بررسي تأثير اعتبار تجاري بر چسبندگي هزينه ها

Investigating the Effect of Trade Credit on Cost Stickiness

ﻫﺪف: ﻫﺪف از ﭘﮋوﻫﺶ ﺣﺎﺿﺮ ﭘﺎﺳﺦ ﺑﻪ اﯾﻦ ﺳﻮال اﺳﺖ ﮐﻪ آﯾﺎ اﻋﺘﺒﺎر ﺗﺠﺎري ﻣﯽﺗﻮاﻧﺪ ﻧﻘﺶ ﻣﺆﺛﺮي در ﮐﺎﻫﺶ ﭼﺴﺒﻨﺪﮔﯽ ﻫﺰﯾﻨﻪﻫﺎ داﺷﺘﻪ ﺑﺎﺷﺪ ﯾﺎ ﺧﯿﺮ؟ ﻫﻤﭽﻨﯿﻦ آﯾﺎ ﻫﺰﯾﻨﻪﻫﺎي ﻧﻤﺎﯾﻨﺪﮔﯽ ﻣﯽﺗﻮاﻧﺪ ﺑﺮ اﯾﻦ راﺑﻄﻪ اﺣﺘﻤﺎﻟﯽ اﺛﺮي ﺗﻌﺪﯾﻞ ﮐﻨﻨﺪه اﻋﻤﺎل ﮐﻨﺪ. ﺑﻪ ﻋﺒﺎرﺗﯽ، ﺑﺮرﺳﯽ ﻣﯽﺷﻮد ﮐﻪ آﯾﺎ اﻋﺘﺒﺎر ﺗﺠﺎري ﻣﯽﺗﻮاﻧﺪ ﺑﻪ ﻋﻨﻮان ﯾﮏ ﻣﮑﺎﻧﯿﺴﻢ ﮐﻨﺘﺮﻟﯽ ﻧﻘﺶ اﯾﻔﺎ ﮐﻨﺪ و آﯾﺎ ﻣﯽﺗﻮان آن را ﺑﻪ ﻋﻨﻮان ﻣﮑﺎﻧﯿﺴﻢ ﺣﺎﮐﻤﯿﺘﯽ در ﻧﻈﺮ ﮔﺮﻓﺖ. روش: ﺟﻬﺖ آزﻣﻮن ﻓﺮﺿﯿﻪﻫﺎ، از رﮔﺮﺳﯿﻮن دادهﻫﺎي ﺗﺮﮐﯿﺒﯽ اﺳﺘﻔﺎده ﺷﺪ. ﺑﻪ اﯾﻦ ﻣﻨﻈﻮر اﻃﻼﻋﺎت ﻣﺮﺗﺒﻂ ﺑﺎ 185 ﺷﺮﮐﺖ ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان در ﯾﮏ دوره 9 ﺳﺎﻟﻪ ﻣﻨﺘﻬﯽ ﺑﻪ 1398 ﻣﻮرد ﺑﺮرﺳﯽ و ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ ﻗﺮار ﮔﺮﻓﺖ. ﯾﺎﻓﺘﻪﻫﺎ: ﻧﺘﺎﯾﺞ ﭘﮋوﻫﺶ ﺣﺎﮐﯽ از ﺗﺄﯾﯿﺪ ﻓﺮﺿﯿﻪﻫﺎي ﭘﮋوﻫﺶ ﻣﺒﻨﯽ ﺑﺮ وﺟﻮد اﺛﺮ ﻣﻌﻨﺎدار اﻋﺘﺒﺎر ﺗﺠﺎري در ﮐﺎﻫﺶ ﭼﺴﺒﻨﺪﮔﯽ ﻫﺰﯾﻨﻪﻫﺎي ﻋﻤﻮﻣﯽ، اداري و ﻓﺮوش ﺑﻮد و ﻧﺸﺎن داد در ﺳﺎلﻫﺎﯾﯽ ﮐﻪ ﻓﺮوش ﮐﺎﻫﺶ ﻣﯽﯾﺎﺑﺪ، اﻋﺘﺒﺎر ﺗﺠﺎري ﻣﯽﺗﻮاﻧﺪ ﮐﺎﻫﺶ ﻫﺰﯾﻨﻪﻫﺎ را ﺗﺴﺮﯾﻊ ﮐﻨﺪ و ﻣﺎﻧﻊ ﭼﺴﺒﻨﺪﮔﯽ ﻫﺰﯾﻨﻪﻫﺎ ﺷﻮد. ﻫﻤﭽﻨﯿﻦ، اﯾﻦ اﺛﺮ ﻣﯽﺗﻮاﻧﺪ در ﺷﺮﮐﺖﻫﺎي ﺑﺎ ﻫﺰﯾﻨﻪ ﻧﻤﺎﯾﻨﺪﮔﯽ ﺑﯿﺸﺘﺮ، ﻗﻮﯾﺘﺮ ﻇﺎﻫﺮ ﺷﻮد. ﻧﺘﯿﺠﻪﮔﯿﺮي: ﻧﺘﺎﯾﺞ ﺑﯿﺎﻧﮕﺮ آن اﺳﺖ ﮐﻪ ﺑﺴﺘﺎﻧﮑﺎران ﺗﺠﺎري در راﺳﺘﺎي ﻣﻨﺎﻓﻊ ﺧﻮد، ﺗﻼش ﻣﯽﮐﻨﻨﺪ ﻣﺎﻧﻊ رﻓﺘﺎرﻫﺎي ﻓﺮﺻﺖﻃﻠﺒﺎﻧﻪ ﻣﺸﺘﺮﯾﺎن ﺷﻮﻧﺪ. آنﻫﺎ ﺑﺎ اﺑﺰارﻫﺎي در دﺳﺘﺮس ﺧﻮد و ﺑﺎ ﺟﻤﻊآوري اﻃﻼﻋﺎت ﻣﺸﺘﺮي ﻧﺴﺒﺖ ﺑﻪ ﻣﺼﺮف ﻧﺎﮐﺎراي ﻣﻨﺎﺑﻊ ﺣﺴﺎﺳﯿﺖ ﻧﺸﺎن ﻣﯽدﻫﻨﺪ. داﻧﺶاﻓﺰاﯾﯽ: اﯾﻦ ﭘﮋوﻫﺶ ﻧﺸﺎن داد ﮐﻪ اﻋﺘﺒﺎر ﺗﺠﺎري ﺑﻪ ﻋﻨﻮان ﯾﮏ ﻣﮑﺎﻧﯿﺴﻢ ﮐﻨﺘﺮﻟﯽ ﻋﻤﻞ ﻣﯽﮐﻨﺪ. ﺑﻨﺎﺑﺮاﯾﻦ، ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﻣﯽﺗﻮاﻧﺪ در ﻫﺮ واﺣﺪ ﺗﺠﺎري، ﻣﺪﯾﺮ را ﻣﻠﺰم ﮐﻨﺪ ﺑﺨﺸﯽ ﯾﺎ درﺻﺪي از ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ را از ﻃﺮﯾﻖ اﻋﺘﺒﺎر ﺗﺠﺎري اﻧﺠﺎم دﻫﺪ. ﻧﻈﺎرت و ﺟﻬﺖدﻫﯽ رﻓﺘﺎر ﻣﺪﯾﺮ ﺗﻮﺳﻂ اﻋﺘﺒﺎردﻫﻨﺪﮔﺎن ﻣﯽﺗﻮاﻧﺪ ﺑﺮاي ﻫﻤﻪ ذﯾﻨﻔﻌﺎن ﺑﻪ ﻃﻮر وﯾﮋه ﺳﻬﺎﻣﺪاران ﮐﻪ ﺗﺤﺖ ﺗﺄﺛﯿﺮ ﺗﻀﺎد ﻧﻤﺎﯾﻨﺪﮔﯽ ﻫﺴﺘﻨﺪ، ﻣﻨﺎﻓﻊ ﺑﻪ دﻧﺒﺎل داﺷﺘﻪ ﺑﺎﺷﺪ.

The purpose of this study is to investigate whether trade credit can play an effective role in reducing the stickiness of costs or not? Also, can agency costs have a moderating effect on this potential relationship? In other words, can trade credit regarded as a control mechanism and considers as a governance mechanism? Method: Panel data regression was used to analyze the data and test the hypotheses. Data was refinement based on the requirement and availability of all variables. Therefore, data related to 185 companies listed on the Tehran Stock Exchange in a nine years’ period leading to 2020 was gathered. Results: The results of the study did not reject the research hypothesis that there is a significant effect of trade credit in reducing the stickiness of administrative and sales costs. It also posits that when sales decrease, trade credit can accelerate cost reduction and prevent cost stickiness. Also, this effect can appear stronger in companies with higher agency cost. Conclusion: The research results show that commercial creditors try to prevent the opportunistic behaviors of customers in line with their interests. The results also show sensitivity of creditors to inefficient use of resources with their available tools and collecting customers’ information. Contribution: This study showed that trade credit acts as a control mechanism. Therefore, corporate governance can require the manager in any business unit to make part of the financing through trade credit. Monitoring and directing the manager's behavior by creditors can benefit all stakeholders, especially shareholders who are affected by the conflict of interest