بررسی نقش چرخه عمر شرکت و درماندگی مالی در تعیین استراتژی‌های تجدید ساختار مالی شرکت‌های پذیرفته‌ شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 کارشناسی ارشد مدیریت مالی، گروه حسابداری، دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران.

2 دانشیارگروه حسابداری، دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران.

3 استادیار گروه اقتصاد، دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران

10.22034/epj.2026.23667.2754

چکیده

شرکت‌ها در مراحل مختلف چرخه عمر خود در معرض فشارهای مالی قرار گیرند که آن‌ها را ناگزیر به بازنگری در ساختار مالی می‌سازد. هدف پژوهش حاضر بررسی تأثیر درماندگی مالی بر انتخاب استراتژی‌های تجدید ساختار مالی و نقش تعدیل‌گر چرخه عمر شرکت در این رابطه است. برای این منظور، اطلاعات 135 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی دوره زمانی 1394 تا 1401 بررسی شد. به‌منظور آزمون فرضیه‌های پژوهش، از دو مدل رگرسیون لجستیک پانل استفاده شد. نتایج حاصل از آزمون فرضیه‌ها نشان داد درماندگی مالی به‌طور معنی‌داری با انتخاب نوع استراتژی تجدید ساختار مالی مرتبط است؛ به‌گونه‌ای که احتمال استفاده از استراتژی‌های تجدید ساختار مالی از طریق حقوق صاحبان سهام منفی و از طریق بدهی مثبت است. یافته‌ها نشان می‌دهد اگرچه اثر تعدیلی چرخه عمر شرکت از نظر آماری معنادار نیست، اما شرکت‌ها در تمامی مراحل چرخه عمر، ترجیح غالب به استفاده از تجدید ساختار مبتنی بر بدهی دارند. این الگوی رفتاری را می‌توان در چارچوب ویژگی‌های نهادی و مالی اقتصاد ایران تبیین کرد؛ به‌ویژه ساختار بانک‌محور تأمین مالی، محدودیت‌های بازار سرمایه، ضعف ابزارهای تأمین مالی مبتنی بر حقوق صاحبان سهام و فشارهای نقدینگی، که انعطاف‌پذیری شرکت‌ها را در استفاده از استراتژی‌های مبتنی بر سهام در تمامی مراحل چرخه عمر کاهش داده است. یافته‌ها نشان می‌دهد تصمیمات تجدید ساختار مالی شرکت‌های ایرانی بیش از آن‌که تابع الگوهای کلاسیک چرخه عمر شرکت باشد، تحت تأثیر محدودیت‌های نهادی و شرایط کلان اقتصادی قرار دارد؛ امری که تعمیم مستقیم شواهد کشورهای توسعه‌یافته به بستر اقتصاد ایران را با تردید مواجه می‌سازد.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Examining the Role of the Corporate Life Cycle and Financial Distress in Shaping Financial Restructuring Strategies of Companies Listed in the Tehran Stock Exchange

نویسندگان [English]

  • Niayesh Ghasemi Soleymanabadi 1
  • Dariush Damoori 2
  • Mohammad Hassan Zarea 3
1 Master of Finance Management, Yazd University, Yazd, Iran.
2 Associate Professor Accounting Department, Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran.
3 Assistant Professor of Economics, Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran
چکیده [English]

Abstract
Companies at different stages of their life cycle may be exposed to financial pressures that affect their corporate restructuring. The present study aims to investigate the effect of financial distress on the selection of corporate restructuring strategies and the moderating role of the firm life cycle in this relationship. For this purpose, 135 firms listed on the Tehran Stock Exchange during the period 2015-2022 were selected as the research sample. To test the research hypotheses, panel logistic regression was employed. The results of the hypothesis testing indicate that financial distress is significantly associated with the selection of corporate restructuring strategies. Specifically, financial distress is negatively associated with equity-based corporate restructuring strategies and positively associated with debt-based corporate restructuring strategies. Although the moderating effect of the firm life cycle is not statistically significant, the findings indicate that firms at all the stages of their life cycle tend to adopt debt-based corporate restructuring strategies. This behavioral pattern can be explained by the institutional and financial characteristics of Iran's economy, including its bank-oriented financing system, limited access to equity financing, and the underdevelopment of the capital market. These factors have reduced firms' flexibility in adopting equity-based corporate restructuring strategies throughout all the stages of the firm life cycle. The findings of the study suggest that corporate restructuring decisions in Iranian firms, rather than following the classical patterns of their life cycle, are influenced by institutional constraints and macroeconomic conditions, which directly distinguish them from the evidence reported in developed economies.
 
Extended Abstract
Purpose: The present study aims to examine the impact of financial distress on the choice of corporate financial restructuring strategies and the moderating role of the corporate life cycle among the firms listed in the Tehran Stock Exchange. While companies inevitably face financial pressures at various life-cycle stages, the Iranian institutional and financial environment, characterized by a bank-centered financing system, capital market limitations, and liquidity constraints, may shape restructuring preferences differently than in developed economies. This study seeks to determine whether firms’ preference for debt or equity-based restructuring varies across the stages of introduction, growth, maturity, and decline.
 
Methodology: The research is applied in nature and uses a descriptive-correlational design. The sample consists of 135 companies listed from 2015 to 2022, selected via a systematic elimination method. Financial distress was assessed using an adjusted Altman Z-score, and life-cycle stages were determined based on Dickinson’s cash flow patterns. Two panel logistic regression models were employed to test the hypotheses, with Tobin’s Q, firm size, and cash flow included as control variables. This approach allows for capturing both firm-specific and temporal effects in an emerging market context.
 
Findings and Discussion: The results show that financial distress significantly reduces the likelihood of equity-based restructuring while increasing the probability of debt-based restructuring. The moderating effect of the life-cycle stage is statistically insignificant; however, firms consistently favor debt restructuring across all stages. This pattern reflects structural and institutional characteristics of the Iranian economy, including restricted equity financing options, bank-centered credit allocation, and liquidity pressures, which limit firms’ flexibility to implement equity-based strategies. These findings diverge from classical life-cycle theory and evidence from developed markets, highlighting the contextual importance of Iran’s financial environment.
 
Conclusions and Policy Implications: Financial distress primarily drives Iranian firms toward debt restructuring regardless of their life-cycle stage. Managers should consider institutional constraints when designing restructuring strategies, and policymakers should address the overreliance on debts by developing stronger equity financing mechanisms. The results suggest caution against direct extrapolation of developed-market evidence to Iran. Further research is also recommended on the roles of industry characteristics and macroeconomic conditions in shaping restructuring decisions.

کلیدواژه‌ها [English]

  • Financial Distress
  • Corporate Restructuring
  • Firm Life Cycle
  • Logistic Regression

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سیاست گذاری اقتصادی
دوره 18، شماره 36
مهر 1405
صفحه 404-444

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