واکاوی نقش حاکمیتی هیئت مدیره و احیای شرکتهای بحرانزده: شواهدی از بازار سرمایه ایران
واکاوی نقش حاکمیتی هیئت مدیره و احیای شرکتهای بحرانزده: شواهدی از بازار سرمایه ایران
محورهای موضوعی : دانش مالی تحلیل اوراق بهادار
محسن ایمنی
1
*
,
سید رضا سید نژاد فهیم
2
,
فاطمه غلامی گلسفید
3
1 - دانشیار گروه حسابداری، موسسه آموزش عالی آیندگان، تنکابن، ایران. (نویسنده مسئول)
2 - استادیار گروه حسابداری، واحد لاهیجان، دانشگاه آزاد اسلامی، لاهیجان، ایران.
3 - استادیار گروه ریاضی، واحد لاهیجان، دانشگاه آزاد اسلامی، لاهیجان، ایران
کلید واژه: احیاء شرکت, نظام راهبری شرکتی, بحران مالی, اندازه شرکت.,
چکیده مقاله :
هدف از این پژوهش بررسی تاثیر قدرت هیات مدیره بر احیاء شرکتهای درگیر بحران مالی است. برای رسیدن به این منظور از چهار شاخص استقلال هیات مدیره، تعداد جلسات آنها در طی دوره، دوگانگی وظیفه مدیر عامل و دانش مالی هیات مدیره استفاده شد. براي دستيابي به هدف پژوهش، نمونهاي شامل 125 شركت پذيرفته شده در بورس اوراق بهادار تهران، طي دوره زماني 1394 تا 1400 انتخاب گردید و فرضيههاي مطرح شده با استفاده از مدل رگرسيوني لجستیک در نرم افزار EViews آزمون شدند. نتایج آزمون نشان داد که بین استقلال هیات مدیره و دوگانگی وظیفه مدیر عامل با احیاء شرکت رابطه معنیداری وجود ندارد، اما نتایج حاکی از این است که رابطه مثبت و معنیداری بین تعداد جلسات هیات مدیره و همچنین دانش مالی با احیاء شرکتهای بحران زده وجود دارد. نتایج نشان داد هرچه شاخص هیئت مدیره افزایش یابد، احیاء شرکتهای درگیر بحران مالی نیز بهبود خواهد یافت. نتایج حاکی از این است شاخص هیئت مدیره در شرکتهای کوچکتر نسبت به شرکتهای بزرگتر دارای اهمیت بیشتری خواهند بود. نتایج نشان میدهد که عملکرد شرکت در طول بحران مالی تابعی از تفاوتها در سطح هیات مدیره شرکت است. این پژوهش شواهدی را در مورد میزان ارتباط راهبری شرکتی با احیاء شرکتها ارائه میدهد. این موضوع میتواند برای سهامداران، مدیران و مقامات نظارتی در تصمیم گیری، ارزیابیها و تبیین سیاستها مفید باشد.
The purpose of this research is to investigate the effect of the characteristics of the board of directors on turnaround companies involved in the financial crisis. To achieve this purpose, four indicators of board independence, the number of board meetings, CEO duality and directors' financial knowledge were used. To achieve the aims of the research, a sample of 125 companies listed to the Tehran Stock Exchange was selected during the period of 2015 to 2021, and the proposed hypotheses were tested using logistic regression model in EViews software. The results of the test showed that there is no significant relationship between the independence of the board of directors and dual duties of the CEO with the turnaround of the company, but the results indicate that there is a positive and significant relationship between the number of meetings of the board of directors and also financial knowledge with the turnaround of companies. Also, the results indicate that as the index of the board of directors increases, the recovery of companies involved in the financial crisis will also improve. The results indicate that the index of the board of directors will be more important in smaller companies than in larger companies. The results show that firm performance during the financial crisis is a function of board level differences. This research provides evidence about the relationship between corporate governance and corporate turnaround. This topic can be useful for shareholders, managers and regulatory authorities in decision making, evaluations and policies.
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