با سلام با توجه به حساسیت کارم ترجمه ای دقیق و گویا لازم دارم و این که در اسرع وقت حدکثر ظرف مدت سه روز ترجمه تحویل شود . مقاله در زمینه مالی است و ترجیح من بر انتخاب مترجم آشنایی در زمینه مالی داشته باشد . مبلغ فریلنسر بعد از تایید ترجمه پرداخت میشود . بخشی از متن مقاله را رائه می کنم تا مترجم های محترم ترجمه مختصری ارائه دهند .
Previous studies suggested that the characteristics of an industry may play a signiﬁcant role in the relationship between ﬁnancial decisions and ﬁrm performance through the degree of concentration or competition. Therefore, this research aims to evaluate such a role in order to clarify the effect of industry competition on the relationship between debt and performance. Moreover, overinvestment is recently considered to be one of the causes leading to bad performance because it tends to worsen agency problems in enterprises. As a consequence, the paper is the ﬁrst one to examine the different impacts of industry competition on the debt-performance relationship in companies with and without overinvestment. Collected from the ﬁnancial statements of all listed ﬁrms on Vietnam’s stock exchange, the dataset covers a wide range of 21 various industries over a seven-year period. The research methodology goes through two steps. Firstly, it calculates two alternative variables as the repre- sentatives of competition and overinvestment through different subequations. Secondly, it adds them to the main regression to estimate the results with the help of System-GMM estimator together with two instrumental variables, tan- gibility and non-debt tax shield, to deal with the endogenous problem. The ﬁndings show that debt ratio is positively related to ﬁrm performance and that the relationship might become stronger at the high level of industry competition. Nevertheless, the research indicates that the positive interaction between debt and competition gets weaker under overinvestment
tarjomearvand, بهمن 1398