https://doi.org/https://civilica.com/doc/2284840
Fereydoun Asl, N. (2024). Examining the Relationship Between Financial Leverage, Liquidity, and Profitability Management in Municipalities. Second International Conference on Law, Management, Educational Sciences, Psychology, and Educational Planning Management. https://doi.org/https://civilica.com/doc/2197186
Hadian Ghahfarrokhi, M., & Bani Talebi Dehkerdi, B. (2023). Examining the Moderating Role of Firm Size in the Impact of Company Profitability and Financial Leverage on Stock Returns in Companies Listed on the Tehran Stock Exchange. Seventh International Conference on Global Studies in Management, Economics, and Accounting. https://doi.org/https://civilica.com/doc/1992028
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174-191. https://doi.org/10.35808/ijeba/204
Inrawan, A., Sembiring, L. D., & Loist, C. (2025). The Moderating Role of Liquidity in the Relationship between Leverage, Firm Size, and Profitability. International Journal of Business, Law, and Education, 6(1), 54-68. https://doi.org/10.56442/ijble.v6i1.961
Ismail, R. (2016). Impact of Liquidity Management on Profitability of Pakistani Firms: A Case of KSE-100 Index. International Journal of Innovation and Applied Studies, 14(2), 304-314. https://doi.org/http://www.ijias.issr-journals.org/
Javan, A., & Esmaeili, R. (2020). The Impact of Leverage and Liquidity on Earnings Management in Companies Listed on the Tehran Stock Exchange. Quarterly Journal of New Research Approaches in Management and Accounting, 4(3), 11-33. https://majournal.ir/index.php/ma/article/view/394
Lestari, E. (2023). Debt to Equity Ratio (DER) and Firm Size Toward Firm Value : The Mediating Role of Return on Asset. Return : Study of Management, Economic and Bussines, 2(11), 1095-1109. https://doi.org/10.57096/return.v2i11.172
Madushanka, K. H. I., & Jathurika, M. (2018). The Impact of Liquidity Ratios on Profitability (With special reference to Listed Manufacturing Companies in Sri Lanka). International Research Journal of Advanced Engineering and Science, 3(4), 157-161. https://irjaes.com/wp-content/uploads/2020/10/IRJAES-V3N4P297Y18.pdf
Makhdalena, M. (2018). Pengaruh Blockholders Ownership, Firm Size Dan Leverage Terhadap Kinerja Keuangan Perusahaan. EKUITAS (Jurnal Ekonomi Dan Keuangan), 18(3), 277-292. https://doi.org/10.24034/j25485024.y2014.v18.i3.136
Mariska, U., Suhendar, S., & Nurmalia, G. (2025). The Effect of Profitability, Liquidity, Firm Size, Net Working Capital, Leverage, and Growth Opportunity on Cash Holding: Empirical Study From Property and Real Estate Companies Listed in Indonesian Syariah Stock Index (ISSI) for The Period 2019-2023. Golden Ratio of Finance Management, 5(2), 279-296. https://doi.org/10.52970/grfm.v5i2.1125
Mohammadzadeh, F. (2021). Examining the Type of Earnings Management, Ownership Structure, and Firm Size on Future Profitability. https://doi.org/https://civilica.com/doc/1871681
Muhammad, H., Shah, B., & Islam, Z. u. (2023). The impact of capital structure on firm performance: evidence from Saudi-listed firms. International Journal of Disclosure and Governance, 20(1), 15-26. https://doi.org/10.1057/s41310-022-00154-4
Natsir, K., & Yusbardini, Y. (2020). The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable. Proceedings of the 8th International Conference on Entrepreneurship and Business Management(ICEBM 2019) UNTAR, 145, 218-224. https://doi.org/10.2991/aebmr.k.200626.040
Nugraha, N. M., Sulastri, L., Nugraha, D. N. S., Puspitasari, D. M., & Putra, R. G. (2020). Effect of Leverage and Liquidity on Financial Performance of Companies in Indonesia's Property and Real Estate Sub Sector. Global Business & Management Research, 17(10), 3675-3688. https://doi.org/https://archives.palarch.nl/index.php/jae/article/view/5993
Prakoso, S. T., Wardhani, D. P., Amalina, N., Erikawati, I., & Utomo, C. W. (2022). The Role of Profitability in Mediating Capital Structure, and Firm Size on Firm Value Mediated By Profitability. International Journal of Social Science, 1(5), 809-816. https://doi.org/10.53625/ijss.v1i5.1326
Purwantoro, P., & Suhartono, E. (2024). Optimizing Tax Aggressiveness: Unraveling The Impact Of Liquidity, Profitability, Leverage, Firm Size, Inventory Intensity, and Capital Intensity. ATESTASI: Jurnal Ilmiah Akuntansi, 7(2), 708-720. https://doi.org/10.57178/atestasi.v7i2.860
Rachmawati, R. N. (2025). The Influence of Leverage, Firm Size, Liquidity, and Profitability on Earnings Quality in Industrial Sector Companies Listed on the Indonesia Stock Exchange. Journal of Social Research, 4(8), 2167-2178. https://ijsr.internationaljournallabs.com/index.php/ijsr/article/view/2720
Rajak, Z. S. A. (2022). Influence Of The Implementation Of Green Accounting , Environmental Performance And Liquidity On The Profitability Of Manufacturing Companies In The Indonesia Stock Exchange In 2015 - 2019. Proceeding of International Conference On Economics, Business Management, Accounting and Sustainability, 16-21. https://doi.org/10.55980/icebas.vi.33
Rezazadeh Hir, R., & Moghadamnia, D. E. (2024). Examining the Impact of Profitability, Financial Leverage, Business Unit Size, and Net Working Capital on Earnings Quality of Companies Listed on the Tehran Stock Exchange Between the Years 2011-2021. https://doi.org/https://civilica.com/doc/2002363
Safari Charkri, M. R., & Asadian, A. (2021). The Impact of Liquidity, Profitability, and Financial Leverage on Credit Expansion of Stock Exchange Companies. Fourth International Annual Conference on New Developments in Management, Economics, and Accounting. https://doi.org/https://civilica.com/doc/1268490
Safitri, M. L., & Amin, M. N. (2024). The Effect of Liquidity Leverage and Company Size on Earnings Quality with Profitability as a Moderation Variable. Indonesian Interdisciplinary Journal of Sharia Economics (Iijse), 7(1), 5386-5404. https://e-journal.uac.ac.id/index.php/iijse/article/view/5328
Saudicha, M. S., & Kautsar, A. (2024). The Effect of Liquidity, Leverage, Firm Size, Ceo Duality, Political Connection on Financial Distress with Profitability as a Moderating Variable in Property & Real Estate Sector Companies Listed on the Indonesian Stock Exchange for the Period 2018-2022. Journal of Business and Management Review, 5(3), 215-233. https://doi.org/10.47153/jbmr53.9312024
Yulianson, W., & Hastuti, R. T. (2024). The Effect of Firm size, Leverage, and Liquidity on Company Value. International Journal of Application on Economics and Business, 2(1), 3249-3258. https://journal.untar.ac.id/index.php/ijaeb/article/view/30466
Yulianti, E., & Waworuntu, S. R. (2025). The effect of company size, profitability, leverage, media exposure, and liquidity on carbon emissions disclosure. Annals of Data Science, 12(4), 1285-1313. https://doi.org/10.1007/s40745-024-00564-x
دانلود
چاپ شده
ارسال
بازنگری
پذیرش
شماره
نوع مقاله
مجوز
حق نشر 2025 Mohsen Hashemi-Gohar, Sareh Mohebali, Masoud Bazrafkan (Author)

این پروژه تحت مجوز بین المللی Creative Commons Attribution-NonCommercial 4.0 می باشد.