تأثیر ریسک بر قیمت سهام بانک‌ها و شرکت‌های بیمه با توجه به نقش سازوکارهای راهبری شرکتی

محورهای موضوعی : حسابداری و مالی

سحر پژوهی ¹ , امین ناظمی ^{2 *} , نویدرضا نمازی ³

1 - گروهسابداری،دانشگاه شیراز،شیراز،ایران.
2 - گروه حسابداری،دانشگاه شیراز،شیراز،ایران.
3 - گروه حسابداری،دانشگاه شیراز،شیراز،ایران

تاریخ پذیرش : 1401/03/21 تاریخ انتشار : 1401/05/01

کلید واژه:

چکیده مقاله :

هدف این مقاله بررسی تأثیر ریسک بر قیمت سهام بانک‌ها و شرکت‌های بیمه با توجه به نقش تعدیلی سازوکارهای راهبری شرکتی است. به این منظور داده‌های 24 بانک و 25 شرکت بیمه پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1389 تا 1398 مورد مطالعه قرار گرفت. برای آزمون فرضیه‌ها از مد‌ل‌ رگرسیون چند متغیره استفاده شد. نتایج پژوهش نشان داد که در بانکها، ریسک بازار بر قیمت سهام تأثیر مثبت و معنادار و متغیرهای ریسک اعتباری و ریسک نقدینگی بر قیمت سهام صنعت بانکداری تأثیر منفی و معنادار دارند. در شرکتهای بیمه، ریسک بازار و ریسک نقدینگی بر قیمت سهام تأثیر مثبت و معنادار و ریسک اعتباری بر قیمت سهام این صنعت تأثیر منفی و معنادار دارد. همچنین، یافتهها در خصوص ریسک نشان داد که در ریسک اعتباری بانک‌ها، متغیرهای مالکیت نهادی، کمیته مستقل و کمیته حسابرسی بر قیمت سهام بانک تأثیر منفی و معنادار دارند. در ریسک بازار بانک‌ها، متغیرهای کمیته مستقل و کمیته حسابرسی بر قیمت سهام بانک تأثیر منفی و معنادار دارند. افزون بر این، در ریسک اعتباری شرکت‌های بیمه، مالکیت مدیریتی بر قیمت سهام شرکت تأثیر مثبت و معنادار دارد و اندازه هیأت مدیره بر قیمت سهام شرکت تأثیر منفی و معنادار دارد. در ریسک بازار شرکت‌های بیمه، مالکیت مدیریتی بر قیمت سهام شرکت تأثیر مثبت و معنادار دارد و کمیته مستقل بر قیمت سهام شرکت تأثیر منفی و معنادار دارد. در ریسک نقدینگی شرکت‌های بیمه، مالکیت مدیریتی بر قیمت سهام شرکت تأثیر مثبت و معنادار دارد. نتایج این مطالعه میتواند به مدیران بانکها و مؤسسات بیمه در راستای اتخاذ تصمیمات استراتژیک کمک شایانی نمایدThe Effect of Risk on Stock Prices of Banks and Insurance Companies with Regard to the Role of Corporate Governance MechanismsAbstractThe purpose of this study is to investigate the effect of risk on stock prices of banks and insurance companies with respect to the moderating role of corporate governance mechanisms. For this purpose, the data of 24 banks and 25 insurance companies listed on the Tehran Stock Exchange in the period 2010 to 2019 were studied. Multivariate regression model were used to test the hypotheses. The results showed that in banks, market risk has a positive and significant effect on stock prices and the variables of credit risk and liquidity risk have a negative and significant effect on the stock price of the banking industry. In insurance companies, market risk and liquidity risk have a positive and significant effect on stock prices and credit risk has a negative and significant effect on stock prices in this industry. Also, the findings on risk showed that in the credit risk of banks, the variables of institutional ownership, independent committee and audit committee have a negative and significant effect on the stock price of the banks. In banks' market risk, the variables of the independent committee and the audit committee have a negative and significant effect on the bank's stock price. In addition, in the credit risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price and the size of the board has a negative and significant effect on the company's stock price. In the market risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price and the independent committee has a negative and significant effect on the company's stock price. In the liquidity risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price. The results of this study can help managers of banks and insurance companies to make strategic decisions.

چکیده انگلیسی:

Abstract The purpose of this study is to investigate the effect of risk on stock prices of banks and insurance companies with respect to the moderating role of corporate governance mechanisms. For this purpose, the data of 24 banks and 25 insurance companies listed on the Tehran Stock Exchange in the period 2010 to 2019 were studied. Multivariate regression model were used to test the hypotheses. The results showed that in banks, market risk has a positive and significant effect on stock prices and the variables of credit risk and liquidity risk have a negative and significant effect on the stock price of the banking industry. In insurance companies, market risk and liquidity risk have a positive and significant effect on stock prices and credit risk has a negative and significant effect on stock prices in this industry. Also, the findings on risk showed that in the credit risk of banks, the variables of institutional ownership, independent committee and audit committee have a negative and significant effect on the stock price of the banks. In banks' market risk, the variables of the independent committee and the audit committee have a negative and significant effect on the bank's stock price. In addition, in the credit risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price and the size of the board has a negative and significant effect on the company's stock price. In the market risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price and the independent committee has a negative and significant effect on the company's stock price. In the liquidity risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price. The results of this study can help managers of banks and insurance companies to make strategic decisions.