The Role of Intellectual Capital Efficiency on the Relationship Between Corporate Social Responsibility and Financial Performance (Evidence of Environmental, Social and Governance performance of Companies Listed on the Tehran Stock Exchange)

Subject Areas : Stock Exchange

khosro  moradi shahdadi ¹ (Department of Financial Management, Qeshm Branch, Islamic Azad University, Qeshm, Iran)
kamran  poudat ² (Financial Management, Qeshm Branch, Islamic Azad University, Qeshm, Iran)

Received: 2022-12-20 Accepted : 2023-01-30 Published : 2023-12-22

Keywords: Corporate Governance, Intellectual Capital, Financial Performance, Corporate Social Responsibility,

Abstract :

This research examines The Role of Intellectual Capital Efficiency on the Relationship Between Corporate Social Responsibility and Financial Performance (Evidence of Environmental, Social and Governance performance of Companies Listed on the Tehran Stock Exchange); The Time Frame of this Research is 2017-2021; The Statistical Population of this Research is all the Companies Accepted in Tehran Stock Exchange, 105 Companies were selected by Systematic Removal method. The Data of the Research was Extracted and Measured from the Financial Statements included in the Stock Exchange Sites; then, Statistical Regression Analysis was Performed Based on Panel Data. According to the Analysis, the Result of the First Hypothesis Showed that there is a Positive and Significant Relationship between the Corporate Social Responsibility and Financial Performance. The Result of the Second Hypothesis indicated that there is a Positive and Significant Relationship between the Corporate Social Responsibility and Intellectual Capital. Finally, in the Third Hypothesis, the Findings indicated that the Mediating role of Intellectual Capital on the Relationship between the Corporate Social Responsibility and financial performance is positive and significant.

References:

_|1) جعفرزاده،محمد؛ زینالی، مهدی،1393،بررسی تاثیر مسئولیت اجتماعی بر ارزش شرکت،دومین کنفرانس ملی پویایی مدیریت، توسعه ی اقتصادی و مدیریت مالی، شیراز، https://civilica.com/doc/316843
2) جلیلی،دکتر صابر؛ قیصری،فرزاد، 1393، بررسی ارتباط بین کیفیت سود و مسئولیت پذیری اجتماعی شرکت های پذیرفته شده در بورس اوراق بهادار تهران، دانش حسابرسی. ۱۳۹۳; ۱۴ (۵۷) :۱۷۰-۱۴۷.
3) داوری، ابوالفضل؛ داوری،هدی. (1400). تأثیر سرمایه فکری بر عملکرد مالی بانک مسکن از طریق نقش حاکمیت شرکتی. فصلنامه علمی تخصصی رویکردهای پژوهشی نوین در مدیریت و حسابداری, 5(64), 36-48. https://majournal.ir/index.php/ma/article/view/827
4) غفوریان شاگردی,محمد سجاد ؛ غفوریان شاگردی,امیر.(1398) بررسی رابطه بین افشای مسئولیت اجتماعی شرکت و سرمایه فکری با نقش تعدیل گری ساختار مالکیت، مدیریت فردا,59 (18) ,201-217.
5) خانى،ناصر ؛ حاجی‌پور،امیر؛ احمدی،محمدرضا. (1400). ارتباط بین سرمایه فکری و عملکرد مالی با نقش تعدیلگری استراتژیهای مالی در شرکت های عضو سازمان بورس اوراق بهادار تهران. فصلنامه علمی تخصصی رویکردهای پژوهشی نوین در مدیریت و حسابداری, 5(83), 285-301. https://majournal.ir/index.php/ma/article/view/1102
6) قدردان،احسان ؛ مقدم،عبدالکریم ؛ سلطانیان، چیمن؛ شاهمرادی، شهین، (1399). ایفای نقش مسئولیت پذیری اجتماعی شرکتی با تأکید بر نقش سرمایه فکری. تحقیقات حسابداری و حسابرسی, 12(45), 71-88. doi: 10.22034/iaar.2020.107125
7) مرادیان، زهرا؛ ضیاءآبادی، محمد. (1400). بررسی رابطه سرمایه فکری و سرمایه اسلامی با مسئولیت پذیری اجتماعی. فصلنامه علمی تخصصی رویکردهای پژوهشی نوین در مدیریت و حسابداری, 5(83), 501-516. https://majournal.ir/index.php/ma/article/view/1129
8) Adams, Dawda; Adams, Kweku; Attah-Boakye, Rexford; Ullah, Subhan; Rodgers, Waymond; Kimani, Danson. (2022). Social and environmental practices and corporate financial performance of multinational corporations in emerging markets: Evidence from 20 oil-rich African countries. Resources Policy, 78, 102756. https://doi.org/https://doi.org/10.1016/j.resourpol.2022.102756
9) Aras, Guler; Aybars, Asli ; Kutlu, Ozlem . (2011). The interaction between corporate social responsibility and value added intellectual capital: Empirical evidence from Turkey. Social Responsibility Journal, 7(4), 622e637.
10) Bătae, Oana Marina; Dragomir, Voicu Dan; Feleagă, Liliana. (2021). The relationship between environmental, social, and financial performance in the banking sector: A European study. Journal of Cleaner Production, 290, 125791. https://doi.org/https://doi.org/10.1016/j.jclepro.2021.125791
11) Battisti, Enrico; Nirino, Niccolò; Leonidou, Erasmia; Thrassou, Alkis. (2022). Corporate venture capital and CSR performance: An extended resource based view’s perspective. Journal of Business Research, 139, 1058-1066. https://doi.org/https://doi.org/10.1016/j.jbusres.2021.10.054
12) Bontis, Nick. (2001). Assessing knowledge assets: a review of the models used to measure intellectual capital. International Journal of Management Reviews, 3(1), 41e60.
13) Chaharbaghi, Kazem; Cripps, Sandy. (2006). Intellectual capital: Direction, not blind faith. Journal of Intellectual Capital, 7(1), 29e42
14) Clarkson, Peter; Li, Yue; Richardson, Gordon ; Tsang, Albert . (2019). Causes and consequences of voluntary assurance of CSR reports. Accounting, Auditing & Accountability Journal, 32(8), 2451e2474
15) Dzenopoljac, Vladimir; Janosevic, Stevo; Bontis, Nick. (2016). Intellectual capital and financial performance in the Serbian ICT industry. Journal of Intellectual Capital, 17(2), 373e396.
16) Edvinsson, Leif. (2002). Corporate longitude: Navigating the knowledge economy. Book House Pub.
17) Gangi, Francesco; Mustilli, Mario; Varrone, Nicola. (2019). The impact of corporate social responsibility (CSR) knowledge on corporate financial performance: Evidence from the European banking industry. Journal of Knowledge Management, 23(1), 110e113.
18) Grassmann, Michael. (2021). The relationship between corporate social responsibility expenditures and firm value: The moderating role of integrated reporting. Journal of Cleaner Production, 285, 124840. https://doi.org/https://doi.org/10.1016/j.jclepro.2020.124840
19) Khan, Sher Zaman; Yang, Qing; Waheed, Abdul. (2019). Investment in intangible resources and capabilities spurs sustainable competitive advantage and firm erformance. Corporate Social Responsibility and Environmental Management, 26(2), 285e295.
20) Manchiraju, Hariom; Rajgopal, Shivaram . (2017). Does corporate social responsibility (CSR) create shareholder value? Evidence from the Indian Companies act 2013. Journal of Accounting Research, 55(5), 1257e1300.
21) Meles, Antonio; Porzio, Claudio; Sampagnaro, Gabriele; Verdoliva, Vincenzo. (2016). The impact of the intellectual capital efficiency on commercial banks performance: Evidence from the US. Journal of Multinational Financial Management, 36(3), 64e74.
22) Nadeem, Muhammad; Zaman, Rashid; Suleman, Tahir; Atawnah, Nader. (2021). CEO ability, career concerns, firms’ lifecycle and investments in intellectual capital. International Review of Economics & Finance, 75, 237-251. https://doi.org/https://doi.org/10.1016/j.iref.2021.04.023
23) Nadeem, Muhammad; Gan, Christopher; Nguyen, Cuong. (2017). Does intellectual capital efficiency improve firm performance in BRICS economies? A dynamic panel estimation. Measuring Business Excellence, 21(1), 65e85
24) Nadeem, Muhammad; Dumay, John; Massaro, Maurizio. (2019). If you can measure it, you can manage it: A case of intellectual capital. Australian Accounting Review, 29(2), 395–407.
25) Sardo, Filipe; Serrasqueiro, Zeila. (2017). Intellectual capital and firms' financial performance: A European empirical study. Business and Economic Research, 7(2), 1e18.
26) Shahzad, Faisal; Baig, Mushahid Hussain; Rehman, Ijaz Ur; Saeed, Asif; Asim, Ghazanfar Ali. (2022). Does intellectual capital efficiency explain corporate social responsibility engagement-firm performance relationship? Evidence from environmental, social and governance performance of US listed firms. Borsa Istanbul Review, 22(2), 295-305. https://doi.org/https://doi.org/10.1016/j.bir.2021.05.003
27) Smriti, Neha; Das, Niladri. (2018). The impact of intellectual capital on firm performance: A study of Indian firms listed in COSPI. Journal of Intellectual Capital, 19(5), 935e964.
28) Sveiby, Karl Erik. (1997). The intangible asset monitor. Journal of Human Resource Costing and Accounting, 2(1), 73e97.
29) Wernerfelt, Birger. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171e180.
30) Voegtlin, Christian; Greenwood, Michelle. (2016). Corporate social responsibility and human resource management: A systematic review and conceptual analysis. Human Resource Management Review, 26(3), 181e197.
|_