The impact of institutional ownership on organizational digital transformation
Subject Areas : business management
Sajad Shamseh
1
,
Hossein Jahangirnia
2
*
,
Mohammadreza Pourfakharan
3
1 - Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran
2 - Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran
3 - Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran.
Keywords: Digital transformation, institutional ownership, corporate governance, Iranian capital market.,
Abstract :
Digital transformation, as one of the key pillars of competitive advantage in the era of technology, requires strategic decisions and long-term investments. Digital transformation, as one of the most important structural changes in the contemporary business environment, requires support from financing systems and corporate governance. In the meantime, the ownership structure and especially the role of investing institutions can have a significant impact on the digital orientation of companies. Institutional ownership, due to its high influence and influence, can play a key role in guiding technological strategies. This study was conducted with the aim of investigating the effect of institutional ownership on the digital transformation of companies listed on the Tehran Stock Exchange. In this regard, institutional ownership is considered as an influential variable. The present research method is descriptive-correlational and based on data analysis for the period 2017 to 2023. The sample size is 154 companies listed on the Tehran Stock Exchange, which have been screened using a systematic elimination method. To measure digital transformation, indicators reported in financial statements, explanatory notes, and management's interpretative report were collected through the information resources of the Tehran Stock Exchange, and the composition of major shareholders was used to measure institutional ownership. Excel and Iviews software were used for statistical analysis. The results of the study show that institutional ownership has a positive and significant relationship with the digital transformation of companies. The knowledge of this study is in the field of organizational digital transformation. The findings of this study can help policymakers, managers, and investors to formulate more effective corporate governance mechanisms and strengthen the path to digitalization.
منابع آزادی، م.، ؛ محمدی، ا. (۱۳۹۴). مالکیت نهادی، تمرکز مالکیت و حق‌الزحمه حسابرسی. دانش حسابرسی، ۱۵(۶۰)، ۱۶۵–۱۷۶.
پورعلی، م.، ؛ حجامی، م. (۱۳۹۳). بررسی رابطه بین افشای مسئولیت اجتماعی و مالکیت نهادی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. دانش حسابداری و حسابرسی مدیریت، ۳(۱۰)، ۱۳۵–۱۵۰.
ترابی، الهام و آقاکوچکی، عبدالرسول،1399،تحول دیجیتالی حسابرسی مستقل و تاثیر آن بر حاکمیت شرکتها،دومین کنفرانس حسابداری و مدیریت.
حسینی، ن.، و میرزایی، ف. (1400). نقش حاکمیت شرکتی در پذیرش فناوری‌های نوین اطلاعاتی. فصلنامه پژوهشهای مدیریتی ایران، 18(2)، 144–162
. سبز علی پور، فرشاد ، قیطاسی، روح اله و رحمتی، سلمان . (1391). بررسی رابطه بین ساز و کارهای حاکمیت شرکتی و دقت پیش‌بینی سود. نشریه پژوهش های حسابداری مالی، 4(2)، 123-140.
شکی، زهره و معطوفی، علیرضا،1395،بررسی رابطه بین ترکیب مالکیت نهادی و محافظه کاری حسابداری در شرکت های پذیرفته شده در بورس اوراق بهادار تهران،کنفرانس بین المللی مدیریت و حسابداری،تهران.
عبدی، م.، و اکبری، ن. (1402). تحول دیجیتال و عملکرد مالی در شرکت‌های بورسی. فصلنامه پژوهشهای مالی و اقتصادی، 15(2)، 89–105
. علیقلی، منصوره و جلیلیان، عادل . (1391). بررسی رابطه میان سرمایه‌گذاران نهادی بلندمدت/ موقت و مدیریت مؤثر سود. دانش حسابداری و حسابرسی مدیریت، 1(4)، 27-42. (زمستان 1391)، 27-42. قربانیان، محمد. سعیدی، پرویز(1396). حسابرسی دیجیتال. اولین کنفرانس ملی پژوهشهای نوین ایران و جهان در مدیریت، اقتصاد و حسابداری و علوم انسانی، شیراز.
قلی‌پور، ح.، و صادقی، م. (1399). بررسی تأثیر ساختار مالکیت بر عملکرد مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. فصلنامه مطالعات حسابداری و حسابرسی، 26(1)، 33–48.
کریمی، س.، و شریفی، ه. (1401). تأثیر مالکیت نهادی بر نوآوری سازمانی در شرکت‌های ایرانی. فصلنامه مدیریت فناوری اطلاعات، 13(4)، 55–70.
مرادزاده فرد، مهدی . (1388). تاثیر مالکیت سرمایه گذاران نهادی بر مدیریت سود شرکت های پذیرفته شده در بورس تهران. مطالعات تجربی حسابداری مالی، 7(26)، 101-121. doi: 10.22054/qjma.2009.6934.
مرادزاده فرد، مهدی و عدیلی، مجتبی . (1391). بررسی رابطه ی بین مالکیت نهادی سهام و عملکرد سرمایه‌ی فکری در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. پیشرفت‌های حسابداری، 3(2)، 141-162. doi: 10.22099/jaa.2012.510.
مرادی، پ.، ؛ وهابی، س. (۱۴۰۰). بررسی تأثیر تحول دیجیتال بر عملکرد مالی شرکت‌های بیمه. در مجموعه مقالات بیست و هشتمین همایش بیمه و توسعه (ص. ۱۶۵–۱۷۶).
نوروزی، ر.، و رادمنش، ک. (1400). شناسایی موانع تحول دیجیتال در بانکداری ایران با رویکرد کیفی. فصلنامه راهبردهای نوین در مدیریت، 8(3)، 112–130
. References Aghion, P., Antonin, C., & Bunel, S. (2015). Industrial policy and competition. American Economic Association Papers and Proceedings, 105(5), 296–301. https://doi.org/10.1257/pandp.20151001.
Berle, A. A., & Means, G. C. (1932). The Modern Corporation and Private Property. New York: Harcourt, Brace & World.
Bharadwaj, A. (2000). A resource-based perspective on IT capability and firm performance. MIS Quarterly, 24(1), 169–196.
Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. (2013). Digital business strategy: Toward a next generation of insights. MIS Quarterly, 37(2), 471–482. https://doi.org/10.25300/MISQ/2013/37.2.02.
Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior.
Chen, Y., Luo, H., Chen, J. (2022). Building data-driven dynamic capabilities to arrest knowledge hiding: a knowledge management perspective, J. Bus. Research 139 (2022) 1138–1154.
Chesbrough, H. W. (2003). Open Innovation: The New Imperative for Creating and Profiting from Technology. Harvard Business School Press.
Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate performance. JFE, 83(3), 599–634.
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences.
Dong, T., Yin, S., Zhang, N. (2023). The interaction mechanism and dynamic evolution of digital green innovation in the integrated green building supply chain, Systems 11 (3) (2023) 122, https://doi.org/10.3390/systems11030122.
García-Sánchez, J. A., Hussain, N., Khan, S. A., & Martínez-Ferrero, J. (2021). Assurance of corporate social responsibility reports: Examining the impact on CSR decoupling. Corporate Social Responsibility and Environmental Management, 28(1), 142–156. https://doi.org/10.1002/csr.2186.
Gillan, S. L., & Starks, L. T. (2013). Getting the incentives right: Backfilling and biases in executive compensation. Working Paper, University of Texas at Austin. Retrieved from https://cfr.ivo-welch.info/published/papers/cfr-017.pdf.
Gillan, S. L., Hartzell, J. C., Koch, A., & Starks, L. T. (2018). Getting the incentives right: Backfilling and biases in executive compensation data. Review of Financial Studies, 31(4), 1460–1498. https://doi.org/10.1093/rfs/hhx109.
Hanninen, M., Smedlund, A. (2021). Same old song with a different melody: the paradox of market reach and financial performance on digital platforms, J. Manag. Stud. 58 (7) (2021) 1832–1868.
Henry, D. (2010). Agency costs, ownership structure and corporate governance compliance: A private contracting perspective. Pacific Accounting Review, 22(2), 153–175. https://doi.org/10.1108/01140581011074543.
Hossnofsky, V., Junge, S. (2019). Does the market reward digitalization efforts? Evidence from securities analysts’ investment recommendations. Journal of Business Economics, 89:65-94.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. JFE, 3(4), 305–360.
Knudsen, E.S., Lien, L.B., Timmermans, B., Belik, I., Pandey, S. (2021). Stability in turbulent times? The effect of digitalization on the sustainability of competitive advantage. Journal of Business Research 128: 260-369.
Kong, D., Zhang, Y., & Liu, X. (2020). Trade credit and corporate digital transformation: The role of CEO–supplier hometown ties. Journal of Financial Research, 43(3), 537–561. https://doi.org/10.1111/fire.12384.
Lee, & Shin,. (2022). Digital transformation in service industries. Service Business. https://doi.org/10.1007/s11628-022-00516-6.
Li, G.Q., Jin, Y.P., Gao, X. (2023). Digital transformation and pollution emission of enterprises: evidence from China’s micro-enterprises, En. Reports 9 (2023) 552–567.
Liu, S., Zhao, H., Kong, G. (2023). Enterprise digital transformation, breadth of ownership and stock price volatility. International Review of Financial Analysis Volume 89, October 2023, 102713.
Liu, X., Zhang, Y., & Kong, D. (2016). Trade credit and corporate digital transformation: The role of CEO–supplier hometown ties. Journal of Financial Research, 43(3), 537–561. https://doi.org/10.1111/fire.12384.
Reaad, A., Khan, M. T. I., & Naz, S. (2020). Corporate governance and firm performance: Evidence from listed firms of Pakistan. International Journal of Business and Social Science, 11(4), 15–27.
Ricci, F., Scafarto, V., Ferri, S., Tron, A. (2020). Value relevance of digitalization: The moderating role of corporate sustainability. An empirical study of Italian listed companies. Journal of Cleaner Production, 276: 123282.
Shen, Y., Zhang, X. (2023). Intelligent manufacturing, green technological innovation and environmental pollution, J. Innov. Knowl. 8 (3) (2023), 100384, https://doi. org/10.1016/j.jik.2023.100384.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. JPE, 94(3), 461–488.
Smith, C., Smith, J.B., Shaw, E. (2017). Embracing digital networks: entrepreneurs’ social capital online, J. Bus. Ventur. 32 (1) (2017) 18–34, https://doi.org/10.1016/j. jbusvent.2016.10.003.
Solomon, J. (2007). Corporate governance and accountability (1st ed.). Wiley.
Teece, D. J. (2007). Explicating dynamic capabilities. Strategic Management Journal, 28(13), 1319–1350.
Verhoef, P.C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabian, N., Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122: 889-901.
Vial, G. (2019). Understanding digital transformation: A review and research agenda. JSIS, 28(2), 118–144.
Wang, W., Hu, R., Zhang, C., Shen, Y. (2023). Impact of common institutional ownership on enterprise digital Transformation—Collaborative governance or collusion fraud?. Heliyon 9 (2023) e21641.
Westerman, G., Bonnet, D., & McAfee, A. (2011). Digital Transformation: A Roadmap for Billion-Dollar Organizations. MIT Sloan.
Yan, L., Ling, X., Wang, Z., Xu, Y. (2023). Can mixed-ownership reform boost the digital transformation of state-owned enterprises? Econ. Anal. Pol. (2023) https://doi. org/10.1016/j.eap.2023.05.012.
Yin, S., Yu. Y.Y. (2023). An adoption-implementation framework of digital green knowledge to improve the performance of digital green innovation practices for industry 5.0, J. Cle. Production 363 (2022), 132608, https://doi.org/10.1016/j.jclepro.2022.132608.