تاثیر عملکرد پایداری شرکت برمازاد بازده سهام و سودآوری

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشیار گروه حسابداری، دانشگاه فردوسی مشهد، مشهد، ایران،

2 استادیار، ‌آموزش و پژوهش‌های توسعه وآینده‌نگری، سازمان مدیریت و برنامه‌ریزی اصفهان، ایران،

3 کارشناس ارشد حسابداری دانشکده علوم اداری و اقتصاد دانشگاه شهید اشرفی اصفهانی(ره) اصفهان

چکیده

مباحث توسعه پایدار و مفهوم مسئولیت اجتماعی شرکتی به عنوان مسئله‌ای حیاتی در سطح شرکت‌های جهانی، مطرح است. موضوع عملکرد پایداری1 در کشورهای درحال توسعه نظیر ایران دارای اهمیت ویژه‌ای می‌باشد. با توجه به تحقیقات اندک در این زمینه، پرداختن هر چه بیشتر به این موضوع منجر می‌شود، توسعه کشور را به گونه‌ای پایدار رقم زد. از این رو شناخت و ارزیابی تاثیر عملکرد پایداری بر مازاد بازده سهام و سودآوری شرکت‌های سیمان به عنوان هدف پژوهش می‌تواند به جهت‌دهی منابع و افکار سرمایه‌گذاران و سیاست‌گذارن کمک نماید. برای آزمون فرضیه‌ها، نمونه‌ای شامل14شرکت به روش حذف سیستماتیک از بین شرکت‌های سیمان پذیرفته‎شده در بورس اوراق بهادار تهران طی دوره زمانی 1395-1386 انتخاب گردید. برای اندازه‌گیریسطح افشای عملکرد پایداری از تحلیل محتوای گزارش‌های سالانه هیئت مدیرهاستفاده شده است. همچنین برای تجزیه و تحلیل داده‌ها و آزمون فرضیه‌ها از مدل رگرسیون چند متغیره، به روش‌ داده‌های ترکیبی استفاده گردید. نتایج حاصل از برآورد مدل‌های پژوهش نشان می‌دهد تاثیر عملکرد پایداری و افشاء در سطح عملکرد اجتماعی- اقتصادی شرکت بر مازاد بازده سهام معنادار و معکوس است. همچنین تاثیر عملکرد پایداری و سطح افشای عملکرد اجتماعی- اقتصادی شرکت بر روی سودآوری معنادار نمی‌باشند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Effect of Corporate Sustainability on Excess Stock Returns and Profitability

نویسندگان [English]

  • Seyyed Abbas Hashemi 1
  • Mohammadreza Ghasemi 2
  • ahmadreza rafiee shahraki 3
1 Associate Professor of Accounting, Isfahan University, Isfahan, Iran
2 Assistant Prof of Education and Research Development and Conduct, Isfahan Management and Planning Organization.
3 Accounting, School of Administrative Sciences and Economics, Shahid Arashi University, Isfahan, Iran
چکیده [English]

The issues of sustainable development and the concept of corporate social responsibility are a vital issue at the level of global companies. Sustainability is of particular importance in developing countries such as Iran. Due to little research in this area, Attention to this topic leads to sustainable development of the country in the long run. Hence, recognizing and evaluating the effect of sustainability on stock return surplus and profitability of cement companies as a research objective can help to direct the resources and thoughts of investors and policy makers. To test the hypotheses, a sample of 14 companies was selected by systematic elimination from the Listed cement companies of Tehran Stock Exchange during the period of 2007-2016. To measure the level of disclosure of sustainability, the content analysis of the annual reports of the board has been used. Also, for analyzing the data and testing the hypotheses, the multivariate regression model was used by the combination data method. The results of the estimation of research models show that the effect of sustainability and disclosure at the level of socioeconomic performance of the company on the surplus of stock returns is inversely significant. Also, the effect of sustainability performance and disclosure level of socioeconomic performance of the company on profitability is not meaningful.

کلیدواژه‌ها [English]

  • Company Performance
  • Corporate Social Performance
  • Company Sustainability Performance
  • Environmental Performance of the Company
  • Profitability
  • Stock Return Surplus

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