مسئولیت اجتماعی و کارایی سرمایه‌گذاری: نقش تعدیلی نوع استراتژی تجاری شرکت (مورد مطالعه: شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران)
الموضوعات : مدیریت بازاریابیداریوش آقبلاغی طهماسبی 1 , میثم فرجی 2 , امیر چراغی 3
1 - دکتری مدیریت بازرگانی، استاد مدعو دانشکده تجارت و مالیه دانشگاه تهران
2 - کارشناسی ارشد مدیریت مالی دانشگاه تهران، تهران، ایران
3 - کارشناسی ارشد MBA دانشگاه خوارزمی، تهران، ایران
الکلمات المفتاحية: کارایی سرمایه‌گذاری, استراتژی تجاری, مسئولیت اجتماعی شرکت,
ملخص المقالة :
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.
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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.
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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.
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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.
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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.
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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.
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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)
