چرخه عمر شرکت، منابع مالی سازمانی و مسئولیت اجتماعی شرکت‏ها

محورهای موضوعی : حسابداری مدیریت

فریدون رهنمای رودپشتی ¹ , آناهیتا زندی ²

1 - استاد-گروه حسابداری و مدیریت-دانشگاه علوم تحقیقات-تهران-ایران
2 - دانشجوی دکترای گروه حسابداری، دانشکده علوم انسانی، واحد سمنان، دانشگاه آزاد اسلامی، سمنان، ایران

تاریخ دریافت : 1401/04/25 تاریخ پذیرش : 1401/04/25 تاریخ انتشار : 1401/03/01

کلید واژه: چرخه عمر شرکت, مسئولیت اجتماعی شرکت, منابع ما,

چکیده مقاله :

هدف پژوهش حاضر بررسی تاثیر چرخه عمر شرکت، منابع مالی سازمانی و مسئولیت اجتماعی شرکت است. این پژوهش با استفاده از داده های سالانه شرکت های پذیرفته شده در بورس اوراق بهادار تهران طی دوره 1390-1396انجام پذیرفت.جهت آزمون فرضیه‌های پژوهش از رگرسیون خطی چند متغیره مبتنی بر داده‌های تابلویی بهره گرفته شده است. نتایج تجربی نشان می دهندکه مرحله بلوغ از چرخه عمر شرکت رابطه معنادار و مثبتی با مشارکت درفعالیت های مسئولیت اجتماعی شرکت دارد.هم چنین اندازه بزرگ تر، سودآوری بیشتر، و منابع بلا استفاده بیشتر رابطه مثبت بین چرخه عمر شرکت و فعالیت های مسئولیت اجتماعی شرکت را تعدیل می کند.

چکیده انگلیسی:

This study examines the association between the corporate life cycle and corporate social responsibility (CSR). This research has been carried out using annual data of companies accepted in Tehran Stock Exchange during the period of 2011-2017. For testing of research hypotheses, multivariate linear regression has been used based on panel data. Empirical results show that the maturity stage of the company's life cycle has a significant and positive relationship with participation in corporate social responsibility activities.. Our results show that size, profitability and slack resources moderate the association between the corporate life cycle and CSR

منابع و مأخذ:

• -الهیاری، عباس، پورزمانی، زهرا، ترابی، تقی. (1397). اثربخشی ابعاد حاکمیت شرکتی بر رابطه مسئولیت اجتماعی و عدالت مالیاتی. حسابداری مدیریت، 11(38)، 27-46.


• -امیرحسینی، زهرا، قبادی، معصومه. (1395). گزارشگری مسئولیت اجتماعی،عملکرد مالی و مالکیت نهادی. حسابداری مدیریت، 9(28)، 55-66.


• -راجی زاده، سپیده؛ سیمین راجی زاده و حجت اله زنگی آبادی، ۱۳۹۴، افشای اطلاعات حسابداری پیرامون مسئولیت اجتماعی شرکت هابر اساس تئوری ذینفعان، چهارمین کنفرانس ملی و دومین کنفرانس بین المللی حسابداری و مدیریت، تهران، شرکت خدمات برتر


• -زندی، اناهیتا، فغانی ماکرانی، خسرو. (1397). بررسی تاثیر عملکرد اجتماعی، زیست محیطی (محیطی) و اخلاقی بر عملکرد مالی شرکت‌های پذیرفته شده در بورس اوراق بهادار. دانش حسابداری و حسابرسی مدیریت، 7(26)، 145-158


• -صنوبر، ناصر، خلیلی، مجید، ثقفیان، حامد. (1389). بررسی رابطه ی بین مسئولیت پذیری اجتماعی با عملکرد مالی شرکت‏ها. کاوش‏های مدیریت بازرگانی، 2(4)، 52-28


• -عبدلی، محمدرضا؛ حمید پناهی و فاطمه رحیمیان، (۱۳۹۲)، بررسی تاثیر ترکیب هیات مدیره و ساختار مالکیت بر میزان مسئولیت پذیری اجتماعی شرکت‏ها در شرکت‏های پذیرفته شده در بورس اوراق بهادار تهران، دهمین کنفرانس بین‏المللی مدیریت استراتژیک.


• -گرمسیری، صدیقه، وکیلی فرد، حمیدرضا، طالب‌نیا، قدرت‌اله. (1396). بررسی اثر کیفیت گزارشگری مسئولیت اجتماعی شرکتها، ویژگیهای حاکمیت شرکتی، عملکرد مالی، بر شهرت اجتماعی شرکت های پذیرفته شده در بورس اوراق بهادار تهران. حسابداری مدیریت، 10(35)، 31-43.


• -وحیدی الیزایی، ابراهیم و ماندانا فخاری، (1394). تاثیر مسئولیت پذیری اجتماعی شرکتی بر عملکرد مالی شرکت، دومین کنفرانس بین‏المللی پژوهش‏های نوین در مدیریت، اقتصاد و حسابداری، کوالالامپور-مالزی، موسسه سرآمد کارین.


• -Amihud, Y., Lev, B. )1981(. Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 12(2), 605–617.


• -Artiach, T., Lee, D., Nelson, D., & Walker, J. (2010). The determinants of corporate sustainability Account. Finance 50(1), 31-51.


• -Barnea, A., & Rubin, A.,) 2010(. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.


• -Barney, J. (1991). Firm resources and sustained competitive advantage. J. Manage. 17 (1), 99-120.


• -Benlemlih, M., Shaukat, A., Qiu, Y., & Trojanowski, G. (2016). Environmental and social disclosures and firm risk. Journal of Business Ethics, 1-14


• -Bender, R., & K. Ward. (1993). Corporate Financial Strategy. Oxford: Butterworth-Heinemann.


• -Berger, A., & Udell, G. (1998). The economics of small business finance: The roles of private equity


• and debt markets in the financial growth cycle. J. Bank. Finan. 22(6), 613-673.


• -Borghesi, R., Houston, J. F., Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interest. Journal of Corporate Finance, 26, 164-81.


• -Bouslah, K., Kryzanowski, L., M’Zali, B.,) 2013(. The impact of the dimensions of social performance on firm risk. Journal of Banking & Finance, 37(4), 1258-1273.


• -Bouslah, K., Linares-Legarra, J., L., M’Zali, B., Scholtens, B.,) 2018(. CEO risk-taking incentivesand socially irresponsible activities. The British Accounting Review, 50, 76-92.


• -Boyallian, P., & Ruiz-Verdú, P. (2015). CEO risk-taking incentives and bank failure during the 2007-2010 financial crisis.


• -Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73-95.


• -Cai, Y., Jo, H., Pan, C.,) 2011(. Vice or virtue? The impact of corporate social responsibility on executive compensation. Journal of Business Ethics, 104(2), 159-173.


• -Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional


• theory of corporate social responsibility. Acad. Manage. Rev. 32(3), 948–967.


• -Chakraborty, A., Gao, L. S., & Sheikh, S. (2018). Managerial risk taking incentives, corporate social responsibility and firm risk. Journal of Economics and Business.


• -Chih, H. L., Chih, H. H., & Chen, T. Y. (2010). On the determinants of corporate social responsibility: International evidence on the financial industry. J. Bus. Ethics 93(1), 115-135.


• -Cheng, H., Hong, H., Scheinkman, J. (2015). Yesterday's heroes: Compensation and creativerisk-taking, Journal of Finance, 70, 839–879.


• -Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2011). Does it really pay to be green? Determinants and consequences of proactive environmental strategies. J. Account. Public Policy 30(2), 122-144.


• -Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. (2013). The relevance of environmental disclosures: Are such disclosures incrementally informative?. J. Account. Public Policy 32(5), 410-431.


• -

 

• Coles, J. L., Daniel, N. D., Naveen, L. )2006(. Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468.


• -Cooper, S. (2004). Corporate social performance: A stakeholder approach (p. 13). Aldershot: Ashgate.


• -Cormier, D., & Magnan, M. (1999). Corporate environmental disclosure strategies: determinants, costs and benefits. J. Account. Audit. Finance 14(4), 429-451.


• -Crifo, P., Forget, V.D. (2015). The economics of corporate social responsibility: A firm‐level perspective survey. Journal of Economic Surveys, 29, 112-130.


• -Cronqvist, H., Heyman, F., Nilsson, M., Svaleryd, H., Vlachos, J. )2009(. Do entrenched managers pay their workers more? Journal of Finance, 64(1), 309-339.


• -DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. J. Financ. Econ. 81(2), 227-254.


• -Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. Account. Rev. 86(6), 1969-1994.


• -Deckop, J. R., Merriman, K. K., Gupta, S. )2006(. The effects of CEO pay structure on corporate social performance. Journal of Management, 32, 329-342.


• -El Ghoul, S., Guedhami, O., Kwok, C.C. and Mishra, D. )2011(. Does corporate socialresponsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), pp.2388-2406.


• -Erhemjamts, O., Li, Q., Venkateswaran, A.,) 2013(. Corporate social responsibility and its impacton firms’ investment policy, organizational structure, and performance. Journal of Business Ethics, 118 (2), 395-412.
  
  
  
  • Faff, R. W., Chun Kwok, W., Podolski, E. J., & Wong, G. (2016). Do corporate policies follow a lifecycle?, Bank. Finan. 69, 95-107.
  
  
  
  


• -Fabrizi, M., Mallin, C., Michelon, G.,) 2014(. The role of CEO’s personal incentives in driving corporate social responsibility. Journal of Business Ethics, 124(2), 311-326.


• -Freeman, R. E. )1984(. Strategic management: A stakeholder perspective. Boston, MA: Pitma Publishing Inc.


• -Freeman, R. E., McVea, J.,) 2001(. A stakeholder approach to strategic management. Hitt, M. Freeman, R. E., Harrison, J. S. (Eds.), Handbook of Strategic Management. Blackwell, Oxford, 189–207.


• -Freeman,R. E., Wicks, A. C., Parmar, B. )2004(. Stakeholder theory and “the corporate objective revisited”. Organization Science, 15(3), 364-369.


• -Friend, I., Lang, L. H. )1988(. An empirical test of the impact of managerial self‐interest oncorporate capital structure. The Journal of Finance, 43(2), 271-281.


• -Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine13, 32–33.


• -Garcia-Castro, R., Ariño, M. A. Canela, M. A.,) 2010(. Does social performance really lead to financial performance? Accounting for endogeneity. Journal of Business Ethics, 92(1), 107-126.


• -Godfrey, P. C., Merrill, C. B., Hansen, J. M., )2009(. The relationship between corporate socialresponsibility and shareholder value: An empirical test of the risk management hypothesis.Strategic Management Journal, 30(4), 425-445.


• -Guay, W. R. )1999(. The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and Journal of Financial Economics, 53(1), 43-71.


• -Grant, R. M. (1991). The resource-based theory of competitive advantage. Strategy: Critical Perspectives on Business and Management, 135 (Spring), 114-135.
  
  
  
  • Habib, A., & Hasan, M. M. (2015). Firm life cycle, corporate risk‐taking and investor sentiment. Finance, forthcoming.
  
  
  
  


• -Harjoto, M., Laksmana, I., )2016(. The Impact of Corporate Social Responsibility on Risk Taking and Firm Value. Journal of Business Ethics, 1-21.
  
  
  
  • Hasan, M. M., Hossain, M., Cheung, A., & Habib, A. (2015). Corporate life cycle and cost of equity J. Contemp. Account. Econ. 11(1), 46-60.
  
  
  
  


• -Hasan, M. M., Al-Hadi, A., Taylor, G., & Richardson, G. (2016). Does a Firm’s Life Cycle Explain Its Propensity to Engage in Corporate Tax Avoidance?. Europ. Acc. Rev. forthcoming.


• -Hasan, M. M., & Habib, A. (2017). Corporate life cycle, organizational financial resources and corporate social responsibility. Journal of Contemporary Accounting & Economics, 13(1), 20-36.


• -Hawn, O., Chatterji, A., & Mitchell, W. (2011). Two coins in one purse? How market legitimacy affects the financial impact of changes in social legitimacy: Addition and deletion by the Dow Jones Sustainability Index, Working Paper, Duke University.


• -Hay, R. D., & Ginter, P. (1979). Strategies for maintaining a share of the market. In annual meeting of the Southern Academy of Management, Atlanta.


• -Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource-based view: capability lifecycles. Manage. J. 24 (10), 997-1010.


• -Hull, C. E., & Rothenberg, S. (2008). Firm performance: The interactions of corporate social performance with innovation and industry differentiation. Strateg. Manage. J. 29(7), 781-789.


• -Jensen, M. C., Meckling, W. H., )1976(. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.


• -Jensen, M. C., )2001(. Value maximization, stakeholder theory, and the corporate objective function.Journal of Applied Corporate Finance, 14(3), 8–21.


• -Jo, H., Na, H., )2012(. Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441-456.


• -Jovanovic, B. (1982). Selection and the evolution of industry. Econometrica, 50 (3), 649-670.


• Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. J. Bank.Finan. 43, 1-13.


• -Karim, K., Lee, E., & Suh, S. (2018). Corporate social responsibility and CEO compensation structure. Advances in Accounting.
  
  
  
  • Li, T., Munir, Q., & Karim, M. R. A. (2017). Nonlinear relationship between CEO power and capital structure: Evidence from China's listed SMEs. International Review of Economics & Finance, 47, 1-21.
  
  
  
  


• -Low, A., )2009(. Managerial risk-taking behavior and equity-based compensation. Journal of Financial Economics, 92(3), 470-490.


• -Luo, X., Bhattacharya, C. B., )2009(. The debate over doing good: Corporate social performance,strategic marketing levers, and firm-idiosyncratic risk. Journal of Marketing, 73(6), 198-213.


• -Mahoney, L. S., Thorne, L.,) 2005(. Corporate social responsibility and long-term compensation: Evidence from Canada. Journal of Business Ethics, 57(3), 241-253.


• -Mahoney, L. S., Thorn, L. )2006(. An examination of the structure of executive compensation andcorporate social responsibility: A Canadian investigation. Journal of Business Ethics, 69, 149-162.


• -Malik, M. (2014). Value-enhancing capabilities of CSR: A brief review of contemporary literature. J. Ethics 127(2), 419-438.
  
  
  
  • Mason, C., Simmons, J. )2014(. Embedding corporate social responsibility in corporate governance:A stakeholder systems approach. Journal of Business Ethics, 119(1), 77-86.
  
  
  
  


• -McGuire, J., Dow, S., Argheyd, K., )2003(. CEO incentives and corporate social performance. Journal of Business Ethics, 45(4), 341-359.


• -McWilliams, A., Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26, 117-127.


• -McWilliams, A., Van Fleet, D.D., & Cory, K.D. (2002). Raising rivals’ costs through political strategy: An extension of resource-based theory. J. Manage. Stud. 39(5), 707-724.


• -Oikonomou, I., Brooks, C., Pavelin, S., )2012(. The impact of corporate social performance on financial risk and utility: A longitudinal analysis. Financial Management, 41(2), 483-515.


• -Orlitzky, M., Benjamin, J. D.,) 2001(. Corporate social performance and firm risk: A meta-analyticreview. Business & Society, 40(4), 369-396.


• -Orlitzky, M., Schmidt, F. L., Rynes, S. L., )2003(. Corporate social and financial performance: Ameta-analysis. Organization Studies, 24(3), 403-441.


• -Owen, S., & Yawson, A. (2010). Corporate life cycle and M&A activity. J. Bank. Finan. 34(2), 427-440.


• -Pagano, M., Volpin, P. F., )2005(. Managers, workers, and corporate control. Journal of Finance,60(2), 841-868.
  
  
  
  • (2017).Corporate social responsibility and systematic risk of restaurant firms: The moderating role of geographical diversification. Tourism Management, 59, 610-620.
  
  
  
  


• -Penrose, E. T. (1959). The theory of the growth of the firm. Wiley, New York.-Preston, L. E., & O’bannon, D. P. (1997). The corporate social-financial performance relationship.Bus. Soc. 36(4), 419-429.


• -Udayasankar, K. (2008). Corporate social responsibility and firm size. J. Bus. Ethics 83(2), 167-175.


• Valentine, S., & Fleischman, G. (2008). Ethics programs, perceived corporate social responsibility and job satisfaction. J. Bus. Ethics 77(2), 159-172.


• -Rajgopal, S., Shevlin, T., )2002(. Empirical evidence on the relation between stock optioncompensation and risk taking. Journal of Accounting and Economics, 33(2), 145-171.


• -Rekker, S., Benson, K., & Faff, R. (2014). Corporate social responsibility and CEO compensation revisited: Do disaggregation, market stress, gender matter? Journal ofEconomics and Business, 72, 84–103.


• -Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. J. Bus. Ethics 88(2), 351-366.


• -Richardson, S. (2006). Over-investment of free cash flow. Rev. Acc. Stud. 11 (2/3):159-189.
  
  
  
  • Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accoun. Org. Soc. 17(6), 595-612.
  
  
  • Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Acad. Manag. J. 40(3), 534-559.
  
  
  
  


• -Russo, A., & Perrini, F. (2010). Investigating stakeholder theory and social capital: CSR in large firms and SMEs. J. Bus. Ethics 91(2), 207-221.


• -Salvsky and Zvlch (2014). The relationship between the disclosure of corporate social responsibility and quality of earnings. Scand. J. Econ. 95,607-625.