Social Responsibility and Investment Efficiency: The Moderating Role of the Type of Business Strategy of the Company (Case Study: Companies Listed On the Tehran Stock Exchange)

Subject Areas : Jounal of Marketing Management

dariush  tahmasebi aghbelaghi ¹ (Ph.D. in business administration, visiting professor, faculty of commerce and finance, University of Tehran)
maisam  faraji ² (Master of Financial Management, University of Tehran, Tehran, Iran)
amir  cheraghi ³ (Master of MBA, Kharazmi University, Tehran, Iran)

Received: 2022-08-26 Accepted : 2022-10-13 Published : 2022-10-23

Keywords: Business Strategy, Investment Efficiency, Corporate social responsibility,

Abstract :

Introduction: Today, one of the effective factors for sustainable economic growth and development is efficient investment that can create value for shareholders. The purpose of this research is to investigate the relationship between social responsibility and investment efficiency. Methods: To test the research hypotheses, a multiple linear regression model based on panel data has been used. Results: The results of a survey of 140 companies listed on the Tehran Stock Exchange during the period 2013 to 2021 indicate that there is a negative and significant relationship between disclosure of corporate social responsibility information and investment efficiency, and in the years when disclosure of corporate social responsibility information is more The level of investment efficiency has been lower. Conclusion: The results showed that there is a positive and significant relationship between aggressive strategy and over-investment and in the years that the company has chosen an offensive strategy, there has been more investment in the company. There is also a positive and significant relationship between defensive strategy and low investment, and in the years that the company has chosen a defensive strategy, there has been less investment in the company. The results also showed that corporate social responsibility has a negative and significant effect on the relationship between aggressive strategy and over-investment and in years when the disclosure of corporate social responsibility information has been more, the impact of aggressive strategy on over-investment is weak. In addition, corporate social responsibility has a positive and significant effect on the relationship between defensive strategy and over-investment, and in years when the disclosure of corporate social responsibility information has been more, the effect of defensive strategy on over-investment is strengthened.

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