Mediating Role of Financialization and Intellectual Capital in the Relationship Between Ownership Structure and Firms’ Financial Performance

IF 0.9 Q3 BUSINESS, FINANCE

Journal of Corporate Accounting and Finance Pub Date : 2024-12-03 DOI:10.1002/jcaf.22770

Ramin Zamani Amoughin, Ali Asghar Anvary Rostamy, Maryam Khalili Araghi, Ali Saeidi

{"title":"Mediating Role of Financialization and Intellectual Capital in the Relationship Between Ownership Structure and Firms’ Financial Performance","authors":"Ramin Zamani Amoughin, Ali Asghar Anvary Rostamy, Maryam Khalili Araghi, Ali Saeidi","doi":"10.1002/jcaf.22770","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>This paper investigates how intellectual capital (IC) and financialization mediate the relationship between ownership structure (OS) and the financial performance (FP) of manufacturing companies listed on the Iranian stock exchange from 2016 to 2022. OS is analyzed through three variables: institutional ownership (IO), ownership concentration (OC), and managerial ownership (MO). IC and financialization are considered as mediating variables, with firms’ FP as the dependent variable. This research was conducted due to a sample of 112 listed companies and employs artial least squares structural equation modeling (PLS-SEM) for data evaluation. The results reveal that both IO and OC positively impact FP, whereas MO negatively affects FP. Furthermore, IC and financialization mediate the relationships between OC and MO with FP. However, these mediating factors do not affect the relationship between IO and FP.</p>\n </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"280-292"},"PeriodicalIF":0.9000,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Corporate Accounting and Finance","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/jcaf.22770","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

Abstract

This paper investigates how intellectual capital (IC) and financialization mediate the relationship between ownership structure (OS) and the financial performance (FP) of manufacturing companies listed on the Iranian stock exchange from 2016 to 2022. OS is analyzed through three variables: institutional ownership (IO), ownership concentration (OC), and managerial ownership (MO). IC and financialization are considered as mediating variables, with firms’ FP as the dependent variable. This research was conducted due to a sample of 112 listed companies and employs artial least squares structural equation modeling (PLS-SEM) for data evaluation. The results reveal that both IO and OC positively impact FP, whereas MO negatively affects FP. Furthermore, IC and financialization mediate the relationships between OC and MO with FP. However, these mediating factors do not affect the relationship between IO and FP.

查看原文本刊更多论文

金融化和智力资本在股权结构与企业财务绩效关系中的中介作用

本文研究了2016年至2022年在伊朗证券交易所上市的制造业公司，智力资本（IC）和金融化如何中介股权结构（OS）和财务绩效（FP）之间的关系。OS通过机构所有权（IO）、所有权集中度（OC）和管理层所有权（MO）三个变量进行分析。本文以集成电路和金融化为中介变量，企业FP为因变量。本研究以112家上市公司为样本，采用偏最小二乘结构方程模型（PLS-SEM）进行数据评价。结果表明，IO和OC对FP均有正向影响，而MO对FP有负向影响。此外，企业投资和金融化在企业投资与企业绩效之间的关系中起到中介作用。然而，这些中介因素并不影响IO和FP之间的关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Corporate Accounting and Finance BUSINESS, FINANCE-

CiteScore

2.30

自引率

7.10%

发文量