تأثیر عدم اطمینان سیاسی بر ناکارایی سرمایه‌گذاری نیروی کار در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

محورهای موضوعی : دانش سرمایه‌گذاری

محمدامین رستگار ¹

1 - کارشناس ارشد مدیریت مالی، دانشگاه آزاد اسلامی واحد شهر قدس، دانشکده علوم انسانی، شهر قدس، ایران

تاریخ دریافت : 1399/12/17 تاریخ پذیرش : 1400/01/22 تاریخ انتشار : 1403/01/01

کلید واژه: عدم اطمینان سیاسی, ناکارایی سرمایه‌گذاری نیروی کار, انتخابات ملی,

چکیده مقاله :

طبق فرضیه محصورسازی مدیریتی انتظار می‌رود در طول سال‌های برگزاری انتخابات ملی میزان عدم اطمینانی در مورد سیاست‌های دولت (مانند امور مالیاتی و قوانین کار) در شرکت‌هایی با نیروی کارِ بیشتر به طور قابل ملاحظه‌ای افزایش می‌یابد که این امر در نهایت موجب تحت تأثیر قرار گرفتن ناکارایی سرمایه‌گذاری نیروی کار خواهد شد. هدف از انجام پژوهش حاضر، بررسی تأثیر عدم اطمینان سیاسی بر ناکارایی سرمایه‌گذاری نیروی کار در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران می‌باشد. در این راستا، 140 شرکت (980 مشاهده سال- شرکت) پذیرفته در بورس اوراق بهادار تهران طی دوره زمانی 1391 تا 1397 مورد بررسی قرار گرفته‌اند. به منظور آزمون فرضیه‌های تحقیق از مدل رگرسیون خطی چندگانه با استفاده از داده‌های تابلویی (پانلی) استفاده شده است. نتایج بدست آمده از این پژوهش نشان می‌دهد که در طول سال‌های برگزاری انتخابات ملی، ناکارایی سرمایه‌گذاریِ نیروی کار افزایش یافته است. به عبارتی، بین عدم اطمینان سیاسی و ناکارایی سرمایه‌گذاری نیروی کار رابطه منفی و معناداری وجود دارد. این نتایج مبین اهمیت و اثربخشی عدم اطمینان سیاسی در سرمایه‌گذاری نیروی کار است.

چکیده انگلیسی:

According to the managerial entrenchment hypothesis, uncertainty about government policies (such as taxation and labor laws) is expected to increase significantly during the years of national elections in companies with a larger workforce, which ultimately affects inefficiency. Labor investment will be. The purpose of this study is to investigate the effect of political uncertainty on the labor investment inefficiency in firms listed on the Tehran Stock Exchange. In this regard, 140 companies (980 year-company observation) listed on the Tehran Stock Exchange during the period 2012 to 2018 have been reviewed. In order to test the research hypotheses, the multiple linear regression model was used using panel data. The results of this study show that during the years of national elections, the labor investment inefficiency has increased. In other words, there is a significant negative relationship between political uncertainty and labor investment inefficiency. These results indicate the importance and effectiveness of political uncertainty in labor investment.

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