ارتباط بین بشردوستی شرکتی و کارایی سرمایه گذاری با تاکید بر مالکیت سرمایه گذاران نهادی

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران.

2 دانشیار گروه حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران.

3 استادیار گروه حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران.

4 استاد گروه مدیریت، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران.

چکیده

مطابق تئوری ارزش آفرینی، هدف شرکت افزایش ثروت سهامداران و توجه به منافع ذیفنعان است. یکی از عناصری که موجب ارزش آفرینی می‌شود، توجه به اقدامات بشردوستانه است. به طوری که انجام این اقدامات موجب ارائه تصویر مطلوب از شرکت می‌گردد و ممکن است بر عملکرد و نحوه سرمایه‌گذاری تاثیر داشته باشد. از این رو، هدف پژوهش حاضر بررسی ارتباط بین بشردوستی شرکتی و کارایی سرمایه‌گذاری با تاکید بر مالکیت سرمایه‌گذاران نهادی در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. بدین ترتیب تعداد 90 شرکت برای دوره زمانی 1396-1389 انتخاب گردید. برای اندازه‌گیری بشردوستی از کمک‌های اهدایی و جهت سنجش کارایی سرمایه‌گذاری از مدل ارائه شده بر اساس محیط سرمایه‌گذاری ایران استفاده شد. برای تجزیه و تحلیل داده‌ها و آزمون فرضیه‌ها از الگوی رگرسیون چند متغیره استفاده شده است. نتایج نشان داد که بین بشردوستی شرکتی و کارایی سرمایه‌گذاری ارتباط مثبت و معنی‌داری وجود دارد. بدین معنا که فعالیت‌های بشردوستانه منجر به کاهش عدم تقارن اطلاعاتی و افزایش کارایی سرمایه‌گذاری می‌شود. همچنین به دلیل نقش نظارتی سرمایه‌گذاران نهادی، ارتباط بین بشردوستی شرکت و کارایی سرمایه‌گذاری در محیطی با سرمایه‌گذاران نهادی بررسی شد. نتایج نشان داد که سرمایه‌گذاران نهادی تاثیر مثبتی بر رابطه بشردوستی شرکتی و کارایی سرمایه‌گذاری دارد. به طوری که در محیط نظارتی بالا، اقدامات بشردوستانه منجر به سرمایه‌گذاری مطلوب می‌شود.

کلیدواژه‌ها


عنوان مقاله [English]

The Relationship between Corporate Philanthropy and Investment Efficiency with an emphasis on the Institutional Investors Ownership

نویسندگان [English]

  • Vahid Taghizdeh Khanqah 1
  • Younes Badavar Nahandi 2
  • Aliasghar Mottaghi 3
  • Houshang Taghizadeh 4
1 PhD student of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran.
2 Associate Professor of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran.
3 Assistant Professor of Accounting, Tabriz Branch, Islamic Azad University,
4 Professor of Management, Tabriz Branch, Islamic Azad University, Tabriz, Iran.
چکیده [English]

According to the theory of value creation, the company goal is to increase the shareholder's wealth and pay attention to the individual interests. One of the elements that creates value is the consideration of philanthropic actions. So that doing these actions will give the company a good image and may affect the performance and investment. Therefore, the purpose of this study is to investigate the relationship between corporate philanthropy and investment efficiency with an emphasis on the ownership of institutional investors at companies listed in Tehran Stock Exchange. Thus, 90 companies were selected for the period of 2010-2017. In order to measure the corporate philanthropy, donations and to measure of investment efficiency, the proposed model based on Iran investment environment was used. A multivariate regression model was used to analyze the data and test hypotheses. The results showed that there is a positive and significant relationship between corporate philanthropy and investment efficiency. That is, humanitarian activities will reduce information asymmetry and increase investment efficiency. Also due to the role of institutional investors, the relationship between company philanthropy and investment efficiency in an environment with institutional investors was investigated. The results showed that institutional investors have a positive impact on corporate philanthropy and investment efficiency. Indeed, in a high regulatory environment, humanitarian action leads to optimal investment.

کلیدواژه‌ها [English]

  • Corporate philanthropy
  • Investment Efficiency
  • Institutional investors
  • Stakeholder theory

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