تأثیر توانایی مدیریت بر رابطه بین دانش مالی مدیرعامل و ریسک غیرسیستماتیک
محورهای موضوعی : مدیریت مالی بنگاه‌های اقتصادی
مجید مرادی
1
,
مرجان قربانی
2
,
وحید اسکو
3
1 - گروه حسابداری، واحد ساوه، دانشگاه آزاد اسلامی، ساوه، ایران.
2 - گروه حسابداری، مؤسسه آموزش عالی ناصر خسرو، ساوه، ایران.
3 - گروه حسابداری، دانشکده علوم انسانی و علوم ورزشی، دانشگاه گنبد کاووس، گنبد کاووس، ایران.
کلید واژه: توانایی مدیریتی, دانش مالی مدیرعامل, ریسک غیرسیستماتیک,
چکیده مقاله :
هدف: پژوهش حاضر با موضوع اثر توانایی مدیریت بر ارتباط بین دانش مالی مدیرعامل و ریسک غیرسیستماتیک در بازار سرمایه ایران صورت پذیرفته است.
روش‌شناسی پژوهش: روش پژوهش از جنبه اجرا توصیفی پیمایشی از نوع پس‌رویدادی و از جنبه هدف کاربردی است. جامعه آماری پژوهش، شامل تمامی شرکت‌های بورس اوراق بهادار تهران در طی سال‌های بین 1392 تا 1400 می‌باشد. تعداد 114 شرکت به‌عنوان نمونه از طریق روش حذف سیستماتیک، جهت بررسی و آزمون فرضیه‌ها انتخاب شد. جهت اجرای این پژوهش منبع اطلاعاتی به دو گروه تقسیم می‌شوند: گروه اول مربوط به ادبیات و پیشینه پژوهش آن می‌شود که از کتابخانه‌ها، مجله‌های داخلی و خارجی و پایگاه‌های اطلاعاتی، مقاله‌ها و پایان‌نامه‌ها استفاده می‌شود؛ گروه دوم منبع مربوط به گردآوری داده‌ها است که به سایت و سامانه جامع اطلاعاتی سازمان بورس و اوراق بهادار تهران و نرم‌افزار اطلاعات مالی ره‌آورد نوین تهیه و جمع‌آوری می‌شود. برای انجام تجزیه‌وتحلیل داده‌ها از نرم‌افزار ایویوز استفاده می‌شود.
یافته‌ها: نتایج پژوهش نشان داد دانش مالی مدیرعامل بر ریسک غیرسیستماتیک تأثیر منفی و معناداری دارد؛ اما دانش مالی مدیرعامل بر ریسک غیرسیستماتیک، با درنظرگرفتن اثر تعدیل‌کننده توانایی مدیریت تأثیر ندارد.
اصالت / ارزش‌افزوده علمی: پذیرش این اصل که سهامداران یا همان مالکان واقعی شرکت‌ها به دنبال کسب درآمد و افزایش سرمایه خویش هستند، مدیران واحدهای تجاری را وا می‌دارد تا برنامه‌ای را طراحی نمایند که از ریسک اجتناب ورزند تا بازدهی موردنظر سرمایه‌گذاران حاصل شود. از جمله ریسک‌های پیش رو می‌تواند تغییرات در سیستم شرکت‌ها و روند کارکرد آن‌ها باشد که با استفاده از ویژگی توانایی مدیران به‌عنوان یکی از مهم‌ترین ویژگی‌های فردی هر شخص و از سوی دیگر دانش مالی مدیرعامل توأم با یکدیگر می‌تواند منجر به اخذ تصمیمات و رفتار صحیح ایشان در سازمان و کنترل سازنده ریسک غیرسیستماتیک باشد که در نهایت بازدهی بالا و مورد قبول سهامداران را در پی خواهد داشت.
Objective: This research investigates the impact of managerial ability on the relationship between CEO financial literacy and idiosyncratic risk in the Iranian capital market.
Research Methodology: The research methodology is descriptive-survey and ex post facto in terms of implementation, and applied in terms of purpose. The statistical population comprises all companies listed on the Tehran Stock Exchange from 2013 to 2021. A sample of 114 companies was selected through systematic elimination for hypothesis testing. Data sources are divided into two categories: The first group pertains to literature review, utilizing libraries, domestic and foreign journals, databases, articles, and theses. The second group relates to data collection, sourced from the comprehensive information system of the Tehran Stock Exchange and Securities Organization and the Rahavard Novin financial information software. Data analysis was performed using EViews software.
Findings: The results indicate that CEO financial literacy has a significant negative effect on idiosyncratic risk. However, CEO financial literacy does not impact idiosyncratic risk when considering the moderating effect of managerial ability.
Originality/Scientific Value-Added: Accepting the principle that shareholders, as the true owners of companies, seek income generation and capital appreciation, compels business managers to design strategies that mitigate risk to achieve investors' desired returns. Among potential risks are changes in corporate systems and operational processes. The interplay between managerial ability, as one of the most crucial individual characteristics, and CEO financial literacy can lead to sound decision-making and behavior within the organization, constructively controlling idiosyncratic risk. This ultimately results in high returns that meet shareholder expectations.
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