The Relationship between Social Crises and Quality of Managers' Financial Decision-Making: The Mediating Role of Financial Crisis

Document Type : Original Article

Authors

1 Department of Accounting, Faculty of Administrative and Economic Sciences, Ferdowsi University of Mashhad, Mashhad, Iran

2 Faculty of Administrative and Economic Sciences, Ferdowsi University of Mashhad, Mashad, Iran

Abstract

Managers may be more inclined to adopt conservative financial policies due to the occurrence of social crises and the creation of unstable conditions. This approach can lead to reduced investments, growth opportunities, and available financial resources for companies, ultimately negatively impacting the financial performance of the company, which results from various financial decisions made by management. Accordingly, the primary objective of this paper is to investigate the mediating role of financial crisis in explaining the relationship between social crises and the quality of financial decision-making by managers. The study population consists of companies listed on the Tehran Stock Exchange (TSE) during the period from 2018 to 2023. To select an appropriate sample from the target population, a systematic elimination method was employed. Additionally, for data analysis, Eviews 10 software and multiple regression tests were used. The research findings indicate that there is a significant negative relationship between social crises and the quality of financial decision-making by managers, while a significant positive relationship exists between social crises and financial crises. Furthermore, since the significance level of the variable financial crisis in a regression of the independent and mediating variables was not significant, the mediating role of financial crisis in the relationship between social crises and the quality of financial decision-making by managers is rejected. This study, in its own right, assists managers and policymakers by providing a better understanding of various challenges, issues related to decision-making, and compensating for the existing information gap in this field. This enables them to adopt more effective approaches in unstable and crisis conditions for making various decisions, including financial ones, to enhance their organization’s position and continuity of operations. To operationalize these findings, the development of flexible financial programs can be referenced, allowing companies to adjust quickly in response to sudden changes. Strengthening risk management systems, creating financial reserves, reducing unnecessary costs, and prioritizing investment projects with quicker returns are among the other key measures that can be implemented in this regard. The added value of this research is that it investigates, for the first time, the impact of social crises on the quality of financial decision-making by managers (financial performance) and also studies the role of financial crisis as a mediating factor. This topic has not been addressed in previous domestic or foreign studies.

Keywords

Main Subjects

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