Investigating the Role of Internal Managers; Global Financial Crisis and Financial Constraints on the Relationship Between Financial Loss and the Intensity of Investment in Research and Development Spending in Information Technology Companies
Subject Areas : Research and Development Management
Mohsen
Hassani
1
Ali
lal bar
2
Keywords: Domestic Managers, Global Financial Crisis, Financial Constraints, R & amp, D Expense, Financial Crisis.,
Abstract :
The purpose of this study was to investigate the impact of internal managers, the global financial crisis and financial constraints on the relationship between financial loss and the intensity of investment in research and development spending in information technology (IT) companies. The realm of research is the IT companies admitted to the Tehran Stock Exchange from 2006 to 2018. The present research is applied in applied research. The present research method in terms of nature, is a descriptive study and this method is considered as a correlation in the research category. In the research data section, data was collected from sample companies by referring to financial statements and explanatory notes. Based on the systematic elimination method, 20 companies in the field of information technology were selected as a statistical sample. In order to analyze the data, the pre-test variance analysis, F lemmer test, Hausman test and J-B test were used. Then, multivariate regression test was used to confirm and reject the research hypotheses. The results showed that there is a positive relationship between the financial loss and the intensity of investment in R&D expenditures in the IT companies, additionally, internal managers, the global financial crisis and financial constraints affect on the relationship between the financial loss and the intensity of investment in research expenditures, and the development of IT companies; the results obtained in this study are consistent with the documentation referenced in the theoretical framework of financial research and literature.
1- سیدکاظم. ابراهیمی و مریم. همتیان، “ارزیابی اثر بحران مالی بر میزان سرمایه‌گذاری،” در اولین کنفرانس بین‌المللی تحولات نوین در مدیریت، اقتصاد و حسابداری، تهران، 1395.
2- آزیتا. جهانشاد و داود. شعبانی، “تأثیر محدودیت در تأمین مالی بر رابطه سرمایه‌گذاران نهادی و حساسیت جریانات نقدی سرمایه‌گذاری،” پژوهش‌های حسابداری مالی و حسابرسی، جلد 27، شماره 7،pp 39-56، 1394.
3- امیر. محمدزاده و محمدجواد. کامیاب, “بررسی رابطه بین مالکیت نهادی، ساختار سرمایه و سرمایه‌گذاری درتحقیق و توسعه,” مجله مدیریت توسعه و تحول, جلد 7, شماره 2،pp. 91-99، 1393.
4- رسول. برادران حسن‌زاده، یونس. بادآورنهندی و لیلا. نگهبان، “تأثیر محدودیت‌های مالی و هزینه‌های نمایندگی بر کارایی سرمایه‌گذاری،” پژوهش‌های حسابداری مالی، جلد 6، شماره 1،pp 89-106، 1393.
5- محمد. صورتی، “بررسی تأثیر شرایط مالی بر حساسیت سرمایه‌گذاری به جریان‌های نقدی در سطوح مختلف ذخایر نقدی بهینه،” دانشگاه آزاد اسلامی، اراک، 1397.
6- کامران. نادی، “شناسایی نقش سرمایه‌گذاری‌های تحقیق و توسعه، اندازه و مخارج سرمایه‌ای بر فرصت رشد شرکت‌های مبتنی بر تحقیق و توسعه با تأکید بر نقش تأخر زمانی،” دانشگاه آزاد اسلامی، اراک، 1396.
7- غلامرضا. روزبهی و محمدصادق. سلطانی‌زاده، “محدودیت‌های مالی بر سرمایه‌گذاری در حوزه تحقیق و توسعه،” پایگاه مجلات تخصصی نور، جلد 4، شماره 2،pp 158-163، 1395.
8- P. Trung, D. Mai and L. B. Veena, "Investment Opportunities and Audit Report Lags: Initial Evidencez," Accounting and Finance Research, vol. 3, no. 4, pp. 45-48, 2014.
9- R. Y. J. Siew, "Evaluating and Enhancing the Impact of Sustainability Reporting Tools (SRTs)," School of Civil and Environmental Engineering, Sydney, 2016.
10- L. S. Du Xingqiang, "Financial Distress, Investment Opportunity, and the Contagion Effect of Low Audit Quality: Evidence from China J Bus Ethics," Journal of Business Ethics, vol. 147, no. 1, pp. 565-593, 2018.
11- C. Z. DichuBao. Kam C, "Asymmetric cash flow sensitivity of cash holdings," Journal of Corporate Finance, vol. 18, no. 2, pp. 690-700, 2012.
12- S. j. Marwa, "CSR, agency costs and investment-cash flow sensitivity: A mediated moderation analysis," Managerial Finance, vol. 43, no. 3, pp. 153-158, 2017.
13- A. Y. J. Guariglia, "A balancing act: Managing financial constraints and agency costs to minimize investment inefficiency in the Chinese market," Journal of Corporate Finance, vol. 36, no. 2016, pp. 111-130, 2015.
14- C. P. Deelchand, "Size and scale Economies in Japanese Cooperative Banking," center university of Reading, london, 2014.
15- I. O. J. P,. Shaikh, "Inside directors and the underinvestment of financial slack towards R & Dintensity in high-technology firms," Journal of Business Research, vol. 82, no. 6, pp. 57-76, 2018.
16- G. M. J. ,. Patel.Pankaj, "Strength of the association between R&D volatility and firm growth: The roles of corporate governance and tangible asset volatility," Journal of Business Research, vol. 88, no. 1, pp. 282-288, 2018.
17- A. s. Sun S., "R&D status and the performance of domestic firms in China's coal mining industry," Energy Policy, vol. 79, no. 2, pp. 99-103, 2017.
18- R. M. S. Dzhumashev, "Exporting, R&D investment and firm survival in the Indian IT sector," Journal of Asian Economics, vol. 42, no. 2, pp. 1-19, 2016.
19- N. H. T. N. H. L. C. D. L. C. D. Tran, "Financial conditions and corporate investment: evidence from Vietnam," Pacific Accounting Review, vol. 29, no. 2, pp. 183-203, 2017.