Investigating The Impact Of The Criteria Determining The Duration Of Executive Directors' Bonuses On The Debt Maturity Structure Of Companies

Abstract

Increasing the transparency of information is often possible through the voluntary disclosure of information, and providing solutions to increase the amount of voluntary disclosure is of interest to the researcher. Some of these managers They believe that as much as the amount of profit divided between shareholders increases, in the same proportion, the fluctuations of executive directors' compensation will move towards the positive side in the short and long term. In some cases, the comparability of information has a significant effect on increasing or decreasing the maturity structure of companies' debt. The more the comparability of information increases, the more positive the views of shareholders and investors will be in relation to investing in the shares of the above companies, and finally the price fluctuations will move in a positive direction. Forecasting stock yield fluctuations is considered as one of the main patterns related to investors' decision making. In general, it can be stated that the more the short-term and long-term debt maturity structure of the companies increases according to the predefined patterns, the more the prediction of the volatility of the companies' stock returns will move to the negative side. will do Increasing the transparency of information related to the duration of bonuses paid to company managers is one of the most serious priorities and part of the reform programs in corporate governance. The purpose of this research is to investigate the impact of the criteria that determine the duration of executive directors' bonuses on the debt maturity structure of companies. This research is a library and analytical-causal study and is based on panel data analysis. In this research, the financial information of 105 companies admitted to the Tehran Stock Exchange during the period of 2016 to 2021 has been examined. The results of the research in connection with the confirmation of the first hypothesis of the research showed that information asymmetry as one of the criteria for determining the duration of executive directors' bonuses has a negative and inverse effect on the debt maturity structure of companies. Also, according to the analyzes carried out in connection with the confirmation of the second hypothesis of the research, we came to the conclusion that the fluctuations of the current ratio, as one of the criteria that determine the duration of the payment of executive directors' bonuses, have a positive and direct effect on the debt maturity structure of companies. In the continuation of the research results in connection with the confirmation of the third hypothesis of the research, it was indicated that the growth rate of stock issuance as one of the criteria that determines the duration of executive directors' bonuses has a positive and direct effect on the debt maturity structure of companies. Finally, according to the analyzes carried out in connection with the confirmation of the fourth hypothesis of the research, we came to the conclusion that the fluctuations of current costs as one of the criteria for determining the duration of executive directors' bonuses have a negative and inverse effect on the maturity structure of companies' debt.