تأثیر عملکرد پایداری شرکتهای همتا بر عملکرد پایداری شرکت
محورهای موضوعی : پژوهش های مالی و رفتاری در حسابداریرویا شمسی 1 , محمد مهدی بینایی 2
1 - گروه حسابداری، واحد شاهین شهر، دانشگاه آزاد اسلامی، شاهین شهر، ایران.
2 - حسابداری، دانشکده حسابداری، گروه حسابداری، دانشگاه آزاد اسلامی واحد شاهین شهر
کلید واژه: اثرات همتا, پایداری شرکتی, اندازه شرکت ,
چکیده مقاله :
امروزه عملکرد پایداری شرکتها، که ابعاد محیطی، اجتماعی و حاکمیت شرکتی را در بر گرفت، به یکی از مهمترین شاخصهای ارزیابی موفقیت بنگاهها در بازارهای سرمایه تبدیل شد. ذینفعان مختلف از جمله سرمایهگذاران، نهادهای ناظر و جامعه، نهتنها به نتایج مالی شرکتها، بلکه به نحوه مدیریت پیامدهای زیستمحیطی، مسئولیتهای اجتماعی و ساختارهای حاکمیت شرکتی نیز توجه فزایندهای نشان دادند. ادبیات اخیر نشان داد که عملکرد پایداری شرکتهای همتا با ایجاد سرریزهای اطلاعاتی، فشار مشروعیت و نوعی «رقابت پایداری»، بر انتخابهای راهبردی سایر شرکتها در حوزه محیط زیست، مسئولیت اجتماعی و حاکمیت شرکتی اثر گذاشت. بر این اساس، این پژوهش تأثیر عملکرد پایداری شرکتهای همتا بر عملکرد پایداری شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران را بررسی کرد. برای این منظور، ۱۱۴ شرکت تولیدی فعال در بورس اوراق بهادار طی بازه زمانی ۱۳۹۲ تا ۱۴۰۲ بهعنوان جامعه آماری در نظر گرفته شد. این پژوهش از نظر هدف کاربردی بود و برای تجزیهوتحلیل دادهها از روش رگرسیون خطی چندگانه استفاده شد. یافتههای فرضیه پژوهش نشان داد که عملکرد پایداری شرکتهای همتا بر عملکرد پایداری شرکت تأثیر مثبت و معناداری داشت. نتایج حاصل از فرضیه پژوهش را میتوان از منظر نظریه یادگیری سازمانی و نظریه همسویی اجتماعی تفسیر کرد. براساس این نظریهها، عملکرد همتایان بهعنوان محرک قوی برای اصلاح رفتارها و راهبردهای پایداری در شرکت کانونی عمل کرد. ماهیت غیرقابل پیشبینی بازده سرمایهگذاری شرکتی، با در نظر گرفتن درک ریسک و فرض ریسک، نقش اساسی در تصمیمگیری سرمایهگذاری شرکتها، بهویژه در زمینه پایداری مانند سرمایهگذاری در حوزههای مختلف زیستمحیطی، اجتماعی و حاکمیتی ایفا کرد. تحت چنین زمینه و عدم قطعیتهایی، اثرات همتا دیدگاه مدیران را در مورد ریسک و تحمل آنها برای ریسکپذیری در اجرای پروژههای مرتبط با پایداری شرکتی شکل داد.
Today, corporate sustainability performance, which encompasses environmental, social, and corporate governance dimensions, has become one of the most important indicators for evaluating the success of firms in capital markets. Various stakeholders, including investors, regulators, and society, have paid increasing attention not only to the financial results of companies, but also to how they manage environmental impacts, social responsibilities, and corporate governance structures. Recent literature has shown that the sustainability performance of peer companies affects the strategic choices of other companies in the areas of environment, social responsibility, and corporate governance by creating information spillovers, legitimacy pressure, and a kind of “sustainability competition.” Accordingly, this study examined the impact of peer companies’ sustainability performance on the sustainability performance of companies listed on the Tehran Stock Exchange. For this purpose, 114 manufacturing companies active on the Tehran Stock Exchange during the period 2013 to 2024 were considered as the statistical population. This research was applied in terms of purpose and multiple linear regression method was used for data analysis. The findings of the hypothesis of the research showed that the sustainability performance of peer companies had a positive and significant effect on the sustainability performance of the company. The results of the research hypothesis can be interpreted from the perspective of organizational learning theory and social alignment theory. According to these theories, the performance of peers acted as a strong driver for modifying sustainability behaviors and strategies in the focal company. The unpredictable nature of corporate investment returns, taking into account risk perception and risk assumption, played a fundamental role in corporate investment decisions, especially in the field of sustainability such as investing in various environmental, social and governance areas. Under such a context and uncertainties, peer effects shaped managers' views on risk and their tolerance for risk-taking in implementing projects related to corporate sustainability.
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