بررسی تأثیر نظام راهبری شرکت بر ارزش شرکت با تأکید بر کارایی سرمایه‎گذاری در شرکت‎های پذیرفته‎شده در بورس اوراق بهادار تهران

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 استادیار گروه حسابداری، دانشگاه آزاد اسلامی، مرند، ایران

2 استادیار گروه حسابداری، دانشگاه آزاد اسلامی، تبریز، ایران

3 کارشناس‎ارشد حسابداری، دانشگاه آزاد اسلامی مرند، ایران

چکیده

هدف از این پژوهش، بررسی تأثیر نظام راهبری‌ شرکتی، شامل درصد مالکیت نهادی، درصد مالکیت مدیریتی، درصد سهام شناور آزاد و استقلال هیئت‎مدیره بر ارزش شرکت با تأکید بر کارایی سرمایه‌گذاری در شرکت‎های پذیرفته‎شده در بورس اوراق بهادار تهراناست. در این پژوهش نسبت کیوتوبین، معیار سنجش ارزش شرکت در نظر گرفته شد و کارایی سرمایه‎گذاری نیز به‎کمک مدل وردی اندازه‎گیری شد. همچنین در این پژوهش آثار سه متغیر اندازۀ شرکت، نسبت بدهی و نسبت نقدینگی که انتظار می‌رفت بر روابط بین متغیرهای مستقل و وابسته اثرگذار باشد، کنترل شد. جامعۀ آماری این پژوهش شامل 132 شرکت فعال در بورس اوراق بهادار تهران است که در دورۀ زمانی 1391- 1386 بررسی شده‎اند. برای آزمون فرضیه‌های پژوهش از تحلیل رگرسیونی پانل دیتا استفاده شده است. نتایج پژوهش نشان می‎دهد سازوکارهای نظام راهبری شرکتی بر ارزش شرکت و کارایی سرمایه‎گذاری تأثیر معناداری ندارد. همچنین سازوکارهای نظام راهبری شرکتی بر ارتباط بین کارایی سرمایه‎گذاری و ارزش شرکت، تأثیر معناداری نشان نداد.

کلیدواژه‌ها


عنوان مقاله [English]

The Investigation the Effect of Corporate Governance on Firm Value with Emphasis on Investment Efficiency in Listed Firms at Tehran Stock Exchange (TSE)

نویسندگان [English]

  • Heydar Mohammadzade Salteh 1
  • Younes Badavar Nahandi 2
  • Majid Esmaeelnejad 3
1 Associate Prof., Department of Accounting, Islamic Azad University, Marand, Iran
2 Associate Prof., Department of Accounting, Islamic Azad University, Tabriz, Iran
3 MSc. Student, Department of Accounting, Islamic Azad University, Marand, Iran
چکیده [English]

The aim of this research is to investigate impact of corporate governance mechanisms including percentage of institutional ownership, managerial ownership percentage, percentage of free float share, and board independence on the value of the company's with emphasis on investment efficiency of companies listed at Tehran Stock Exchange (TSE). Tobin's Q is used as a measure of firm value. For measuring the investment efficiency, we used Verdi model (2006) and controlled the effects of three variables such as firm size, leverage and liquidity ratio that expected have effect on the relationship between the dependent and independent variables. The study population included 132 active companies in the Tehran Stock Exchange (TSE). The scope of the study includes a six-year period since 2007-2012 based on the financial statements. Panel data regression analysis has been used to test hypotheses of the study. The results suggest that corporate governance mechanisms have no effect on firm value and investment efficiency. Also, corporate governance mechanisms have no effect on the relationship between investment efficiency and firm value.

کلیدواژه‌ها [English]

  • Corporate governance
  • Firm Value
  • Investment Efficiency
Badavar Nahandi, Y. & Tagizadeh, V. (2013). The Relationship between Audit Quality and Investment Efficiency. The Iranian Accounting and Auditing Review, 20 (2):19-42. (in Persian)

Baradarn Hasanzadeh, R., Badavr Nahandi, Y. & Hosein Babaie, G. (2012). A Survey of the relationship between Corporate Governance with Created Shareholder Value (CSV) and Economic Value Added (EVA). The Iranian Accounting and Auditing Review, 19(68):1-16. (in Persian)

Beiner, S. & Schmid, M. & Drobetz, W. & Zimmermann, H. (2005). An Integrated Framework of Corporate Governance and Firm Valuation. European Financial Management, 12(2): 249-283.

Biddle, G., Gilles, H., Rodrigo, S. & Verdi. (2009). How does Financial Reporting Quality relate to investment efficiency. Journal of Accounting and Economics, 48 (2-3): 112-131.

Biddle, G. & Gilles, H. (2006). Accounting Quality and Firm – level capital Investment. the Accounting Review, 81(5): 963-982.

Biddle, G. & Gilles, H. (2007). How Does Financial Accounting Quality Improve Investment? The Accounting Review, 52: 369–378.

Black, S. (2001). The Corporate Governance Behavior and Market Value of Russian Firms. Emerging Markets Review, 2 (2): 89-108.  

Chong-En, B., Liu, Q., Lu, J., Song, F.M. & Zhang, J. (2005). An empirical Study on Corporate Governance and Market Valuation in China, Economic Research Journal, 2: 83-111.

Chung, K. & Zhang, H. (2011). Corporate governance and institutional ownership. Journal of Financial and Quantitative Analysis, 46 (1): 247-273.

Diadar, H., Mansourfar, G. & Kafami, M. (2015). The impact of corporate governance mechanisms on the tax gap of listed companies in Tehran Stock Exchange. The Iranian Accounting and Auditing Review, 21(4): 409-430. (in Persian)

Francis, J., LaFond, R., Olsson,P. & Schipper, K. (2005). The Market pricing Of Accruals Quality. Journal of Accounting and Economics, 15: 295–327.

Ghanbari, F. (2008). The effect of corporate governance mechanisms on performance of firms listed in Tehran Stock Exchange. Alzahra University, Tehran. (in Persian)

Gompers, P., Ishii, J. & Metrick, A. (2003). Corporate Governance and Equity Prices Quarterly. Journal of Economics, forthcoming, 118 (1): 107-155.

Hassas Yeghaneh, Y., Moradi, M. & Eskandar, H. (2008). The Relationship between Institutional Investors and Corporate Value. The Iranian Accounting and Auditing Review, 15(3): 107-122. (in Persian)

Hassas Yeghaneh, Y. & Yazdanian, N. (2007). The effect of corporate governance in reducing earnings management. Journal of Accounting Studies, 17: 151-172. (in Persian)

Hassas Yeghaneh, Y. (2005). Concepts of Corporate Governance. Journal of Accounting, 167: 30-33. (in Persian)

Hassas Yeghaneh, Y. (2006). Corporate Governance in Iran. Journal of Auditor, 8(32): 32-40. (in Persian)

Jensen, M. (1993). The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance, 48(3): 831-880.

Jensen, M.C. & Meckling, W.H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Managerial and Decision Economics, 25: 537–547.

Karami, G. & Beik Boshrouyeh, S. (2011). Corporate Governance and Equity Valuation: The Model by Using Artificial Neural Network. The Iranian Accounting and Auditing Review, 18(64): 129-150. (in Persian)

Khodadadi, V. & Takor, R. (2012). Investigation the impact corporate governance structure on financial Performance and valuation in public firms. Journal of Accounting and Auditing Researches, 15: 88-102.
(in Persian)

Klapper, L. & Inessa, L. (2003). Corporate Governance, Investor Protection and Performance in Emerging Markets. World Bank Working: WPS 2818.

McKnight, P. J. & Weir, C. (2009). Agency Costs, Corporate Governance Mechanisms and Ownership Structure in Large UK Publicly Quoted Companies: A Panel Data Analysis. The Quarterly Review of Economics and Finance, 49 (2): 139-158.

Mojtahedzadeh, V. & Esna Ashari, H. (2012). The Relationship between Earnings Quality and corporate governance and Reformed Laws and Regulations in Public companies transformed through Privatization. Journal of Accounting and Auditing Researches, 15: 42-60. (in Persian)

Mojtahedzadeh, V. (2011). The relationship between agency theory and management ownership. Journal of Accounting and Auditing Researches, 10: 1-10. (in Persian)

Nasrum, M. (2013). The Influence of Ownership Structure, Corporate Governance, Investment Decision, Financial Decision and Dividend Policy on the Value of the Firm Manufacturing Companies Listed on The Indonesian Stock Exchange. Journal Managerial, 1(1): 1-10.

Navissi, F. & Naiker, V. (2006). Institutional Ownership and corporate value, Managerial Finance, 32 (3): 247- 256.

Vakilifard, H. & Bavandpour, L. (2008). The effect of corporate governance on the performance of listed companies in Tehran Stock Exchange. Journal of Financial Studies, 8: 119-139. (in Persian)

 Verdi, S. (2006). Financial Reporting Quality and Investment Efficiency, A Dissertation, University of Pennsylvania, USA.