ارزیابی تأثیر سیاست اعتباری بر سرمایه‌گذاری نامشهود شرکت‌های بورسی در ایران: رویکرد رگرسیونی گشتاورهای تعمیم‌یافته

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری گروه اقتصاد نظری دانشکده اقتصاد دانشگاه علامه طباطبائی، تهران، ایران

2 دانشیار گروه اقتصاد نظری دانشکده اقتصاد دانشگاه علامه طباطبائی، تهران، ایران

10.48308/jem.2024.236071.1924

چکیده

میزان سرمایه‌گذاری بنگاه‌ها و عوامل موثر بر آن همواره یکی از مسائل مورد توجه پژوهشگران بوده و با گسترش فناوری، اهمیت سرمایه‌گذاری نامشهود در این زمینه افزایش یافته است. سرمایه‌گذاری نامشهود کمتر از سرمایه‌گذاری مشهود به تغییرات در ارزش‌گذاری بنگاه واکنش نشان می‌دهد، سریع‌تر مستهلک می‌شود و ارزش وثیقه‌گذاری کمتری دارد که موجب تفاوت الگوهای رفتاری آن با سرمایه‌گذاری مشهود می‌شود. هدف این پژوهش، ارزیابی تأثیر سیاست پولی از طریق کانال انتقال پولی بر سرمایه‌گذاری نامشهود شرکت‌های بورسی در ایران است. جهت تحلیل این مسئله از روش گشتاورهای تعمیم‌یافته برای 50 شرکت در طی دوره 1390 تا 1401 استفاده شده است. نتایج نشان دهنده آن است که سیاست پولی تأثیر مثبت و معنادار بر میزان سرمایه‌گذاری در دارایی‌های نامشهود در شرکت‌ها دارد. همچنین اندازه بنگاه، شاخص Q توبین، جریان وجوه نقد و میزان سرمایه‌گذاری نامشهود با یک وقفه، تأثیر مثبت و معنادار بر سرمایه‌گذاری نامشهود بنگاه در دوره مورد بررسی دارد. نتیجه دیگری که قابل تأمل است، تأثیر معنادار و مثبت تغییرات متغیر تولید ناخالص داخلی بر میزان سرمایه‌گذاری نامشهود بنگاه‌های تولیدی است.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Evaluating the Effect of Credit Policy on Intangible Investment of Listed Companies in Stock Market of Iran: GMM Approach

نویسندگان [English]

  • Amirhossein Hamidi Farahani 1
  • Mohammad Agharazi Dermani 1
  • Ali Asghar Salem 2
1 PhD Candidate in Economics, Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran
2 Associate Professor of Economics, Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran
چکیده [English]

The level of investment by firms and the factors influencing it have always been a subject of interest for researchers. With the advancement of technology, the significance of intangible investment in this field has increased. Intangible investment shows less responsiveness to changes in firm valuation compared to tangible investment. It depreciates more quickly and has lower collateral value, leading to different behavioral patterns compared to tangible investment. This research aims to evaluate the impact of monetary policy on the intangible investment of listed companies in stock market of Iran through the monetary transmission channel. The Generalized Method of Moments approach has been used to analyze this issue for 50 companies during the period of 2011 to 2022. The results indicate that monetary policy has a positive and significant impact on companies' level of investment in intangible assets. Moreover, firm size, Tobin's Q ratio, cash flow, and the level of intangible investment have a positive and significant impact on intangible investment by firms in the examined period. Another finding is the significant and positive influence of changes in gross domestic product on the level of intangible investment by manufacturing firms.

کلیدواژه‌ها [English]

  • Monetary Policy
  • Intangible Investment
  • Generalized Method of Moments
  • GMM

مراجع

- Abrishami, H., Mehrara, M. & Tamadonnejad, A. (2009). The Relationship between the Foreign Trade and Economic Growth: GMM Approach. Journal of Knowledge and Development, 16(26), 45-62 (In Persian).
- Adu-Ameyaw, E., Danso, A., Uddin, M., & Acheampong, S. (2022). Investment-cash flow sensitivity: Evidence from investment in identifiable intangible and tangible assets activities. International Journal of Finance & Economics, 1–26.
- Aghae, M., Kouhbar, M., & Ahmadi Nejad, H. (2018). Financial stability and economic performance: A case study of OPEC countries. Economics and modeling, 9(2), 29-65 (In Persian).
- Aghion, P., Askenazy, P., Berman, N., Cette, G., & Eymard, L. (2012). Credit constraints and the cyclicality of R&D investment: evidence from France. Journal of the European Economic Association. 10(5), 1001–1024.
- Arefmanesh, Z., & Zare Zardini, T. (2020). The Effect of Firm Size on Relationship between Intangible Resources and Performance in Companies listed in Tehran stock exchange. Accounting and Auditing Research, 10(3), 73-57 (In Persian).
- Arefmanesh, Z., & Rahmani, A. (2015). Modeling Of Intangible Assets in Tehran Stock Exchange Firms. Management Accounting, 8(26), 81-112 (In Persian).
- Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies, 58(2), 277–297.
- Baltagi, B. (2008). A Companian to Econometric Analysis of Panel Data. John Wiley & Sons.
- Baum, F., & Zerilli, P. (2016). Jumps and stochastic volatility in crude oil futures prices using conditional moments of integrated volatility. Energy Economics, 53(C), 175-181.
- Bernanke, B. (1983). Irreversibility, uncertainty, and cyclical investment. Q. J. Econ. 98 (1), 85–106.
- Caggese, A., Pérez-Orive, A. (2022). How stimulative are low real interest rates for intangible capital? European Economic Review, 142, 103987.
- Chappell, N., & Jaffe, B. (2018). Intangible Investment and Firm Performance. NBER Working Paper No. 24363.
- Cloyne, J., Ferreira, C., Froemel, M., & Surico, P. (2023). Monetary policy, corporate finance, and investment. Journal of the European Economic Association, jvad009.
- Corrado, C., Haskel, J. M., Jona-Lasinio, C., & Iommi, M. (2016). Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth. EIB Working Papers No. 8.
- Corrado, C.A., & Hulten, C.R., (2010). How do you measure a “technological revolution”? Am. Econ. Rev, 100 (2), 99–104.
- Coulibaly A., Wang L., & Mukete B. (2015). Does Consumer Price Index Affect Food Security in Sub-Saharan Africa? Journal of Food Security, 3(1):25-28.
- Crouzet, N., & Eberly, J.C. (2019). Understanding Weak Capital Investment: The Role of Market Concentration and Intangibles. NBER Working Paper 25869.
- Daskalaki, M. (2012). Recontextualizing new employee induction: Organizational entry as a change space. Journal of Applied Behavioral Science, 48(1), 93–114.
- Dehqan, H., Vakilifard, H., Yaqoubnejad, A., & Rahnama R. (2017). Intangible Assets and their Function in Knowledge-based Economy: Determinants (the Case-study of Stock Markets). Journal of Strategic Management Studies of National Defense, 1(3), 49-66 (In Persian).
- Döttling, R., & Ratnovski, L. (2023). Monetary policy and intangible investment. Journal of Monetary Economics, 134, 53-72.
- Eisfeldt, A.L., & Papanikolaou, D. (2013). Organization capital and the cross-section of expected returns. J. Finance, 68 (4), 1365–1406.
- Ewens, M., Peters, R., & Wang, S. (2019). Measuring Intangible Capital with Market Prices. NBER Working Paper 25960.
- Falato, A., Kadyrzhanova, D., Sim, J., & Steri, R. (2020). Rising intangible capital, shrinking debt capacity, and the US corporate savings glut. J. Finance, 77(5), 2799-2852.
- Frigo, M., & Graziano, R. (2003). Strategic decisions and cash flow. Strategic Finance, 85, 8-31.
- Hafezian, F., Zamanian, Gh. & Shahrak, J. (2020). Financial Constraint and Investment and the Firm Balance Sheet Channel of Monetary Policy Transmission. Quarterly Journal of Quantitative Economics, 17(4), 113-136 (In Persian).
- Haile, M., & Kalkuhl, M. (2013). Volatility in the international food markets: implications for global agricultural supply and for market and price policy. 53rd Annual Conference, Berlin, Germany, September 25-27.
- Hansen, L. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4), 1029-1054.
- Harati, J., Dehghani, A., Taghizadeh, H. & Amini, T. (2016). The Effects of Economic and Political Inequality on Quality of Environment in Selected Countries: GMM Panel Analysis. Economic Modeling Research, 7(23), 197-232 (In Persian).
- Hassanzadeh, A., Nazarian, R. & Kianvand, M. (2011). The effect of monetary policy shocks on stock price index fluctuations in Iran. Quarterly Journal of Money and Economics, 4(9), 1-44 (In Persian).
- Kaplan, S. & Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? Quarterly Journal of Economics, 112, 169–215.
- Kim, H., & Kung, H., (2017). The asset redeployability channel: how uncertainty affects corporate investment. Rev. Financ. Stud, 30 (1), 245–280.
- Loni, S., Abbasian, E., & Haji, Gh. (2021). The Effect of Economic Policy Uncertainty on Corporate Investment: Evidence from Companies Listed on the Tehran Stock Exchange. Financial Research, 23(2), 249-268 (In Persian).
- Mishkin, F. (2018). The Economics of Money, Banking and Financial Markets. Pearson. 12th.
- Molodchik, M., Fernández-Jardón, C. M., & Barajas, A. (2013). The firm size effect on performance due to intangible resources. Higher School of Economics Research Paper No. WP BRP, 35.
- Namazi, M., & Shakeri, Y. (2021). The effect of Intangible Assets on the Firm’s Financial Performance and Mediating Role of the Cost Stickiness in Tehran Stock Exchange. Journal of Asset Management and Financing, 9(2), 76-47 (In Persian).
- Nikkar, J., Hematfar, M., & Esami, M. (2018). The Effect of Investments in Intangible Assets in the Explanatory Impact of Financial Health and Agency Problems on the Market Value Company's. Journal Of Asset Management and Financing, 6(1(20)), 11-27 (In Persian).
- Peters, R.H., & Taylor, L.A. (2017). Intangible capital and the investment-q relation. J. Financ. Econ. 123 (2), 251–272.
- Rahmani, A. & Arefmanesh, Z. (2017). Determinants of Intangible Investments in Iranian Firms. Journal of Financial Management Strategy, 5(2), 77-99 (In Persian).
- Rampini, A. & Viswanathan, S. (2022). Collateral and Secured Debt. Working paper.
- Ranjbar, M., Hosseinzadeh, Sh. & Badi, H. (2021). An Empirical Study of the Role of Collateral Value of Assets and Characteristics of Intangible Assets in Companies with Negative Equity Value. Accounting Knowledge and Management Auditing, 10(40), 27-38 (In Persian).
- Rezaei, M., & Poorghaumi, F. (2018). Effects Of Intangible Assets on Financial and Governance Policies. Journal Of Empirical Research in Accounting, 7(28), 227-248 (In Persian).
- Salmani Bishak, M., Barqi Oskouei, M. & Lak, S. (2015). The Effects of Monetary and Fiscal Policy Shocks on Stock Market of Iran. Journal of Economic Modeling Research, 6(22), 93-131 (In Persian).
- Wooldridge, J. (2002). Econometric Analysis of Cross Section and Panel Data. MIT University Press.

فایل ها

هم رسانی

ارجاع به این مقاله

آمار