ارائه مدل بهینه بهره‌وری کل بر اساس بهبود تركيب مالكيت و كارايي نظارتي مديران مستقل

محورهای موضوعی : مدیریت دولتی

امیر لعلی سرابی ¹ (استادیار گروه مدیریت دولتی، دانشگاه پیام نور، تهران، ایران. )
ناصر برخوردار ² (استادیارگروه مدیریت دولتی، دانشگاه پیام نور، تهران، ایران)
قاسم زارعی ³ (دانشیارگروه مدیریت، دانشگاه محقق اردبیلی، اردبیل، ایران. )

تاریخ دریافت : 1402/02/20 تاریخ پذیرش : 1402/06/21 تاریخ انتشار : 1403/04/13

کلید واژه: بهره¬وری, بورس اوراق بهادار تهران, ترکیب مالکیت, كارايي نظارتي مديران مستقل.,

چکیده مقاله :

هدف پژوهش حاضر ارائۀ مدلی بهینه برای بهره¬وری کل بر اساس تركيب مالكيت و كارايي نظارتي مديران مستقل شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران بود. این پژوهش ازنظر هدف، کاربردی و روش مورداستفاده آن، توصيفي از نوع قیاسی - استقرایی بود. برای تجزیه‌وتحلیل اطلاعات از روش داده‌های پانل و جهت آزمون فرضیه¬ها از آزمون¬های رگرسیون خطی چندگانه در نمونه¬ای متشکل از 80 شرکت منتخب¬ پذیرفته شده در بورس اوراق بهادار تهران در دوره زمانی 1400–1393 استفاده شد. در این پژوهش برای سنجش شاخص بهره¬وری از دو متغیر نرخ بازده حقوق صاحبان سهام و نسبت ارزش دفتری به ارزش بازاری استفاده شد. نتایج برآورد مدل‌های پژوهش نشان داد: هنگامی که متغیر نرخ بازده حقوق صاحبان سهام به¬عنوان شاخص بهره¬وری در نظر گرفته می‌شود، ترکیب مالکیت اثر منفی (48/0-) بر بهره¬وری داشته، به¬طوری¬که هرچقدر میزان تمرکز مالکیت در سهام‌داران نهادی شرکت بیشتر باشد، موجب کاهش بهره¬وری شرکت‌ها به طور معنی¬داری می¬شود. ولی افزایش تعداد اعضای غیر¬موظف نسبت به کل اعضای هیئت‌مدیره به¬عنوان شاخص کارایی نظارتی مدیران مستقل، تأثیر معنی‌داری بر بهره¬وری ندارد (227/0=sig). به ترتیب میزان تأثیر اهرم مالی و اندازۀ شرکت بر بهره¬وری به طور منفی و مثبت معنی¬دار ارزیابی شد. هنگامی که نسبت ارزش دفتری به ارزش بازاری به‌عنوان شاخص بهره‌وری در نظر گرفته می¬شود، ترکیب مالکیت بر بهره¬وری اثر منفی داشته و تأثیر افزایش کارایی نظارتی مدیران مستقل بر بهره¬وری به‌صورت مثبت و معنی‌داری ارزیابی شد. نتیجه آن که کاهش تمرکز مالکیت توسط مدیران و افزایش تعداد اعضای هیئت‌مدیره غیرموظف موجب ارتقای بهره‌وری می شود.

چکیده انگلیسی:

The aim of the current research was to present an optimal model for total productivity based on the combination of ownership and supervisory efficiency of independent managers of companies listed on the Tehran Stock Exchange. This research was a descriptive-deductive description in terms of its practical purpose and the method used. In order to analyze the data using the panel data method and to test the hypotheses, multiple linear regression tests were conducted in a sample consisting of 80 selected companies admitted to the Tehran Stock Exchange in the period of 1393-1400. In this research, the rate of return on equity and the ratio of book value to market value were used to measure the productivity index. The results of the estimation of the research models showed that when the variable rate of return on equity is considered as a productivity index, the composition of ownership has a significant negative effect on productivity. In fact, greater concentrated ownership in the institutional and major shareholders of the company causes a significant decrease in the productivity of companies; however, the increase in the number of non-commissioned members compared to the total number of board members as an indicator of the supervisory efficiency of independent directors does not have a significant effect on productivity. The effects of financial leverage and company size on the productivity of companies were found to be both negative and positive, that is, when the variable of the ratio of book value to market value is considered as a productivity index, ownership composition has a negative effect on productivity, but the effect of increasing the supervisory efficiency of independent managers on productivity was found to be significantly positive. As a result, reducing the concentration of managers’ ownership and increasing the number of non-commissioned board members can improve productivity.

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