بررسی رابطه ویژگی‌های مدیرعامل و ترکیب تعاملی آنها با نوسان ریسک مالی
محورهای موضوعی : مدیریت مالی
سید مهدی میرآئیز
1
,
سید حسام وقفی
2
1 - کارشناس ارشد حسابداری، گروه حسابداری، دانشگاه پیام نور تهران، ایران.
2 - استادیار، گروه حسابداری، دانشکده مدیریت و حسابداری دانشگاه پیام نور تهران، ایران.
کلید واژه: نوسان ریسک مالی, توانایی مدیر عامل, نفوذ مدیرعامل, تجربه مدیرعامل,
چکیده مقاله :
هدف پژوهش حاضر، بررسی رابطه ویژگی‌های مدیرعامل با نوسان ریسک مالی در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. پژوهش حاضر کاربردی و از بعد روش‌شناسی، همبستگی از نوع علّی (پس رویدادی) می‌باشد. جامعه آماری پژوهش، کلیه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران بوده و با استفاده از روش نمونه‌گیری حذف سیستماتیک، ۱۲۴ شرکت به‌عنوان نمونه پژوهش انتخاب شده و در دوره زمانی 10 ساله بین سال‌های 1390 الی 1399 با استفاده از روش رگرسیون مورد بررسی قرار گرفتند. نتایج حاصل از آزمون فرضیه‌های پژوهش نشان داد در فرضیه اول، رابطه معناداری بین تجربه مدیرعامل و نوسان ریسک مالی وجود ندارد؛ اما در فرضیه دوم و سوم نشان داده شد که رابطه معکوس و معناداری بین توانایی مدیرعامل و همچنین نفوذ مدیرعامل با نوسان ریسک مالی وجود دارد. فرضیه چهارم نشان داد که بین توانایی و تجربه مدیرعامل با نوسان ریسک مالی رابطه معنادار و معکوس وجود دارد. فرضیه پنجم نشان داد بین توانایی و نفوذ مدیرعامل با نوسان ریسک مالی رابطه معناداری وجود ندارد. فرضیه ششم و هفتم نشان داد بین نفوذ مدیرعامل و تجربه مدیرعامل و همچنین توانایی، نفوذ و تجربه مدیرعامل با نوسان ریسک مالی رابطه معکوس و معناداری وجود دارد. نتایج پژوهش نشان داد که تجربه مدیر عامل به تنهایی نسبت به کاهش نوسان ریسک شرکت‌ها دارای محتوای اطلاعاتی نمی‌باشد اما تجربه در کنار سایر ویژگی‌ها از جمله توانایی و نفوذ مدیر عامل می‌تواند نسبت به کاهش نوسان ریسک دارای تأثیر معکوس و معنادار به‌سزایی باشد و همچنین می‌توان بیان کرد که توانایی مدیریت یکی از ویژگی‌هایی است که در تأثیر بر نوسان ریسک دارای اثر گذاری مناسبی است.
The main purpose of this study is to investigate the relationship between the characteristics of the CEO in reducing financial risk volatility in companies listed on the Tehran Stock Exchange. The statistical population of the study was all companies listed on the Tehran Stock Exchange and using the systematic elimination sampling method, 124 companies were selected as the research sample and surveyed over a period of 10 years between 1390 and 1399. The results of testing the research hypotheses showed that in the first hypothesis, there is no significant relationship between CEO experience and financial risk volatility. Still, the second and third hypotheses showed that there is an inverse and significant relationship between CEO ability and CEO influence on financial risk volatility. The fourth hypothesis showed that there is a significant relationship between the ability and experience of the CEO with the fluctuation of financial risk. The fifth hypothesis showed that there is no significant relationship between the ability and influence of the CEO with the fluctuation of financial risk. Hypotheses 6 and 7 showed that there is a significant inverse relationship between CEO influence and CEO experience as well as CEO ability, influence, and experience with financial risk fluctuations.
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Azad, R., Kamyabi, Y., & Khalilpour, M. (2020). Behavioral characteristics of managers and stock liquidity. Financial Accounting and Auditing Researches, 12(45), 191-213. (In Persian)
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463-498. https://faculty.washington.edu/smcvay/DLLM_TAR.pdf
Dewan, S., & Min, C. (2000). The substIT ution of information technology for other factors of production: A firm level analysis. . Management Science, 43(12), 1660-1675.
Jiang, F., & Kim, K. A. (2015). Corporate governance in China: A modern perspective. Journal of Corporate Finance, 32, 190-216. https://doi.org/10.1016/j.jcorpfin.2014.10.010
Karami, S., Dehghan, A., & Khodadadi, A. (2020). The role of decision-making and risk-taking dimensions on the performance of financial managers (Case study: Banking industry). Financial Knowledge of Securities Analysis (Financial Studies), 13(47), 33-50. https://www.sid.ir/FileServer/JF/6004614004703
Lisic, L. L., Neal, T. L., Zhang, I. X., & Zhang, Y. (2016). CEO Power, Internal Control Quality, and Audit Committee Effectiveness in Substance Versus in Form. Contemporary Accounting Research, 1-39. https://doi.org/10.1111/1911-3846.12177
Malik, M. F., Zaman, M., & Buckby, S. (2020). Enterprise Risk Management and Firm Performance: Role of the Risk Committee. Journal of Contemporary Accounting & Economics, 16(1). https://doi.org/10.1016/j.jcae.2019.1001
Nikbakht, M. R., & Ahmad Khan Beigi, M. (2018). The Impact of Corporate Governance on the Quality of Financial Reporting: An Integrated Approach. Journal of Accounting and Auditing Reviews, 52(8), 422-488. (In Persian)
Ostadi, B., & Tadrisi Pajou, P. (2019). Presenting a model for measurement of the relationship between financial risks and financial ratios. Empirical Studies of Financial Accounting, 16(63), 109-127. https://doi.org/10.22054/qjma.2019.10648 (In Persian)
Rahnama Roodposhti, F., & Salehi, A. K. (2010). Schools and theories of finance and accounting (1 ed.). Islamic Azad University, Central Tehran Branch Publications. (In Persian)
Rezazadeh, J., & Mohammadi, A. (2019). Managerial ability, political communication and fraudulent financial reporting. Quarterly Journal of Accounting and Auditing Reviews, 26(2), 217-238. (In Persian)
Sharif, S. M., Jafari, S. I., & Hojjati, S. (2006). Investigating the relationship between managers' effectiveness and three positional factors in Fiedler's leadership model. New educational ideas, 2(1), 7-26. https://www.sid.ir/FileServer/JF/69113850201
Sun, J., Kent, P., Qi, B., & Wang, J. (2019). Chief financial officer demographic characteristics and fraudulent financial reporting in China. 59(4), 2705-2734. https://doi.org/10.1111/acfi.12286
Thatcher, J. B., Wright, R. T., Sun, H., Zagenczyk, T. J., & Klein, R. (2018). Mindfulness in information technology use: Definitions, distinctions, and a new measure. . MIS Quarterly, 42(3), 831-848.
Vahdat, A., Alizadeh, A., Quach, S., & Hamelin, N. (2020). Would you like to shop via mobile app technology? The technology acceptance model, social factors and purchase intention. Australasian Marketing Journal.
Wang, Z., Chen, M. H., Chin, C. L., & Zheng, Q. (2017). Managerial ability, political connections, and fraudulent financial reporting in China. Journal of Accounting and Public Policy, 36(2), 141-162. https://doi.org/10.1016/j.jaccpubpol.2017.02.004
_||_Allahverdiyev, E. (2021). Business Risk, Financial Risk, and Liquidity Management on U.S. Farms: Evidence from Selected States. ProQuest Dissertations Publishing, North Dakota State University.
Azad, R., Kamyabi, Y., & Khalilpour, M. (2020). Behavioral characteristics of managers and stock liquidity. Financial Accounting and Auditing Researches, 12(45), 191-213. (In Persian)
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463-498. https://faculty.washington.edu/smcvay/DLLM_TAR.pdf
Dewan, S., & Min, C. (2000). The substIT ution of information technology for other factors of production: A firm level analysis. . Management Science, 43(12), 1660-1675.
Jiang, F., & Kim, K. A. (2015). Corporate governance in China: A modern perspective. Journal of Corporate Finance, 32, 190-216. https://doi.org/10.1016/j.jcorpfin.2014.10.010
Karami, S., Dehghan, A., & Khodadadi, A. (2020). The role of decision-making and risk-taking dimensions on the performance of financial managers (Case study: Banking industry). Financial Knowledge of Securities Analysis (Financial Studies), 13(47), 33-50. https://www.sid.ir/FileServer/JF/6004614004703
Lisic, L. L., Neal, T. L., Zhang, I. X., & Zhang, Y. (2016). CEO Power, Internal Control Quality, and Audit Committee Effectiveness in Substance Versus in Form. Contemporary Accounting Research, 1-39. https://doi.org/10.1111/1911-3846.12177
Malik, M. F., Zaman, M., & Buckby, S. (2020). Enterprise Risk Management and Firm Performance: Role of the Risk Committee. Journal of Contemporary Accounting & Economics, 16(1). https://doi.org/10.1016/j.jcae.2019.1001
Nikbakht, M. R., & Ahmad Khan Beigi, M. (2018). The Impact of Corporate Governance on the Quality of Financial Reporting: An Integrated Approach. Journal of Accounting and Auditing Reviews, 52(8), 422-488. (In Persian)
Ostadi, B., & Tadrisi Pajou, P. (2019). Presenting a model for measurement of the relationship between financial risks and financial ratios. Empirical Studies of Financial Accounting, 16(63), 109-127. https://doi.org/10.22054/qjma.2019.10648 (In Persian)
Rahnama Roodposhti, F., & Salehi, A. K. (2010). Schools and theories of finance and accounting (1 ed.). Islamic Azad University, Central Tehran Branch Publications. (In Persian)
Rezazadeh, J., & Mohammadi, A. (2019). Managerial ability, political communication and fraudulent financial reporting. Quarterly Journal of Accounting and Auditing Reviews, 26(2), 217-238. (In Persian)
Sharif, S. M., Jafari, S. I., & Hojjati, S. (2006). Investigating the relationship between managers' effectiveness and three positional factors in Fiedler's leadership model. New educational ideas, 2(1), 7-26. https://www.sid.ir/FileServer/JF/69113850201
Sun, J., Kent, P., Qi, B., & Wang, J. (2019). Chief financial officer demographic characteristics and fraudulent financial reporting in China. 59(4), 2705-2734. https://doi.org/10.1111/acfi.12286
Thatcher, J. B., Wright, R. T., Sun, H., Zagenczyk, T. J., & Klein, R. (2018). Mindfulness in information technology use: Definitions, distinctions, and a new measure. . MIS Quarterly, 42(3), 831-848.
Vahdat, A., Alizadeh, A., Quach, S., & Hamelin, N. (2020). Would you like to shop via mobile app technology? The technology acceptance model, social factors and purchase intention. Australasian Marketing Journal.
Wang, Z., Chen, M. H., Chin, C. L., & Zheng, Q. (2017). Managerial ability, political connections, and fraudulent financial reporting in China. Journal of Accounting and Public Policy, 36(2), 141-162. https://doi.org/10.1016/j.jaccpubpol.2017.02.004