مسئولیت اجتماعی و کارایی سرمایه‌گذاری: نقش تعدیلی نوع استراتژی تجاری شرکت (مورد مطالعه: شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران)
محورهای موضوعی : مدیریت بازاریابی
داریوش آقبلاغی طهماسبی
1
(دکتری مدیریت بازرگانی، استاد مدعو دانشکده تجارت و مالیه دانشگاه تهران)
میثم فرجی
2
(کارشناسی ارشد مدیریت مالی دانشگاه تهران، تهران، ایران)
امیر چراغی
3
(کارشناسی ارشد MBA دانشگاه خوارزمی، تهران، ایران)
کلید واژه: کارایی سرمایه‌گذاری, استراتژی تجاری, مسئولیت اجتماعی شرکت,
چکیده مقاله :
مقدمه: امروزه یکی از عوامل مؤثر بر رشد و توسعه اقتصادی پایدار، سرمایه‌گذاری کارآمد است که می‌تواند برای سهام‌داران ارزش‌آفرینی کند. هدف این پژوهش بررسی رابطه بین مسئولیت اجتماعی و کارایی سرمایه‌گذاری است. روش پژوهش: برای آزمون فرضیه‌های تحقیق از مدل رگرسیون خطی چندگانه مبتنی بر داده‌های تابلویی استفاده شده است. یافته‌ها: نتایج بررسی 140 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره زمانی 1394 تا 1400 حاکی از آن است که بین افشای اطلاعات مسئولیت اجتماعی شرکت‌ها و کارایی سرمایه‌گذاری رابطه منفی و معناداری وجود دارد و در سال‌هایی که افشای اطلاعات مسئولیت اجتماعی شرکت بیشتر بوده است، سطح کارایی سرمایه‌گذاری کم‌تر است. نتیجه‌گیری: نتایج نشان داد که بین استراتژی تهاجمی و سرمایه‌گذاری بیش‌ازحد رابطه مثبت و معناداری وجود دارد و در سال‌هایی که شرکت استراتژی تهاجمی را انتخاب کرده است، بیش سرمایه‌گذاری در شرکت بیشتر بوده است. همچنین بین استراتژی تدافعی و کم سرمایه‌گذاری رابطه مثبت و معناداری وجود دارد و در سال‌هایی که شرکت استراتژی تدافعی را انتخاب کرده است، کم سرمایه‌گذاری در شرکت بیشتر بوده است. همچنین نتایج نشان داد که مسئولیت اجتماعی شرکتی تأثیر منفی و معناداری بر رابطه استراتژی تهاجمی با بیش سرمایه‌گذاری دارد و در سال‌هایی که افشای اطلاعات مسئولیت اجتماعی شرکت‌ها بیشتر بوده است، تأثیر استراتژی تهاجمی بر بیش سرمایه‌گذاری ضعیف می‌شود. همچنین مسئولیت اجتماعی شرکت بر رابطه استراتژی تدافعی و بیش سرمایه‌گذاری تأثیر مثبت و معناداری دارد و در سال‌هایی که افشای اطلاعات مسئولیت اجتماعی شرکت‌ها بیشتر بوده است، تأثیر استراتژی تدافعی بر بیش سرمایه‌گذاری تقویت می‌شود.
Introduction: Today, one of the effective factors for sustainable economic growth and development is efficient investment that can create value for shareholders. The purpose of this research is to investigate the relationship between social responsibility and investment efficiency. Methods: To test the research hypotheses, a multiple linear regression model based on panel data has been used. Results: The results of a survey of 140 companies listed on the Tehran Stock Exchange during the period 2013 to 2021 indicate that there is a negative and significant relationship between disclosure of corporate social responsibility information and investment efficiency, and in the years when disclosure of corporate social responsibility information is more The level of investment efficiency has been lower. Conclusion: The results showed that there is a positive and significant relationship between aggressive strategy and over-investment and in the years that the company has chosen an offensive strategy, there has been more investment in the company. There is also a positive and significant relationship between defensive strategy and low investment, and in the years that the company has chosen a defensive strategy, there has been less investment in the company. The results also showed that corporate social responsibility has a negative and significant effect on the relationship between aggressive strategy and over-investment and in years when the disclosure of corporate social responsibility information has been more, the impact of aggressive strategy on over-investment is weak. In addition, corporate social responsibility has a positive and significant effect on the relationship between defensive strategy and over-investment, and in years when the disclosure of corporate social responsibility information has been more, the effect of defensive strategy on over-investment is strengthened.
Aribi, A. & GAO, S. (2010). “Corporate social responsibility disclosure”, Journal of Financial Reporting and Accounting, Vol. 8(2), PP. 72-91.
Badavar Nahandi, Y. & Taghizadeh Khanqaeh, V. (2013). “The relationship between management overconfidence, internal financing and investment efficiency”, Journal of Accounting Knowledge, Vol. 2(11), PP. 209-238. (In Persia)
Biddle G, C., Hilary, G. & Verdi R, S. (2009). “How does Financial Reporting Quality Improve Investment Efficiency?”, Journal of Accounting AndEconomics, Vol. 48, PP. 112-131.
Bentley-Goode, K.A., Newton, N.J. & Thompson, A.M. (2017). “Business Strategy, Internal Control over Financial Reporting, and Audit Reporting Quality”, AUDITING: A Journal of Practice & Theory, Vol. 36(4), PP. 49-69.
Cappa, F., Cetrini, G. & Oriani, R. (2019). “The impact of corporate strategy on capital structure: evidence fromItalian listed firms”, The Quarterly Review of Economics and Finance, Vol. 22(4), PP. 115-140.
Chen, G., Crossland, C. & Luo, S. (2015). “Making the same mistake all over again: CEO overconfidence and corporate resistance to corrective feedback”, Strategic Management Journal, Vol. 36(10), PP. 1513-1535.
Chen, R.E., Ghoul, S., Guedhami, O. & Wang, H. (2014). “Do state and foreign ownership affect investment efficiency? Evidence from privatizations”, Journal of Corporate Finance, Available online, doi: 10.1016/ j. jcorpfin.2014.09.001.
Chintrakarn, P., Jiraporn, P., Sakr, S. & Lee, S.M. (2016). “Do co-opted directors mitigate managerial myopia? Evidence from R&D investments”, Finance Research Letters, Vol. 17, PP. 285-289.
Cho, S.Y., Lee, C. & Pfeiffer Jr, R.J. (2013). “Corporate social responsibility performance and information asymmetry”, J. Account. Public Policy, Vol. 32, PP. 71-83.
Conyon, M.J. & He, L. (2017). “Firm performance and boardroom gender diversity: A quantile regression approach”, Journal of Business Research, Vol. 79, PP. 198-211.
Darabi, R. & zareie, A. (2017). “Impact of overconfidence management on the crash risk of stock price: Emphasizing on the mediating role of accounting conservatism”, Empirical Research of financial accounting, Vol. 4(1), PP. 121-139. (In Persian)
Deegan, C. & Rankin, M. (1996). “Do Australian companies report environmental news objectively? An analysis of environmental disclosures by firms prosecuted successfully by the Environmental Protection Authority, Accounting, Auditing & Accountability Journal, Vol. 9(2), PP. 50-67.
Delshad, A. & Sadeqi Sharif, S.J. (2018). “Investigating the reaction of capital market on managerial myopia in companies listed on Tehran Stock Exchange”, Financial Research Journal, Vol. 20(2), PP. 91-106. (In Persian)
Demerjian, P., Lev, B. & McVay, S. (2012). “Quantifying managerial ability: A new measure and validity tests”, Management science, Vol. 58(7), PP. 1229-1248.
El Ghoul, S., Guedhami, O., Kwok, C. & Mishra, D. “Does corporate social responsibility affect the cost of capital?”, J. Bank. Financ, Vol. 35, PP. 2388-2406.
Elmagrhi, M.H., Ntim, C.G., Malagila, J., Fosu, S. & Tunyi, A.A. (2018). “Trustee board diversity, governance mechanisms, capital structure and performance in UK charities”, Corporate Governance: The international journal of business in society, Vol. 18(2), PP. 1-36.
Friedman, M. (1970). “The Social Responsibility of Business is to increase its profits”, Corporate Ethics and Corporate Governance, PP. 173-178.
Griffin, J. & Mahon, J. (1997). “The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research”, Business & Society, Vol. 36(5), PP. 5-31.
Harjoto, M.A. (2017). “Corporate social responsibility and degrees of operating and financial leverage”, Review of Quantitative Finance and Accounting, Vol. 49(2), PP. 487-513.
He, Y., Chen, C. & Hu, Y. (2019). “Managerial overconfidence, internal financing, and investment efficiency: Evidence from China”, Research in International Business and Finance, Vol. 16(8), PP. 110-132.
Higgins, D., Omer, T. & Phillips, J.D. (2015). “The Influence of a Firm's Business Strategy on its Tax Aggressiveness”, Contemporary Accounting Research, Vol. 32(2), PP. 674-702.
Jensen, M.C. & Meckling, W.H. (1976). “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3(4), PP. 305-360.
Lin, Y., Li, Y., Cheng, T. & Lam, K. (2020). “Corporate social responsibility and investment efficiency: Does business strategy matter?”, Journal Pre-proof, https://doi. Org/10. 1016/j. irfa. 2020. 101585.
Margolis, J.D., Elfenbein, H.A. & Walsh, J.P. (2009). “Does it pay to Be Good... And does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance”, SSRN Electronic Journal.
Mohammadi, A., Rezaei Asiabar, B. & Babaei, S. (2021). “The role of focusing on innovation strategies in enhancing the commercialization of products and services in small to medium enterprises”, Journal of Marketing Management, Vol. 53(16), PP. 35-50. (In Persia)
Myers, S.C. & Majluf, N.S. (1984). “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13(2), PP. 187-221.
Nirwanto, M., Zulaikha, L. & Rahardja, H. (2011). “Corporate social responsibility disclosure and its relation on institutional ownership: Evidence from public listed companies in Malaysia 2008-2010”, Managerial Auditing Journal, Vol. 22, PP. 100-124.
Rahimi, A. & Foroughi, A. (2019). “Examining the effect of tax avoidance on investment efficiency”, Journal of Accounting Knowledge, Vol. 11(2), PP. 239-364. (In Persia)
Richardson, S. (2006). “Over-investment of free cash flow”, Rev. Acc. Stud, Vol. 11, PP. 159-189.
Safari Graili, M. (2017). “Social responsibility and market valuation of the company's cash holding”, Financial Management Strategy, Vol. 6(1), PP. 163-183. (In Persia)
Stoughton, N., Wong, K. & Yi, L. (2015). “Investment Efficiency and ProductMarketCompetition”, Journal of Financial Economics, Vol. 25, PP. 325-360.
Zolghadr. H., Tahmasebi. D. & Zolghadr, A. (2019). “Presenting the development of the domestic market of the shoe industry”, Strategic Management Studies Quarterly, Vol. 11(42), PP. 37-58. (In Persia)
Zamanidadaneh, S., Esmaili, M. & Zarie, A. (2021). “The Impact of Club Social Responsibility on Brand Supportive Behavior with the Mediating Role of Attitude and Positively Moral Positive Fans”, Jounal of Marketing Management, Vol. 16(50), PP. 79-95. (In Persia)
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Aribi, A. & GAO, S. (2010). “Corporate social responsibility disclosure”, Journal of Financial Reporting and Accounting, Vol. 8(2), PP. 72-91.
Badavar Nahandi, Y. & Taghizadeh Khanqaeh, V. (2013). “The relationship between management overconfidence, internal financing and investment efficiency”, Journal of Accounting Knowledge, Vol. 2(11), PP. 209-238. (In Persia)
Biddle G, C., Hilary, G. & Verdi R, S. (2009). “How does Financial Reporting Quality Improve Investment Efficiency?”, Journal of Accounting AndEconomics, Vol. 48, PP. 112-131.
Bentley-Goode, K.A., Newton, N.J. & Thompson, A.M. (2017). “Business Strategy, Internal Control over Financial Reporting, and Audit Reporting Quality”, AUDITING: A Journal of Practice & Theory, Vol. 36(4), PP. 49-69.
Cappa, F., Cetrini, G. & Oriani, R. (2019). “The impact of corporate strategy on capital structure: evidence fromItalian listed firms”, The Quarterly Review of Economics and Finance, Vol. 22(4), PP. 115-140.
Chen, G., Crossland, C. & Luo, S. (2015). “Making the same mistake all over again: CEO overconfidence and corporate resistance to corrective feedback”, Strategic Management Journal, Vol. 36(10), PP. 1513-1535.
Chen, R.E., Ghoul, S., Guedhami, O. & Wang, H. (2014). “Do state and foreign ownership affect investment efficiency? Evidence from privatizations”, Journal of Corporate Finance, Available online, doi: 10.1016/ j. jcorpfin.2014.09.001.
Chintrakarn, P., Jiraporn, P., Sakr, S. & Lee, S.M. (2016). “Do co-opted directors mitigate managerial myopia? Evidence from R&D investments”, Finance Research Letters, Vol. 17, PP. 285-289.
Cho, S.Y., Lee, C. & Pfeiffer Jr, R.J. (2013). “Corporate social responsibility performance and information asymmetry”, J. Account. Public Policy, Vol. 32, PP. 71-83.
Conyon, M.J. & He, L. (2017). “Firm performance and boardroom gender diversity: A quantile regression approach”, Journal of Business Research, Vol. 79, PP. 198-211.
Darabi, R. & zareie, A. (2017). “Impact of overconfidence management on the crash risk of stock price: Emphasizing on the mediating role of accounting conservatism”, Empirical Research of financial accounting, Vol. 4(1), PP. 121-139. (In Persian)
Deegan, C. & Rankin, M. (1996). “Do Australian companies report environmental news objectively? An analysis of environmental disclosures by firms prosecuted successfully by the Environmental Protection Authority, Accounting, Auditing & Accountability Journal, Vol. 9(2), PP. 50-67.
Delshad, A. & Sadeqi Sharif, S.J. (2018). “Investigating the reaction of capital market on managerial myopia in companies listed on Tehran Stock Exchange”, Financial Research Journal, Vol. 20(2), PP. 91-106. (In Persian)
Demerjian, P., Lev, B. & McVay, S. (2012). “Quantifying managerial ability: A new measure and validity tests”, Management science, Vol. 58(7), PP. 1229-1248.
El Ghoul, S., Guedhami, O., Kwok, C. & Mishra, D. “Does corporate social responsibility affect the cost of capital?”, J. Bank. Financ, Vol. 35, PP. 2388-2406.
Elmagrhi, M.H., Ntim, C.G., Malagila, J., Fosu, S. & Tunyi, A.A. (2018). “Trustee board diversity, governance mechanisms, capital structure and performance in UK charities”, Corporate Governance: The international journal of business in society, Vol. 18(2), PP. 1-36.
Friedman, M. (1970). “The Social Responsibility of Business is to increase its profits”, Corporate Ethics and Corporate Governance, PP. 173-178.
Griffin, J. & Mahon, J. (1997). “The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research”, Business & Society, Vol. 36(5), PP. 5-31.
Harjoto, M.A. (2017). “Corporate social responsibility and degrees of operating and financial leverage”, Review of Quantitative Finance and Accounting, Vol. 49(2), PP. 487-513.
He, Y., Chen, C. & Hu, Y. (2019). “Managerial overconfidence, internal financing, and investment efficiency: Evidence from China”, Research in International Business and Finance, Vol. 16(8), PP. 110-132.
Higgins, D., Omer, T. & Phillips, J.D. (2015). “The Influence of a Firm's Business Strategy on its Tax Aggressiveness”, Contemporary Accounting Research, Vol. 32(2), PP. 674-702.
Jensen, M.C. & Meckling, W.H. (1976). “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3(4), PP. 305-360.
Lin, Y., Li, Y., Cheng, T. & Lam, K. (2020). “Corporate social responsibility and investment efficiency: Does business strategy matter?”, Journal Pre-proof, https://doi. Org/10. 1016/j. irfa. 2020. 101585.
Margolis, J.D., Elfenbein, H.A. & Walsh, J.P. (2009). “Does it pay to Be Good... And does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance”, SSRN Electronic Journal.
Mohammadi, A., Rezaei Asiabar, B. & Babaei, S. (2021). “The role of focusing on innovation strategies in enhancing the commercialization of products and services in small to medium enterprises”, Journal of Marketing Management, Vol. 53(16), PP. 35-50. (In Persia)
Myers, S.C. & Majluf, N.S. (1984). “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13(2), PP. 187-221.
Nirwanto, M., Zulaikha, L. & Rahardja, H. (2011). “Corporate social responsibility disclosure and its relation on institutional ownership: Evidence from public listed companies in Malaysia 2008-2010”, Managerial Auditing Journal, Vol. 22, PP. 100-124.
Rahimi, A. & Foroughi, A. (2019). “Examining the effect of tax avoidance on investment efficiency”, Journal of Accounting Knowledge, Vol. 11(2), PP. 239-364. (In Persia)
Richardson, S. (2006). “Over-investment of free cash flow”, Rev. Acc. Stud, Vol. 11, PP. 159-189.
Safari Graili, M. (2017). “Social responsibility and market valuation of the company's cash holding”, Financial Management Strategy, Vol. 6(1), PP. 163-183. (In Persia)
Stoughton, N., Wong, K. & Yi, L. (2015). “Investment Efficiency and ProductMarketCompetition”, Journal of Financial Economics, Vol. 25, PP. 325-360.
Zolghadr. H., Tahmasebi. D. & Zolghadr, A. (2019). “Presenting the development of the domestic market of the shoe industry”, Strategic Management Studies Quarterly, Vol. 11(42), PP. 37-58. (In Persia)
Zamanidadaneh, S., Esmaili, M. & Zarie, A. (2021). “The Impact of Club Social Responsibility on Brand Supportive Behavior with the Mediating Role of Attitude and Positively Moral Positive Fans”, Jounal of Marketing Management, Vol. 16(50), PP. 79-95. (In Persia)