افشاء سازوکارهای توسعه پایدار، تنوع‌بخشی محصولات و کارایی سرمایه‌گذاری: بررسی نقش تعدیل‌گر حاکمیت شرکتی

محورهای موضوعی : نقش حسابداری و حسابرسی در انضباط و سلامت مالی

سوگند زاهدیان فرد ¹ , اعظم شکری چشمه سبزی ²

1 - گروه حسابداری، واحد کرج، دانشگاه آزاد اسلامی، کرج، ایران
2 - گروه حسابداری، واحد کرج، دانشگاه آزاد اسلامی، کرج، ایران

تاریخ دریافت : 1404/06/26 تاریخ پذیرش : 1404/09/29 تاریخ انتشار : 1404/08/23

کلید واژه: تنوع بخشی محصولات, سازوکارهای توسعه پایدار, کارایی سرمایه‌گذاری, کیفیت حاکمیت شرکتی,

چکیده مقاله :

هدف: هدف از تحقیق پیش رو بررسی رابطه میان افشاء سازوکارهای توسعه پایدار و تنوع بخشی محصولات با کارایی سرمایه‌گذاری است، همچنین به نقش تعدیل‌گری کیفیت حاکمیت شرکتی بر رابطه افشاء سازوکارهای توسعه پایدار و کارایی سرمایه‌گذاری نیز پرداخته شده است.

روش‌شناسی: این پژوهش از نظر هدف کاربردی و با رویکرد پس‌رویدادی، مبتنی بر اطلاعات گذشته، انجام گرفت. از لحاظ ماهیت و روش، به عنوان یک مطالعه توصیفی-همبستگی شناخته می‌شود. در این تحقیق جامعه آماری را شرکت‌های پذیرفته ‌شده در بورس تهران طی سال‌های 1395- 1402 تشکیل دادند که از طریق حذف سیتماتیک 112 شرکت به عنوان نمونه مورد بررسی قرار گرفت. به منظور آزمون فرضیه‌های مدل داده‌های ترکیبی با استفاده از رگرسیون خطی چندگانه انجام گرفته است.

یافته‌ها: نتایج نشان داد که افشاء سازوکارهای توسعه پایدار بر کارایی سرمایه‌گذاری رابطه مستقیم و مثبت دارد. اگر چه متغیر کیفیت حاکمیت شرکتی رابطه مثبتی با کارایی سرمایه‌گذاری داشت، اما به عنوان متغیر تعدیل‌گر میان سازوکارهای توسعه پایدار و کارایی سرمایه‌گذاری رابطه معناداری را ایفا نکرد؛ همچنین رابطه میان تنوع بخشی محصولات بر کارایی سرمایه‌گذاری نیز معنادار نبود.

دانش افزایی: نتایج این پژوهش ضمن تأیید کارکرد مثبت و مستقیم سازوکارهای توسعه پایدار بر کارایی سرمایه‌گذاری، نشان داد که این اثر مستقل از سطح کیفیت حاکمیت شرکتی عمل می‌کند و همچنین به فعالان بازار صنعت و تولید توصیه می‌شود به جای تمرکز صرف بر گسترش راهبردهای تنوع ‌بخشی فاقد ارزش آفرینی، استراتژی‌های خود را بر بهبود کیفیت افشا، پاسخ‌ گویی مؤثر به ذینفعان متمرکز نمایند.

چکیده انگلیسی:

Purpose: The purpose of this study is to examine the relationship between the disclosure of Environmental, Social, and Governance (ESG) mechanisms and product diversification with investment efficiency. Additionally, the moderating role of corporate governance quality on the relationship between the disclosure of Environmental, Social, and Governance mechanisms and investment efficiency is also examined.

Methodology: This research is applied in purpose and ex-post facto in nature, relying on historical data. From the perspective of methodology, it is classified as a descriptive-correlational study. The statistical population consists of companies listed on the Tehran Stock Exchange during the years 2016–2023, from which 112 firms were selected through systematic elimination as the final sample. To test the hypotheses, panel data regression with multiple linear regression models was employed.

Findings: The results indicated that disclosure of ESG mechanisms has a direct and positive relationship with investment efficiency. Although corporate governance quality itself showed a positive relationship with investment efficiency, it did not play a significant moderating role in the relationship between ESG mechanisms and investment efficiency. Moreover, the hypothesis regarding the effect of product diversification on investment efficiency was also found to be insignificant.

Originality: The results of this study, while confirming the positive and direct effect of ESG mechanisms on investment efficiency, indicated that this effect operates independently of the level of corporate governance quality. It is also recommended to market participants in the industry and production sectors that, instead of focusing solely on implementing diversification strategies that do not create value, they should concentrate their efforts on improving disclosure quality and effectively responding to stakeholders.

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