تنوع هیات مدیره (رابطه محور و وظیفه محور) و ریسک سقوط قیمت سهام: با تاکید بر نقش مالکیت نهادی
محورهای موضوعی : فصلنامه تحلیل بازار سرمایه
سلیمان کریمی شهنی
1
,
اله کرم صالحی
2
,
موسی باقری کاهکش
3
,
سمیرا هاشمی بلمیری
4
1 - گروه حسابداری، واحد مسجدسلیمان، دانشگاه آزاد اسلامی، مسجدسلیمان، ایران.
2 - گروه حسابداری ، واحد مسجدسلیمان، دانشگاه آزاد اسلامی ، مسجدسلیمان، ایران.
3 - گروه حسابداری، واحد مسجد سلیمان، دانشگاه آزاد اسلامی، مسجد سلیمان، ایران.
4 - گروه مدیریت بازرگانی، واحد بین المللی خرمشهر- خلیج فارس، دانشگاه آزاد اسلامی، خرمشهر، ایران.
کلید واژه: تنوع هیات مدیره, ریسک سقوط قیمت سهام, مالکیت نهادی,
چکیده مقاله :
این پژوهش به بررسی تاثیر مالکیت نهادی بر رابطه تنوع هیات مدیره و ریسک سقوط قیمت سهام در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است است. نمونه آماری پژوهش متشکل از 115 شرکت طی بازه زمانی 1395 الی 1401 می‌باشد. آزمون فرضیه‌های پژوهش با استفاده از رگرسیون چندمتغیره با رویکرد داده‌های تابلویی انجام شده است. تنوع هیات مدیره شامل تنوع رابطه محور (جنسیت و سن) و تنوع وظیفه محور (تحصیلات و مسئولیت) می‌باشد. نتایج پژوهش نشان داد که تنوع هیات مدیره رابطه محور و وظیفه محور باعث کاهش خطر سقوط قیمت سهام می¬شود که مطابق تئوری نمایندگی می‌باشد که بیان می¬کند یک هیات مدیره متنوع می‌تواند نظارت بر مدیریت را افزایش دهد و شرکت‌های با تنوع هیات مدیره، تمایل دارند اطلاعات بیشتری را منتشر کنند که باعث کاهش عدم تقارن اطلاعاتی، هزینه‌های نمایندگی و کاهش خطر سقوط قیمت سهام می¬شوند. همچنین نتایج نشان داد که وجود مالکان نهادی باعث تشدید رابطه منفی بین تنوع هیات مدیره با خطر سقوط قیمت سهام می¬شود. به عبارتی با افزایش مالکیت نهادی و تنوع هیات مدیره، هم از نظر رابطه و هم از نظر وظیفه و بدلیل نظارت فعال آن‌ها، تصمیمات مدیران در جهت افزایش افشای اخبار بد و خوب به صورت همزمان شرکت خواهد بود و از تصمیماتی که باعث افزایش خطر سقوط قیمت سهام شرکت می¬شود، اجتناب می¬کنند.
Abstract This study examines the impact of institutional ownership on the relationship between board diversity and the stock price crash risk in companies listed on the Tehran Stock Exchange. The sample consists of 115 companies during the period from 2016 to 2022. The research hypotheses were tested using multivariate regression with panel data approach. The board diversity includes relationship-oriented diversity (gender and age) and task-oriented diversity (education and responsibility).The results suggest that the board diversity of relation-oriented and task-oriented reduces the stock price crash risk, which is in accordance with the agency theory that a board diversity can increase management oversight, and companies with diversified board, tend to publish more information, which reduces information asymmetry, agency costs and the stock price crash risk. The results also indicate that the presence of institutional owners intensify the negative relationship between board diversity and the stock price crash risk. In other words, with the increase of institutional ownership and board diversity, both in terms of relation and task and due to their active supervision, managers' decisions to increase the disclosure of good and bad news at the same time will be and they avoid from decisions that increase the stock price crash risk.
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