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
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
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 firms listed on 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 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 listed companies 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: 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 life-cycle stage. Managers should consider institutional constraints when designing restructuring strategies, and policymakers should address the overreliance on debt by developing stronger equity financing mechanisms. The results caution against direct extrapolation of developed-market evidence to Iran and suggest further research on the roles of industry characteristics and macroeconomic conditions in shaping restructuring decisions.
کلیدواژهها [English]
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