پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 916 |
| تعداد مقالات | 7,528 |
| تعداد مشاهده مقاله | 12,239,081 |
| تعداد دریافت فایل اصل مقاله | 8,656,938 |
بررسی نقش تعدیل گر درصد مدیران غیرموظف بر رابطه بین فرصت‌های سرمایه گذاری و عملکرد مالی | ||
| حسابداری و منافع اجتماعی | ||
| مقاله 6، دوره 7، شماره 2 - شماره پیاپی 25، تیر 1396، صفحه 88-103 اصل مقاله (1.31 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/ijar.2017.10538.1150 | ||
| نویسندگان | ||
| محسن اکبری* 1؛ محمد حسن قلیزاده2؛ مهسا فرخنده3 | ||
| 1استادیار مدیریت دانشگاه گیلان، | ||
| 2دانشیار مدیریت دانشگاه گیلان، | ||
| 3کارشناسی ارشد مدیریت بازرگانی دانشگاه گیلان | ||
| چکیده | ||
| در تئوری نمایندگی، کنترل مهم ترین وظیفه هیئت مدیره است. در این راستا حضور مدیران غیر موظف در ترکیب هیئت مدیره نقش ارزنده‌ای را در سازماندهی بهتر درونی و بهبود فرایندهای تصمیم گیری و به تبع بهبود عملکرد شرکت ایفا می‌کند. هدف از این پژوهش بررسی نقش تعدیل گر مدیران غیر موظف بر رابطه بین فرصت‌های سرمایه گذاری و عملکرد مالی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. در این تحقیق اطلاعات مالی 85 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران در طی دوره زمانی 1388 تا 1394 جمع‌آوری گردید. نتایج پژوهش حاکی از آن است که درصد مدیران غیرموظف در رابطه بین فرصت‌های سرمایه‌گذاری و عملکرد مالی نقش تعدیل گری ایفا می‌کند. یافته‌ها نشان می‌دهد که مدیران غیر موظف با نظارت بیشتر، عدم تقارن اطلاعاتی و هزینه‌های نمایندگی را کاهش داده و از این طریق تأثیر فرصت‌های سرمایه‌گذاری بر عملکرد مالی را در شرکت های مورد مطالعه افزایش خواهد یافت. | ||
| کلیدواژه‌ها | ||
| درصد مدیران غیرموظف؛ عملکرد مالی؛ فرصت‌های سرمایه‌گذاری؛ نسبت ارزش بازار به ارزش دفتری دارایی‌ها | ||
| عنوان مقاله [English] | ||
| The Moderating Role of Non-executive Director Board Presence on the Relation between Investment Opportunity and Financial Performance | ||
| نویسندگان [English] | ||
| Mohsen Akbari1؛ Mohammad Hassan Gholizdeh2؛ Mahsa Farkonda3 | ||
| 1Assistant Professor of Management, University of Guilan, | ||
| 2Associate Professor of Management of Guilan University | ||
| 3Master of Business Administration, University of Guilan | ||
| چکیده [English] | ||
| Control is the main task of managerial board, according to agency theory. Presence of non-executive director boards in firms' executive boards is very important in better internal organizing, improvement of decision making processes and consequently firms' performance. The purpose of this study is to investigate the moderating role of non-executive director board presence on the relationship between investment opportunities and financial performance of the firms in Tehran Stock Exchange (TSE). In this research, data of 85 firms of Tehran Stock Exchange during years of 2010 - 2016 are gathered through panel data. The results show that board independence has a moderating role on the relationship between investment opportunities and financial performance of these firms. Results in the last part of paper, reveal that non-executive director board monitoring reduces information asymmetry and agency costs that leads to stronger effect of investment opportunities on financial performance of the firms in our study. | ||
| کلیدواژه‌ها [English] | ||
| Non-executive Director Board, financial performance, Investment Opportunity, Market to Book Assets Ratio | ||
| مراجع | ||
|
Adams, R. , Ferreira, D. (2007). A Theory of Friendly Boards, Journal of Finance, 62 (1): 217-250. Ahmed, K. , Hossain, M; Adams, M. B. (2006). The Effects of Board Composition and Board Size on the Informativeness of Annual Accounting Earnings. Corporate Governance, 14 (5): 418- 431. Al-Haddad, W; Alzurqan, S. T; Al-Sufy, F. J. (2011). The effect of corporate governance on the performance of Jordanian industrial companies: An empirical study on Amman Stock Exchange. International Journal of Humanities and Social Science, 1 (4): 55-69. Bergmann, B; Holt, S. (2012). Determinants of Board Size and Composition: An Empirical Study of Danish Medium and Large Firms, Master thesis submitted to fullfill M. Sc. in Applied Economics and Finance, Copenhagen Business School. Bhagat, S; Black, B. (2002). The Non-correlation between Board Independence and Long Term Firm Performance. Journal of Corporate Law, 27 (2): 231-275. Brown, R; Caylor L. (2011). Corporate Governance and Firm Performance. Working Paper, Georgia State University. Cheng Y. K. (2004). Corporate Governance And Earnings Management: The Implications of Corporate Governance Best-Practice Principles for Taiwanese Listed Companies, Journal of Contemporary Accounting & Economics. 3 (2): 1- 47. Fama, E. F. ; and M. C. Jensen (1983). Separation of Ownership and Control. Journal of Law and Economics, 26: 301–25. Ghalibaf Asl, H. , Rezaie, F. (2008). A study of The Relation Between Board Composition and Firm PerformanceIn TSE, Journal of Financial Research, 9 (2): 33-48. (In Persian) Hassas Yeganeh, Y. , Raeesi, Z. , Hoseini, M. (2009). Relationship between Quality of Corporate Governance and Corporate Performance in Tehran Stock Exchange, Iran Management Science, 4 (13): 75-100. (In Persian) Hermalin, B. E; Weisbach, M. S. (1991). The effects of board composition and direct Incentives on firm performance. Financial Management. Financial Management Association, 20: 101–112. Hutchinson, M. (2012). An Analysis of the Association Between Firms’ Investment Opportunities, Board Composition, and Firm Performance, Asia-Pacific. Journal of Accounting & Economics, 9 (1): 17-38. Khodami Var, A. , Ghorbani, R. , Nik Kar, R. , Bazrayi, Y. (2014). Investigating Impact of Board Feutures on Firm Performance in Market Competition of Different Levels, Auditing and accounting studies, 24: 1-24. (In Persian) Mokarami, Y. , (1385). Principles of Corporate Governance, Auditor Quarterly, 3: 40-45. (In Persian) Moradi, M. , Habibzade, J. , Najariyan, M. , Taghavi, A. (2012). Applying Fuzzy Regression in Defining the Relationship between Board Characteristics and Firm Performance of Listed Companies in Tehran Stock Exchange (TSE) , Journal of Accounting Advances, 4 (2): 119-149. (In Persian) Moradi, M. , Salehi, M; Habibzadeh, S. J; Najari, N. (2012). A study of relationship between board characteristics and earning management: Iranian scenario. Universal Journal of Management and Social Sciences, 2 (3): 12-29. Munianday,B; Hiller,J. (2014). Board independence, investment opportunity set and performance of South African firms. Pacific-Basin Finance Journal, 35: 108-124. Namazi, M. , Kermani, E. (2009). Investigating the Effects of Ownership Structure on The Performance of the Companies Accepted in the Tehran Stock Exchange, Journal of The Accounting and Auditing Review, 15 (3): 83-100. (In Persian) Nikbakht, M. , Seyedi, A. , Hashem Alhoseini, R. (2008). Investigating Effect of Board Feutures on Firm Performance, Journal of Accounting Advances, 2 (1): 251-270. (In Persian) Shleifer, A; Vishny. W. (1986). Large shareholders and corporate control, Journal of political Economy, 95: 461-488. Shoorvarzi, M. , Azadvar, I. (2015). An Analysis of the Association Between Firm Investment Opportunities and Firm Performance, Management Accounting, 3 (6): 13-23. (In Persian) Sun, J. , Lan, G; Ma, Z. (2014). Investment opportunity set, board independence, and firm performance. Management Finance. 40 (5): 454-468. Tiam, A. (2003). The Investment Set and its Proxy Variables: Theory and Evidence, Journal of Financial Research, 31 (1): 41-63 Van Der Walt, N; Ingley, C. (2003). Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors. Corporate governance, 11 (3): 218-234. Van, Y and Aet, R. (2002) , Corporate Governance, Disclosure Method and Information Asymmetry. Master of Sciences Thesis. Available at URL: http: //proquest. umi. com. Yasser, Q. R. , Entebang, H. & Mansor, S. A. (2011). Corporate governance and firm performance in Pakistan: The case of Karachi Stock Exchange (KSE). Journal of Economics and International Finance, 3 (8): 482-491. Zahra, S. A. , Pearce, J. A. (1989). Boards of Directors and Corporate Financial Performance: A Review and Integrative Model. Journal of Management, 15 (2): 291- 334 | ||
|
آمار تعداد مشاهده مقاله: 1,483 تعداد دریافت فایل اصل مقاله: 1,198 |
||