بررسی تأثیر تنوع حقوق صاحبان سهام بر کارایی منابع مالی با توجه به نقش تعدیل‌گری هزینه‌های نمایندگی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

الهه محمدی فرانی

Authors

Elaheh Mohammadi Farani Master of Business Administration (Finance), Department of Business Management, Payame-Noor University, Tehran, Iran Author https://orcid.org/0009-0009-2734-0711

Keywords:

Equity Ownership Diversification, Financial Resource Efficiency, Agency Costs

Abstract

Objective: The present study aimed to investigate the effect of equity ownership diversity on financial resource efficiency considering the moderating role of agency costs in companies listed on the Tehran Stock Exchange.

Methodology: This study was applied in terms of purpose and descriptive-correlational in nature using panel data analysis. The statistical population consisted of all companies listed on the Tehran Stock Exchange during the period 2017–2024, from which 105 companies were selected through systematic elimination sampling. Research data were collected from audited financial statements, the CODAL system, and Rahavard Novin software. To test the hypotheses, panel regression models with fixed effects were employed. Financial resource efficiency was considered the dependent variable, equity ownership diversity as the independent variable, and agency costs as the moderating variable. Firm size, leverage, cash holding level, quick ratio, accounts receivable, and board independence were also included as control variables.

Findings: The findings of the first hypothesis indicated that equity ownership diversity had a significant negative effect on financial resource efficiency, such that increased governmental ownership and lower ownership diversity reduced financial resource efficiency (P=0.002). The second hypothesis further demonstrated that agency costs significantly moderated the relationship between ownership diversity and financial resource efficiency (P=0.017). In other words, agency costs weakened the negative impact of governmental ownership on financial resource efficiency. Moreover, leverage and accounts receivable had significant positive effects, while the quick ratio showed a significant negative effect on financial resource efficiency. However, board independence and cash holding level did not exhibit significant effects.

Conclusion: The results revealed that higher concentration of ownership in governmental shareholders and lower ownership diversity could weaken firms’ financial resource efficiency. In addition, agency costs significantly influenced the relationship between ownership diversity and financial efficiency. Therefore, strengthening corporate governance mechanisms, increasing private shareholder participation, and reducing agency conflicts can improve financial resource efficiency and optimize resource allocation in listed companies.

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