نوع مقاله : مقاله پژوهشی
نویسندگان
1 استادیار گروه حسابداری دانشگاه بوعلی سینا
2 کارشناس ارشد، گروه حسابداری، دانشکده علوم اقتصادی و اجتماعی، دانشگاه بوعلی سینا، همدان ، ایران
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
The present study examines the relationship between board compensation and future financial distress, with the moderating role of firm life cycle stages. Using data from 174 companies listed on the Tehran Stock Exchange from 2011–2022, structured as a balanced panel dataset (2088 firm-year observations), the research hypotheses were tested through multiple regression analysis. A static panel approach with the least squares estimator was employed as the primary method, while a dynamic panel approach with the generalized method of moments (GMM) estimator was used as a complementary technique. The main findings indicate a significant and positive relationship between CEO compensation in the current year and the probability of financial distress in the subsequent year. Additionally, the results reveal that the life cycle's birth, growth, and decline stages significantly moderate the relationship between board compensation and the likelihood of financial distress in the following year. In contrast, this relationship is statistically insignificant during the maturity stage. The supplementary GMM results further support the main findings. This study contributes to the literature on the life cycle theory and financial distress. Based on the findings, it is recommended that financially distressed firms design board compensation contracts in alignment with the optimal contract theory to mitigate financial distress.
کلیدواژهها [English]
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