بررسی نقش تعدیل گری حاکمیت شرکتی در رابطه بین عملکرد پایندگی و عملکرد مالی شرکت

نوع مقاله : مقاله پژوهشی

نویسندگان

1 مربی، گروه حسابداری، دانشگاه پیام نور، تهران، ایران

2 دانشیار گروه حسابداری، واحد سمنان، دانشگاه آزاد اسلامی، سمنان، ایران

3 استادیار گروه حسابداری واحد ساری، دانشگاه آزاد اسلامی، ساری، ایران،

چکیده

هدف این پژوهش مطالعه تأثیر برخی مکانیزم­های حاکمیت شرکتی(ساختار هیئت ­مدیره) بر عملکرد پایندگی شرکتی، تأثیر عملکرد پایندگی شرکتی بر عملکرد مالی شرکت و همچنین تأثیر تعدیل‌کنندگی حاکمیت شرکتی بر رابطه میان عملکرد پایندگی شرکتی و عملکرد مالی شرکت می‌باشد. تعداد 93 شرکت پذیرفته­شده در بورس اوراق بهادار تهران طی سال­های 1387 الی 1396 مورد بررسی قرار گرفت. برای اندازه ­گیری عملکرد پایندگی از شاخص کی ال دی در پنج بعد اقتصادی، اجتماعی، حاکمیتی، زیست محیطی و اخلاقی استفاده شده است. در این پژوهش از رگرسیون حداقل مربعات معمولی و حداقل مربعات مقاوم برای آزمون فرضیه ­های پژوهش استفاده گردید. نتایج حاکی از آن است که سطح حاکمیت شرکتی رابطه مثبت و معناداری با پایندگی شرکتی دارد. همچنین نتایج نشان­داد که سطح حاکمیت شرکتی بالاتر می­تواند تأثیر عملکرد پایندگی شرکتی را بر بازده دارایی ­ها و نسبت کیو-توبین شرکت افزایش دهد. به ­طور کلی سطح حاکمیت شرکتی بالاتر موجب افزایش عملکرد پایندگی شرکتی می­گردد، که این امر موجب تشدید اثر مثبت عملکرد پایندگی شرکت بر عملکرد مالی و ارزش شرکت می­شود. زیرا شرکتی که به­طور مؤثر رهبری می ­شود، پایبند به اصول اخلاقی و مسئولیت اجتماعی است و به الزامات زیست­ محیطی متعهد است و می ­تواند در ایجاد عملکرد مالی بلندمدت، پایدار باشد.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the Role of Corporate Governance Moderation in the Relationship between Corporate Sustainability Performance and Financial Performance

نویسندگان [English]

  • Vahid Amin 1
  • Khosro Faghani Makrani 2
  • ali zabihi zarrinkolaei 3
1 Instructor Department of Accounting, Payame Noor University (PNU), Tehran, Iran
2 Associate Professor Department of Accounting, Semnan Branch, Islamic Azad University, Semnan, Iran.
3 Assistant Professor Department of Accounting, Sari Branch, Islamic Azad University, Sari, Iran.
چکیده [English]

This study’s aim is to study the effect of some corporate governance mechanisms (board structure) on corporate sustainability performance (CSP), and also impact of CSP on Corporate Financial Performance (CFP) and moderation effect of corporate governance on the relationship between CSP and CFP. In this study, 93 companies listed in the Tehran Stock Exchange (TSE) is investigated during 2008-2018. Five dimensions of economic, social, governance, environmental and ethics of KLD Index has been used to measure the sustainability performance. Testing the research hypotheses is done by ordinary least squares regression (OLS) and robust OLS regression. The results of the hypothesis test showed that the level of corporate governance calculated with the above indicators has a significant positive relationship with CSP. Results also showed that a higher corporate governance level could increase the impact of CSP on ROA and the Tobin’s Q ratio. Generally, higher corporate governance levels increase CSP, which exacerbates the positive effect of CSP on CFP. This causes a firm lead effectively to ethics and social responsibility and environmental requirements and it can be sustainable in creating long-term financial performance.

کلیدواژه‌ها [English]

  • Corporate Sustainability Performance
  • Corporate Governance
  • board structure
  • Corporate Financial Performance
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