نوع مقاله : مقاله پژوهشی

نویسنده

• یاسر رضائی پیته نوئی

دانشیار حسابداری، دانشکدۀ مدیریت و اقتصاد، دانشگاه گیلان، رشت، ایران.

چکیده

پایداری شرکتی نوعی نگرش نوین در مدیریت کسب‌وکار به شمار می‌رود که هدف آن خلق ارزش پایدار و بلندمدت برای تمامی گروه‌های ذی‌نفع است. بر این اساس هدف این پژوهش بررسی رابطه بین گزارشگری پایداری و تأمین مالی اعتبار تجاری در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. فرضیه این پژوهش با نمونه‌ای مشتمل بر 134 شرکت‌ فعال در بازار بورس اوراق بهادار تهران، طی سال‌های 1399 الی 1403 و با استفاده از مدل رگرسیون چند‌متغیره مبتنی بر داده‌های ترکیبی آزمون شده است. نتایج حاصل از فرضیه پژوهش نشان می‌دهد که گزارشگری پایداری تأثیر مثبت و معناداری بر تأمین مالی اعتبار تجاری دارد؛ یعنی با افزایش افشای گزارشگری پایداری، تأمین مالی اعتبار تجاری نیز افزایش می‌یابد. در خصوص پذیرش فرضیه‌ پژوهش می‌توان این‌چنین استدلال کرد که افشای اطلاعاتی درباره عملکرد اقتصادی، زیست‌محیطی، اجتماعی و راهبری شرکتی سبب افزایش اعتماد سرمایه‌گذاران گشته که در پی آن عدم تقارن اطلاعاتی کاهش و محیط اطلاعاتی شرکت بهبود می‌یابد؛ گزارشگری پایداری می‌تواند ریسک اطلاعاتی و عملیاتی شرکت را کاهش دهد و درنتیجه میزان تأمین مالی از طریق اعتبار تجاری شرکت‌ها را افزایش دهد. گزارشگری پایداری نشان‌دهنده تعهد شرکت به آینده و پایداری کسب‌وکار است، بنابراین تأمین‌کنندگان تمایل بیشتری به همکاری بلندمدت و اعطای شرایط اعتباری بهتر دارند.

کلیدواژه‌ها

• گزارشگری پایداری
• تامین مالی
• اعتبار تجاری
• ریسک اطلاعاتی
• ریسک عملیاتی

موضوعات

• گزارش های حسابداری

عنوان مقاله [English]

Corporate Sustainability Reporting and Trade Credit Financing

نویسنده [English]

• Yasser Rezaei Pitenoei

Associate Professor, Department of Accounting, Faculty of Management and Economics, University of Guilan, Rasht, Iran

چکیده [English]

Corporate sustainability represents a modern approach in business management that aims to create sustainable and long-term value for all stakeholder groups. Accordingly, the purpose of this research is to investigate the relationship between sustainability reporting and trade credit financing in companies listed on the Tehran Stock Exchange. The hypothesis of this study has been tested using a sample of 134 active companies on the Tehran Stock Exchange during the years 2020 to 2024, employing a multivariate regression model based on panel data. The results of testing the research hypothesis indicate that sustainability reporting has a positive and significant impact on trade credit financing; meaning that as sustainability reporting disclosure increases, trade credit financing also increases. Regarding the acceptance of the research hypothesis, it can be argued that disclosing information about economic, environmental, social, and corporate governance performance increases investor confidence, subsequently reducing information asymmetry and improving the company's information environment. Sustainability reporting can reduce the company's information and operational risk, thereby increasing the amount of financing obtained through trade credit. Sustainability reporting demonstrates the company's commitment to the future and business sustainability; therefore, suppliers are more willing to engage in long-term cooperation and grant better credit terms.

Introduction

Corporate sustainability represents a distinct approach to business in which organizations create long-term value for all their stakeholders. Accordingly, the purpose of this study is to examine whether, and in what way, corporate sustainability reporting influences trade credit financing. The underlying assumption is that suppliers may perceive a firm’s sustainability performance as an indicator of sustainable development, thereby showing greater willingness to invest in such firms and making more favorable financing decisions. Corporate sustainability reporting can reduce both informational and operational risks, which in turn may enhance the level of financing obtained through trade credit. The novelty of this research lies in its extension of the factors that affect trade credit.

Method

This study is classified as applied research in terms of its objective and has been conducted using a library-based data collection method. For the analysis, multiple regression techniques have been employed. The statistical population consists of companies listed on the Tehran Stock Exchange during the period from 2020 to 2024 (1399–1403 in the Iranian calendar). The sample selection was restricted to firms that met the following criteria:

They were admitted to the Tehran Stock Exchange prior to 2020 and remained listed until the end of 2024.
Their fiscal year ends in March (Esfand).
They did not undergo any changes in their line of business or fiscal year during the study period.
They are not classified as investment companies or financial intermediaries, since, due to the distinct nature of their activities, such firms were excluded from the research population.

Thus, the research hypothesis was tested using a sample of 134 active firms listed on the Tehran Stock Exchange during the years 2020–2024. A multivariate regression model based on panel data was employed. In terms of purpose, this study is applied research, and in terms of inference method and research design, it falls within the category of descriptive-analytical studies of a correlational and ex post facto nature.
 

Findings

The examination of the F-statistic and its significance level indicates that the fitted regression model is valid at the 5 percent significance level. Based on the adjusted coefficient of determination, it can be stated that approximately 59 percent of the variations in firms’ trade credit are explained by the independent and control variables of the model. As shown in the results table, the estimated coefficient and the t-statistic for the sustainability reporting variable (SUSR) are positive and statistically significant at the 5 percent level, confirming a positive and significant relationship between sustainability reporting and trade credit. Furthermore, the analysis of the relationship between firm size (Size) and trade credit reveals a significance level below 0.05 and a positive estimated coefficient, suggesting a positive association between company size and trade credit. On the other hand, the relationship between leverage (Lev) and trade credit is found to be significantly negative, indicating that higher financial leverage reduces firms’ access to trade credit. Based on this evidence, the null hypothesis (H0) is rejected, and the research hypothesis is supported. In an additional test, the relationship between sustainability reporting and trade credit was examined separately for each of the five years of the study period. The results show that the coefficient of this variable is positive in all years; however, in the early years of the study, the level of significance was relatively low. This finding suggests that in more recent years, given the link between sustainability reporting and financial performance, the importance and attention paid to evaluating such disclosures by firms have increased considerably.

Conclusion

Acceptance of the research hypothesis can be explained by the fact that disclosing information on economic, environmental, social, and corporate governance performance enhances investor confidence, thereby reducing information asymmetry and improving the firm’s information environment. Sustainability reporting can reduce both informational and operational risks, which in turn increases the level of financing through trade credit. Moreover, sustainability reporting signals a company’s commitment to the future and to the sustainability of its business, encouraging suppliers to engage in long-term cooperation and to offer more favorable credit terms.

Contribution

In line with the country’s overarching approach to sustainable development, and within the framework of the Constitution, the general policies of the Vision 2025 Document, and the objectives of the Seventh National Development Plan (2024–2028 / 1403–1407), policymakers have emphasized the importance of ensuring stability and sustainability in commercial activities, controlling liquidity, and enhancing transparency in the financial and banking system. In this regard, reliance on empirical studies and evidence-based analyses is essential, as such an approach enables a deeper understanding of sustainability requirements and provides the foundation for improving the sustainable performance of Iranian companies and enhancing their competitiveness at both national and international levels.
 
 

کلیدواژه‌ها [English]

• Sustainability Reporting
• Financing
• Trade Credit
• Information Risk
• Operational Risk