تاثیر مکانیزم های حاکمیت شرکتی بر روی واکنش سرمایه گذاران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار حسابداری دانشگاه آزاد اسلامی واحد تبریز،

2 کارشناس ارشد حسابداری دانشگاه آزاد اسلامی واحد تبریز

3 کارشناس ارشد حسابداری

چکیده

هدف پژوهش حاضر بررسی تاثیر برخی مکانیزم های حاکمیت شرکتی بر روی واکنش سرمایه گذاران می باشد. در این تحقیق مکانیزم های حاکمیت شرکتی به عنوان متغیر مستقل و واکنش سرمایه گذاران به عنوان متغیر وابسته در نظر گرفته شده است. معیار اندازه گیری واکنش سرمایه گذاران بازده سهام داران می باشد. از بین مکانیزم های موجود حاکمیت شرکتی نیز مالکیت سهامداران نهادی، تمرکز مالکیت، ساختار مالکیت و استقلال هیات مدیره مورد بررسی قرار گرفتند. قلمرو مکانی تحقیق شامل شرکت های پذیرفته شده در بورس اوراق بهادار تهران و قلمرو زمانی از ابتدای سال 1385 لغایت 1392 می باشد که در مجموع با توجه به محدودیت‌های اعمال شده، 176 شرکت به عنوان نمونه انتخاب گردید. آزمون فرضیه های تحقیق با استفاده از روش رگرسیون حداقل مربعات تجمیع شده نشان داد که هیچ کدام از مکانیزم های حاکمیت شرکتی مورد مطالعه در این پژوهش (مالکیت سهامداران نهادی، تمرکز مالکیت، ساختار مالکیت و استقلال هیات مدیره) تاثیری بر روی واکنش سرمایه گذاران ندارند. بنابراین هر چهار فرضیه ی پژوهش ما مبنی بر اینکه مکانیزم های حاکمیت شرکتی بر روی واکنش سرمایه گذاران تاثیر دارد تایید نشد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Impact of Corporate Governance Mechanisms on the Investors’ Reaction

نویسندگان [English]

  • Ali Asghar Motagi 1
  • Hojjat Gharib 2
  • Ramin Ghavipanjeh 3
1 Assistant Professor of Accounting Islamic Azad University, Tabriz Branch
2 Master of Accounting in Tabriz Islamic Azad University
3 Master of Accounting
چکیده [English]

This study examines the impact of corporate governance mechanisms on the reaction of investors.In this study the mechanisms of corporate governance as the independent variable and And response investors has been considered as the dependent variable. And measure response investors is also shareholder returns. In this study the mechanisms of corporate governance, institutional ownership, ownership concentration, ownership structure and board independence were evaluated. Territory where research includes companies listed on Tehran Stock Exchange and the period from the beginning of the year 2007 till 2014 is that due to limitations in total, 176 companies were selected. Research hypotheses using pooled least squares regression showed that none of the corporate governance mechanisms studied in this research (institutional ownership, ownership concentration, ownership structure and independence of the board of directors) have no effect on the response investors . So all four of our research hypothesis that corporate governance mechanisms affect on the response investors be rejected.

کلیدواژه‌ها [English]

  • Corporate Governance
  • Institutional Ownership
  • Ownership Concentration
  • Reaction investors
Ahmadpoor, A. Kashanipoor, M. Shojaei, M, R. (2011). Effect of corporate governance and audit quality on the cost of financing through debt (borrowing) , Journal of The Iranian Accounting and Auditing Review, 17 (62) , 32-17 (in Persian)

Ali Shah, Syed Zulfiqar. Tariq Bhutta, Nousheen. (2014). Investors’Reaction to the Implementation of Corporate Governance Mechanisms, Open Journal of Accounting, pp. 3-8

Black, B. , Jang, H. , Kim, W. (2006). Does corporate governance predict firms' market values? Evidence from Korea.

Brown, L. D. , Caylor, M.. (2004). Corporate Governance and Firm Performance, Presented at 15th Conference on Financial Economics and Accounting, University of Missouri.

Daneshfar, A. Zeghal, D. Saei, M. J. (2005) The effect of market cycles on investors reaction to discretionary accruals International Conference for Accounting Educators /Bordeaux, Septembr, France (p. 84).

Ditmar, A. , Mahrt-Smith,j. (2007) , corporate governance and the value of cash holdings, Journal of Financial Economics (83): 599-634.

Emani Barandag, M. Jabbarzadeh Kankgarloei, S. Abasi estemal, Mr. Mahmodzadeh bagbani. S. (2011). The relationship between corporate governance mechanisms and return on shares in companies listed on the Tehran Stock Exchange, National Conference on Information Transparency in Solving Financial Crises

Hassas yeganeh, Y. (2007). Corporate governance in Iran, auditor Journal, 32, 39-32 (in Persian)

Hojjat, Gharib; Masoud, Aminifar; Saeed, hamedi ; Hamed Aminifar. (2014). Evaluating the impact of corporate governance laws and regulations on market participants' reactions, AENSI Journals, Advances in Environmental Biology

Mahmodi, V. Shirkavand, S. Salari, M. (2012). Study the reaction of shareholders to receive dividends and positive and negative news about companies listed on the Stock Exchange, Journal of Financial Management and Accounting Perspective, 1, 130-115 (in Persian)

Modarres, A. Hoseyni, S, M. Raeisi, Z. (2010). The effect of institutional investors as one of the criteria of corporate governance on shareholder returns of companies listed in Tehran Stock Exchange, Economic Research, 5, 250-223 (in Persian)

Moradi, M. Saeedi, M. Hamidreza, R. (2013). The relationship between duality, change in members, managerial ownership and Agency costs in companies listed in Tehran Stock Exchange, Journal of Accounting empirical studies, 2 (3) , 53-35 (in Persian)

Namazi, M. Raeisi, Z. Hoseyni, S, M. (2014). The relationship between corporate governance and shareholder returns index of companies listed in Tehran Stock Exchange, Journal of Stock Exchange, 6 (22) , 52-25 (in Persian)

Navissi, F. and Naiker, V. (2006). Intuitional Ownership and Corporate Value, Managerial Finance, Vol 32 (3). pp. 247-256

Okpara J. (2011). Corporate Governance in Developing Economy: Barriers, Issues, and Implications for Firms, Corporate Governance, 11 (2) , pp. 184-199

Poorzamani, Z. Raza kharidar, H. (2014). The impact of major institutional owners on the value of the company, Quarterly Journal of financial knowledge of securities, 6 (4) , 89-79 (in Persian)

Rahnamaie rodposhti, F. Heybati, F. Talebneya, G. nabavi chashmi, S. A. (2012). The presentation of the impact assessment pattern of Corporate Governance mechanisms on the Earnings Management in Tehran Stock Exchange, Quarterly Journal of Management Accounting, 5 (12) , 100-79 (in Persian)

Sadegi sharif, S,J. Kaffash panjeh shahi, M. (2013). The ownership Structure Combinations Effect on the Return of the Accepted Companies in Tehran Stock Exchange, Journal of The Iranian Accounting and Auditing Review, 16 (55) , 66-51 (in Persian)

Saeedi, A. Sheri gahi, A. (2013). Ownership structure and firm performance (evidence of Tehran Stock Exchange) , Journal of Stock Exchange, 5 (18) , 157-153 (in Persian)

Talebneya, G. Rahimeian, N. Bagheri nobar, M. (2011). Studying the relation between Corporate Governance Mechanisms on the Amount of Created Shareholders Value, Journal of Management Accounting, 14 (11) , 64-53 (in Persian)

Vaez, S, A. Karrahimogaddam, S. Elhaeisahar, m. (2011). Evaluate the company's performance and corporate governance in the ownership structure of listed companies in Tehran Stock Exchange, Journal of Financial Accounting, 2 (7) , 135-114 (in Persian)