تأثیر بازاریابی رابطه‌مند بر عملکرد مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشیار، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهرا(س)، تهران، ایران

2 استادیار، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهرا(س)، تهران، ایران،

3 کارشناس ارشد، مدیریت مالی، دانشکده علوم اجتماعی و اقتصادی،دانشگاه الزهرا(س)، تهران،ایران

4 دانشجوی دکترای مدیریت بازرگانی، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهرا(س)، تهران،ایران

چکیده

این پژوهش به بررسی تاثیر بازاریابی رابطه مند بر عملکرد  مالی شرکت های پذیرفته شده بورس اوراق بهادار با استفاده از مدل هافمن در قلمرو زمانی 1390 تا 1394 پرداخته است. جهت آزﻣﻮن فرضیه‌ها از ﻣﺪل رﮔﺮﺳﯿﻮن ﺧﻄﯽ ﭼﻨﺪ ﻣﺘﻐﯿﺮه استفاده‌ شده است. روش آﻣﺎری این پژوهش، روش داده‌های ﻣﻘﻄﻌﯽ و ﺗﺮﮐﯿﺒﯽ است. نتایج نشان داد بین نقد شوندگی سهام و تمام ابعاد بازاریابی رابطه­مند به‌جز ارزیابی روابط با سهامداران، رابطه مثبت و معنی‌دار وجود دارد. یافته‌های دیگر پژوهش بیان کرد بین بازده سهام و تمام ابعاد بازاریابی رابطه­مند به ‌جز تعهد، رابطه مثبت و معنی‌دار وجود دارد. از سوی دیگر به بررسی تأثیر ابعاد بازاریابی رابطه­مند بر روی هزینه سرمایه پرداخته شد که در مورد گرایش به روابط، ارزیابی روابط، تعهد و اعتماد با هزینه سرمایه شواهدی یافت نشد. اما ارتباط بین عمل متقابل و هزینه سرمایه رابطه مثبت و معناداری بدست آمد.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Relationship marketing on Firm-Investor Financial Performance in the Tehran stock Exchange Market

نویسندگان [English]

  • Manijeh Haghighinasab 1
  • Mohammadreza Rostami 2
  • Farzaneh Khobbakht 3
  • Nazanin Hakimifar 4
1 Associate Prof., Faculty of Social Sciences & Economics, Alzahra University, Tehran, Iran,
2 Assistant Prof., Faculty of Social Sciences & Economics, Alzahra University, Tehran, Iran,
3 MSc. in Financial Management, Faculty of Social Sciences & Economics, Alzahra University, Tehran, Iran
4 PhD. student in Management, Faculty of Social Sciences & Economics, Alzahra University, Tehran
چکیده [English]

Many studies generally have represented the positive effects of investor relationship management on stock market value creation. The purpose of investor relations is gaining support and understanding via mutual benefit created between stockholders and organization that leads to an interactive and two-way collaboration relationship. Successful companies utilize the relationship marketing management with investors and stockholders as one of the strategies for utilizing sustainable competitive advantage in today's business world. This is the world in which maintaining the current stockholders to reach the goals is essential. In this study relation between active firms in Tehran Stock Exchange Market and its stockholders have been investigated based on the relationship marketing philosophy. In the next step, we have examined the effect of IR management on financial outcomes in the stock. We have adapted a framework proposed by Hofman and his teammate in 2010. A sample with some criteria extracted from The Tehran Stock Exchange database from 2011 to 2015. Multivariate linear regression model we are used within this research for hypothesis testing the cross-sectional data and compound method. The main dimensions in the model are investor relations, relationship marketing, relationship orientation, relationship evaluation, trust, commitment, liquidity stock return and cost of equity capital. Research findings show that there is a positive and meaningful relationship between liquidity and all dimensions of relationship marketing except for relationship evaluation. There is a positive and meaningful relationship between stock return and all dimensions of relationship marketing except for commitment. A positive and meaningful relationship was obtained for relation between reciprocity and cost of equity capital. No evidence was found and theories was not approved for meaningful effect of relationship orientation, relationship evaluation, commitment and trust on the cost of equity capital. As a final conclusion, due to importance of liquidity and stock return in this emerging market, it is beneficial for active companies to pursue dimensions of relationship marketing to manage their relation with the investors with quality.

کلیدواژه‌ها [English]

  • Investor Relations
  • Relationship Marketing
  • Attitude to Relationships with Shareholders
  • Valuation Relationships with Shareholders
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