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تأثیر انواع مالکیت در ایجاد اثر تمایلی در صندوقهای سرمایهگذاری مشترک بورس اوراق بهادار تهران | ||
| تحقیقات مالی | ||
| مقاله 31، دوره 18، شماره 4، اسفند 1395، صفحه 675-960 اصل مقاله (342.82 K) | ||
| نوع مقاله: مقاله علمی پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22059/jfr.2017.62585 | ||
| نویسندگان | ||
| شهاب الدین شمس* 1؛ امیر تیمور اسفندیاری مقدم2 | ||
| 1استادیار گروه مدیریت بازرگانی (گرایش مالی)، دانشگاه مازندران، بابلسر، ایران | ||
| 2کارشناسی ارشد مدیریت بازرگانی (گرایش مالی)، دانشگاه مازندران، بابلسر ایران | ||
| چکیده | ||
| در این پژوهش با استفاده از داده‌های مربوط به 24 صندوق سرمایهگذاری مشترک پذیرفته شده در بورس اوراق بهادار تهران، در دورۀ زمانی 1389 تا 1393 به بررسی تأثیر انواع مالکیت در ایجاد اثر تمایلی در این صندوقها با به کارگیری روش تخمین حداقل مربعات تعمیمیافتۀ برآوردی (EGLS) و روش تخمین گشتاورهای تعمیمیافته (GMM) پرداخته شده است. نوع مالکیت به چهار طبقه شامل مالکیت خارجی، مالکیت شرکتی، مالکیت نهادی و مالکیت مدیریتی دستهبندی شده است. نتایج آزمون همجمعی کائو حاکی از وجود رابطۀ بلندمدت میان متغیرهای پژوهش است. بر اساس نتایج تخمین‌های روش EGLS و GMM میتوان گفت ارتباط مثبت و معناداری میان مالکیت نهادی با رفتار مبتنی بر اثر تمایلی در صندوقهای سرمایهگذاری مشترک وجود دارد و همچنین ارتباط منفی معناداری میان مالکیت مدیریتی با اثر تمایلی در این صندوقها برقرار است؛ اما میان مالکیت شرکتی و اثر تمایلی در این صندوقها ارتباط معناداری مشاهده نشد. | ||
| کلیدواژه‌ها | ||
| اثر تمایلی؛ انواع مالکیت؛ صندوقهای مشترک سرمایهگذاری | ||
| عنوان مقاله [English] | ||
| Investigation of the Effects of Types of Ownershipon Disposition effect of Mutual funds in Tehran Stock Exchange | ||
| نویسندگان [English] | ||
| Shahabeddin Shams1؛ Amir Teymur Esfandirari Moghaddam2 | ||
| 1Assistant Prof. in Business Management (Finance), Mazandaran University, Babolsar, Iran | ||
| 2MSc. in Business Management (Finance), Mazandaran University, Babolsar, Iran | ||
| چکیده [English] | ||
| This paper examines the relationship between mutual fund managers' ownership and the disposition effect, by using the 24 accepted mutual funds in the Tehran Stock Exchange for the period of 2011 to 2015, we investigate the effect of mutual funds’s types of ownershipon their disposition effect by applying Generalized Method of Moments (GMM) and Generalized Least Squares (EGLS) methods of estimations. Ownership structure is divided into four categories including: foreign ownership, corporate ownership, institutional ownership and management ownership. Kao cointegration test results confirm Long-run relationship among variables. Results also show Funds with managerial ownership exhibit significantly less disposition effect than those without, and the disposition measure decreases with managers' percentage ownership. We also find that the disposition effect is positively related to the degree of board independence. In addation results don’t confirm the effect of corporate ownership on mutual funds’s disposition effect. | ||
| کلیدواژه‌ها [English] | ||
| Disposition effect, Types of Ownership, mutual fund | ||
| مراجع | ||
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