نویسندگان
1 دانشیار، اقتصاد، دانشکده اقتصاد مدیریت و حسابداری دانشگاه یزد، یزد، ایران.
2 کارشناس ارشد مدیریت مالی، دانشکده حسابداری دانشگاه علامه مقدس اردبیلی، اردبیل، ایران.
3 کارشناس ارشد مدیریت مالی، دانشکده اقتصاد مدیریت و حسابداری دانشگاه یزد، یزد، ایران.
چکیده
بعد از عرضه سهام، بازده سهام و عملکرد بلند مدت عملیاتی هر دو به طور مستقیم با تغییرات سهامداران نهادی تا سه سال پس از آن تغییر میکند که این با نقش نظارتی سهامداران نهادی سازگار است شرکتهایی با سهامداران نهادی کوتاه مدت بازده منفی بیشتری را در عرضه ثانویه تجربه میکنند. لذا هدف این تحقیق بررسی نقش دیدگاه کوتاهمدت و بلندمدت سهامداران بر رابطه بیش ارزشگذاری و عرضه ثانویه سهام در شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران در طی سالهای 1396الی 1401می باشد. نمونه مشتمل بر 114 شرکت می باشد و از رگرسیون خطی و تجزیهوتحلیل در نرمافزار استاتا و ایویوز استفاده شده است. با توجه به نتایج، فرضیه مبنی بر تأثیرگذاری سهامداران نهادی کوتاه مدت و بلند مدت بر رابطه بیش ارزش گذاری و عرضه ثانویه مشاهده شد که سهامداران نهادی کوتاه مدت نسبت به سهامداران نهادی بلند مدت، رابطه معناداری دارند که این نشان دهنده آن میباشد که میان سهامداران با دید بلند مدت و سهامداران با دید کوتاه مدت تفاوت وجود دارد و سهامداران نهادی کوتاه مدت سعی میکنند که سهام بیش ارزش گذاری شده را در عرضه ثانویه به فروش برسانند. و فرضیه تحقیق مبنی بر بیش ارزشگذاری با نقش تعدیلی سهامداران نهادی بر عرضه ثانویه شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران تأثیر معناداری دارد تأیید شد.
کلیدواژهها
عنوان مقاله [English]
Short-term and long-term views of institutional shareholders and the relationship between overvaluation and seasoned stock offering
نویسندگان [English]
- Habib Ansari Samani 1
- Sajjad Barandak 2
- Maryam Aminian 3
1 Associate Professor, Department of Economics, Faculty of Economics, Management, and Accounting, Yazd University, Yazd, Iran.
2 MSc. Financial Management, Department of Accounting, Moghadas Ardabili Institute of Higher Education, Ardabil, Iran
3 MSc. Financial Management, Department of Accounting & Finance, Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran.
چکیده [English]
After the IPO, stock returns and long-term operating performance both change directly with changes in institutional shareholders up to three years later, which is consistent with the monitoring role of institutional shareholders. Firms with short-term institutional shareholders have more negative returns in the IPO. They experience secondary. Therefore, the purpose of this research is to examine the role of short-term and long-term views of shareholders on the relationship between overvaluation and secondary supply of shares in companies listed on the Tehran Stock Exchange during the years 2016 to 2021. The sample consists of 114 companies and linear regression and analysis were used in Stata and Eviuse software. According to the results, the hypothesis of the influence of short-term and long-term institutional shareholders on the relationship between overvaluation and secondary supply was observed that short-term institutional shareholders have a significant relationship compared to long-term institutional shareholders, which indicates that between shareholders There is a difference between long-term view and short-term view shareholders, and short-term institutional shareholders try to sell overvalued shares in the secondary offering. And the research hypothesis that overvaluation with the moderating role of institutional shareholders has a significant effect on the secondary supply of listed companies in the Tehran Stock Exchange was confirmed.
کلیدواژهها [English]
- Secondary offering of shares
- overvaluation
- institutional ownership
- timing of secondary offering
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