مرادی شهدادی, خسرو, انواری رستمی, علی اصغر, رنجبر, محمد حسین, صادقی شریف, سید جلال. (1396). تبیین نقش سرمایه فکری در کاهش احتمال ورشکستگی شرکتها: شواهدی از بورس اوراق بهادار تهران. مجله پژوهش های مدیریت منابع سازمانی, 7(4), 156-178.
خسرو مرادی شهدادی; علی اصغر انواری رستمی; محمد حسین رنجبر; سید جلال صادقی شریف. "تبیین نقش سرمایه فکری در کاهش احتمال ورشکستگی شرکتها: شواهدی از بورس اوراق بهادار تهران". مجله پژوهش های مدیریت منابع سازمانی, 7, 4, 1396, 156-178.
مرادی شهدادی, خسرو, انواری رستمی, علی اصغر, رنجبر, محمد حسین, صادقی شریف, سید جلال. (1396). 'تبیین نقش سرمایه فکری در کاهش احتمال ورشکستگی شرکتها: شواهدی از بورس اوراق بهادار تهران', مجله پژوهش های مدیریت منابع سازمانی, 7(4), pp. 156-178.
مرادی شهدادی, خسرو, انواری رستمی, علی اصغر, رنجبر, محمد حسین, صادقی شریف, سید جلال. تبیین نقش سرمایه فکری در کاهش احتمال ورشکستگی شرکتها: شواهدی از بورس اوراق بهادار تهران. مجله پژوهش های مدیریت منابع سازمانی, 1396; 7(4): 156-178.
تبیین نقش سرمایه فکری در کاهش احتمال ورشکستگی شرکتها: شواهدی از بورس اوراق بهادار تهران
1دانشجوی دکتری مدیریت مالی، دانشگاه آزاد اسلامی واحد امارات، دوبی، امارات متحده عربی .
2استاد و مدیر گروه پژوهشکده مطالعات مدیریت و توسعه فناوری، دانشگاه تربیت مدرس، تهران، ایران.
3دانشیار گروه مدیریت و حسابداری، دانشگاه آزاد اسلامی، واحد بندرعباس، بندرعباس، ایران.
4استادیار گروه مدیریت مالی، دانشکده اقتصاد، دانشگاه شهید بهشتی، تهران، تهران.
چکیده
تغییرات سریع تکنولوژی، رقابت شدید بنگاه های اقتصادی، و جهانی شدن، پدیده درماندگی مالی و ورشکستگی شرکتها را یه موضوعی مهم در ادبیات مالی و سرمایه گذاری تبدیل نموده است و توجه فعالان حوزه مالی اعم از سرمایه گذاران، تسهیلات دهندگان، تامین کنندگان، شرکای تجاری و دولت ها را به خود جلب نموده است. با توجه به نقش سرمایه های فکری در سازمانها می توان انتظار داشت که شرکتهای برخوردار از سرمایه فکری غنی تر، راهبردهای هوشمنداته تری جهت اجتناب از ورشکستگی داشته باشند. هدف این پژوهش، بررسی نقش سرمایه فکری و اجزای آن بر احتمال ورشکستگی شرکتهای بورس اوراق بهادار تهران است. بدین منظور، داده های 147 شرکت از شرکتهای تولیدی بورس اوراق بهادار تهران، که به روش حذف سیستماتیک انتخاب شده اند، طی دروه 1387 تا 1393 مورد مطالعه قرار گرفت. جهت اندازه گیری سرمایه فکری از مدل پالیک و برای سنجش احتمال ورشکستگی از تبدیل خروجیهای مدل آلتمن به احتمال ورشکستگی استفاده گردید. همچنین برای آزمون فرضیه ها نیز از مدلهای رگرسیون چند متغیره با داده های ترکیبی استفاده شده است. نتایج آزمون فرضیه ها نشان داد که سرمایه فکری و اجزای آن تاثیر معکوس و معنا داری بر احتمال ورشکستگی شرکتهای بورس اوراق بهادار تهران دارند.
Impacts of Intellectual Capital on the Firms’ Probability of Bankruptcy: Evidence from Tehran Stock Exchange
نویسندگان [English]
Khosro Moradi Shahdadi1؛ Ali Asghar Anvary Rostamy2؛ Mohammad Hossein Ranjbar3؛ Seyed Jalal Sadeghi Sharif4
1PhD candidate in financial management, Islamic Azad University, UAE Branch
3Assistant Professor, Islamic Azad University, Bandar Abbas Branch, Bandarabbas, Iran.
4Assistant Professor, Shahid Beheshti University, Tehran, Iran.
چکیده [English]
The rapid technological changes, the intense competition of enterprises, and globalization have transformed the phenomenon of financial distress and corporate bankruptcy into a major issue in financial and investment literature. Bankruptcy attracted the attention of financial sector activists, including investors, lenders, suppliers, business partners, and governments. Considering the role of intellectual capital in organizations, one can expect that companies with a richer intellectual capital are more intelligent in avoiding bankruptcy. The purpose of this research is to investigate the role of intellectual capital and its components (including human capital, structural capital, and customer capital) on the firms’ probability of bankruptcy in Tehran Stock Exchange. For this purpose, the data of 147 firms from Tehran Stock Exchange that are selected by systematic elimination method were studied during the years 1387 to 1393. In order to measure the intellectual capital, the PULIC model and to assess the probability of bankruptcy, conversion of Zscore results (from Altman Model) to the probaility was used. Also, to test hypotheses, multivariate regression models with hybrid data have been used. The results of the hypothesis test show that intellectual capital and its components have reverse and significant effects on the firms’ probability of bankruptcy in Tehran Stock Exchange.
کلیدواژه ها [English]
Intellectual capital, Probability of bankruptcy, Tehran Stock Exchange
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