نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه حسابداری، واحد کرج، دانشگاه آزاد اسلامی، کرج، ایران.

2 گروه مدیریت مالی، موسسه آموزش عالی طبرستان، چالوس، ایران.

چکیده

هدف: هدف پژوهش حاضر بررسی رفتار ریسک‌های سیستماتیک، غیرسیستماتیک و ریسک کل در چرخه‌های مختلف عمر شرکت‌ها و به دنبال پاسخ این سؤال است که آیا رفتار ریسک شرکت‌ها در مراحل مختلف چرخه عمر متفاوت است؟
روش‌شناسی پژوهش: برای دستیابی به پاسخ سؤال فوق 153 شرکت موجود در بازار سرمایه تهران به روش غربال‎گری به‌عنوان نمونه آماری انتخاب گردید. داده‌های جمع‎آوری شده در یک دوره 8 ساله بین سال‌های 1390 تا 1397 در نظرگرفته شده است.
یافته‌ها: نتایج حاصل از تحلیل رگرسیون نشان می‌دهد که نوسانات ریسک غیرسیستماتیک در مرحله معرفی از مرحله رشد بیشتر است و همچنین شرکت‌هایی که با نوسانات جریان نقدی بیشتری روبرو هستند، در مرحله معرفی نسبت به مرحله رشد با نوسانات غیرسیستماتیک بیشتری مواجه هستند. نهایتاً نتایج نشان داد که شرکت‌ها در مرحله معرفی و افول نسبت به مرحله رشد و بلوغ با ریسک کل و بازار بیشتری مواجه نیستند.
اصالت/ارزش افزوده علمی: این مقاله به خوبی رفتار ریسک را تحت چرخه‌های مختلف عمر شرکت‌ها با رویکرد مدیریت ریسک شرکت‌‌ها مورد ارزیابی قرار می‌دهد.

کلیدواژه‌ها

عنوان مقاله [English]

How to Evaluate Risk Behavior Under Different Life Cycles of Companies

نویسندگان [English]

  • Meysam Kaviani 1
  • Mustafa Turk Lashkanari 2

1 Department of Accounting, Karaj Branch, Islamic Azad University, Karaj, Iran.

2 Department of Financial Management, Aliabad Katul Branch, Islamic Azad University, Aliabad Katul, Iran.

چکیده [English]

Purpose: The purpose of this study is to investigate the behavior of systematic, unsystematic and total risk in different life cycles of companies and seeks to answer the question whether the risk behavior of companies at different stages of the life cycle is different?
Methodology: To answer the above question, 153 companies in the Tehran capital market were selected by screening as a statistical sample. The data collected over an 8-year period between 2011 and 2018 is considered.
Findings: The results of regression analysis show that unsystematic risk fluctuations in the introduction phase are more than the growth phase and also companies that face more cash flow fluctuations, in the introduction phase are faced with more unsystematic fluctuations than the growth phase. Finally, the results showed that companies in the introduction and decline stages do not face more total risk and market than the growth and maturity stage.
Originality/Value: This article evaluates the risk behavior under different life cycles of companies with a corporate risk management approach.

کلیدواژه‌ها [English]

  • Life Cycle
  • Risk
  • Market Risk
  • Unsystematic Risk
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