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

مراجع

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