Investigating the Moderating Role of Management Optimism and Myopia on the Relationship between Contingency Factors and Financial Sustainability

Document Type : Research Paper

Authors

Department of Accounting, Faculty of Literature and Humanities, Ilam University, Ilam, Iran.

10.22103/jak.2024.23077.4030

Abstract

Objective: Contingency theory claims that there is no common sustainability practice that can be applied in the same way to all companies. Since Achieving the goal of financial sustainability directly benefits the company's reputation, public image, and standing in society, therefore, it is attractive to a large portion of its customers or shareholders and management is effective in achieving this goal. Based on this, the purpose of the present study is to examine the moderating role of managers' behavioral dimensions on the relationship between contingency factors and financial sustainability.
 
Method: Nine research hypotheses were tested and analyzed using the information of 142  firms listed in Tehran Stock Exchange in the period from 2013 to 2022 (including 1420 firm-year observations) and using multivariate regression.
 
Results: Firm size, Environmental complexity and uncertainty respectively have a positive and significant effect and a negative and significant effect on financial sustainability, and a significant relationship between board independence and financial sustainability was not documented. Management Myopia reversed the direction of the relationship between the board independence and financial sustainability, but management optimism does not moderate the relationship between board independence and financial sustainability. Finally, behavioral dimensions of managers do not have a moderating role on the relationship between firm size and environmental complexity and uncertainty with financial sustainability.
 
Conclusion: Financial sustainability is affected by numerous factors, and a contingency approach can be helpful in identifying these factors. Meanwhile, the role of behavioral characteristics of managers can also be influential.

Keywords

Main Subjects

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  • Receive Date: 27 March 2024
  • Revise Date: 13 June 2024
  • Accept Date: 22 July 2024

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