تأثیر متقابل نوسان‎های بازده دارایی‌ها و بازده اوراق بهادار بر پاداش مدیران مبتنی بر نرخ رشد دارایی‌های نقدی

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 دانشیار حسابداری، دانشگاه آزاد اسلامی، واحد تهران مرکزی، تهران، ایران

2 کارشناس‎ارشد حسابداری، دانشگاه آزاد اسلامی، واحد تهران مرکزی، تهران، ایران

چکیده

استفاده از منابع مالی درونی و بیرونی با توجه به نوسان‎های پرداخت پاداش به مدیران، آثار متفاوتی بر بهره‌وری، بازده حسابداری و کارایی سرمایه‌گذاری دارند. در مطالعۀ حاضر این پرسش­ها مطرح شده است که آیا بازده سهام بر پرداخت پاداش هیئت‎مدیره بر مبنای نرخ رشد دارایی‌های نقدی مؤثر است؟ آیا تغییر بازده دارایی­ها بر پرداخت پاداش هیئت‎مدیره بر مبنای نرخ رشد دارایی‌های نقدی مؤثر است؟ بنابراین هدف اصلی پژوهش بررسی تأثیر همزمان بازده سهام و تغییر بازده دارایی­ها بر پرداخت پاداش هیئت‎مدیره بر مبنای نرخ رشد دارایی‌های نقدی است. به این منظور از داده­های 81 شرکت پذیرفته‎شده در بورس اوراق بهادار تهران طی سال­های 1388 تا 1392، رگرسیون چندمتغیره و مدل داده­های ترکیبی استفاده شد. نتایج بررسی­ها نشان داد ارتباط معناداری بین تغییرات بازده دارایی­ها و بازده سهام با پاداش بر مبنای نرخ رشد دارایی‌های نقدی شرکت­های پذیرفته‎شده در بورس اوراق بهادار تهران برقرار نیست.

کلیدواژه‌ها


عنوان مقاله [English]

The Mutual Effect of Volatilities of Return on Assets and Securities on Reward of Managers Based on Growth Rate of Cash Assets

نویسندگان [English]

  • Zahra Pourzamani 1
  • Abbas Tarazian 2
چکیده [English]

Abstract
Using internal and external financial resources has different effects on productivity, return on accounting and efficiency of investment based on volatilities is based on reward payment to managers. In the present study, these questions are raised whether return on stock is effective on payment of reward of board of manager based on cash assets growth rate? Is the change of return on asset effective on payment of reward of board based on growth rate of cash asset? Is stock return and change of return of assets simultaneous effective on payment of board reward based on cash assets growth rate or not. To do this, data of 81 companies listed on TSE during 2009-2013, multi-variate regression and pooled data model are used. The results of investigations showed that there was not a significant association between changes of return on assets and stock return with reward based on growth rate of cash assets of companies listed on TSE.

کلیدواژه‌ها [English]

  • Return on assets
  • Return on Stock
  • Manager Reward
  • Cash Assets
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