تحلیل تأثیر توانایی مدیریت بر ارزش شرکت در پاسخ به تهدیدات رقابتی بازار
محورهای موضوعی : مدیریت مالی
سید حسام وقفی
1
(استادیار گروه حسابداری، دانشگاه پیام نور، تهران، ایران.)
اعظم رجبی جیرنده
2
(کارشناس ارشد حسابداری، دانشگاه پیام نور، ایران، تهران.)
زینب نوربخش حسینی
3
(گروه حسابداری، دانشگاه فنی و حرفه ای، تهران، ایران.)
کلید واژه: ارزش شرکت, توانایی مدیریت, تهدیدات رقابتی,
چکیده مقاله :
هدف این تحقیق، تحلیل تأثیر توانایی مدیریت بر ارزش شرکت در پاسخ به تهدیدات رقابتی بازار است. در این تحقیق شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران برای سال‌های 1390 تا 1398 مورد بررسی قرار گرفته‌اند و توانایی مدیریت به عنوان متغیر مستقل و ارزش شرکت به عنوان متغیر وابسته در نظر گرفته شده است. این تحقیق از جمله تحقیقات کاربردی می باشد و از لحاظ ماهیت جزء تحقیقات توصیفی قرار داشته و از منظر روش، در دسته تحقیقات همبستگی قرار گرفته است. همچنین، در این پژوهش از روش کتابخانه‌ای، برای جمع‌آوری داده‌ها استفاده شده است. داده‌های پژوهش از طریق جمع‌آوری داده‌های شرکت‌های نمونه با مراجعه به صورت‌های مالی، یادداشت‌های توضیحی و ماهنامه بورس اوراق بهادار انجام گرفته است. بر اساس روش حذف سیستماتیک، تعداد 133 شرکت به عنوان نمونه آماری انتخاب گردید. برای توصیف و تلخیص داده‌های جمع‌آوری شده، از آمارتوصیفی و استنباطی استفاده شده است. به منظور تحلیل داده ها ابتدا پیش آزمون های ناهمسانی واریانس، آزمون F لیمر، آزمون هاسمن و آزمون جارک – برا و سپس از آزمون رگرسیون چند متغیره برای بررسی فرضیه های تحقیق (نرم‌افزار ای‌ویوز) استفاده گردیده است. نتایج این پژوهش نشان می‌دهد که توانایی مدیران بر ارزش شرکت تأثیر داشته و تهدیدات رقابتی بر رابطه بین توانایی مدیران و ارزش شرکت تأثیر گذار است.
The purpose of this study is to analyze the impact of management ability on firm behavior in response to competitive market threats. The spatial scope of this research was the companies listed on the Tehran Stock Exchange and the time domain was between 2009 and 2017. In this study, the ability to manage the independent variable and the company behavior of the dependent variable was considered. The present study is in the category of applied research. If the classification of types of research based on nature and method is considered, the present research method is in the category of research. It is descriptive and in terms of method is in the category of correlational research. In this study, a library method was used to collect data and information. In the data section, the research was done by collecting data from sample companies by referring to financial statements, explanatory notes and the stock exchange monthly. Based on the systematic elimination method, 133 companies were selected as a statistical sample. Descriptive and inferential statistics have been used to describe and summarize the collected data. In order to analyze the data, first the variance heterogeneity pre-tests, F-Limer test, Hausman test and Jark-Bra test were used and, then multivariate regression test was used to confirm and reject the research hypotheses (EVIEWS Software). The results showed that the ability of managers affects the company value; in addition, competitive threats affect the relationship between managers' ability and investment in research and development costs and company value; The results obtained in this research are consistent with the documents mentioned in the theoretical framework of research and financial literature.
Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial Quantitative Analysis, 31(3), 377-397.
Ahmadi Farsani, F., & Fazl Elahi Dehkordi, Z. (2018). Product Market Competition and Working Capital Management of Companies Listed on the Tehran Stock Exchange The Second International Conference on New Developments in Management, Economics and Accounting, Tehran. (In Persian)
Andreou, P. C., Ehrlich, D., Karasamani, I., & Louca, C. (2015). Managerial Ability and Firm Performance: Evidence from the Global Financial Crisis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2633216
Anoushirvani, F., & Saedi, R. (2018). Investigating the relationship between CEO power and company value with the interactive role of market competition and corporate governance. Bi-Quarterly Journal of Executive Management, 20, 147-173. (In Persian)
Asadi, G., & Nazari Marand, H. (2009). The relationship between market value added changes and economic value added and accounting profit. Business Management Perspective (Management Perspective (Management Message)), 8(30), 87-104. https://www.sid.ir/fa/journal/ViewPaper.aspx?id=106713 (In Persian)
Baysinger, B. D., & Butler, H. N. (1985). Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law, Economics & Organization, 1(1), 101-124.
Bebchuk, L., Cremers, K. J. M., & Peyer, U. C. (2011). The CEO pay slice. Journal of Financial Economics, 102, 199–221.
Bhagat, S., & Black, B. S. (2002). The non-correlation between board independence and longterm firm performance. Journal of Corporation Law, 27, 231–273.
Bozorg Asl, M., & Salehzadeh, B. (2014). Ability to manage and quality of accruals. Journal of Accounting Knowledge, 11-139. (In Persian)
Chung , K. H., & Pruitt., S. W. (1994). A Simple Approximation of Tobin' s Q. Financial Measurement, 23(3), 70-74.
Cotter, J. F., Shivdasani, A., & Zenner, M. (1997). Do independent directors enhance target shareholder wealth during tender offers? Journal of Financial Economics, 43, 195–218.
Demerjian, P., Lev, B., & MacVay, S. (2012). Quantifying managerial ability: A new measure and validity test. Management Science, 58(7), 1229-1248.
Etemadi, H., & Montazeri, J. (2014). Investigating the factors affecting the capital structure of companies listed on the Tehran Stock Exchange with emphasis on production market competition. Accounting and Auditing Reviews, 3, 1-26. (In Persian)
Evan, H. O., Devi, R. G., & Anthony, T. C. (2005). A strategic human resource perspective of firm competitive behavior. Human Resource Management Review, 15(4), 305-318. https://doi.org/10.1016/j.hrmr.2005.11.007
Hajiha, Z., & Chenari Bouquet, H. (2014). Investigating the increase in shareholder wealth during the tenure of the company's senior managers: A new approach to test the effectiveness of rewards to senior managers. Empirical Accounting Research, 10(11), 87-104. (In Persian)
Hart, O. (1983). The market mechanism as an incentive scheme. Bell Journal of Economics, 14(2), 366-382.
Hermalin, B. E., & Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance. Financial Management, 20, 101–112.
Khodadad Kashi, F. (2009). Competing Views of Competition and the Condition of Rivalry in Iranian Economy. Quarterly Journal of Economic Research and Policy 17(51), 25-40. (In Persian)
Khojasteh, E. (2019). A Study of the Relationship between Corporate Governance and CEO Power with Financial Performance of Companies Listed on the Tehran Stock Exchange Fourth National Conference on Management, Accounting and Economics with Emphasis on Regional and Global Marketing Tehran (In Persian)
Li, M., Lu, Y., & Phillips, G. (2017). When are powerful CEOs beneficial? . Journal of Financial and Quantitative Analysis, 54(6), 2295-2326. https://doi.org/10.1017/S0022109018001138
Li, X. (2020). The impacts of product market competition on the quantity and quality of voluntary disclosures. Review of Accounting Studies, 15(3), 663–711.
Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38, 163–184.
Nakhai, K., & Ebrahimzadeh, M. (2018). Investigating the Relationship between CEO Power and Market Performance and Financial Performance of Stock Returns on Companies Listed on the Tehran Stock Exchange 5th International Conference on Management and Accounting Techniques, Tehran. (In Persian)
Nikbakht, M. R., & Ghasemi, A. (2018). The effect of management ability on product market competition. Financial Accounting and Auditing Researches, 10(40), 137-146. (In Persian)
Rahimi, A., & Foroughi, A. (2019). Investigating the effect of control mechanisms on the relationship between CEO power and company value. . Accounting Advances (Shiraz Social and Humanities), 11(2), 151-182. (In Persian)
Rahmani, F. (2011). Investigating the Relationship between Growth Opportunities and Cash Value Added Islamic Azad University, Central Tehran Branch]. Tehran. (In Persian)
Sah, R. K., & Stiglitz, J. E. (1986). The Architecture of Economic Systems: Hierarchies and Polyarchies. The American Economic Review, 76(4), 716-727. https://www.jstor.org/stable/1806069
Salehi, M., Bakhshian, A., & Volunteer Tusi, F. (2017). The Impact of Ownership Concentration and Degree of Control on Company Value in the Insurance Industry. Financial Accounting and Auditing Researches, 41(68), 29-50. (In Persian)
Schmidt, K. M. (1997). Managerial incentives and product market competition. Review of Economic Studies, 64, 191–213.
Shahim Parmehr, Z., Nosrati, S., Mazharifar, M., & Amr Kenargir, S. (2020). Study of the Relationship between Management Ability and Profit Prediction by Managers (Management Accounting Perspective) The First International Conference on Challenges and New Solutions in Industrial Engineering And Management and Accounting, Sari. https: //civilica.com/doc/1045378 (In Persian)
Sheikh, S. (2018). CEO power, product market competition and firm value. . Research in International Business and Finance, 46, 373-386.
Soltani, H., Zare, G. H., & Safari, Z. (2019). Investigating the Impact of Product Market Competition on the Relationship between CEO Power Dimensions and Company Value in Companies Listed on the Tehran Stock Exchange Fourth National Conference on Management, Accounting and Economics with Emphasis on Regional and Global Marketing Tehran. (In Persian)
Tabesh, M. H., Asgari, M. R., & Qiyasi Raghibi Najjar, L. (2017). The Impact of Market Value Added and Traditional Performance Indicators on Stakeholder Value Creation in Companies Listed on Tehran Stock Exchange 2nd Annual Conference on Economics, Management and Accounting, Ahvaz. (In Persian)
Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economics, 20, 431-460.
Yari, F., & Fathi Arta, K. (2016). The effect of CEO decision-making power on the financial performance of companies listed on the Tehran Stock Exchange. Quarterly Journal of Management and Accounting Studies, 2(3). (In Persian)
Yung, K., & Nguyen, T. (2020). Managerial ability, product market competition, and firm behavior. International Review of Economics & Finance, 70, 102-116.
_||_Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial Quantitative Analysis, 31(3), 377-397.
Ahmadi Farsani, F., & Fazl Elahi Dehkordi, Z. (2018). Product Market Competition and Working Capital Management of Companies Listed on the Tehran Stock Exchange The Second International Conference on New Developments in Management, Economics and Accounting, Tehran. (In Persian)
Andreou, P. C., Ehrlich, D., Karasamani, I., & Louca, C. (2015). Managerial Ability and Firm Performance: Evidence from the Global Financial Crisis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2633216
Anoushirvani, F., & Saedi, R. (2018). Investigating the relationship between CEO power and company value with the interactive role of market competition and corporate governance. Bi-Quarterly Journal of Executive Management, 20, 147-173. (In Persian)
Asadi, G., & Nazari Marand, H. (2009). The relationship between market value added changes and economic value added and accounting profit. Business Management Perspective (Management Perspective (Management Message)), 8(30), 87-104. https://www.sid.ir/fa/journal/ViewPaper.aspx?id=106713 (In Persian)
Baysinger, B. D., & Butler, H. N. (1985). Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law, Economics & Organization, 1(1), 101-124.
Bebchuk, L., Cremers, K. J. M., & Peyer, U. C. (2011). The CEO pay slice. Journal of Financial Economics, 102, 199–221.
Bhagat, S., & Black, B. S. (2002). The non-correlation between board independence and longterm firm performance. Journal of Corporation Law, 27, 231–273.
Bozorg Asl, M., & Salehzadeh, B. (2014). Ability to manage and quality of accruals. Journal of Accounting Knowledge, 11-139. (In Persian)
Chung , K. H., & Pruitt., S. W. (1994). A Simple Approximation of Tobin' s Q. Financial Measurement, 23(3), 70-74.
Cotter, J. F., Shivdasani, A., & Zenner, M. (1997). Do independent directors enhance target shareholder wealth during tender offers? Journal of Financial Economics, 43, 195–218.
Demerjian, P., Lev, B., & MacVay, S. (2012). Quantifying managerial ability: A new measure and validity test. Management Science, 58(7), 1229-1248.
Etemadi, H., & Montazeri, J. (2014). Investigating the factors affecting the capital structure of companies listed on the Tehran Stock Exchange with emphasis on production market competition. Accounting and Auditing Reviews, 3, 1-26. (In Persian)
Evan, H. O., Devi, R. G., & Anthony, T. C. (2005). A strategic human resource perspective of firm competitive behavior. Human Resource Management Review, 15(4), 305-318. https://doi.org/10.1016/j.hrmr.2005.11.007
Hajiha, Z., & Chenari Bouquet, H. (2014). Investigating the increase in shareholder wealth during the tenure of the company's senior managers: A new approach to test the effectiveness of rewards to senior managers. Empirical Accounting Research, 10(11), 87-104. (In Persian)
Hart, O. (1983). The market mechanism as an incentive scheme. Bell Journal of Economics, 14(2), 366-382.
Hermalin, B. E., & Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance. Financial Management, 20, 101–112.
Khodadad Kashi, F. (2009). Competing Views of Competition and the Condition of Rivalry in Iranian Economy. Quarterly Journal of Economic Research and Policy 17(51), 25-40. (In Persian)
Khojasteh, E. (2019). A Study of the Relationship between Corporate Governance and CEO Power with Financial Performance of Companies Listed on the Tehran Stock Exchange Fourth National Conference on Management, Accounting and Economics with Emphasis on Regional and Global Marketing Tehran (In Persian)
Li, M., Lu, Y., & Phillips, G. (2017). When are powerful CEOs beneficial? . Journal of Financial and Quantitative Analysis, 54(6), 2295-2326. https://doi.org/10.1017/S0022109018001138
Li, X. (2020). The impacts of product market competition on the quantity and quality of voluntary disclosures. Review of Accounting Studies, 15(3), 663–711.
Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38, 163–184.
Nakhai, K., & Ebrahimzadeh, M. (2018). Investigating the Relationship between CEO Power and Market Performance and Financial Performance of Stock Returns on Companies Listed on the Tehran Stock Exchange 5th International Conference on Management and Accounting Techniques, Tehran. (In Persian)
Nikbakht, M. R., & Ghasemi, A. (2018). The effect of management ability on product market competition. Financial Accounting and Auditing Researches, 10(40), 137-146. (In Persian)
Rahimi, A., & Foroughi, A. (2019). Investigating the effect of control mechanisms on the relationship between CEO power and company value. . Accounting Advances (Shiraz Social and Humanities), 11(2), 151-182. (In Persian)
Rahmani, F. (2011). Investigating the Relationship between Growth Opportunities and Cash Value Added Islamic Azad University, Central Tehran Branch]. Tehran. (In Persian)
Sah, R. K., & Stiglitz, J. E. (1986). The Architecture of Economic Systems: Hierarchies and Polyarchies. The American Economic Review, 76(4), 716-727. https://www.jstor.org/stable/1806069
Salehi, M., Bakhshian, A., & Volunteer Tusi, F. (2017). The Impact of Ownership Concentration and Degree of Control on Company Value in the Insurance Industry. Financial Accounting and Auditing Researches, 41(68), 29-50. (In Persian)
Schmidt, K. M. (1997). Managerial incentives and product market competition. Review of Economic Studies, 64, 191–213.
Shahim Parmehr, Z., Nosrati, S., Mazharifar, M., & Amr Kenargir, S. (2020). Study of the Relationship between Management Ability and Profit Prediction by Managers (Management Accounting Perspective) The First International Conference on Challenges and New Solutions in Industrial Engineering And Management and Accounting, Sari. https: //civilica.com/doc/1045378 (In Persian)
Sheikh, S. (2018). CEO power, product market competition and firm value. . Research in International Business and Finance, 46, 373-386.
Soltani, H., Zare, G. H., & Safari, Z. (2019). Investigating the Impact of Product Market Competition on the Relationship between CEO Power Dimensions and Company Value in Companies Listed on the Tehran Stock Exchange Fourth National Conference on Management, Accounting and Economics with Emphasis on Regional and Global Marketing Tehran. (In Persian)
Tabesh, M. H., Asgari, M. R., & Qiyasi Raghibi Najjar, L. (2017). The Impact of Market Value Added and Traditional Performance Indicators on Stakeholder Value Creation in Companies Listed on Tehran Stock Exchange 2nd Annual Conference on Economics, Management and Accounting, Ahvaz. (In Persian)
Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economics, 20, 431-460.
Yari, F., & Fathi Arta, K. (2016). The effect of CEO decision-making power on the financial performance of companies listed on the Tehran Stock Exchange. Quarterly Journal of Management and Accounting Studies, 2(3). (In Persian)
Yung, K., & Nguyen, T. (2020). Managerial ability, product market competition, and firm behavior. International Review of Economics & Finance, 70, 102-116.