چرخه عمر، درماندگی مالی و استراتژی های تجدید ساختار: شواهدی از شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

استادیار دانشکده صنایع و مدیریت دانشگاه صنعتی شاهرود

چکیده

استراتژی‌های تجدید ساختاری که شرکت‌ها انتخاب می‌کنند در بیرون آمدن از درماندگی مالی بسیار حائز اهمیت است. از طرف دیگر یکی از مؤلفه‌های مهمی که در تدوین استراتژی‌های تجدید ساختار باید به آن توجه نمود این است که شرکت در کدام مرحله از چرخه‌ عمر خود قرار دارد. بر این اساس هدف این پژوهش ارزیابی تأثیر چرخه‌ی عمر و درماندگی مالی بر تجدید ساختار نمونه‌ای شامل 180شرکت پذیرفته شده در بورس اوراق بهادار تهران است که تأثیر توأمان چرخه عمر و درماندگی مالی بر نوع استراتژی تجدید ساختار یعنی تجدید ساختار مدیریتی، تجدید ساختار عملیاتی و تجدید ساختار مالی، مورد بررسی قرار گرفته است. نتایج پژوهش حاکی از وجود تاثیر درماندگی مالی بر اتخاذ استراتژی‌های تجدید ساختار مدیریتی و مالی است؛ همچنین چرخه‌ عمر دارای تاثیر معنی‌داری بر تجدید ساختار عملیاتی است. نهایتا یافته‌های تحقیق مبین تاثیر چرخه‌ی عمر و درماندگی مالی بر ابعاد مختلف استراتژی‌های تجدید ساختار مالی است.

کلیدواژه‌ها

عنوان مقاله [English]

Life cycle, Corporate Failure and Restructuring Strategies: Evidences of Tehran Security Exchange

نویسندگان [English]

  • Abdolmajid Abdolbaghi Ataabadi
  • Sayed Mojtaba Mirlohi
management, Faculty of Industry and Management, Shahrood university of technology
چکیده [English]

Restructuring strategies by companies is selected play important roles to recover them from financial failure. On the other hand, one of the important components that should be taking into account is the determination of life circle in a compamy. Accordingly, the aim of the ptesent research is to evaluate the effect of life cycle and financial failure on the sample structure renewal of 180 companies accepted in Tehran stock exchange. In fact, simultanous effects of life circle and financial failure on strategy of structure renewal of management, renewal of operational structure, and renewal of finacial structure have been studied. Research results demonstrate the effect of financial failure on strategies of the renewal of managerial and financial structute . Moreover, life circle has significant effect on the renewal of operational structure. Finally, research findings show the effect of life circle and finacial failure on the facets of strategies of the renewal of finacial structure.
1- Introduction
According to the theory of corporate life cycle, companies have different behaviors in their financial and economic life cycle in different stages of their life, in that the financial and economic characteristics of a company are influenced by the stages of its life cycle. (Bexsia, 2007). Also, financial distress, default and bankruptcy are the main stages in the company's life cycle. The restructuring strategies that companies choose are very important in coming out of financial distress. Companies are trying to get out of the crisis by choosing the best strategy, because in this situation, the company is under great pressure from shareholders and creditors and should take corrective action as soon as possible. In this research, three types of restructuring strategies, including managerial restructuring, operational restructuring and financial restructuring, have been investigated considering the degree of financial distress and business life cycle.
 
2- Hypotheses
In this study, researchers are seeking to answer this fundamental question: "Do financial distress and life cycle stages have an impact on the restructuring of listed companies in Tehran Stock Exchange?" In this research, the financial distress of companies at different stages of the life cycle and its combined effect on the adoption of restructuring strategies are investigated. This research is an applied and post-event study.
H1. Firms with financial distress in their various stages of life use the strategy of managerial restructuring.
H1-1. Firms with financial distress use a managerial restructuring strategy in the phase of decline.
H1-2. Firms with financial distress at the maturity stage use a managerial restructuring strategy.
H1-3. Companies with financial distress in the growth stage use a managerial restructuring strategy.
H2. Firms with financial distress at different stages of their life use an operational restructuring strategy.
H2-1. Firms with financial distress use a strategy of operational restructuring in the phase of decline.
H2-2. Firms with financial distress at the maturity stage use an operational restructuring strategy.
H2-3. Firms with financial distress in the growth stage use an operational restructuring strategy.
H3. Firms with financial distress at different stages of their lives use the strategy of financial restructuring.
H3-1. Firms with financial distress use the strategy of financial restructuring renewal at a declining stage.
H3-2. Firms with financial distress at the maturity stage use the strategy of renewing financial restructuring.
H3-3. Firms with financial distress in the growth stage use the strategy of renewing financial restructuring.
 
3- Methodology
The statistical population of this study includes all companies listed in Tehran Stock Exchange during the period of 2009-2017. In this study, using the virtual variable 0 and 1 for the regression variables, the logistic regression method was used to test the hypotheses. The main research model is:
 
 
4- Results
The results of the research show that financial distress has a bearing on the corporate restructuring strategy (CEO change). Most companies are forced to change the company's CEO in a crisis with the pressure of their shareholders; however, most companies do not prioritize this strategy. On the other hand, the lifecycle and financial distress also affects the corporate restructuring strategy; companies in the growth stage tend to use this strategy. In addition, the combination of company life cycle and financial distress is effective in reducing the level of corporate investments. The results show that the life cycle stages have an impact on the company's operational restructuring strategy (sales ratio), so that the growth stage is effective on the reduction of the cost-to-sales ratio. In addition, the phases of life cycle and financial distress of the company do not have a significant effect on the company's restructuring strategy, which means that companies in different stages of their life cycle and in the time of financial distress, this strategy do not put their priority. The results of financial restructuring strategies also show that the phases of life cycle and financial distress are effective on the corporate financial restructuring strategy (share dividend), so that in the growth stage, the life cycle stages of the dividend of the shares decreased and in the decline phase, this effect is greater. Financial distress has had a negative impact on dividend yield. Also, the phases of life cycle and financial distress have affected the corporate financial restructuring strategy (net equity), as the net equity of the companies in the growth stage is dramatically rising and the company approaches the declining stage and or the distance to its defect will be reduced, its amount will decrease. According to Koeh et al. (2015), most companies that are approaching their declining levels as well as in the face of financial distress, reduce dividend yields, and inevitably due to the net increase in corporate debt, reduce net equity. Laroca et al. (2009) find that corporate debt utilization depends on the size of the company, from growing companies to emerging companies decline is variable.

کلیدواژه‌ها [English]

  • Corporate Lfe Cycle
  • Financial Distress
  • Restructuring

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  • تاریخ دریافت: 02 آذر 1396
  • تاریخ بازنگری: 26 بهمن 1397
  • تاریخ پذیرش: 19 فروردین 1398

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