تاثیر نظام راهبری شرکتی بر ریسک ویژه نوسانات سهام بر پایه مدل قیمت گذاری دارایی : شواهدی از رگرسیون خطی و غیر خطی
محورهای موضوعی : حسابداری مالیفاطمه ژولانژاد 1 , راحله امیرخانی 2
1 - دکترای حسابداری، دانشکده علوم انسانی، موسسه آموزش عالی فیض الاسلام، خمینی شهر، ایران.
2 - دانشجوی کارشناسی ارشد حسابداری، دانشکده علوم انسانی، موسسه آموزش عالی غیرانتفاعی غیردولتی فیض الاسلام، خمینی شهر، ایران
کلید واژه: ریسک‌پذیرفته شده, مالکیت خانوادگی, مالکیت غیرخانوادگی, اعضای هیئت مدیره, زنان عضو هیئت مدیره,
چکیده مقاله :
ساختار مالکیت و راهبری شرکتی و حاکمیت شرکتی عوامل موثر و مهمی برای سطح ریسک‌پذیرفته شده توسط شرکت‌ها هستند. ساختار مالکیت و راهبری شرکتی و حاکمیت شرکتی، میزان مواجهه با ریسک را تعیین می‌کند. اثرات بر ریسک‌پذیری قابل‌توجه است زیرا می‌تواند بر سودآوری شرکت، تغییر ارزش بازار و احتمال ورشکستگی تأثیر بگذارد. این پژوهش تأثیر مالکیت خانوادگی و راهبری شرکتی و ویژگی‌های هیئت مدیره را بر ریسک‌پذیرفته شده بررسی می‌کند. در راستای هدف پژوهش، دوازده فرضیه تدوین شد. جهت آزمون این فرضیه‌ها با استفاده از روش حذف سامانمند جامعه آماری قابل‌دسترس، نمونه‌ای متشکل از 180 شرکت از بین شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در طی سال‌های 1390 لغایت 1400 انتخاب گردید. برای تجزیه و تحلیل داده‌ها و آزمون فرضیه‌ها از مدل‌های رگرسیون چند متغیره به روش داده‌های ترکیبی استفاده شده است. نتایج حاصل از پژوهش نشان می‌دهد که مالکیت خانوادگی بر ریسک‌پذیرفته شده به صورت خطی و غیر خطی تاثیر می‌گذارند، مالکیت غیرخانوادگی بر ریسک‌پذیرفته شده به صورت خطی و غیر خطی تاثیر می‌گذارند، اندازه هیات مدیره بر ریسک‌پذیرفته شده تاثیر معناداری ندارد و همچنین حضور زنان در هیات‌مدیره بر ریسک‌پذیرفته شده تاثیر معناداری ندارد.
چکیده انگلیسی:
The structure of ownership and corporate management and corporate governance are effective and important factors for the level of risk taken by companies. The structure of ownership and corporate management and corporate governance determines the level of exposure to risk. The effects on risk-taking are significant because it can affect the company's profitability, market value changes, and the probability of bankruptcy. This research examines the effect of family ownership and corporate governance and board characteristics on the risk taken. In line with the goal of the research, twelve hypotheses were formulated. In order to test these hypotheses, using the method of systematic elimination of available statistical population, a sample consisting of 180 companies was selected from among the companies admitted to the Tehran Stock Exchange during the years 2010 to 2014. To analyze the data and test the hypotheses, multivariate regression models have been used using the combined data method. The results of the research show that family ownership affects the risk taken linearly and non-linearly, non-family ownership affects the risk taken linearly and non-linearly, the size of the board of directors does not have a significant effect on the risk taken, and also the presence of women in the board of directors. It does not have a significant effect on the accepted risk.
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